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 https://historicgermany.travel/.

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

Need advice?

Call our hotline and leave a message: 201-902-2098

Email us: tradesecrets@travelweekly.com 

 

Theme song:

Sock Hop by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/4387-sock-hop

License: https://filmmusic.io/standard-license

 

See omnystudio.com/listener for privacy information.

What kind of options do travel agents have when they&rsquo;re ready to exit the business? Selling their agency is one. In this episode, Trade Secrets tackles succession planning &mdash; and its cousin, disaster planning &mdash; 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&rsquo;s episode of Trade Secrets.
This episode is sponsored by Historic Highlights of Germany <a href="https://historicgermany.travel/">https://historicgermany.travel/</a>.
<hr>
In this episode:
<ul>
<li aria-level="1">1:10 - Meet this week&rsquo;s guest, Bob &ldquo;Dr. Bob&rdquo; Joselyn, travel industry consultant and educator</li>
<li aria-level="1">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?</li>
<li aria-level="1">3:10 - Bob&rsquo;s crash course in succession planning begins</li>
<li aria-level="1">3:40 - The three potential buyers, and what they&rsquo;re actually buying</li>
<li aria-level="1">5:50 - How earnout purchases work</li>
<li aria-level="1">8:42 - We tackle another issue similar to succession planning: Disaster planning</li>
<li aria-level="1">11:44 - A summary of Bob&rsquo;s crash course</li>
<li aria-level="1">15:09 - When selling, think of the Golden Rule: Tell clients about it</li>
<li aria-level="1">16:16 - Non-service agreements required by buyers are becoming the norm</li>
<li aria-level="1">18:15 - How do you find a potential buyer? Where do you start?</li>
<li aria-level="1">19:12 - You need a lawyer to sell your agency, right?</li>
<li aria-level="1">20:52 - More agencies have been looking to sell throughout the pandemic</li>
<li aria-level="1">22:32 - Some basics about selling a brick-and-mortar agency</li>
<li aria-level="1">28:06 - What are some of the best practices for independent contractors when it comes to disaster planning?</li>
<li aria-level="1">30:30 - A quick tip from a listener if you&rsquo;re an advisor working with airlines</li>
</ul>
<hr>
Further resources:
<a href="http://www.joselynconsultinggroup.com/">The Joselyn Consulting Group</a>
<a href="https://www.travelweekly.com/legal-briefs">Legal Briefs </a>by industry attorney Mark Pestronk
Industry attorney Jeffrey Ment <a href="https://www.travelagewest.com/Jeffrey-Ment">writing for TravelAge West</a>
<a href="https://www.travelweekly.com/Travel-News/Travel-Agent-Issues/Agency-consolidation-fueled-by-pandemic-and-retirements">Travel agency consolidation is fueled by Pandemic, retirements</a>
<a href="https://www.travelweekly.com/Travel-News/Travel-Agent-Issues/Mergers-and-acquisitions-activity-within-travel-is-brisk-especially-at-small-and-midsize-agencies">M&amp;A activity within travel is brisk, especially at small and midsize agencies</a>
<a href="https://www.travelweekly.com/Mark-Pestronk/Future-revenue-informs-agency-sale-price">Future revenue informs agency sale price</a>
<a href="https://www.travelweekly.com/Mark-Pestronk/Why-acquisitions-make-sense-now">Why acquisitions make sense now</a>
<a href="https://www.travelweekly.com/Mark-Pestronk/In-acquisitions-its-still-a-buyers-market">For acquisitions, it&rsquo;s still a buyer&rsquo;s market</a>
<hr>
Need advice?
Call our hotline and leave a message: 201-902-2098
Email us: <a href="mailto:tradesecrets@travelweekly.com">tradesecrets@travelweekly.com </a>
&nbsp;
Theme song:
Sock Hop by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4387-sock-hop
License: https://filmmusic.io/standard-license
&nbsp;
See omnystudio.com/listener for privacy information.

Welcome to Trade Secrets, a podcast from the editors of Travel Weekly and TravelAge West, where travel advisors ask -- and answer -- questions. On each podcast, our editors will ask a veteran travel advisor 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 travelweekly.com/podcasts.

ABOUT YOUR HOSTS:

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.

Emma Weissmann is a Senior Editor of TravelAge West, a print and online magazine for travel advisors based in the Western U.S. She is also the host of the Humans of Travel podcast, where she interviews notable individuals in the travel industry about their lives — the highs and lows that make them human.


Theme song:
Sock Hop by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4387-sock-hop
License: https://filmmusic.io/standard-license

See omnystudio.com/listener for privacy information

Welcome to Trade Secrets, a podcast from the editors of Travel Weekly and TravelAge West, where travel advisors ask -- and answer -- questions. On each podcast, our editors will ask a veteran travel advisor to join them and field listeners&rsquo; questions. Topics will range from business advice to industry trends, history and more &mdash; as long as it&rsquo;s travel-related, we want to address it! Find Trade Secrets wherever you get your podcasts, or at <a href="http://travelweekly.com/podcasts">travelweekly.com/podcasts</a>.
<hr>
ABOUT YOUR HOSTS:
Jamie Biesiada is a senior editor with Travel Weekly. She is an award-winning journalist, including being named the American Society of Travel Advisors&rsquo; 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.
Emma Weissmann is a Senior Editor of TravelAge West, a print and online magazine for travel advisors based in the Western U.S. She is also the host of the Humans of Travel podcast, where she interviews notable individuals in the travel industry about their lives &mdash; the highs and lows that make them human.
<hr>
 Theme song: Sock Hop by Kevin MacLeod Link: <a href="https://incompetech.filmmusic.io/song/4387-sock-hop">https://incompetech.filmmusic.io/song/4387-sock-hop</a> License: <a href="https://filmmusic.io/standard-license">https://filmmusic.io/standard-license</a>
<hr>
See omnystudio.com/listener for privacy information

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