INDIANAPOLIS, IN--(Marketwired - Aug 27, 2013) - Oak Street Funding (www.oakstreetfunding.com), which offers commercial financing exclusively for insurance professionals, announced Succession & Recapitalization Loans for agency and brokerage owners planning to transfer ownership to relatives or employees.
Succession & Recapitalization Loans enable the redistribution of equity by providing funds for successors to purchase stock from an owner or owners all at once or over multiple years. They provide sellers with cash while the business is transferred to select producers, managers or family members.
"A recapitalization strategy allows owners who are planning to retire or exit to leave the business in the hands of people who will ensure its continuity," said Rick Dennen, CEO of Oak Street Funding. "Our funds help make that transition a viable option that might not, otherwise, be affordable or possible."
TexCap-Concord Insurance Services, a Dallas-based commercial, personal and employee-benefits insurance agency, turned to Oak Street Funding for a loan to fund the buyout of its majority owner and to restructure debt resulting from acquisitions, paving the way for future transfer of ownership.
"Unlike a bank, Oak Street Funding understands how an insurance business operates," said Gaylon Brown, TexCap's managing partner and CEO. "Oak Street structured a deal that allows us to focus on our future growth, which includes giving an ownership stake to some of our younger producers."
Oak Street Funding will speak on succession and management recapitalization at the Target Markets Program Administrators Association Summit in Scottsdale, Arizona, on October 21, 2013. More information about the summit can be found at http://targetmkts.com/current-national-meeting.
About Oak Street Funding
Carmel, Ind.-based Oak Street Funding (www.oakstreetfunding.com) is a family of diversified financial services companies that offers commission-based commercial financing exclusively for insurance professionals and third-party loan servicing for financial institutions. Oak Street Funding utilizes industry knowledge, proprietary technology and passion to deliver top-quality service and capital products to insurance and finance professionals nationwide. Oak Street Funding was recognized as a 2012 Indiana Company to Watch. The company can be found on Twitter @OSFunding and on LinkedIn at http://www.linkedin.com/company/oak-street-funding.
Contact Information:
Media Contacts:
Linda Muskin
847-432-7300
Mara Conklin
847-816-9411