The two most frequent buyers of insurance agencies today—while markedly different—are faced with the same problem at the core: if they pay the same price for your agency today, that they would have paid just twelve months ago, they will have a lower return. Private equity firms don’t borrow money, but as interest rates go up, their investors expect a better return, so their return on investment must improve in order to keep them competitive with their investors. Traditional buyers that likely borrow funds to purchase, have to pay a higher interest rate. The cost has gone up for both–and prices paid have gone (and are . . .