In this episode, our host Peter Syme is joined by Trish Higgins, a seasoned expert on acquiring and selling tour companies. Together, they delve into the complexities of preparing a tour company for sale, offering valuable insights and advice for both sellers and potential buyers. Trish sheds light on the challenges of determining a business’s value, addressing issues such as unreported cash sales, asset-heavy businesses, and the impact of COVID. They also discuss the importance of financial preparations, including accurate financial statements and separating personal expenses from business expenses. Join us as we uncover the intricacies of selling tour businesses and the strategies for a successful transition.
00:00 Praising workshop and preferring acquiring businesses over startups.
03:29 Acquired business, faced COVID challenges, focused growth.
08:47 Focus on solid businesses with retiring owners.
10:47 Efficiency through technology, updating outdated business practices.
14:27 Prepare business for sale with accurate information.
19:02 Hidden costs and potential buyer ignorance cautioned.
20:57 Ensure business can function without you present.
24:06 Challenges of handling and accounting for cash.
27:39 Society shifting to electronic payment impacts business value.
30:41 Boat value can surpass business financial worth.
35:31 Challenges of retirement planning and debt management.
38:06 Majority of businesses don’t sell, high stakes.
40:01 Diversify and balance for smarter business decisions.
44:55 Seller financing replaces the need for escrow.
47:51 Promote, prepare, encourage, maximize value, advance.
Trish Higgins is a co-owner of Chenmark, a family company she runs with her husband and brother-in-law. Originally starting in the landscaping industry in 2015, the company has since expanded to own properties in multiple sectors of the economy. In 2019, they stumbled upon the tourism space with the purchase of a boat tour business, which added to their growing portfolio of businesses. Higgins is known for her long-term outlook on ownership and her commitment to expanding and diversifying the company’s investments.