The Art of Succession · 2024-09-17 · 1h 6m
In this episode of "The Art of Succession" podcast, host Barrett Young interviews Lisa Dare, an executive coach and leadership practitioner based in Calgary, Alberta. Lisa shares her candid story about purchasing a family-owned travel and tour agency in 2016 and the valuable, painful lessons she learned from ultimately closing the business. The Decision to Buy Lisa and her husband bought the travel agency in 2016 after discovering it was up for sale by the founding family. With over 40 years of history and a strong client base, the business seemed like a solid investment. Lisa recounts her initial excitement about becoming a business owner and diving into the travel industry, but the reality of running a legacy business soon surfaced. Challenges with Inherited Liabilities One of the biggest challenges Lisa faced was the inherited liabilities. While the business had pre-sold tours and booked sales, it was carrying significant financial burdens beneath the surface. The outdated business model, combined with the rise of online competition and social media marketing, made it increasingly difficult to keep up with the changing landscape of the travel industry.
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Succession Planning Secrets for CPAs to Buy into Partnerships with Confidence - Albert Butler CPA MBA75 / 100
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