A Thoughtful Agency Transition Done Right
Growing up the son of an independent insurance agent, Alan Sills of Ralph P. Sills Insurance Agency, didn’t originally plan to be part of the family business. He pursued a legal career, attending law school and practicing as an attorney for several years before his father asked him for help with the agency. That request ultimately led him back to insurance, where he has remained ever since.
As a small mom-and-pop agency, they built a strong niche serving other small businesses and developed a very loyal client base in the Cleveland suburbs. That loyalty extended beyond clients; the agency was supported by a long-tenured and committed staff. “We grew up together and stayed together,” said Alan. As he approached retirement and started planning, Alan knew an external sale would be necessary. His daughters were not in the industry and were not looking to enter it, and many of his long-standing employees were planning to retire on a similar timeline.
Alan hoped to sell the agency to a friendly competitor or local firm. He always kept his ears open for third parties who seemed interested in selling his agency. He often got letters from agents who were interested in purchasing his agency, and instead of disregarding these, he put them in a file to refer back to later. He also relied on OIA and began to consider IA Valuations’ Agency Link service as a resource.
Achieving a fair and equitable financial outcome was important, as it is for all business transactions, though it was not his only objective. “Now, this is where I’ll sound really altruistic,” Sill said, referring to the other primary focus of his transition: finding a buyer to maintain the agency’s culture and customer service standards. As is the case for many independent agents, Alan viewed his clients and community as the foundation of his business. Ensuring that any successor would serve clients with the same care and commitment was essential to him.
While his plan had been formulating or a while, he didn’t put pen to paper on his transition until a couple of years ago. While working closely with an attorney, a close friend and long-term business partner, he decided to reach out to the IA Valuations team for assistance in selling his agency. The process began in late 2024, and by spring of 2025, a Letter of Intent (LOI) was signed with the Evarts Tremaine Agency – a local Cleveland agency whose culture aligned well with Alan’s values and with whom he felt confident entrusting his clients.
Following months of due diligence and contract negotiations handled by each party’s legal teams, the sale of the Ralph P. Sills Insurance Agency was finalized in August 2025. Alan remained closely involved during the early stages, providing client files, operational insights, and guidance on agency systems. This has gradually scaled back over time, and he now works part time. His primary focus is on easing the transition for his loyal clients and helping them get used to the new normal with the Evarts Tremaine team.
In August of his year, Alan’s one-year contract with the new owners will conclude, though his duty doesn’t end there. He remains willing to assist as needed, and the Evarts Tremaine team continues to value his experience and insight. Reflecting on the transition, Alan expressed confidence in the outcome, noting that his clients remain well cared for. “He’s the kindest and most professional gentleman,” Sills said of agency principal John Hannon.
Alan credits much of the smooth transition to the support provided by IA Valuations. He truly believes that the guidance of Jeff Smith and Jarod Steed played a significant role in helping him reach this point. Knowing he had a knowledgeable third-party team to rely on to bring buyers to the table, negotiate deals, review contracts, and answer his questions, provided the peace of mind that he needed so he could focus on the most important pieces of the transition, rather than get caught up in the minutia.
When asked about his post-retirement plans, Alan chuckled. “I don’t know how I’m going to spend my time. I want to enjoy what’s left in life with my wife – whatever God brings to us.” Staying active, traveling, and spending time with his daughters and grandchildren are all parts of his plan. He has worked hard for decades, much of this time has been spent working alongside his wife. This will bring a new dynamic for the Sills family, one which they are excited to embark upon.
By: Colleen Elliott
Colleen Elliott is the Marketing Coordinator on the IA Valuations team. A graduate of The Ohio State University’s Fisher College of Business, she has a background in sales, marketing, and communication. Colleen manages marketing campaigns, communications with agents and state partners, and helps the IA Valuations team from an operational perspective.
About IA Valuations and Agency Link – Founded in 2017, the IA Valuations team has performed over 400 valuations to independent insurance agencies across the U.S. Our advisors have 30+ years of experience guiding agency owners on maximizing their agency value, planning, and legal needs for ownership transition. In addition, IA Valuations has provided perpetuation planning, financial modeling and business planning for independent insurance agencies. Finally, IA Valuations has advised dozens of agency owners on selling their agencies through our Agency Link process. Agency Link is a platform that connects buyers and sellers together to further the growth and strength of the IA system. To learn more about IA Valuations, please visit IAValuations.com or contact@iavaluations.com.
The information provided in these documents is general in nature and shall not be construed as personal legal, tax or financial advice for your situation. Please contact@iavaluations.com to discuss your personal situation.
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