Within the next three years, the past cycle of real and anecdotal claims of 8.0 to 9.0 times Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) deal pricing will be revered as the good old days for many agencies. Only the minority that have systematically reinvested to build a sales culture and a productive operating model will be able to sustain premium value in the coming cycle. For those lacking executable plans to achieve growth in revenue and profitability, agency value will spiral downward. Organic growth for independent insurance agencies averaged 4% in 2007. However, profitability did not grow because inflationary and discretionary expense increases kept pace with revenue growth. Public brokers will continue to dominate the acquisition landscape during the next three years. With a growing inventory of sellers and less buyer competition, public broker acquisition pricing for the majority will start to subside and premium value will be captured by only the better agencies.