A good analysis is only as grounded as its sources. This is the map of the benchmark library — what each study is for, how current it is, and how to navigate by the question in front of you. The decision logic for picking between the two main studies is the selection guide.
§ 01 · The sourcesWhat each one is for.
Three studies do most of the work, supported by a couple of durable reference works.
| Source | Focus | Best for |
|---|---|---|
| Growth & Profitability Study (GPS) | Operational metrics, expense ratios, productivity | Efficiency, staffing, balance sheet |
| Best Practices Study (BPS) | Profitability, growth, top quartile | Valuation, M&A, strategy |
| Producer-compensation profile | Pay, production, hiring | Compensation benchmarking |
| Valuation-factors survey | Ranked drivers of agency value | What actually moves value |
| M&A transaction guide | Deal lifecycle, templates | Process reference |
The two annual studies — GPS and BPS — carry the most current data; the reference works are older but supply principles that don't expire, like the ranked factors that actually drive agency value.
§ 02 · Navigate by questionThe routing table.
The fastest way to use the library is to start from the question. Agency valuation routes to the profitability study (EBITDA, Rule of 20), backed by the operational study's expense detail. Producer compensation routes to the compensation profile, backed by the operational study's productivity figures. Operational efficiency routes to the operational study's expense and staffing ratios. Due diligence uses all three — valuation from one, operations from another, pay benchmarks from the third. The point is to reach for the source built for the question rather than the source closest to hand.
§ 03 · The quick-reference targetsThe numbers to anchor on.
A handful of benchmark targets recur across the library and are worth carrying in your head. On profitability: pre-tax profit and EBITDA in the low-to-mid 20s percent, with top-quartile operators near 30%, and a Rule of 20 at or above 20. On productivity: revenue per employee roughly $150K–$200K, accounts per service rep in the few hundreds, producer compensation around a six-figure median. On retention: account retention 90%-plus, revenue retention a touch higher, new business 15%-plus of revenue. These are anchors, not absolutes — the right comparison still depends on tier, location, and focus.
The danger isn't a lack of data — it's reaching for the nearest data. A library is only useful if you know which shelf answers the question; the wrong source confidently answers the wrong question.
§ 04 · What actually drives valueThe factor ranking.
One reference work is worth more than its age suggests: the ranked survey of what actually drives agency value. Its top factors are durable and largely benchmarkable — account retention first, then quality of personnel, customer service, profit margin, and account development. The lesson is that the metrics carrying the most valuation weight are exactly the ones the annual studies measure best, which is why benchmarking and valuation are two views of the same thing. The figure they ultimately feed is the Book Valuation Engine's deterministic range with named drivers, and the metric vocabulary across all these sources is the benchmark glossary.
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Terminology on this shelf
- Growth & Profitability Study (GPS)
- The annual operational-benchmarking study — expense ratios, productivity, balance-sheet metrics.
- Best Practices Study (BPS)
- The annual profitability-and-valuation study — EBITDA, organic growth, top quartile.
- Producer-compensation profile
- The recurring survey of producer pay, production, and hiring patterns.
- Valuation-factors survey
- A ranked study of the drivers that most affect agency value — retention leads.
- Data vintage
- How current a source is; the two annual studies carry the freshest figures.