Do’s and don’ts of travel acquisitions

Saturday, 19 Apr, 2005 0

Selling or buying an agency or tour operation? It’s happening a lot and Innovative Travel Acquisitions Inc.’s founder-owner Bob Sweeney has some tips.

Buyers:

• Put a 10-day expiration date on offers.

• Place a deposit in escrow to remove the business from the market upon acceptance of LOI.

• Be prepared to give a small signing bonus to keep key staff under two-year contracts.

Sellers:

• Leave behind the #1 deal killer: egos.

• Keep local attorneys and CPA’s away until the end because it is difficult for them to give objective advice to a client they fear losing.

• Have good books and records.

• Develop good sales packages including flow charts of responsibility for each employee.

• Plan to stay on a one year after the sale for a smooth transaction.

• Price your business 10% above market comparable’s.

• Have an intermediary who specializes in your industry involved so you don’t have to do hardball negotiating with the person you may soon be working with.

Report by David Wilkening



 

profileimage

David



Most Read

Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know

Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham

Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago

Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research

Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact

Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference

Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role

Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal

Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination

Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness

Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future

Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
TRAINING & COMPETITION
Skip to toolbar
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...