Health Insurance Agency | $500K EBITDA | Mead, WA (Spokane Area) | 20 Years in Business

We recently had a conversation with the owner of a health insurance agency based in eastern Washington. Sharing here in case it fits someone's criteria. The business does ~$700K in recurring revenue with ~$500K net, growing at roughly 10% per year for the past two decades. About 70% of the book is Medicare, the other 30% is small business and individual health. Two-person operation — owner plus a long-tenured assistant who has been with the business for nine years. Zero advertising spend. Growth comes entirely from referrals, annual client meetings, and twice-yearly workshops. The good: almost entirely recurring revenue, 20-year track record, lean overhead (~25% of revenue), consistent double-digit growth, no customer concentration, deeply loyal client base built on high-touch service, and an owner who will stay on for three years post-close at no cost to the buyer. Everything is wrapped up in the business so he's motivated to get a deal done in the next 12 months. The bad: $500K EBITDA puts this below most institutional thresholds, the book is relationship-dependent so key person transition risk is real, and the owner is looking for $3-4M which implies a 6-8x multiple — rich for this size without a clear consolidation story behind it. Best fit is probably an insurance-focused searcher or operator-buyer already in the benefits space who can plug this book into an existing platform and justify the multiple through synergies. DM me or reach out at redacted if interested.