Roadmap To A Successful Exit
For most of us, getting ready to exit our business is unlike anything we have ever done before. Many believe it should be an unemotional business task…but it is not and cannot be.
Most of our adult life has been spent nurturing our business and so our emotions are inextricably intertwined with it. For many in funeral service it is also the culmination of multi-generational stories. Stories of hard work, sacrifice, risks taken, victories and disappointments …small and large. In all respects, exiting your business…your career…is a momentous life transition no matter how well we prepare. We ignore the emotional side at our peril.
It is also inevitable. According to the Business Enterprise Institute some 69% of business owners plan to exit within the next 10 years. Of these, 85% have no one yet in place that can replace their skills and responsibilities. The reality is that 100% of us will exit our business…willingly or not.
Selling to Insiders
Virtually half of small business owners would prefer to sell their business to family or staff. But the practical and emotional complexities of selling to insiders can often seem more challenging than a straight third party sale. In reality, both have nuances that are equally stressful.
It is important you know there are no challenges that can’t be overcome with careful planning and preparation.
Selling to Outside Buyers
An outside buyer is an individual or entity that is not your partner, employee or relative.
“One Buyer is No Buyer”
Your goal is to sell for as much as you can reasonably (or, sometimes, unreasonably) get whereas the buyer’s goal is to buy for the least amount possible. Consequently, your goals are not, nor can they be, in alignment. Even if you have a “preferred” buyer it is important in selling to outsiders to have options. It keeps things moving and ensures you optimize your what you get and keep.
Selling the family business is…
…unlike anything you have done before. No matter how often an owner tells me that he or she isn’t emotionally attached I have come to realize it simply isn’t true.
Selling the family business is, in point of fact, an emotionally charged event. It is deeply personal. For many it borders on the sacred. Sometimes it seems like a seller is saying by their behavior:
“I am conveying what I have paid for with my heart and strength for a promise. A promise that you, Mr. Buyer, will keep your promises to me and my promises to my community. My life story is wrapped up in the business’ story. People have come to depend on it…and… on me.”
I was compelled to write this guide because, in every case, I observed a pattern similar to the pattern experienced by grieving persons. Most sellers are unprepared for the “soft” side of selling a business.
Preparing for Your Business Transition
Most people only sell a business once in a lifetime. This book specifically address BOTH the financial AND emotional issues funeral home owners can expect to experience. Its purpose is to help prepare you for that inevitable time of transition.
Finish Well After a Lifetime
Most funeral home owners have spent a lifetime POURING THEMSELVES out for others. They typically work long hard hours, missing family and personal time. I believe you DESERVE to finish well. This book speaks to how you can do that.
Finding the Right Fit Beyond the Price
Most sellers plan to continue to live in their communities. This means that FIT is as important as Price. This book helps you think through what is important and what is not.
Plan Your Exit with Purpose and Direction
Most people who are “burned out” fixate on “getting out.” They ignore the importance of both HOW they get out as well as WHERE they are going to. This book helps you think through these critical results.