There’s a curious echoing through the hallways of the public adjusting industry. Private equity is knocking on the door. It is not just knocking politely but banging with a battering ram made of spreadsheets, valuations, and ambitious acquisition plans. I personally know of at least four private equity deals that have already gone through involving public adjusting firms, and those are just the ones that made a ripple. But for every deal signed, there are dozens more inquiries, feelers, and behind-the-scenes courtships happening in real-time.
If this feels like a new frontier quickly becoming common for the industry, that’s because it is.
Public adjusting, long a gritty, trust-built, fiercely independent profession, has landed on the radar of institutional capital. And not just lightly. My co-author and friend Lynette Young, who is without question the most knowledgeable person I know when it comes to how public adjusting businesses really run, has been inundated with attention. Her recent post on LinkedIn says it all:
I get multiple messages a week (sometimes a day, like TODAY) from PE and M&A firms wanting to ‘talk’ about how they can get into acquiring companies in the public adjusting space.
You’ve identified me as one of the most knowledgeable professionals in this space with deep connections and inside knowledge. You’re not wrong.
But here’s the deal, I’ve hit the point where I’m just going to send you a PDF summary. If you want to talk beyond that, I charge a consulting fee. I’m not cheap, and that’s intentional.
Public adjusting isn’t an ATM. It’s not passive income. It’s not a flip. This industry is built on trust, grit, and relentless advocacy for policyholders. And if you don’t show up with respect for the work, the people, and the mission—don’t bother.
I will fiercely protect the public adjusting industry. If you come in mistreating or disrespecting it—the hoops are coming off.
I don’t want to be a blocker. I want to see public adjusting companies access ethical, smart investment money. The right money. The right partners. The ones who bring more than just spreadsheets to the table. I’ve already made a handful of solid love connections between investors and public adjusting companies who get it—the kind of deals that lift everyone up, not just someone’s portfolio.
I have zero interest in watching this industry get flooded with bottom-line-at-all-costs dudes chasing a quick multiple. If that’s your vibe, keep it moving.
Lynette and I wrote the book Claim Your Success: The Ultimate Guide to Starting and Running a Public Insurance Adjusting Business to empower professionals who want to build something real and enduring. We didn’t write it for opportunistic investors looking for a quick exit or an EBITDA bump. Her post captures the ethical tension at the heart of what could be a pivotal moment for this profession.
There’s nothing inherently evil about private equity. Done right, it can be a transformative force of good. Smart capital can help solid firms scale. It can provide needed operational discipline, better tools, and even broaden policyholder access. In an ideal scenario, PE backing could allow public adjusting companies to expand their geographic reach, invest in better claims management platforms, attract top-tier talent, and provide a better service for policyholders. That’s the “rising tide lifts all boats” version.
But we’ve all seen what happens when the wrong kind of capital collides with an industry that’s not built to be stripped for parts to maximize profits. Think healthcare. Think elder care. Think about what happens when the people at the top see policyholders not as humans with storm-shattered homes and ruined roofs but as data points in a quarterly report. When margins and multiples become the only metrics that matter, the mission gets lost.
Public adjusting is not a mission of profit. Public adjusting exists to balance the scales for policyholders who are often outgunned, underinformed, and overwhelmed in their most vulnerable moments. Public adjusters are advocates, translators, strategists, and sometimes therapists. They help people put their lives, homes, and businesses back together. That is not work that lends itself easily to commoditization.
Lynette’s warning isn’t just a personal vent. It’s a line in the sand. She’s not against investment. She’s against disrespect. She’s against the idea that a decades-old family firm in Florida or Texas can be snapped up, slapped with a new logo, and flipped in 36 months with no regard for the employees or the clients they serve.
She’s also right to say that there is such a thing as “the right money.” Smart investors who understand the nuances of this space can absolutely play a positive role. And yes, there are PE firms already doing this thoughtfully. Deals are being made where the goal isn’t just a fast payday but a long-term alignment, where the partners want to elevate—not dilute—the service and standards of public adjusting.
If you’re in this space, whether as an owner, a buyer, or even just a curious observer, now is the time to be intentional. Ask yourself: Are we building a business that lasts, or just a deal that closes? Are we honoring the trust of policyholders, or just optimizing a P&L?
This moment will shape the future of public adjusting for decades. The question is: who will shape it, and how?
I’ll give the final word to Lynette Young because she’s earned it: “I have zero interest in watching this industry get flooded with bottom-line-at-all-costs dudes chasing a quick multiple. If that’s your vibe, keep it moving.”
I couldn’t have said it better.
Thought For The Day
“A business that makes nothing but money is a poor business.”
—Henry Ford
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