Insurance benefits firm forecasts 20% revenue growth with acquisition

A benefits firm in Sarasota announced an acquisition that is expected to grow the business 20%. 

Benefits and Planning Inc., which does business as Professional Benefits, will officially acquire Sarasota-based Lisa M. Parker Insurance Inc. on Oct. 1. Through the acquisition, Parker, the founder, is able to retire after 30 years in the insurance business, according to a statement. 

Taylor Collins, owner of Professional Benefits, declined to disclose the financial details of the acquisition, but notes it will grow the firm's revenue by 20%. Both businesses specialize in small group benefits and individual executive benefit planning, the press release states. 

“We are very excited to be able to continue to work with the many wonderful accounts developed by Lisa over the last three decades,” Collins says in the release. 

Business will continue operating under the Professional Benefits brand and will be located at 2436 Bee Ridge Road. in Sarasota. 

“While I will certainly miss working with the wonderful insurance clients that have entrusted their risk management protection with our business over the years, I am very happy to know that they are in excellent hands with Taylor and the PBI team,” Parker says.

In a Sept. 26 email with the Business Observer, Collins confirmed there were no employees at Parker’s insurance firm to transfer over to PBI. Instead, PBI has hired an intern through the Greater Sarasota Chamber of Commerce’s internship reimbursement program to help with the additional paperwork. 

“Lisa was not automated so we’re having to transfer a lot of paper to our online system,” Collins wrote. 

Looking forward, additional acquisitions are not out of the question. 

“We are always open for more acquisition if the fit is right,” Collins says, adding that this acquisition was a good fit because, “Lisa’s book of business was similar to ours, just smaller.” 

PBI was founded in 1979 by Collins’ father, Jim Tollerton, who owned and operated the company for over 40 years. Collins joined in 2007 before acquiring 100% ownership of PBI in 2019.