When selling a business it’s important to take consideration of any issues that could damage its value or hamper a successful sale, whether those are issues experienced by your business specifically or faced by the wider industry.
So if you’re considering selling your funeral service business, what challenges could disrupt the process and how can we help you overcome them?
The Department for Work and Pensions (DWP) funeral payment system has been criticised for not providing sufficient financial assistance to those in need. The scheme helps eligible claimants pay for the funeral of a loved one, but it has also been seen as too slow in providing the payment, causing a lag in income for funeral directors.
Increased competition between funeral service providers can quickly create a price war that depresses share values for some companies. With concern over the cost of funeral services, it’s also challenging to find the right balance of services within the business whilst meeting the complex needs and wishes of bereaved families.
This is an important aspect that should be clearly articulated in conversations and information dispensed to interested parties, as they’ll be keen to find out if there’s an underlying business reason for the sale. Common reasons for selling a funeral home business is retirement of the owner(s), particularly when there’s nobody willing or able to take over.
Achieving a specific minimum sale price is commonly the most important objective, but this depends on individual circumstances. If you’re suffering ill health, for example, a speedy sale may be more important to you.
Not all business owners want to negotiate face-to-face with prospective buyers. Many prefer to remain in the background and let experienced business sales brokers carry out this stressful element of the sale process, having first gained a detailed understanding of the seller’s aims and objectives.
You’ll need to seek professional legal help to draw up the necessary sales documents and ensure you understand the implications of the terms agreed, and it’s also advisable to obtain help from your accountant in presenting the required financial information.
Selling My Business are professional business sales brokers with experience in your sector, and can assist throughout the business sale. We’ll take the time to understand your situation, why you’re selling your funeral director business, and can ease the pressure at each stage of sale.
If you’re wondering how much is my funeral service business worth, carry out a valuation to determine the value of your business. At Selling My Business, we have a dedicated valuation team with over 100 years’ collective experience and a proven track record in the business transfer industry. Our funeral service business valuation will help prospective buyers envision the financial potential of your business, taking into consideration expansion or merger plans.
Our in-house valuation team will require 3 years’ worth of recent/historic accounts to analyse the financial position of the business, including overheads, gross profit margin and profit and loss. The SMB team will embark on sourcing a buyer for your business, ensuring to maximise market value. Valuing your funeral service business is key to business preparation as it will differentiate you from other businesses up for sale in the same industry.
"Selling My Business effortlessly guided me through the sale process, from business valuation, advertising my funeral service for sale, and securing an industry buyer. My experience was complemented by very outstanding customer service."
Neil - Funeral Director, Swindon
These are just a few of the ways we can help you sell your funeral home business:
Selling My Business has completed over £500 million worth of successful completions in the last 10 years, and can help you sell your funeral director business. Please contact one of our partner-led team for more information, and to arrange a free same-day consultation.
Contemplating selling your business? Our free, comprehensive guide will walk you through how you can sell your company. Our FREE guide covers all of the essentials, including:
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