About this episode

Jack Hanks discusses the future of public adjusting, focusing on profitability with ethics and the challenges of scaling a business in the industry.

We are for-profit. State Farm is for-profit. I want them to be profitable. I just want them to be profitable with morals and ethics at the same time. Jack Hanks is the president of VPA Claims, a public adjusting firm operating in 44 states with 57 employees. Last year they did $248 million in claims. This year they are projecting close to $400 million. He is also the second guest I ever had on this podcast, back in 2020. And this conversation is probably the most honest thing I have put out about the public adjusting industry in years. We talk about everything. How he built VPA from scratch, hit a wall doing $15.8 million in revenue while losing $19 million in expenses, and eventually sold to private equity. What PE actually buys when they acquire a PA firm, and why most PA owners will be shocked to find out their business is worth far less than they think. Where the industry is headed in the next five years. What happened in Kentucky and why it is coming to other states. And what it actually takes to scale a public adjusting firm without destroying your health and your cash flow in the process. Jack does not hold back. This one is worth your full attention. Topics covered…

People in this episode

Host: Vince Perri

Guest: Jack Hanks

Topics covered

• public adjusting
• morals and ethics
• scaling businesses
• private equity
• cash flow management
• industry trends

Keywords

• public adjusting
• VPA Claims
• State Farm
• private equity
• cash flow
• Kentucky moratorium
• business valuation

Mentioned in this episode

Organizations: VPA Claims, State Farm

Places: Kentucky

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