When it comes to selling a business, most funeral and cemetery business owners focus on one thing: getting the best deal. But savvy business owners know that the “best deal” can be time consuming and elusive, which is why they find an expert to guide them through the sale process. Having great representation by your side will significantly improve the quality of your buyer prospects and maximize the overall value of the transaction. Here are some of the benefits of using a professional funeral business broker to help you sell your business.
The sale of a funeral or cemetery business involves the exchange of confidential personal and financial information, so it is essential that strict confidentiality is maintained throughout the process. Questions like “What information do you have to submit?” and “What information can you not share until later in the process?” will always arise. A qualified funeral business broker can ensure that your data remains private before, during, and after the sale, and that document and record transfers are carefully monitored and consistently protected.
Knowing when the right time to sell is extremely important when maximizing the value of your business, even when your funeral home or cemetery is financially fit. How long it takes to get the best deal for your funeral or cemetery business ultimately depends on the state of the market as well as the expertise of the people helping you with the sale. Many business owners prefer a quick sale, but in most cases the planning and preparation activities can last up to several weeks depending on how much needs to get organized. Working with a professional business broker can help speed up the process because they know what’s expected in terms of collecting the required information, bringing qualified buyers to the table, negotiating the terms of the sale, and managing all the small details that can make or break a transaction.
For any product or service, effective marketing is essential to building interest and driving sales. For example, think about Super Bowl ads — companies compete for a chance to invest millions of dollars to advertise their wares and hopefully bring buyers to their door. To attract highest value and interest to your business, you need to know what excites potential buyers. What information must they see without sharing too much? How much time is just enough to keep the buyers on task so that you are not waiting around wondering if you will receive an offer? How will you describe your business’ past, present, and future? As a funeral or cemetery business owner, you will increase the success, speed, and value of your business when you hire and partner with a professional who can creatively market your business to potential buyers and attract only serious offers.
Due diligence is an important component of selling a funeral or cemetery business, as misleading or potentially negative results from the due diligence process can negatively impact a transaction and potentially terminate an agreement. Having expert representation during a sale ensures that due diligence is conducted in an organized and timely manner, and that both the buyer and the seller are confident in the accuracy of the information under review. A trustworthy broker can also streamline the process by managing requests for additional items, assisting with site visits and inspection coordination, and keeping track of deadlines.
We like to say, “It’s not what you get, it’s what you keep!” Two offers for the same amount of money can mean different things to different sellers depending on how those offers are structured and how the seller’s corporation(s) is set up! How will you know? What is a reasonable request? What request will kill the deal? Your accountant will see it one way, but your attorney could see it another. Your family members and close friends, yet another perspective. Unless they are experienced in hundreds of funeral business transactions like Johnson Consulting Group, they risk killing the deal. So where do you start?
It doesn’t matter which side of the table you sit on — both buyers and sellers need to know the true value of a business in order to finalize a transaction. The best way to determine the value of your funeral or cemetery business, as well as how to structure a potential sale, is to have a business valuation performed by a specialist. A detailed analysis of your company provides a foundation for determining the value and receiving the highest price for your business.
Access to Qualified Buyers
The funeral and cemetery profession is a specialized marketplace. It takes a special buyer who is familiar with the market and understands the intricacies of operating a funeral home or a cemetery. When you partner with experts, you have the opportunity to get connected to qualified buyers and can swiftly get connected with interested parties for a business sale of any size. How will you know which buyer is qualified, which buyer is serious, and which buyer is wasting your time?
Partner with Experts
Johnson Consulting Group specializes in funeral and cemetery mergers and acquisitions. We have helped over a thousand funeral and cemetery business owners navigate the challenges of the selling process with quality marketing packages while bringing qualified buyers to the table quickly.
At JCG, our top priority as a valued partner is to find the best options for your consideration. To learn more about our process, please contact our team today for a no obligation discussion.