Gregg Caven
Victorville, CA (USA)
Role(s):
Zareda
Find More Startups
Startup
Location:
Victorville
Industry:
Finance
Year Founded:
2006
Number Employees:
INVALID
Description:
I am looking for $5 million financing to acquire a Financial Services firm. The owner will accept $4 million down and a 5% equity interest in the business. The other $1 million will be working capital. This is a start up venture where the company will contract with a national life insurance company (minimum financial strength rating of A) to offer an "assets under management" (AUM) program to agents selling retirement accounts to teachers (403(b) accounts). Currently agents do not get compensated for AUM. The goal is to have experienced agents roll their retiree accounts (not accounts for which they are currently receiving compensation) to the new carrier, who will pay the agents 50 basis points annually on their AUM. The company I wish to purchase will also receive 50 basis points o