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 The outdated business model, combined with the rise of online competition and social media marketing, made it increasingly difficult to keep up with the changing landscape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. Lisa reflects on the hard truths she uncovered and the obstacles that made profitability almost impossible.
The Tough Decision to Close
Ultimately, after years of navigating these challenges, Lisa made the tough decision to close the business. She opens up about the emotional struggles that come with closing a company and the stigma of business failure. However, she views this experience as an important learning opportunity, and she hopes that sharing her story will help other entrepreneurs avoid some of the same pitfalls.
Listeners can learn more about Lisa Dare by connecting with her on LinkedIn and sign up for her newsletter here.
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Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
