Do you want to sell your travel agency? Here’s how: Travel every week

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What kind of options do travel agents have when they’re ready to leave the business? Selling their agency is one. In this episode, Trade Secrets discusses succession planning – and its cousin, disaster planning – with industry consultant Bob Joselyn. From potential buyers to how they pay for the agency, to talking to clients about switching, hear it all in this week’s episode of Trade Secrets

Sponsor:

This episode is sponsored by Historical Highlights of Germany.

In this episode:

1:10 – Meet this week’s guest, Bob “Dr. Bob” Joselyn, travel industry consultant and educator

2:21 – Justin Murphy of VIP Travel Experience asks: After building a successful business portfolio, where is he headed? What options does an independent contractor have for leaving the industry?

3:10 – Bob’s crash course in succession planning begins

3:40 – The three potential buyers and what they actually buy

5:50 – How earnout purchases work

8:42 – We touch on another issue similar to succession planning: disaster planning

11:44 – A summary of Bob’s crash course

15:09 – When selling, remember the golden rule: talk to customers

16:16 – Non-service agreements required by buyers become the norm

18:15 – How to find a potential buyer? Where to start ?

19:12 – You need a lawyer to sell your agency, right?

20:52 – More agencies have been looking to sell throughout the pandemic

22:32 – Some basics on selling a physical agency

28:06 – What are some best practices for independent contractors in disaster planning

30:30 – A quick tip from a listener if you’re an advisor working with airlines

Other resources:

The Joselyn Consulting Group

Legal briefs by industry lawyer Mark Pestronk

Industry lawyer Jeffrey Ment write for TravelAge West

Travel agency consolidation fueled by pandemic and retirements

Travel M&A activity is buoyant, particularly among small and medium-sized agencies

Future revenue informs the agency’s selling price

Why acquisitions make sense now

For acquisitions, it’s always a buyer’s market

Need advice?

Call our hotline and leave a message: 201-902-2098
Email us: [email protected]

Theme song:
Sock Hop by Kevin MacLeod
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