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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.
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 am I building toward? What options does an independent contractor have to exit the industry?"
3:10: Joselyn'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 recap of Bob’s crash course in succession and disaster planning
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
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Industry consultant Bob Joselyn
Credit: 2-22 Jenn MartinsResources Mentioned in This Episode and Related Reading
Travel Agency Consolidation Is Fueled by Pandemic, Retirements
M&A Activity Within Travel Is Brisk, Especially at Small and Mid-size Agencies
Future Revenue Informs Agency Sale Price
Legal Briefs by industry attorney Mark Pestronk
Relevant Articles by Mark Pestronk
Why Acquisitions Make Sense Now
For Acquisitions, It’s Still a Buyer’s Market
Legal Lingo by industry attorney Jeffrey Ment for TravelAge West
The Details
The Joselyn Consulting Group
Theme Song
Sock Hop by Kevin MacLeod (License)
See omnystudio.com/listener for privacy information.
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If you're a travel advisor with a question about the latest travel news, trends, best business practices or more, please call our hotline and leave a message at 201-902-2098 or send an email to tradesecrets@travelweekly.com.
About Your Hosts
Emma Weissmann is the Digital Managing Editor of TravelAge West, a print and online magazine for travel advisors based in the Western U.S. She is also the co-host of Humans of Travel podcast, where she interviews notable individuals in the travel industry about their lives — the highs and lows that make them human.
Jamie Biesiada is a Senior Editor with Travel Weekly. She is an award-winning journalist, including being named the American Society of Travel Advisors’ 2019 Travel Journalist of the Year. Her roots are in community journalism, where she was the editor of several local newspapers and a regional entertainment magazine.
About the Show
Trade Secrets, a podcast from the editors of Travel Weekly and TravelAge West, is where travel advisors ask — and answer — questions. On each podcast, our editors will ask a veteran travel industry insider to join them and field listeners’ questions. Topics will range from business advice to industry trends, history and more — as long as it’s travel-related, we want to address it! Find Trade Secrets wherever you get your podcasts, or at www.travelagewest.com/podcasts/trade-secrets.
