Do’s and don’ts of travel acquisitions - TravelMole


Do’s and don’ts of travel acquisitions

Friday, 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



 

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