{"id":3986,"date":"2021-01-22T22:42:00","date_gmt":"2021-01-22T22:42:00","guid":{"rendered":"https:\/\/www.theforesightcompanies.com\/?p=3986"},"modified":"2021-01-22T22:42:09","modified_gmt":"2021-01-22T22:42:09","slug":"the-royal-flush","status":"publish","type":"post","link":"https:\/\/www.theforesightcompanies.com\/blog\/the-royal-flush\/","title":{"rendered":"The Royal Flush"},"content":{"rendered":"

When thinking about succession planning, I am reminded of the musical legend Kenny Rogers and his famous song entitled \u201cThe Gambler.\u201d<\/em><\/strong>\u00a0 The most iconic words of the song are \u201cIf you\u2019re gonna play the game, boy, you gotta learn to play it right.\u00a0 You got to know when to hold \u2018em; know when to fold \u2018em; know when to walk away; know when to run.\u00a0 You never count your money when you\u2019re sittin\u2019 at the table, there\u2019ll be time enough for countin\u2019 when the dealin\u2019s done.\u201d\u00a0 <\/em>The sage advice that gambler gave the young man aboard the train one night is also sound advice when considering succession planning.<\/p>\n

Succession planning can be a real gamble if it is not done properly.\u00a0 With proper planning, \u201cevery hand\u2019s a winner\u201d, <\/em>but without it, \u201cevery hand\u2019s a loser.\u201d\u00a0 <\/em>According to the recent 2020 Funeral Business Planning Survey conducted by Foundation Partners Group and NFDA, of those funeral home owners who are planning to retire within the next 12 months, only 33% have a plan in place.\u00a0 The remaining two-thirds either have no plan in place or are still developing their plan.\u00a0 Unfortunately, the time to plan for the transition of your business is not when you are sitting at the table.<\/p>\n

The time to plan for a successful and prosperous transition is long before you enter the game.\u00a0 You would be surprised at the number of owners who rely on the ones on the other side of the table to tell them what their businesses are worth.\u00a0 This practice is like wearing mirrored sunglasses when playing poker.\u00a0 If you are contemplating a transfer, whether to another family member, your staff, or a third party, having a qualified industry expert perform a valuation of your business is a great place to start.<\/p>\n

Of course, the money is not the only thing that needs to be considered when transferring your business.\u00a0 Some of the other items that you need to consider in advance include:<\/p>\n