Questions You Should Ask
As a business owner, the decision to sell your firm is difficult. You've built a successful business over many years by serving families with dignity, sincerity, fairness, and transparency. We hope this page will help as you make that decision.
Know who you're selling to.
We cannot stress this enough. Always be sure to ask detailed questions about the company you are selling to. It's very common that funeral home owners are not aware that the company they are selling to is part of a larger corporation backed by venture capitalists.
Venture capitalists are interested in one thing: return on investment. And they are typically not that patient to see a return. And in order to show quick returns, many times radical changes are made to pricing, staff, and local relationships you've developed over the years. Further, though they will not willingly volunteer the fact that their goal is to sell the firm in 5 years (or less) to the highest bidder.
Unfortunately, when you don't ask the right questions, you could have some disappointing consequences later.
KNow your goals
This might seem obvious, however there are many things to consider when selling your firm. And most of those go far beyond the financial aspects of the acquisition. Most of the owners of the firms we've partnered with are simply looking to relieve the burdens of running the business. And allow them more time to focus on why they started in the profession in the first place: a personal calling to serve families during the most difficult times of their lives. And as funeral directors ourselves, we know that passion does not go away.
Our process starts with this: Helping define and understand what your goals are.
- What role would you like to play in the business after the transaction?
- What are your goals relating to your current staff as well as their benefits and compensation?
- What community relationships are most valuable to you and how important it is to maintain those?
- How much you might want to be involved in future business decisions?
- What concerns might you have about the pricing of your services...will they increase after the transaction and how that might reflect on you with the community you've served for so long?
How will this effect your name in the community
As you know, a vital part of operating a funeral home is building personal and business relationships within your local community. And the last thing you want is for your decision to result in damaging or destroying those relationships you've built over the years. You don't want to be hiding behind the aisles in your grocery store, fearing more negative feedback and displeasure from the families you've served for years.
Our philosophy is simple: We want Rollings to fit into your community...not make your community fit into Rollings.