Reviello’s Insurance Agency: Working for Clients, Not Insurance Carriers

John Reviello was referred to the Wilkes University Small Business Development Center (SBDC) by M&T bank. Reviello wanted to open an insurance agency offering home, auto, life and health insurance.  He has been in the insurance agency for 5 years. The client’s reason for wanting to open his own business was to help other agents with career growth and work exclusively for his clients and not the insurance carriers. When Reviello met with the Wilkes SBDC he had already signed a five month lease agreement with The Laurel Mall in Hazle Township Pennsylvania. 
 
Reviello needed to obtain financing in the amount of $30,000 to be used for working capital in the first six months of operations for the business.  M&T bank referred Reviello to our center to assist with business plan development and compiling 3 years of financial projections financial projections. 
 
The SBDC assisted the client with putting together a feasible business plan and help the client prepare 3 years of financial projections including in the projections a balance sheet, income statement, and cash flow statements.  In addition, the Wilkes SBDC provided industry research from First Research and the Census Bureau that was utilized in the Marketing Plan Section of the business plan narrative. 
 
Reviello’s Insurance Agency, LLC opened its doors in the Laurel Mall location on June 1st, 2016.  The client provided an owner investment of $60,000 to get the business up and running.  A grand opening event was held at this location on October 4th 2016.  On November 24th, 2016 the client received the financing from M&T bank to be used for working capital.  Furthermore, it is the client’s long term goal to open a second operation of Reviello’s Insurance Agency, LLC in Mountain Top Pennsylvania.