Selling Your Travel Business and Exit Planning: Top Frequently Asked Questions & Myths | Travel Business Success 65
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Have you ever wondered about what is involved with selling your travel business, tourism or hospitality business someday?
How long does it take?
When is a good time to sell your travel business?
How to get the most money when you sell your travel business?
If have thought about any of these questions, or anything else about exit planning or selling your travel business, listen and learn from the wisdom with my special expert guests. Marla Dicarlo is CEO of Raincatcher and Steve Conwell, CEO of Final Ascent, and me, Tourism Tim Warren. Both are CPA’s and business brokers with over 38 combined years of helping small – medium sized business increase revenues, exit planning and helping sell businesses.
Marla, Steve and I met January 2018 at the Value Builder training and summit in Las Vegas. We were there to become Certified Value Builder (CVB) under the guidance of 
New York Times best-selling business author John Warrillow and his great team. At the summit we also attended workshops and networked with fellow global business brokers, consultants, merger and acquisition firms, financial experts and entrepreneurs. So much wisdom and connections were made. All with the intention of helping YOU out.
What Are Your Top Questions About Exit Planning and Selling Your Travel Business?
Over the years I have many opportunities to answer many questions, coach, consult and help tourism businesses in exit planning and preparations. In talking to Steve, Marla and many other business brokers about conversations with their clients, it was clear that many entrepreneurs have misperceptions and false assumptions about what is really involved with business exit planning, business valuation and selling your business in a competitive marketplace. That’s why I am interviewing Steve and Marla and we working on dispelling common myths about selling your travel business
Common Myths and Answers to Selling Your Travel Business
1: (Myth) I do not need an exit strategy until I am ready to sell.
- (Q) What is the best time range to plan and execute an exit strategy?
2: (Myth) “I don’t want to pay more taxes, so I am going to pay myself a lot of money and expense out as much as I can.”
- (Q) What is the difference between growing revenue and valuation of a business?
- (Q) What are the advantages and disadvantages, relative to increasing the multiples of value and money I put in my pocket when I sell?
3: (Myth) “I don’t have the time to run my company, grow profits and work on an exit strategy too.”
- (Q) What do you recommend for business tourism professionals do to start with exit planning so they can increase value, even when they are busy?
4: (Myth) “My business is profitable and growing with my personal management. I don’t need to hire others to do my job. Plus they can’t do it as well as me…”
- (Q) What are some of the top things a prospective buyer would be looking for when doing their due diligence?
5: (Myth) “My business is awesome, makes good money, we have a good reputation and the travel sector is growing. When I list my business, it should sell for top dollar and fast.”
- (Q) What percentage of small to medium-sized business (SMB’s) that are listed actually sell?
- (Q) How long on average from listing to closing of a sale for a SMB?
Want to Find Out How Your Travel Business Ranks?
Free Business Value Builder System Survey
The Value Builder System is a statistically proven methodology for increasing the value of your tourism, travel or hospitality company.
Take the 13-minute confidential survey here and get your Value Builder Score
Complete the questionnaire and instantly get your Value Builder Score out of 100. Companies with a score of 80 + typically get offers that are 71% higher than average scoring businesses.
What are your questions or comments on exit planning or selling your travel business?
Please post your questions and comments below.. We want to know your biggest challenges, questions or comments so we can put together the best experts and answer to help you in you travel business success start, growth and exit. We will do our best to help you out.
Need Help on Exit Planning, to Sell or Buy a Travel Business?
If you want help with business exit planning, to sell (or buy) a tourism, travel, or hospitality business, our team can help. Email me direct or call me (US Toll Free) 800-707-7570 or (International) 1-707-495-8960 Tourism Tim Warren, CVB
Tim, both Marla and I appreciated the opportunity to be part of your podcast and hope we shared some useful information that resonated with your travel business subscribers. Selling your business is oftentimes the toughest decision business owners make, apart from their first decision to start their company. Planning for exit is vital to smoothly prepare your business for sale, and yet we’ve found these thoughts are first addressed when the owner decides to finally sell. That’s where companies like ours, and your Travel Business Success company, are great to partner with. All the best!
Thanks Steve and Marla;
Over the last 25 years I have been dedicated to helping educate, inspire and support the global, tourism, travel and hospitality business, mostly on start up, growth and profit strategies. Now it’s clear that adding exit planning education for a profitable smooth travel business sale is needed.
Glad to have you part of our thought leadership, education and exit team!