Selling Your Tourism Business for Maximum Revenues | Josh Oakes & Tourism Tim Warren
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Have you ever considered selling your tourism business but don’t know how to start?
Are you looking for the best and most beneficial ways to sell your tour business?
Do you want to stand out and not just be another tour business for sale?
Then listen today as Josh Oakes, who sold his tour business for a whopping seven-figure amount and I tackle the different factors that determine a great tour business sale and show you the right steps to maximize your profits, valuation and options when selling your tourism business.
Why is this important?
As a tourism business professional, you have probably been in the travel business for a long period of time and maybe decided that it is time consider selling your tourism business. The tourism market is booming globally and tourism businesses (especially in the adventure, ecotourism and transformational travel sectors) are growing exponentially in all aspects. Therefore, if you have made the decision to sell your travel business, (or you would like the option to sell your tour business someday) it only makes sense that you get all the right information you need to guarantee a successful sale and put the most money in your pocket possible. Who better to get great insight and advice from than a former tour business professional who has done this so successfully and Tourism Tim Warren who has helped 100’s of tourism, travel and hospitality businesses worldwide start, grow, proper and now sell successfully?
Josh-Oakes – The Sunshine Tribe
Let’s get to know Josh: Tour Operator (1:10-4:00)
Josh Oakes with his wife built their travel business from the ground up and successfully ran its affairs together amidst all the pressing start up and growth challenges for over ten years. They decided it was time to navigate different waters and sold their tour business for 7 figures last year. He shares all the different things they put into place to grow revenue and profits even without having any tangible experience in this market; and the ways they prepped the business to sell for the biggest payday of their lives.
SELLING YOUR TOURISM BUSINESS – TRAVEL BUSINESS SUCCESS SHOW HIGHLIGHTS #72
Tourism business exit planning & selling preparations (4:58 – 17:00)
1. Find out what the inspiration to sell the business was?
- The inspiration to sell your travel business could range from a number of reasons, whether its monetary or just the craving for a change. Either way, it is a big decision which requires a large amount of reflection and expert opinions.
2. Find out how long you should work on preparing to sell your tourism business before listing for sale?
- The time frame for prepping to sell your travel business differs depends on the dynamics of your business. It helps to narrow down on what changes you need to effect to make your business very appealing to potential buyers and this can take about 18 – 24 months or more.
3. Learn about some top benefits that can be gained from exit planning efforts
- Proper exit planning will definitely help your business look as attractive as possible and definitely help you make the right decision when it comes to selling your tourism business.
Tour Business Brokers Selection (18:30 – 27:18)
1. Learn how to effectively how select your top broker
- It helps to go with the broker that understands the travel business perfectly as this person would be responsible for keeping potential sellers interested in your business. Ensure that the process, strategies, fees and all other details resonate with you and your vision for this sale.
2. Find out what could go wrong during selecting a business broker to sell your travel business
a. Get access to great advice on selecting the best broker
b. Is it wise to try selling your tourism business by yourself
- Find out why this may make you less money and make your tourism business sale fall apart…
c. Find out why it might not be necessary to get a business valuation
Strategic Buyer Targeting (29:00 – 31:20)
1. What is a strategic buyer and why this can increase your tourism business sale revenues 50% or more?
- Tourism Tim and Josh share key insights that can help your deal prosper
Learn about Letter of Intent (LOI) & the closing process (32:50 – 37:20)
1. Learn about the length of the time from the listing to closing process.
- What are some of the bumps in the road that can be experienced? Listen to this episode to get key tips to avoid these deal-killing “bumps”
- The value of a good business broker team (especially one that has business experience in tourism) is that they ensure you stay on your toes with everything that would be needed for this process to guarantee a great sale. This way, the expected and unexpected bumps in the road can be averted or dealt with on time.
What is the seller’s role in working with broker & buyer? (39:00 – 43:15)
The role of the seller in this transaction would be to provide the necessary documents, handle the transition process and carry out trainings while working with the broker and buyer.
Resources for Selling Your Tourism Business Exit Planning, Increasing Profits and to Maximize Your Tour Business Sale (44:40-53:30)
The information shared in this Travel Business Success podcast will come in handy to professionals who are interested in selling their tourism business or just want to increase their bookings, profits and reduce stress. To learn more about how you can maximize the opportunity and make an incredible sale. Listen now!
Can you please tell me which broker Josh used to sell his tour business