Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Funeral homes are businesses that will never go away as death is a part of everyone’s life. At some point business owners may want to move on and will consider selling their funeral home. There are considerations for doing so. The following contributed post is entitled, What You Need To Know About Selling Your Funeral Home.
* * *
Preparing and organizing everything together so you can get the most value out of selling your funeral home can be overwhelming, and it can be hard to know where to start. To maximize your sale, you need to take into consideration how far in advance you need to plan for the sale before going on the market. This will ensure that you fly through this sale with ease. A Lot of banks will want you to gather up to three to four years of paperwork so they can flick through it, so having this organized into categories and planning can take the stress off your shoulders.
Photo from Pexels.com
What’s its worth?
The best place to start when you are beginning the process of selling your funeral home is to get a funeral home valuation because its a great starting point. This can be done in several ways, but comparing your company to other funeral homes that are in similar size is easiest, followed by organising your cash flow listing and putting yourself in the buyer’s shoes. It gives you a good idea of what you are working with and the confidence you need.
Financial paperwork
When the potential buyer comes along, you may be asked to produce specific paperwork and calculations so they can get a feel for the business and see if they are able to set realistic goals to make it work for them. Remember that the buyer could ask for up to four years of paperwork, tax returns and statements. You’ll thank yourself later when you have all the paper you need when you are asked for it, instead of rummaging back through years of paperwork. Investing in some files and binders to keep your stats in separate categories is essential to make your business liable.
Continue the hard work
After spending all those years working hard as well as going the extra mile to please your clients, don’t let it end now. Taking the time to continue the work ethic until the final day is essential to running a quality business, don’t let your hard work go to waste, after all this time. You can often earn an extra sale by doing so. Sometimes your buyer will want to keep your staff members so leading by example and going the extra mile will ensure that your staff make a good impression, potentially securing their jobs.
These are the basics about selling your funeral home so if you are new to the world of selling your company then these tips will help you to maximize the value along with being sure that you are continuing your five-star service for your clients.
Keeping your paperwork will be a big part for your buyer to have confidence in your company, a great way to keep documents is to keep them in folders and backing them up by taking photos or scanning them into a computer. These are all tips that can help your sale to run as smoothly as possible.
