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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
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
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
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