Success Factors When Buying a Funeral Home
After working with funeral home transactions for a long time — on both the buy side and the sell side — some characteristics of successful purchases stand out. If you pay attention to these critical factors, you’ll improve the probability of successfully buying a funeral home.
Do You Have What it Takes to Own a Funeral Home?
Not all potential buyers are cut out for owning a funeral home. Buyers who eventually succeed have a detectable enthusiasm, a sparkle. They don’t dwell on challenges and problems. They have a quiet confidence, the right attention to detail, the determination. Only you can answer the question: “Do I have what it takes?”
Package Yourself and Your Financing for Maximum Effect
Assume There are Skeletons in the Closet
It's OK to Pay a Fair Price for a Good Business
Find the Right Ally to Get Your Financing
You are Buying a Stream of Earnings
Manage Your Attorney's Involvement
Your commercial law attorney has an important role in advising and preparing the legal structure of the business purchase and sale transaction. But problems arise if the attorneys see themselves as business negotiators whose goal is to get the “best deal” for their clients. They may forget that the “best deal” is one that both the buyer and the seller can live with, a deal that will enable the business to survive and thrive after the transaction. In their enthusiasm they may not remember that deals are forged in compromise. Keep in mind, if a deal becomes too lopsided, it will likely result in no deal at all.
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