2015 Best Practices Study

Conducted by :

Independent Insurance Agents & Brokers of America, Inc.

&

®

2015 Best Practices Study

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2015 Best Practices Study

Special Acknowledgement We wish to thank the following companies for their sponsorship. The funding it provides makes possible the development of the 2015 Best Practices Study and the Best Practices Gateway website.

2015 Best Practices Study

Copyright ©2015 by the Independent Insurance Agents & Brokers of America and Reagan Consulting, Inc. All rights reserved.

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TABLE OF CONTENTS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iv Analysis of Agencies with Revenues Under $1,250,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Key Benchmarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Profitability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Employee Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Producer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Service Staff Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Insurance Carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Analysis of Agencies with Revenues Between $1,250,000 and $2,500,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Key Benchmarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Profitability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Employee Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Producer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Service Staff Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Insurance Carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Analysis of Agencies with Revenues Between $2,500,000 and $5,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Key Benchmarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Profitability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Employee Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Producer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Service Staff Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Insurance Carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Analysis of Agencies with Revenues Between $5,000,000 and $10,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Key Benchmarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 Profitability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 Employee Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Producer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Service Staff Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 Insurance Carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

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Analysis of Agencies with Revenues Between $10,000,000 and $25,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 Key Benchmarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107 Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108 Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 Profitability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 Employee Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 Producer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 Service Staff Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .125 Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .128 Insurance Carriers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129 Analysis of Agencies with Revenues Over $25,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 Key Benchmarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134 Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Profitability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Employee Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147 Producer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .148 Service Staff Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151 Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154 Insurance Carriers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 Population Density Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159 Regional Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161 Glossary / Definitions / Formulas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .163

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INTRODUCTION Since 1993 the annual Best Practices Study has served as a tool to help agency owners and managers understand how their business operations perform and compare to the top performing firms across the country. It is a “must have” for those agencies that want to become the best they can be. The 2015 Best Practices Study provides critical performance benchmarks in six agency revenue categories ranging from Under $1,250,000 to Over $25,000,000 . Agencies can measure, evaluate, and compare results for agency operations including:

The Big “I” retained the principals of Reagan Consulting to create and perform the first Best Practices Study . Annual updates conducted by Reagan Consulting continue to provide important financial and operational benchmarks, and the study is recognized as one of the most thoughtful, effective and valuable resources ever made available to the industry. The Process Once every three years the Big “I” asks insurance companies, state association affiliates, and other industry organizations to nominate for each of the study revenue categories those agencies they consider to be among the better, more professional agencies in the industry. The nominated agencies are then invited to participate. They must be willing to share key business practices/ philosophies and to complete an in-depth survey detailing their financial and operational year-end results. Those results are then scored and ranked objectively for inclusion on the basis of operational excellence. In 2013, the beginning of the current three-year study cycle, nearly 1,200 independent agencies throughout the U.S. were nominated to take part in the annual study. Although participation required extensive time and effort, 308 submitted their data; only 217 qualified for the honor and acquired the Best Practices status. To be chosen, an agency had to be among the top 30-40 topperformingagenciesinoneofsixrevenuecategories. Their year-end results and business practices were then compiled to create the Best Practices benchmarks. The agencies retain their Best Practices status for the three- year study cycle as long as they submit their data each year so that the benchmarks can be updated annually. The 2015 study continues to examine the agencies who participated in 2013 and 2014. Taking part in the study has become a prestigious recognition of the superior accomplishments of the top insurance agencies in the country. 2016 will mark the beginning of a new study cycle in which the

• Income & Expense Distribution • Revenue & Profitability Growth • Employee Compensation/Productivity

• Technology Expenses • Producer Performance • Carrier Representation

The 2015 study can be purchased from the Independent Insurance Agents & Brokers of America (Big “I”) Education Department. Orders can be placed at http://bp.reaganconsulting.com or at www. independentagent.com. For more information please call 1-800-221-7917. About The Study The History The annual Best Practices Study originated in 1993 as an initiative by the Independent Insurance Agents & Brokers of America (Big “I”) to help its members build and maintain the value of their most important assets, their agencies. By studying the leading agencies and brokers in the country, the association hoped to provide member agents with meaningful performance benchmarks and business strategies that could be adopted or adapted for use in improving agency performance, thus enhancing agency value.

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nomination and qualification process will be repeated. Those agencies that believe they have the qualities of a Best Practices Agency and wish to be nominated in 2016 for the next study cycle should contact their state association or insurance carrier and ask that their name be submitted. For further details, please contact Reagan Consulting at 404-233-5545.

These Best Practices tools are part of a complete line of Best Practices products and services. Details can be found on the Best Practices Gateway, http:// bp.reaganconsulting.com. Purchases can be made online at www.independentagent.com. If You Have Questions If you have questions about the information published in the 2015 Best Practices Study please contact the Big “I” Education Department at 800-221-7917 or Reagan Consulting at 404-233-5545.

About the Best Practices Gateway Website

The electronic version of this study can be accessed via the websites of the Big “I” (www. independentagent.com) and Reagan Consulting (www.reaganconsulting.com). From the Best Practices Gateway home page, users can do the following: • View an HTML version of the current and past Best Practices Study Executive Updates • Download a Best Practices comparison spreadsheet to compare their year-end results with the study’s results • Access other Best Practices studies, tools and products • Order a printed copy of the complete study Other Best Practices Studies and Tools In addition to the annual Best Practices Study, many other useful studies, resources, and tools are available to help agencies improve their performance and enhance the value of their businesses. Two of the most frequently used tools are The Agency Self- Diagnostic Tool and the Performance Quick Check .

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2015 Best Practices Study

Agencies with Revenues Under $1,250,000

$1,250,000

$2,500,000

$5,000,000

$10,000,000

$25,000,000

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Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Average

Top 25% Profit

Top 25% Growth

ORGANIC GROWTH BY LINE OF BUSINESS (excludes any acquired revenue) Commercial P&C 2.2% 1.1%

5.7% 5.2% 7.1%

Personal P&C Group Medical All Other Group

6.4%

12.5% -8.2%

-0.8% 31.0%

*

*

Total Organic Growth

5.0%

4.4%

16.2%

PROFIT Pro Forma Pretax Profit

30.7% 32.8%

54.9% 54.9%

28.8% 29.7%

Pro Forma EBITDA Rule of 20 Score

22.2

34.4

30.6

FINANCIAL

Average

Top 25%

Current Ratio

1.60:1

2.84:1

Receivable/Payable Ratio

*

* *

Accounts Receivables > 60 Days Accounts Receivables > 90 Days

43.7%

2.5%

0.0%

PRODUCTIVITY Total Agency

Average $131,714 $63,359 $68,355

Top 25% Profit Top 25% Growth

Revenue per Employee

$208,964

$115,212 $57,420 $57,793

Compensation per Employee

$70,104

Spread per Employee

$138,861

Annual New Commissions Generated per Validated Producer Average

Top 25% $68,333 $35,167

Commercial P&C

$39,163 $19,604

Personal P&C

Life & Health/Financial

*

*

Service Staff Total Payroll as % of Line of Business Revenue Average

2015 Best Practices Study

# of Service Staff

Commercial P&C

25.3% 28.1% 38.3%

1.6 2.2 0.5

Personal P&C

Agencies with Revenues Under $1,250,000

Group Life & Health/Financial

*Insufficient Data

3

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

AVERAGE TOTAL REVENUES: $785,528 Pro!le (of Agencies in this Study Group)

Key Benchmarks Profile

Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Average

Top 25% Pro!t Top 25%Growth

Population Density of Metropolitan AreasWhere Home O!ce is Located Less than 50,000 60.9%

60.0%

60.0%

50,000 – 250,000 250,000 – 1,000,000 More than 1,000,000 Corporate Structure C

13.0% 17.4%

0.0%

0.0%

40.0%

40.0%

8.7%

0.0%

0.0%

26.1% 60.9%

20.0% 60.0%

40.0% 40.0%

S

Partnership

0.0% 8.7% 4.3%

0.0%

0.0% 0.0%

LLC

20.0%

Sole Proprietorship

0.0%

20.0%

Average # of Agency Locations (Main & Branch O!ces)

1.3

1.2

1.4

Total Square Footage of Office Space # of States in which Offices are Located

2,898

2,806

3,210

1.2

1.2

1.0

% of Agencies with an ESOP

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

% of Stock Owned by ESOP

Shareholders Number of Shareholders (excluding ESOP)

1.8 5.0 1.0

1.8

1.5

High Low

% Owned by Largest Shareholder

80.1%

71.2%

88.0%

High Low

100.0%

49.0%

Current Age of Largest Shareholder

56.2

51.4

57.0

% of Agencies Owned by Another Corporation

4.5%

Description of Parent Corporation Financial Institution

100%

National Broker

0% 0%

Other

2015 Best Practices Study

Member of Group

Groups included TIA, Marketsource, Consolidated Agencies, LLC, Continental Insurance Agency Alliance, ISU, Bainswest, DS Risk Management Group, and Combined Agents of America.

% of Agencies Belonging to a Franchise, Cluster, Alliance/Network or Aggregator Group

Agencies with Revenues Under $1,250,000

39.1%

4

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Revenues

(% by Source)

Average

Top 25% Profit Top 25% Growth

Property & Casualty Commercial Commissions & Fees

38.7%

34.9%

45.0%

Bonds

0.5%

0.1%

0.5%

Personal Commissions Value Added Services

47.3%

52.7%

34.2%

0.6% 5.3%

0.0% 6.6%

0.0% 2.9%

Contingent/Bonus

Total P&C

92.5%

94.3%

82.7%

Life & Health/Financial Group Medical Commissions & Fees All Other Group Commissions & Fees Individual L&H Commissions & Fees

3.6% 0.2% 3.2% 0.1% 7.1% 0.1% 0.3%

0.8% 0.1% 4.8% 0.0% 5.7% 0.1% 0.0%

8.2% 0.1% 7.7% 0.3%

Bonus/Overrides

Total L&H/Financial

16.2%

Investments Miscellaneous

0.2% 0.8%

GROSS REVENUES

100.0%

100.0%

100.0%

Brokerage Commission Expense

0.3%

0.0%

0.0%

NET REVENUES

99.7%

100.0%

100.0%

Revenue by Source (% of Gross Revenues)

Average

Top 25% Profit

Top 25% Growth

60.0%

50.0%

40.0%

2015 Best Practices Study

30.0%

20.0%

% Total Revenue

Agencies with Revenues Under $1,250,000

10.0%

0.0%

P&C Commercial

P&C Bonds Comm & Fees

P&C Personal Comm & Fees

P&C VAS Fees

P&C Contingent/ Bonus

L&H Group Medical Comm & Fees

L&H All Other Group Comm & Fees

L&H Individual

L&H Bonus/ Overrides

Investments Miscellaneous

Comm & Fees

Comm & Fees

5

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Revenue by Acquisition

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Acquired Revenues

Average Revenues Acquired

% of Agencies Acquiring

% of Net Revenues

Acquisitions Made in Last 12 Months

0.0%

$0

0.0%

What the Typical Transaction Looked Like Revenues Acquired per Transaction

Multiples of Revenue Paid

Average

N/A N/A N/A

Average

N/A N/A N/A

High Low

High Low

Revenue by Specialty/Niche

Average

Top 25% Profit

Top 25% Growth

% of Agencies having an Industry and/or Product Specialty/Niche Total Commissions & Fees Generated from All Specialties/Niches Total Specialty/Niche Revenue as % of Net Revenues

34.8%

60.0%

*

$225,579

*

$289,339

27.5%

*

37.0%

*Insufficient Data

Specialty/Niche Revenue as % of Net Revenue

50%

40%

37.0%

30%

27.5%

2015 Best Practices Study

20%

Agencies with Revenues Under $1,250,000

10%

Insufficient Data

0%

Average

Top 25% Profit

Top 25% Growth

6

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Revenue by Account Concentration % of Revenue Derived from Average

Top 25% Profit

Top 25% Growth

Largest Account

5.3%

1.9%

10.6%

High Low

26.4%

0.6%

10 Largest Accounts

13.0% 28.9%

9.5%

15.0%

High Low

1.3%

Average

Top 25% Profit

Top 25% Growth

“Other” Group Life & Health Revenue Source (excluding Group Medical) Life 53.1%

65.0% 15.0% 10.0% 10.0%

43.3% 10.0% 23.3%

Disability

8.7%

Dental & Vision

27.1%

Retirement/Pension

2.9% 7.3% 0.0% 0.0% 0.9%

6.7%

Worksite/Voluntary/Supplement

0.0% 0.0% 0.0% 0.0%

16.7%

Long-Term Care

0.0% 0.0% 0.0%

Employee Benefits TPA

All Other

2015 Best Practices Study

Agencies with Revenues Under $1,250,000

7

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Revenue by Account Size (as measured by comm. & fees – not premium)

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Average

Top 25% Profit

Top 25% Growth

COMMERCIAL P&C Greater than $25,000 % of Book

21.7%

24.6%

31.9%

# of Accounts Total Revenue

2.9

5.5

3.0

$192,302 $66,311

$328,500 $59,727

$329,198 $109,733

Revenue per Account

Between $10,000 and $25,000 % of Book

14.3%

21.8%

5.9%

# of Accounts Total Revenue

5.4

10.0

1.6

$78,886 $14,677

$145,739 $14,574

$24,446 $15,279

Revenue per Account

Between $5,000 and $10,000 % of Book

14.7%

22.2%

7.2%

# of Accounts Total Revenue

9.7

20.3

4.4

$68,339 $6,798

$148,068

$29,566 $6,720

Revenue per Account

$7,312

Less than $5,000 % of Book

49.4% 533.2

31.3% 322.0

55.0% 873.8

# of Accounts Total Revenue

$218,558

$209,134

$226,939

Revenue per Account

$427

$816

$260

(as measured by number of lives)

Average

Top 25% Profit

Top 25% Growth

GROUP L&H/FINANCIAL Over 100 Lives % of Book

17.4%

9.4%

11.5%

# of Accounts Total Revenue

1.3

*

*

$32,187 $25,749

* *

* *

Revenue per Account

50 - 100 Lives

% of Book

2.2%

* *

* *

# of Accounts Total Revenue

*

* *

* *

* *

2015 Best Practices Study

Revenue per Account

25 - 50 Lives

% of Book

22.8%

* *

29.0%

Agencies with Revenues Under $1,250,000

# of Accounts Total Revenue

3.8

*

$42,257 $11,268

* *

* *

Revenue per Account

Under 25 Lives

% of Book

57.6%

* * * *

* * * *

# of Accounts Total Revenue

42.2

8

$32,824

Revenue per Account

$779

Note: See page 163 for an explanation of column headings

*Insufficient Data

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Revenue Growth by Source

Average

Top 25% Profit

Top 25% Growth

Commercial P&C

90.7% 11.5%

89.0% 12.1%

96.1%

Renewal Revenues 1

9.6% 0.0% 5.7% 5.7%

New Business 2

0.0% 2.2% 2.2%

0.0% 1.1% 1.1%

Acquired Revenues 3

Organic Growth 4

Total Growth 5

Bonds P&C

60.2% 33.3% 0.0% -6.5% -6.5%

* * * * *

41.4% 42.6%

Renewal Revenues 1

New Business 2

0.0%

Acquired Revenues 3

-16.0% -16.0%

Organic Growth 4

Total Growth 5

Personal P&C

92.9% 13.5%

102.5%

92.4% 12.8%

Renewal Revenues 1

10.1%

New Business 2

0.0% 6.4% 6.4%

0.0%

0.0% 5.2% 5.2%

Acquired Revenues 3

12.5% 12.5%

Organic Growth 4

Total Growth 5

Value Added Services P&C Renewal Revenues 1

79.2% 17.6% 0.0% -3.2% -3.2%

* * * * *

* * * * *

New Business 2

*Insufficient Data

Acquired Revenues 3

Organic Growth 4

Total Growth 5

*Insufficient Data 1 Renewal Revenues are

4 Organic Growth represents growth in revenues from prior year excluding acquired revenues. 5 Total Growth represents growth in revenues from prior year including acquired revenues.

2 New Business is presented as a % of prior year’s total revenues for this line of business. The higher the %, the more favorable the results.

3 Acquired Revenues are presented as a % of prior year’s total revenues for this line of business. The % indicates the significance of acquired business.

presented as a % of prior year’s total revenues for this line of business. This figure is impacted by attrition (loss or retention of accounts) and by changes in premium and commission levels. The higher the %, the more favorable the results.

2015 Best Practices Study

Agencies with Revenues Under $1,250,000

9

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Revenue Growth by Source (continued)

Average

Top 25% Profit

Top 25% Growth

Group Medical L&H

89.8% 9.4% 0.0% -0.8% -0.8%

62.7% 29.1% 0.0% -8.2% -8.2%

104.3%

Renewal Revenues 1

2.8% 0.0% 7.1% 7.1%

New Business 2

Acquired Revenues 3

Organic Growth 4

Total Growth 5

All Other Group L&H

102.5%

* * * * *

* * * * * * * * * *

Renewal Revenues 1

28.5%

New Business 2

0.0%

Acquired Revenues 3

31.0% 31.0%

Organic Growth 4

Total Growth 5

Individual L&H

51.9% 44.6% 0.0% -3.5% -3.5%

51.5% 42.7% 0.0% -5.8% -5.8%

Renewal Revenues 1

New Business 2

Acquired Revenues 3

Organic Growth 4

Total Growth 5

Total Commissions & Fees (P&C, L&H) Renewal Revenues 1

92.7% 13.0%

94.4% 12.5%

102.7%

13.1%

New Business 2

0.0% 5.7% 5.7%

0.0% 6.9% 6.9%

0.0%

Acquired Revenues 3

15.8% 15.8%

Organic Growth 4

Total Growth 5

Brokerage Commission Expense Growth Net Commissions & Fees Growth (Organic) 6 Net Commissions & Fees Growth (Total) 7

*

*

*

5.8% 5.8%

6.9% 6.9%

15.8% 15.8%

*Insufficient Data Other Income P&C Contingent Income Growth L&H Bonus Income Growth Investment Income Growth GROSS REVENUE GROWTH NET REVENUE GROWTH (ORGANIC) 8 NET REVENUE GROWTH (TOTAL) 9 1 Renewal Revenues are presented as a % of prior year’s total revenues for this line of business. This figure is impacted by attrition (loss or retention of accounts) and by changes in premium and commission levels. The higher the %, the more favorable the results. 2 New Business is presented as a % of prior year’s total revenues for this line of business. The higher the %, the more favorable the results. 3 Acquired Revenues are presented as a % of prior year’s total revenues for this line of business. The % indicates the significance of acquired business.

-10.5%

-21.5%

-7.7%

*

* *

* *

2015 Best Practices Study

-7.2% 5.0% 5.0% 5.0%

4.4% 4.4% 4.4%

16.2% 16.2% 16.2%

Agencies with Revenues Under $1,250,000

4 Organic Growth represents growth in revenues from prior year excluding acquired revenues. 5 Total Growth represents growth in revenues from prior year including acquired revenues. 6 Growth in Total Commissions & Fees ( less Brokerage Commission Expense) from prior year excluding acquired revenues. 7 Growth in Total Commissions & Fees ( less Brokerage Commission Expense) from prior year including acquired revenues.

8 Growth in Net Revenues ( Gross Revenue less Brokerage Commission Expense ) from prior year excluding acquired revenues. 9 Growth in Net Revenues ( Gross Revenue less Brokerage Commission Expense ) from prior year including acquired revenues.

10

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Revenue Growth by Source (continued) Historical Organic Growth (in Net Revenue)

Average

Top 25% Profit

Top 25% Growth

40%

30%

24.6%

21.2%

20%

19.2%

14.1%

12.0%

12.3%

11.6%

16.8%

16.2%

10.0%

10%

9.2%

5.0%

6.9% 7.4%

5.7% 7.9%

5.4%

4.6%

4.4%

2.2%

2.0%

1.4%

1.9%

0.4%

0%

–0.5%

–1.5%

–2.0%

–10%

2007

2008

2009

2010

2011

2012

2013

2014

2015

Future Growth Percentage of agencies considering line of business as very important to growing agency’s revenue over the next 3 years

Surety-Bonding 0.0%

Personal P&C

52.2%

Small Commercial P&C

60.9%

4.3%

Individual Life & Health

13.0%

Group Medical/Health Insurance

4.3%

All Other Group Benefits

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2015 Best Practices Study

Agencies with Revenues Under $1,250,000

11

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile

Expenses (as % of Net Revenues)

Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Average

Top 25% Profit Top 25% Growth

COMPENSATION EXPENSES Payroll: Employee

38.2%

28.2%

31.9% 12.6% 44.5%

Payroll: “Non-Employee” - 1099 Producers/Temp Help

5.3%

0.9%

Total Payroll

43.5%

29.1%

Benefits: Payroll Taxes Benefits: Retirement Benefits: Insurance

3.3% 1.3% 2.8% 0.3% 7.7% 1.1% 1.6% 0.1% 1.7% 1.7% 4.2% 0.1% 4.3% 0.3% 0.1% 0.4% 2.3% 0.1% 2.4% 1.3% 0.4% 1.3% 1.0% 0.8% 1.8% 0.7% 0.0% 0.3% 0.3% 0.6%

2.1% 1.3% 0.7% 1.0% 5.1% 1.0% 1.2% 0.0% 1.2% 2.2% 2.5% 0.0% 2.5% 0.2% 0.0% 0.2% 1.1% 0.0% 1.1% 0.8% 0.3% 1.5% 0.5% 0.4% 1.0% 0.4% 0.0% 0.0% 0.1% 0.5%

3.1% 0.7% 2.7% 0.0% 6.5% 1.1% 1.1% 0.0% 1.1% 1.6% 5.2% 0.1% 5.3% 0.4% 0.0% 0.4% 2.5% 0.0% 2.5% 1.4% 0.4% 1.3% 1.4% 0.7% 2.1% 0.5% 0.0% 0.4% 0.3% 2.3%

Benefits: Other

Total Benefits

Total Compensation SELLING EXPENSES T&E/Conventions Auto Expenditures Auto Depreciation

51.1%

34.1%

50.9%

Total Auto

Advertising/Promotions

Total Selling

4.5%

4.5%

3.8%

OPERATING EXPENSES Occupancy Expenditures

Occupancy Depreciation/Amortization

Total Occupancy

Office Equipment Expenditures Office Equipment Depreciation Total Office Equipment IT (Information Technology) IT Depreciation/Amortization

Total IT

Telephone

Postage

Supplies/Printing

2015 Best Practices Study

Dues/Subscriptions/Contributions

Taxes/Licenses

Agencies with Revenues Under $1,250,000

Insurance

Professional Fees

Bad Debts

Outside Services Education/Training

12

Miscellaneous

Total Operating

15.7%

9.4%

19.0%

continued on next page

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile

Expenses (as % of Net Revenues) — continued

Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Average

Top 25% Profit Top 25% Growth

ADMINISTRATIVE EXPENSES Amortization of Intangibles

1.0% 0.2% 0.6% 0.1% 2.0% 73.3% 26.7% 28.8%

0.0% 0.1% 0.0% 0.0%

0.8% 0.2% 0.0% 0.0%

Officer Life

Interest

Other

Total Administrative

0.1%

0.9%

TOTAL EXPENSES

48.2% 51.8% 51.8%

74.6% 25.4% 26.3%

PRE-TAX PROFIT (LOSS)

EBITDA

Average

Top 25% Profit Top 25% Growth

Expense Growth Over Prior Year Compensation Expense

6.0% -5.2% -0.9% -3.5%

-4.0% 13.1%

15.4% 10.6% 10.1%

Selling Expense

Operating Expense

2.8%

Administrative Expense

*

5.0%

*Insufficient Data

EBITDA—Earnings Before Interest Taxes Depreciation and Amortization

Expenses (as % of Net Revenues)

Average

Top 25% Profit

Top 25% Growth

60%

51.1%

50.9%

50%

40%

34.1%

30%

19.0%

20%

15.7%

2015 Best Practices Study

9.4%

10%

4.5% 4.5% 3.8%

2.0% 0.1% 0.9%

0%

Agencies with Revenues Under $1,250,000

Compensation

Selling

Operating

Administrative

13

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile

Profit/Loss Summary

Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Average

Top 25% Profit Top 25% Growth

Revenues (as % of Gross Revenue) Commercial Lines

38.7%

34.9%

45.0%

Bonds

0.5%

0.1%

0.5%

Personal Lines

47.3%

52.7%

34.2%

VAS - P&C

0.6% 5.3% 3.6% 0.2% 3.2% 0.1% 0.1% 0.3%

0.0% 6.6% 0.8% 0.1% 4.8% 0.0% 0.1% 0.0%

0.0% 2.9% 8.2% 0.1% 7.7% 0.3% 0.2% 0.8%

Contingent/Bonus Group Medical All Other Group Bonus/Overrides Investments Miscellaneous Total Revenues Individual Life & Health

100.0%

100.0%

100.0%

Brokerage Commission Expense

0.3%

0.0%

0.0%

NET REVENUES

99.7%

100.0%

100.0%

Expenses (as % of Net Revenues) Compensation

51.1%

34.1%

50.9%

Selling

4.5%

4.5% 9.4% 0.1%

3.8%

Operating

15.7%

19.0%

Administrative

2.0%

0.9%

TOTAL EXPENSES

73.3%

48.2%

74.6%

Profit/Loss (as % of Net Revenues)

Average

Top 25% Profit Top 25% Growth

Pre-Tax Profit

26.7% 30.7% 22.2% 28.8% 32.8%

51.8% 54.9% 48.3% 51.8% 54.9%

25.4% 28.8% 22.9% 26.3% 29.7%

Pro Forma Pre-Tax Profit 1 Operating Pre-Tax Profit 2

EBITDA 3

2015 Best Practices Study

Pro Forma EBITDA 4

1 Pre-tax Profit if discretionary expenses are eliminated and all owners compensated as employees

2 Pre-tax Profit excluding contingents, bonus and investment income

3 EBITDA—Earnings Before Interest, Taxes, Depreciation and Amortization

4 EBITDA if discretionary expenses are eliminated and all owners compensated as employees

Agencies with Revenues Under $1,250,000

14

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile

Profitability

Historical EBITDA Margin & Operating Margin (for Average Group)

Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

35%

33.0%

32.8%

30.3%

29.0%

30%

27.5% 28.5%

26.0%

26.2%

24.8%

28.8%

25%

25.8% 25.6%

26.2%

23.9%

20%

22.8%

22.8%

22.2%

21.4%

18.5%

15%

17.4% 17.3%

16.5%

10%

10.8% 11.0%

9.9%

5%

6.6%

5.0%

0%

2007

2009

2010

2011

2012

2013

2014

2015

2008

Pro Forma EBITDA

EBITDA Margin

Operating Margin

About EBITDA Margin and Operating Margin EBITDA Margin is calculated by dividing a firm’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) by the firm’s net revenues.

Pro Forma EBITDA Margin is calculated by dividing a firm’s Pro Forma EBITDA by the firm’s Pro Forma net revenue.

Operating Margin is calculated as EBITDA less contingent income divided by Pro Forma net revenue less contingent income.

2015 Best Practices Study

Agencies with Revenues Under $1,250,000

15

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile

Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

The Rule of 20 is a simple growth and profitability balancing equation that provides a quick way to determine whether or not an agency is creating value for its shareholders. It states that an agency will drive industry-standard shareholder returns if the sum of (a) its organic growth rate and (b) 1/2 of its EBITDA margin equals or exceeds 20. Generally speaking, an outcome of 20 or higher, regardless of the different combinations of growth and profitability, indicates that the agency’s shareholders can expect to earn 15% -17% per year through stock price appreciation and/or shareholder distributions.

Rule of 20 Outcome - 12/31/14

What is the Rule of 20?

Organic Growth

EBITDA Margin

Rule of 20 Outcome

Public Brokers

Willis Group

3.8% 22.8% 15.2

1/2 of EBITDA Margin

Organic Revenue Growth + =

Rule of 20 Score

Aon

2.0% 21.5% 12.8

Brown & Brown

3.5% 33.7% 20.4

• Provides a tool to benchmark agency performance • Helps frame the trade-off between growth and profitability

Arthur J. Gallagher 5.5% 20.5% 15.7 Marsh & McLennan 3.0% 21.4% 13.7

Average

Top 25% Profit

Top 25% Growth

Rule of 20

22.2

34.4

30.6

Financial Stability

Average

Top 25%

Balance Sheet Current Ratio

1.60:1

2.84:1 18.7%

Tangible Net Worth (% of Net Revenue)

4.4%

Receivables/Payable Ratio

*

*

Aged Receivables

% Receivables Aged Past 60 Days % Receivables Aged Past 90 Days

43.7%

*

2015 Best Practices Study

2.5%

0.0%

*Insufficient Data

Accounts Receivable

Agencies with Revenues Under $1,250,000

Average

Top 25% Profit Top 25% Growth

Agency Billed vs. Direct Billed % of P&C Revenues that are Agency Billed % of P&C Revenues that are Direct Billed

12.8% 87.2%

5.4%

18.0% 82.0%

94.6%

16

Note: See page 163 for an explanation of column headings

Analysis of Agencies with Revenues Under $1,250,000

Key Benchmarks Profile

Employee Productivity

Revenues Expenses Profitability Employee Overview Producer Info Service Staff Info Technology Insurance Carriers Appendix

Average

Top 25% Profit Top 25% Growth

Total Number of Employees (FTE)

6.3

4.5

6.1

Revenue Per Employee

$131,714 $63,359 $68,355

$208,964 $70,104 $138,861

$115,212 $57,420 $57,793

Compensation Per Employee

Spread Per Employee

Average

Top 25% Profit

Top 25% Growth

$250K

$200K

$150K

$208,964

$100K

$138,861

$131,714

$50K

$115,212

$0

$68,355

$70,104

$63,359

$57,793

$57,420

Revenue Per Employee Compensation Per Employee Spread Per Employee

Average

Top 25% Profit Top 25% Growth

Average number of Agency Employees that work remotely

0.6

*

*

% of Agencies with Remote Workers

17.4%

*

*

*Insufficient Data

Administrative Staff

Average

Top 25%

Accounting Department Total Number of Employees in Accounting Department

0.8 1.5 0.2

High Low

Revenue per Accounting Employee Total Payroll for Accounting Employees Accounting Payroll as % of Net Revenue HR Department Total Number of Employees in HR Department

$799,238 $26,510

$1,077,712

2015 Best Practices Study

3.0%

Agencies with Revenues Under $1,250,000

*

High Low

0.2 0.2

Revenue per HR Employee Total Payroll for HR Employees HR Payroll as % of Net Revenue

*

*

$19,900

17

2.9%

*Insufficient Data

Note: See page 163 for an explanation of column headings

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