What if the secret to growing your revenue was shrinking your portfolio?
In this episode of Building It, I sit down with Tom Goodwin of Mountain Laurel Chalets, a 50-year-old family legacy business in Gatlinburg, Tennessee. When Tom stepped in to turn the struggling company around in 2012, his first move was radical: he cut 40 underperforming properties. The result? Revenue jumped 75%.
This is a powerful story about building for quality and profitability over sheer volume. Tom shares his playbook for raising standards (even when it means letting owners and staff go), rebuilding after losing half the business to wildfires, and why they strategically reduced their direct booking percentage from 85% to find the right channel mix.
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📋 In this episode, we discuss:
00:00:00 - Intro: The Nicest Guy in Short-Term Rentals?
00:01:37 - Marrying Into a 50-Year-Old Vacation Rental Legacy (Since 1972)
00:02:46 - From Non-Profit Ops to Turning Around the Family Business
00:04:09 - The Origin Story: How Neighbours Became a Hospitality Business
00:08:06 - Taking the Reins: Preserving a Legacy While Driving Change
00:10:01 - The Turnaround Strategy: Cutting 40 Properties to Increase Revenue
00:13:20 - Unbuilding to Rebuild: The Painful Process of Raising Standards
00:14:27 - Data Deep Dive: Finding the Sweet Spot for Profitability
00:18:03 - Changing the Culture: Letting Go of Staff & Setting New Standards
00:20:55 - Disaster Strikes: Losing Half the Business Overnight to Wildfires
00:22:38 - The Evolution of STR: Navigating OTAs & Direct Bookings
00:26:36 - The Growth Plan: Quality Over Quantity (Targeting 120 Homes)
00:29:14 - Why High Margins Matter: Investing in People & Quality
00:31:09 - Acquisition Lessons: Why Organic Growth Can Be Better
00:33:32 - The #1 Focus for the Next 10 Years: Guest Experience
00:36:27 - Connect with Tom Goodwin
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Disclaimer: The content shared on this YouTube channel, Podcast, or associated posts reflects personal opinions and insights. This content is not intended as legal, financial, or investment advice. Always consult with licensed professionals before making decisions. The hosts and guests disclaim liability for any consequences of using this content. Actions taken should be based on your personal due diligence.
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This blog, podcast & youtube channel; will occasionally contain affiliate links, which means I receive a small commission on a purchase without additional cost to you, if you buy something through my links.
This show aims to educate viewers and share everything I know about improving your accommodation, STR and AirBNB business. I believe in the products and services we link to and that you may benefit from them.