April Webinar Replay
Tour Operator Business Transition Plan
Expert Guidance to Help You Plan What’s Next
What’s Next for Your Tour Business? Even if a transition isn't on your immediate horizon, this session will give you critical insights to help you lead your business more strategically today and be prepared for tomorrow.
For many tour operators, stepping back brings uncertainty and tough decisions. This webinar is built specifically for business owners with decision-making authority who want to understand their options and be ready when the time comes.
Hosted by Resmark and led by industry expert Pat Tabor of Swan Mountain Consulting Group, this powerful one-hour session will walk you through the real-world steps of transition planning, with a clear-eyed look at what it takes to exit successfully.
On this training, we…
Explore Exit Strategies That Align With Your Goals
Understand the full range of transition options available — from internal succession and employee buyouts to third-party sales and mergers. Learn how to identify which path fits your business, lifestyle, and legacy.
Assess Your Company’s and Your Own Readiness
Gain tools and frameworks to evaluate both your business’s operational health and your personal preparedness. From financials to leadership succession to emotional readiness, you’ll learn what it truly takes to make a smooth and successful transition.
Start Long-Term Planning With Confidence and Clarity
Leave with a clearer vision of your next steps, whether your transition is five years out or right around the corner. Discover how proactive planning increases your business value and puts you in control of your exit timeline and terms.
Meet our speaker
Pat Tabor is the founder of Swan Mountain Consulting Group, created to serve a unique gap in the outdoor recreation and adventure travel industry — helping business owners successfully plan, value, and transition their companies.
After purchasing his first outfitting business, Pat realized that traditional advisors lacked a deep understanding of the tour and outfitting space. Leveraging his background as a former partner at a major accounting firm, he became a trusted resource for others in the industry navigating the same challenges.
Since 2005, Pat has advised on hundreds of transitions and business deals. He brings a rare combination of financial expertise, firsthand tour business experience, and a deep understanding of what matters most to owners.
Today, Pat continues to work with outfitters, tour operators, and adventure brands nationwide — helping them plan strategically, maximize value, and exit with confidence.
What’s Next for Your Tour Business? How to Plan a Smart Transition
Transitioning your tour business, whether now or years down the road, can feel overwhelming. But with the right guidance, you can make decisions that preserve your legacy, protect your team, and position your company for continued success. In this insightful workshop hosted by Resmark, transition expert Pat Tabor of Swan Mountain Consulting Group outlined exactly how tour operators can prepare for what’s next.
Whether you’re looking to sell, pass the business on to family or employees, or just reduce your day-to-day involvement, this session was packed with practical advice for taking control of the process.
Why Start Planning Now?
Even if an exit isn’t on your radar yet, early preparation is essential. As Pat explained, “You don’t have to be leaving tomorrow to start preparing today.” In fact, waiting until you're ready to walk away can limit your options and lower the value of your business.
Tour operators who plan ahead are more likely to:
- Maximize their company’s sale value
- Transition on their own timeline
- Create smooth operational handoffs
- Secure the future of their team and brand
Your Transition Options: It's Not One-Size-Fits-All
One of the biggest takeaways from the session was that there are multiple pathways to transition, and each comes with its own trade-offs. Pat outlined the pros and cons of key strategies:
- Internal succession to a family member or employee
- Employee buyouts through direct purchase or ESOPs
- Third-party sales to strategic or financial buyers
- Mergers or partial equity partnerships for phased transitions
Which option is best? That depends on your goals, finances, and what you want your legacy to be.
“You have to look at this not just financially, but emotionally and operationally.”
Are You Ready Personally and Professionally?
Pat encouraged attendees to consider both business readiness and personal readiness. Ask yourself:
- Can your business run without you?
- Do you have systems in place that someone else can operate?
- Have you evaluated your personal financial needs post-transition?
- Are you emotionally ready to let go?
Too many owners underestimate how intertwined their identity is with their business. Being honest about your own readiness is just as important as prepping your financials.
Valuation: What’s Your Business Really Worth?
Several questions from the audience focused on how to determine value. Pat explained that for many tour and outfitting businesses, Seller’s Discretionary Earnings (SDE) is a common starting point.
SDE reflects the income available to an owner, adjusted for discretionary expenses. A multiple is then applied, usually based on:
- The business’s risk profile
- Industry comparables
- Asset mix including property and equipment
- Growth potential and buyer perception
“The lower the risk, the higher the multiple. Your job is to reduce perceived risk.”
In cases where land and equipment are significant parts of the business, these assets must be carefully factored into the valuation. Buyers may be more interested in the real estate than the operating business, and that impacts deal structure.
Is Financing a Barrier?
Not necessarily. With traditional lending more restricted, especially for smaller deals, creative deal structures are increasingly common. Pat shared examples like:
- Seller financing all or part of the deal
- Earn-outs tied to future performance
- Equity retention or gradual buyouts
- Low-entry deals for the right buyer
This is especially relevant as many Baby Boomer owners prepare to retire, creating a buyer’s market of sorts but also new opportunities for flexible negotiations.
What Makes a Business Easier to Sell?
Pat emphasized a few key characteristics that increase saleability:
- The business operates independently of the owner
- Systems and SOPs are documented
- There’s a strong, experienced team in place
- Revenue and cash flow are stable or growing
- The seller is willing to assist during transition
In short, if a new owner can walk in and take over without massive disruption, your business is more attractive and valuable.
Transition Doesn’t Have to Mean Exit
One of the most powerful reminders from the session was that transition isn’t always about walking away completely. Some owners may want to remain involved in a reduced capacity, mentor the next generation, or even sell a portion of their company.
There’s no one right way to do it. What matters is that you start planning now with clarity and expert insight to stay in control of what’s next.
FAQs: Business Transition for Tour Operators
When should I start planning to transition my tour business?
The ideal window is at least 3 to 5 years before you plan to step back. This gives you time to increase your business’s value, reduce reliance on you as the owner, and explore different transition paths. Early planning also ensures you’re financially and emotionally prepared.
How do I value my outfitting or tour business?
Most small tour operators use Seller’s Discretionary Earnings (SDE) as the valuation basis. You calculate the income available to an owner, then apply a multiple based on the business’s risk, size, industry, and growth potential. Assets like property or equipment are also factored in.
Is seller financing common when selling a tour business?
Yes. With tighter bank lending, many deals today include some level of owner financing. This can make your business more accessible to buyers and give you leverage on deal terms. Pat noted that 5-year repayment periods are typical in these structures.
Can I transition my business to an employee or family member?
Absolutely. Internal successions are a great option for owners who want to preserve legacy and ensure continuity. However, they require planning around financing, training, and role transitions to avoid disruptions.
How do I know if I’m ready to sell or step back?
Assess both your personal and business readiness. Ask if the business can run without you, if your finances are in order, and if you're emotionally prepared for the next chapter. Pat emphasized that emotional readiness is often the hardest part.
What should I expect if I want to sell to an outside buyer?
Be prepared for detailed due diligence, negotiations around valuation, and potential post-sale involvement such as a transition period. A clean financial history, documented systems, and reduced owner dependence make the business more attractive.
What if I don’t want to exit completely?
You can explore partial transitions such as merging with another company, bringing in a managing partner, or selling a minority stake. These options let you step back while still staying involved in a strategic or mentoring role.
Are more tour businesses being sold right now?
Yes. As Baby Boomers retire, many recreation and tour companies are hitting the market. This creates opportunity for buyers and sellers but also highlights the importance of standing out with solid operations, systems, and strategic planning.
Where can I find help planning my transition?
Pat Tabor’s firm, Swan Mountain Consulting Group, specializes in transition support for tour operators and outfitters. They provide services like valuations, deal structuring, succession planning, and advisory support tailored to this unique industry.