So you want to sell your travel agency? Here's how

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What kind of options do travel agents have when they're ready to exit the business? Selling their agency is one. In this episode, Trade Secrets tackles 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 the change, hear it all on this week's episode of Trade Secrets

Sponsor:

This episode is sponsored by Historic 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 book of business, what is he building towards? What options does an independent contractor have to exit the industry?

3:10 - Bob's crash course in succession planning begins

3:40 - The three potential buyers, and what they're actually buying

5:50 - How earnout purchases work

8:42 - We tackle another issue similar to succession planning: Disaster planning

11:44 - A summary of Bob's crash course

15:09 - When selling, think of the Golden Rule: Tell clients about it

16:16 - Non-service agreements required by buyers are becoming the norm

18:15 - How do you find a potential buyer? Where do you 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 about selling a brick-and-mortar agency

28:06 - What are some of the best practices for independent contractors when it comes to disaster planning

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

Further resources:

The Joselyn Consulting Group

Legal Briefs by industry attorney Mark Pestronk

Industry attorney Jeffrey Ment writing for TravelAge West

Travel agency consolidation is fueled by Pandemic, retirements

M&A activity within travel is brisk, especially at small and midsize agencies

Future revenue informs agency sale price

Why acquisitions make sense now

For acquisitions, it's still a buyer's market

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Sock Hop by Kevin MacLeod
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