November 29, 2020  
 
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Selling a Company

 

Selling a Funeral Homes Business

Despite the pessimistic mood of many sellers, your funeral homes business can be a high value acquisition target for ambitious entrepreneurs -- even in today's tough economy.

Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
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The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a funeral homes business sale. To improve sale outcomes, you will simply need to tailor your funeral homes business to today's buyers.

Adjusting Expectations

Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your funeral homes business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.

Leveraging Seller Concessions

Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.

Average Preparation Time

There are no effective shortcuts for selling a funeral homes business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a funeral homes business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.

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