Join Alex and Annie in this insightful episode of "Alex and Annie, The Real Women of Vacation Rentals," recorded live from Panama City Beach, as they dive into the inspiring journey of Michael, a seasoned vacation rental entrepreneur. In this episode, Michael shares his experiences from starting a vacation rental company to exiting and now embarking on a new venture with a unique twist.
Starting with a Plan
Unlike many who stumble into the vacation rental business, Michael and his wife began their journey in 2013 with a solid business plan. They sought mentorship and grew their company organically, starting with just one property. Michael emphasizes the importance of planning and mentorship, which helped him navigate the complexities of the industry.
Growth and Challenges
By 2016, Michael's company managed 30 properties, eventually onboarding about 70, though they sold with 41. He highlights the challenges of maintaining growth amidst property turnovers and the constant hustle required to run a small business. Despite these challenges, Michael's commitment to providing exceptional service, influenced by his time at Disney, set his company apart.
A New Direction with Accessibility
After exiting the business in June 2022, Michael took time to reflect and identified a significant gap in the market: accessible vacation rentals. Personal experiences with his mother-in-law's mobility challenges and recognizing the growing demand from the aging boomer population led him to focus on creating universally designed vacation rentals.
The Future of Inclusive Vacation Rentals
Michael's new business plan is to manage properties as assets, focusing on accessibility for all, including those with temporary or permanent disabilities. He's collaborating with experts to design homes that are not only wheelchair-friendly but also appealing to the broader market.
Building a Legacy
As Michael embarks on this new venture, he shares his vision for a gradual exit strategy that empowers his employees. He plans to convey the business to those who help build it, ensuring that the company's legacy continues through a shared sense of ownership and purpose.
Stay Tuned for Michael's Progress
We'll be following Michael's progress closely, providing quarterly updates on his new business's growth and the lessons he learns along the way. His story is a testament to the power of strategic planning, the importance of mentorship, and the potential for innovation in the vacation rental industry.
Don't miss the full story! If you're inspired by Michael's story and want to learn more about creating accessible vacation rentals, watch the podcast episode below, recorded live from Panama City Beach:
Join us in cheering on Michael as he tackles this underserved niche in the market and sets a new standard for inclusive vacation experiences.
