On the Cover

Q&A with MEG ASHMEAD PACELLA AND GREG SMITH

Ashmead Insurance Associates Inc. is a full-service independent insurance agency based in Colmar, PA. Co-managing Principals and Owners Meg Ashmead Pacella and Greg Smith, along with partner John Blystone, oversee the IA&B member agency.

Q. Meg, you’re the third generation in the family business. Tell us about the agency’s history.

A. My PopPop, Bill Ashmead Sr., started Ashmead Insurance in 1957. From there, my dad, Bill Ashmead Jr., joined Ashmead 40 years ago, and my mom, Jeanine Ashmead, joined the agency 25 years ago. Bill and Jeanine expanded upon what my grandfather started and really grew Ashmead Insurance into a well-oiled, profitable, growing insurance agency. Eleven years ago, I joined Ashmead in a production role.

Greg Smith and I formally purchased Ashmead Insurance from my parents on Jan. 1, 2025, making me a third-generation owner! In addition to the formal purchase of my parents’ shares of Ashmead Insurance, we have our partner, John Blystone, whose agency merged with Ashmead three and a half years ago. John joining Ashmead Insurance was an integral part of our perpetuation plan.

Q. How did you meet? And how did you find your way into the insurance industry?

A. [Greg:] Meg and I actually met when we were both 12 or 13 at a church camp in the Poconos. Years later – after a job selling mutual funds to financial advisors – I took a position with Federated Insurance. While I was working on a prospect in West Chester, I saw a post card from Meg to this same prospect, and I recognized her picture. I called her about some personal lines leads that I had, and we continued to stay in touch. Finally, we started talking about me coming to work for Ashmead, and the rest is history.

[Meg:] The church camp story is true! As we all say, insurance is a small world. Funny how things worked out all these years later.

My start in insurance came after graduating from James Madison University with a degree in Justice Studies. I went to work for a non-profit in Philadelphia as a Contact Center Manager. I loved my job, but I started to think about my future and saw the life my parents had built for my sisters and me. I realized how proud I was of their hard work and wanted to be a part of that.

Our relationship with John Blystone started many moons ago on the beaches of Ocean City, NJ where my dad was friends with John’s mom, Jean Marie. John started his own independent agency from scratch in Hatfield (just down the road from ours). Ashmead maintained a close working relationship with The Blystone Group and three and a half years ago formally acquired the agency. The acquisition was a tremendous benefit for all parties. It gave John more time to do what he is great at – sell. And on Ashmead’s side, the partnership allowed us to transition some of my dad’s book to John as he looked to retire. It was, and continues to be, a great partnership all around.

Q. Tell us about the agency’s perpetuation plan. How long was your ownership in the works, and what steps did you take to implement the transition?

A. [Greg:] Perpetuation was talked about before I even started at Ashmead, and that was the main reason that I came over to the agency in 2018. The chance to work with Meg and put our stamp on something that already had been such a well-oiled machine was the major attraction. Once I started, Meg and I were brought into all management meetings and were given increasing responsibilities over the years. By the time the transition happened, we were already making the majority of the important decisions with the blessing of Bill and Jeanine.

Q. Did you use consultants or other outside help to streamline the transfer of ownership? If so, what did you find most beneficial?

A. [Meg:] We did have an insurance-centric third party put together a business valuation, and then we used a local attorney to help us complete the corporate documents. Because we did everything well in advance, we were able to take our time and make sure all of the i’s were dotted and t’s crossed. Having plenty of time to review the business valuation and new corporate documents allowed for everyone involved to have an incredible level of comfort in the transfer of ownership.

Q. Overall, what advice would you give others who plan to perpetuate their independent agency?

A. [Greg:] Identify the person internally early, and don’t be afraid to have the conversation with them about your intentions. Give them the increasing responsibility that we received and watch them flourish!

[Meg:] To expand on what Greg said, we had such a unique opportunity to be brought into the decision-making process of agency management many years prior to the formal transfer of ownership, thanks to my parents. This allowed our team at Ashmead to get comfortable with the transition of ownership well before it was formalized. In doing so, our amazing team felt well informed of the transition; there were no surprises. Having buy-in from your team is critical!

Q. What are your goals for the agency?

A. [Meg:] The sky is the limit for us. We want to thoughtfully grow the agency and build on the great foundation that has been laid here. Watching my parents methodically evaluate the impacts of every decision, big and small, set such an incredible example for us to take every situation (ups, downs, and in between) and give ourselves the space to think thoughtfully through the outcome we wish to see for the agency. We have short- and long-term goals for the agency. We plan to reevaluate those at the start of each year and appropriately plan (to the best of our ability) the steps we need to take to achieve those goals.

Q. Shameless plug! You’ve both attended the IA&B Young Agent Conference over the years. (Thank you for that!) We’re gearing up for the 2025 conference, so why would you recommend the event to others?

A. [Meg:] We think the conference is a great way to share ideas with young peers and learn what makes other agencies great. We have taken away many great ideas from the Young Agent Conference. The conference is always well attended by people who hold different roles within their agency, so you can hear many different perspectives all in one room.

Additionally, we have made lasting connections with peers in the room. When we were evaluating a new agency management system, we called on two friends we had made at the Young Agent Conference to get their take on the AMS they are using at their respective agencies. These types of relationships are invaluable! We plan to attend this fall with some of our team!