What Does Life Look Like After Selling My Business?
We address the top four areas where business owners typically struggle after selling – and how the best-fit buyer can help.
NewBridge Group knows that selling your funeral home is a major life change, and we want you to feel satisfied with your decision – that’s why we believe partnering with the right company can make a huge difference. Here, we address the top four areas where business owners typically struggle after selling – and how the best-fit buyer can help.
FINANCIAL IMPLICATIONS
The wealth incurred from a business sale can initially seem overwhelming; it is possibly the largest sum of money you have received in your career. Furthermore, the pressure to protect and possibly grow your finances impacts not only you and your family, but generations to come. You may struggle with whether to hire a financial manager or pursue investing on your own – you might even feel guilty for indulging in trips or simply retiring.
After years of long nights, early mornings, and missed holidays, you likely know how you want your life to look post-sale. NewBridge encourages sellers to define what “wealth” is for them and their families. It could mean traveling, pursuing hobbies, or paying off homes and vehicles. It may also mean being able to send your grandchildren to college. A windfall of money does not look the same for everyone, and there are no hard and fast rules on how you manage it.
NewBridge transactions are typically structured for clients to obtain, on average, 20-50% additional after-tax proceeds relative to what they would have received before our involvement.* We work exclusively with active, well-funded private buyers that allow sellers to maximize their selling price while preserving their business’s legacy within their community. *This insight is based on conversations with clients regarding prior offers and comparable transactional data from the funeral services sector.
SHIFTING RELATIONSHIPS
You likely can’t shop in your grocery store without being stopped by someone – if you didn’t assist their family, your parent or grandparent might have, and they didn’t forget the kindness and respect that was shown. When you sell your business, you’ll still be a fixture in your community, but you might notice the shift in relationships. People will begin to talk to you about things other than death and dying, like your new hobby or your latest vacation.
Another relationship shift? The one between you and your phone. No longer will you be tied to it day and night, taking calls at 3 am or in the middle of Thanksgiving dinner. Finding the right buyer means feeling assured that things are being taken care of, allowing you to enjoy your time with those that matter most.
Speaking of which, have you ever had to miss a holiday celebration or family gathering? Your familial relationships will change, too – and for the better, we suspect—no more cutting vacations short or missing high school football games and dance recitals. You can now commit your time, attention, and energy to your spouse, children, and grandchildren.
NEW IDENTITY IN YOUR COMMUNITY
As a notable figure in your community, you have spent your career tending to the needs of others. You consider not only the day-to-day well-being of your family and staff but the community at large, especially during trying times like these past two years. Families know they can come to you for comfort.
When your business and services are wrapped up in everything you do – can you eat lunch in town without running into someone you know? – it may be hard to see a life without being known as “the funeral director.” However, your innate gift to listen and care for others does not disappear when you choose to sell your funeral home. Instead, selling allows you to explore other opportunities to exercise your generosity and compassion.
DEFINING A NEW PATH
The death care industry is unique in that most funeral homes are family-owned and operated, going back five or six generations. For many funeral home owners, they felt as if their path was determined from birth. When we speak with owners, we often learn about how they grew up in the business, watching their grandparents and parents care for the families in their community. We also understand how much the family name and reputation mean to them.
It’s easy to see why selling your funeral home is one of the hardest decisions you can make–you are thinking about your family and staff and often the generations of business owners before you. We often hear, “I’m selling grandpa’s business.” Such a personal decision affects many, and we don’t take that lightly.
We talked about shifting relationships – from your neighbors to your phone – and we believe that selling your funeral home is also an opportunity to shift your relationship with your business. While many funeral home owners embrace the freedom a sale provides to travel and explore hobbies, some choose to continue to serve the community in a smaller capacity, acting as a consultant to the business.
There are many benefits to selling, many of which allow you to focus on what matters most to you: the families. When you don’t have to worry about repaving the parking lot or replacing a leaky roof, you can commit your attention to the parts of your job that you enjoy. And without the added stress you once had over bills, staffing, and financials, you approach your passion with renewed energy.
IN CONCLUSION
NewBridge understands that no one knows your community like you do – this is why our process is founded on the commitment to match you with the right buyer. NewBridge Group works with private funeral home operators partnering with premium businesses – funeral professionals that can remove the majority of your risks and give you the freedom to do what you enjoy most.
Through our conversations and meetings, NewBridge seeks to ensure that our sellers feel confident that the buyer will provide the same level of service and care to the families within their community. Your business name – and all that it implies – remains intact.
We invite you to reach out to us to receive a business valuation to better understand what your future holds – click here to begin the next chapter in your life.