Ask the Expert

Selling your funeral home or cemetery business continues to be a one of the hottest topics with our readers and the profession. We were recently asked about the timeline for selling your business by the end of the year. Doug Gober provides his insights on this important question. Question: I am ready to retire and want to have my business sold by December 31,2021. Am I too late? What do I need to do to have this done by the end of the year? Doug Gober: The short answer is no. You are not too late. However, there are many qualification statements that need to be considered to make your transition happen. First, you must be prepared to focus on the task at hand. There are so many small elements of a transition; whether big or small, that can become […]

Buying and Selling continues to be a hot topic with our readers and the profession in general. We were recently asked about the selling process. Chris Cruger provides his insights on this topic. Question: With everything going on right now, should I be thinking about selling my business? Chris Cruger: When considering your options, you need to ask yourself if the time is right to sell? Should you continue to operate? Consider these four issues: Examine your motives for wanting to sell – Is the decision being driven by health reasons, divorce, death, cremation, etc.… – The reason will determine the urgency and timing. Tax Environment – Sellers are able to get a very attractive capital gains treatment right now. A business sold today will have an effective tax rate of approximately 20 percent. That rate could go as high […]

We were recently asked about what policies employers can put in place regarding the COVID-19 vaccine. Stephanie Ramsey, Director of Business Analysis provides some insights on this topic. Question: Can we require employees to receive the COVID-19 vaccine? Stephanie Ramsey: There are many people who are divided on whether to receive the COVID-19 vaccine.  The first question that employers must address is, “Can we require employees to get vaccinated?”  The answer to this question varies based on the business you are in generally but is quite simple for funeral businesses.  Yes, you can require that employees get vaccinated. The reality is that employers in the funeral industry have a strong justification for this requirement.  Their employees are at high risk due to the nature of their jobs.  What is meant by the term “high risk?”  Funeral employees are at greater […]

Business Financing Services is one of our service areas that we are always asked for insight and guidance on. For this month’s column, we answer a very common question related to succession planning and financing. Continue reading below as Doug Gober, Partner provides some insights. Question: I am ready to sell my business to my son. How can he  secure the financing necessary to buy my business? Doug Gober: Many potential business owners who need to transition their businesses are convinced that either their children or key person can’t secure the financing necessary to transition the business to them. With the sellers help and understanding of the process, the lending is available for the next generation of independent business owners. On a regular basis, we are assisting in securing financing which allows for independent funeral service to continue. The idea that […]