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Mar 16, 2021

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Mike Strakhov is the Senior Vice President at Live Oak Bank, a digital, cloud-based bank with no ATMs, branches, or tellers. They are a lending company that aims to be America’s small business bank. He co-founded the insurance lending vertical, including building the team and developing strategies for short and long-term goals. As SVP, Mike is responsible for developing referral partnerships with agency networks, consultants, and various insurance carriers across the US.

Mike joins us today to discuss the surge of mergers and acquisitions in 2021 and what he expects to see in 2022. He shares his career experiences before working with Live Oak Bank and the time he was part of the insurance industry. He explains how the pandemic didn’t stop the mergers and acquisitions transactions from happening in record numbers and describes why he and his company are bullish on agency acquisitions today and for the foreseeable future. Mike also shares the steps you should take before deciding to sell an agency and the taxes and fees in-between.

"Debt and taxes are part of the whole she-bang, so you're going to pay it one way or the other." - Mike Strakhov

Today on Spot On Insurance:

  • Mike's career and the different hats he's worn over the years.
  • Why the insurance industry is so resilient.
  • Mike's thoughts on 2020 and how the year still had record-breaking mergers and acquisitions.
  • How the Biden administration will change the current market climate.
  • The acquisition status of the startup industry.
  • How will the surge of mergers and acquisitions affect the industry?
  • What Mike expects 2021 to be and what the future holds.
  • Why Mike is bullish on agency acquisitions.
  • The steps you need to take when selling an agency.
  • Why 2021 is a good time for agencies in terms of bank lending.

Key Takeaways:

  • It takes several years to get your financials in order.
  • Taxes will always be part of the equation, even in retirement.
  • In selling agencies, having everything in order is impactful on the price you're going to get paid.

Connect with Mike Strakhov:

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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