And personal is how Co-Founder and CEO Chris Belland likes it. His is not just a family business in name. It鈥檚 how operates 鈥� with its customers, employees and its business partners.
鈥淥ne of the great things about working with Historic Tours of America is that it is a family-run business,鈥� said Scott Kinlaw, senior vice president and market executive for commercial lending at EagleBank. 鈥淚t goes across multiple families and spans across multiple generations. And when you start working with them, they bring you into the mix and make you feel like you are part of the family too. If you鈥檙e talking to one member of the family, you鈥檙e talking to the entire business.鈥�
Belland feels likewise about the team of people from EagleBank that support Historic Tours. 鈥淲hen Scott says that when he talks to me or my son, he鈥檚 talking to the company, we feel the same way about the bank 鈥� and that鈥檚 made a tremendous difference for us,鈥� he said.
The direct communication has contributed to the business鈥檚 success, Belland said. Launched in the early 1980s with Co-Founder and President Edwin Swift, Historic Tours now has second-generation family members on staff and operates across seven cities in seven states, offering tourism attractions steeped in local history. In D.C., that includes the business鈥檚 Arlington National Cemetery Tours in addition to its Old Town Trolley Tours.
鈥淲e鈥檝e grown pretty steadily over the past 40-some years,鈥� he said. 鈥淲e have about 1,400 cast members 鈥� that鈥檚 what we call our employees. It鈥檚 been an exciting road for us.鈥�
Rethinking and redefining the business鈥檚 financial model
But growth has not always been easy. Take for instance, Historic Tours鈥� financial model. Originally, the company worked with local banks in each of the cities that it operates, which created a whole host of problems, Belland said.
鈥淲e had tried to do a syndication of banks. It became almost as cumbersome as having separate banks,鈥� he said. 鈥� raised their hand, 鈥榃e can do this entire package.鈥� I have to tell you what a marvelous thing that鈥檚 been. We鈥檙e dealing with one group of people, one set of covenants. It鈥檚 been great for us to be able to plan our growth through one banking relationship.鈥�
That move happened in 2018, and since then, Historic Tours has also partnered with EagleBank on property investments and fleet upgrades.
Historic Tours must be located right in the heart of the cities where it operates 鈥� 鈥渙n the 50-yard line of where people are,鈥� Belland said. 鈥淪ome of these properties are right downtown, and downtown properties, of course, are extremely expensive. But we鈥檝e been able to acquire them with EagleBank鈥檚 help. And the fact that EagleBank listens to our strategic needs has been critically important to us.鈥�
Capitalizing on quick financial decisions
In D.C., Historic Tours also worked closely with EagleBank to refinance its Washington Welcome Center at E and 10th streets Northwest, across from Ford鈥檚 Theatre, and revitalize its D.C. trolley barns and trolley fleet.
The bank teamed with the business to develop a strategic vision and plan, Kinlaw said. 鈥淚t was a matter of listening to their needs and our team developing a plan to meet those needs 鈥� a long-term strategic plan. Communication has really been the key and understanding their strategic vision and what we needed to do to accommodate that.鈥�
Open and honest communications on a frequent basis are critical, Belland said. 鈥淲hen you need an answer as an operator, and you鈥檝e got a bank who answers you quickly, it makes all the difference in the world,鈥� he said. 鈥淲e鈥檝e been able to capitalize on those quick decisions and to continue our growth.鈥�
When it opened for business as Old Town Trolley Tours of Key West, only 34 people took a ride the first day, Belland recalled. 鈥淲e鈥檙e at a point right now to carry over three and a half million people on our sightseeing tours and attractions this year, so from 34 to three and a half million people 鈥� it鈥檚 been a great ride.鈥�
None of the work with Historic Tours is one and done or transactional, Kinlaw said.
鈥淭he perspective we take from the start of a relationship is a long-term perspective,鈥� he said, adding, 鈥淭he fun part that I really enjoy is going around town and seeing the trolleys and knowing that we played a part in those.鈥�
To discover more insights for entrepreneurs, startups and SMBs shared during 草莓传媒鈥檚 Small Business September, click here.
EagleBank is an Equal Housing Lender and Member FDIC.
