Josh Richman

518 posts

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Josh Richman

Josh Richman

@MrJoshFro

Insurance Broker to Investors & Operators| Co-Founder @NewCoRisk| | Former @Symphonyrisk @HUBInsurance, @EquityRisk | Girl-Dad, Golfer, Recovering triathlete

Marin County, CA Katılım Mayıs 2010
2K Takip Edilen1.6K Takipçiler
Josh Richman retweetledi
SMB Attorney
SMB Attorney@SMB_Attorney·
People always ask me what the best business conference for searchers and operators is... My favorite is @SMB_ash and it's just three weeks away! Who's going to be there?
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Josh Richman
Josh Richman@MrJoshFro·
Here I am comparing Claude to Cedric (overseas support staff) on the same assignment, thinking Claude is wrong - when in fact, it’s Cedric!
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Josh Richman
Josh Richman@MrJoshFro·
@NewCoRisk is happy to sponsor the SoCal – LA ETA & SMB Meetup in LA tomorrow night — where operators, searchers, investors, and advisors actually talk about what it takes to diligence, invest and own a business. Sign-up if you're in town tinyurl.com/y35ayhc3
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Josh Richman
Josh Richman@MrJoshFro·
After nearly 15 years working on SMB M&A deals, I’ve noticed one very unscientific pattern: Buyers who burn their diligence providers seem to show up disproportionately in the lower quartile of returns.. Not a study — just based on my experience.
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Josh Richman
Josh Richman@MrJoshFro·
@jasonbmoody02 Yes, that’s typically a last resort. In M&A diligence, buyers are generally reluctant to ask sellers to sign anything so we have get passed the incumbent
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Jason B Moody
Jason B Moody@jasonbmoody02·
@MrJoshFro I send a signed request form straight to the carrier for loss runs, they release them to the customer. I got out of that game of asking the incumbent agent because of this type of stuff
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Josh Richman
Josh Richman@MrJoshFro·
Here’s a new one... Incumbent insurance broker <-> Seller insurance diligence broker calls are normally smooth. We trade request lists, knock out loss runs, move on. Half the time we already know each other. Small industry. Today’s seller’s insurance broker? Reluctant. Hasty. Didn’t want to provide loss runs Then hits his Insured and the SMB Buyer with: “ I am going to need to charge a fee to gather loss runs, historical loss runs, ExMod worksheet 🤯 Hell of a first impression on the SMB Buyer! 🤣
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Josh Richman
Josh Richman@MrJoshFro·
SMB Buyer: “I’ve got the incumbent broker’s doing insurance  diligence — they really know the business.” Me: “Nice, Are you using seller’s counsel for legal & their accountant for QoE?” Make sure you find out why Products/Completed Operations is excluded on the GL. That’s not going to fly with the lender.
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Josh Richman
Josh Richman@MrJoshFro·
@mattragudo GL, Property, WC, Auto are typically written on an occurrence basis. Most PL, D&O, EPL and Pollution policies are written on a claims made form. That said, some insurers such as Philly may offer the option to choose occurrence or claims made triggers for certain PL coverages
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Matt Ragudo CRPC®, CLTC® | Author
@MrJoshFro I thought this is how most professional liability policies operated? Like Agent E&O? or should I be reviewing that old NAPA Policy I've been renewing for years...?
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Josh Richman
Josh Richman@MrJoshFro·
Directors & Officers Insurance on an Occurrence trigger is my new favorite fictional product 🤯 3,000 Views 328 Likes And nobody said “wait a second” From a Top-15 Broker (by size), no less
Josh Richman tweet mediaJosh Richman tweet media
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Josh Richman
Josh Richman@MrJoshFro·
Here’s a new one. Contractor deal in the Southeast. Seller to buyer: “I still want to do the deal… can we push closing until after May 1 Seller told SMB Buyer last week. Not for financing or a seller vacation, etc Reason: broker fee drops from 10% to 2.5% once the listing ages out🤯. Hopefully, the business broker has some recourse here.
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