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Do’s and don’ts of travel acquisitions
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
David
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