Valuation Mergers and Acquisitions

I am honored to have the opportunity to share information with my fellow Southerners in order to demystify how to make educated decisions when it comes to selling your funeral home. I will proceed in simple terms and speak (with a Southern flair of course). Most funeral home owners are as busy as moths in a mitten and don’t have time for the distraction of thinking about the future. The decision for a funeral home owner to sell their business comes from different angles and the funeral industry is wrought with misinformation about this subject. Some owners decide to sell when seeking retirement. After years of serving families, late nights, and missed events, the thought of living out life at a much slower pace is attractive. Others desire to “take their hands off the wheel” allowing either children or key […]

Whether you sell to a family member, key person, outside individual or large company, the decision should be made with personal self-interest in mind. Dear Dan, I am 64 years old and the fifth generation of my family to own this business. We go back more than 125 years of family ownership. I have three children and it’s clear to me that none of them wants to continue the family ownership. One tried working in the business but did not like it. I myself, after a 20-year career outside of funeral service, came back into the business when my father got old. I am glad I did for many reasons. However, it disappoints me that this business may cease to be within my family. Frankly, I feel guilty and distraught. What last-ditch effort can I try to get my children […]

Every business will be sold. The only question is will the business owner be alive to enjoy the fruits of the years of labor. Business succession is the most important decision you can make. If you elect to do this carelessly, your chance of doing it correctly is slim. My very first speech at a National Funeral Directors Association convention was titled, “Do You Need to Sell Your Home in Order to Get Your House in Order?” The question posed addressed whether or not you will have enough money when you want to retire and what role your business will play in that life event. In my 40 years of working with business owners, predominantly funeral and cemetery businesses, I have perfected a system that works. It is an integrated approach. You can try to do it yourself or find […]

There are myriad things you need to investigate before buying a business, even from a family member.  Dan explains in his latest Finance 101 column how to make sure you are prepared.