Selling a Funeral Home
Funeral home sales required careful attention to achieve success
Most people selling a funeral home have worked most of their careers to build a solid business. Your employees, your community and your family know that you are the heart and soul of your business. Selling your funeral home will likely be the most important deal of your life. It’s not only a financial transaction — it represents a new phase of life for you and your family.
NewBridge Group is committed to helping funeral home owners sell their businesses on their own terms. That’s why we take time to get to know your objectives and develop a plan that works for you.
The Timeline For Selling a Funeral Home
Our confidential method for assisting owners explore a sale typically follows the steps shown below.
Confidential Business Valuation: With limited information on your funeral home we will provide a Free Market Valuation of your funeral home. If you want nothing more than a free valuation, we are happy to provide it.
Engagement: If the market value that we’ve provided is within a range that you would consider then we use an Engagement Letter for you to give us permission to represent you in the sale of your business.
Interviews with Funeral Home Buyers: If our proposed possible buyers are of interest to you, we will arrange a time for the two of you to meet to see if there is a good fit with the business. Finding the right funeral home buyer is crucial to your success.
Offers: If the interviews go well, we will work with the buyer(s) to put together a written offer for the purchase of your funeral home. Typically owners want to then review these offers with their accountant or attorney.
Structuring: We will work with you to make sure that you are entirely comfortable with the structure of the sale so that you are confident that you will both receive the money as agreed and that it will be enough money to fund your retirement.
Closing the Sale: We work with your attorney to close the sale of your funeral home. We have all of the documents necessary for closing and will provide these to your attorney – thereby reducing legal fees.
Success Fee: NewBridge is only paid a fee after a successful closing of the sale of your funeral home business. If the sale does not close, you owe us nothing.
Questions about selling a funeral home
Why should I consider selling my funeral home?
Many of our clients consider a sale due to the changing nature of the industry – increasing cremations, increasing regulation, casket stores and online casket retailers. However, most of our clients are just interested in a change of lifestyle. They have successful businesses, but they realize that life is not entirely about work. As a funeral home owner you are typically tied to the business 24 hours a day, 7 days a week. It has become a lifestyle for you. Our clients, for the most part, say they just woke up one day and realized that life was passing them by and they wanted to get out from under the daily burden of running a business. We understand that mentality, and we have assisted many, many sales for owners that wanted more out of life.
Why should I engage NewBridge to help sell my funeral home?
- We’ll give you a free estimated value of your business with no strings attached.
- We don’t charge any upfront fees.
- We have as much or more experience than any broker that you could find in the funeral industry.
- We do all the work for you and work on a success fee only. If you decide not to sell your funeral home, you owe us nothing.
Why can’t I just explore a funeral home sale on my own or get my accountant to help me?
Your thoughts and your accountant’s thoughts are very important in completing a successful sale. However, everyone is most effective when used in their area of expertise. Your accountant, even if he is excellent at his work, does not have access to all the potential buyers, the market data, the financing sources, or the relationships in the industry to get a deal completed. Additionally, your accountant charges by the hour so you would end up paying him even if a sale doesn’t go through. NewBridge is paid only if a deal is consummated.
Will a new owner ruin my business?
The corporate funeral home owners have taught us all many, many lessons. For the most part, they’ve taught us what not to do. Funeral home buyers today realize that you can’t come in and raise prices and reduce service. In fact most buyers today are doing just the opposite. They are looking for ways to increase services to families so that they can continue to forge the relationships that you’ve created through the business. Whether its through the use of DVD’s, after-care programs, increased marketing, painting and carpeting the building, or even sometimes reducing prices, buyers today know that serving families is what ensures success of a local funeral home.