What should travel professionals be doing right now to support and promote their businesses? That is the question many people are asking these days. At the top of the list is continuing to reach out to clients, sending notecards, staying in touch, and so on.
On that list also needs to be rolling up your sleeves and doing the hard work. This includes all the things you don’t have the time or inclination to do…the things that lurk at the bottom of your filing cabinet. One of those things is to create a backup and succession plan.
Last year, one of our Hot Tip columns asked you What Would Your Clients Do If You Suddenly Weren’t There? In it, we recommended working on your backup plan. Fast forward one year. How did you do? Are you satisfied with your plan? If you didn’t create a plan, now may be the perfect time to get started. You’ll soon be very busy with no time to think.
To help you, we asked a few savvy agents who already have backup plans. We reached out to our certified graduates, and here are some of their solutions:
Backup Plans from Agency Owners
Jennifer Walker, CTIE, Jennifer Walker Travel Inc., said that, in her absence, coverage is supplied by her independent contractors. Her husband is the secretary/treasurer with full access to bank accounts and passwords. If necessary, her husband can take over or work with their consortium to sell assets to another member agency. “Planning ahead for the future of the agency should be an important component of any business plan.”
Michele Cartwright, CTA, Destinations by Design, had this to say: “The majority of my business is backed up in the cloud, so my travel advisor team members may access my clients and their traveling plans as necessary. Our team also has bi-weekly meetings to discuss upcoming events. You must also plan for your death by leaving the business to a family member or other entity. Consult an attorney for legal advice that covers your specific circumstances.”
Denise Lorentzen, CTA, Dreams Travel Consulting, offers these practical storage and backup tips: “I have a master binder with all important info, including our CRM logins, banking, ICs, etc. This info also is organized digitally in a Google Drive account. And I have a few friends/travel advisors who know what to do. My family could call on them as well. It’s so important in this business to have colleagues you know you can trust. If you don’t have that but work with a host agency, then turn to your host as a source of help as well.”
Succession Plan Advice
Jackie Freedman, CTC, president of Nexion Travel Group, wrote an article for Insider Travel Report titled Insider View: A Guide to Succession Planning for Your Business. This excerpt from Jackie’s article stresses the need for proper planning.
There are many reasons to have a succession plan in place. Among those: an unexpected medical issue leaves you unable to tend to your business; a major family emergency prevents you from working; you decide to retire earlier than expected; you die unexpectedly.
When considering what your succession plan might look like, here are some things to think about:
- Selling your business: Will you hand it over upon your death? Perhaps you want to identify someone to transition your business to over time, for example at 25 percent intervals until it is fully under the control of the successor.
- Look to your peers: Do you know a fellow travel advisor who you always have admired? Does he or she have a niche that fits well with yours, and do you share the same values? That person could be someone you want to consider handing your business off to.
- Look to your network: If you are part of a host agency or consortium, does it offer an opportunity for you to sell your business to the company or other members?
By planning ahead, you are helping to ensure a successful transition, retirement, or outcome for your heirs. Backup and succession planning is not only smart but gives you peace of mind, and, I’d argue, is an essential part of the service you offer your clients.
To read Jackie’s entire article from Insider Travel Report, click here.
