In order to predict the future, you must first have a firm grip on the present. To gain this understanding, Johnson Consulting Group sent out a survey to its clients seeking the current prevailing perspectives and attitudes in the funeral services and cemetery business. Question topics included:
- Business valuation
- Succession plans
- Business sale timing
- Qualities desired in a buyer
- Business acquisitions
- General goals
By compiling and analyzing the results of the survey, Johnson Consulting Group was able to paint a picture of the current industry mindset as well as predict the next stage. The results were mixed but went a long way in revealing the hopes, fears, and plans (or lack thereof) of funeral services professionals.
Winds of change
One thing in particular was obvious when examining the survey results — we’re seeing shifts in thinking across the board. As funeral rituals evolve and the market shrinks with the significantly smaller Gen X reaching middle age and beyond, concern about the next steps for the funeral services business grows. Change is no doubt inevitable, but how do you change with it in order to stay relevant and successful? If you are ready to move in another direction, how and when should you bow out of the funeral services profession gracefully?
Combing through the data brought many other questions to the surface as well:
- What does it mean to sell?
- What is a succession plan?
- How can funeral service professionals ask families to plan when they don’t have a plan for their business?
- If you aren’t thinking of selling, is your business house at least in order financially and otherwise?
- If you know the current value of your business, do you also know the 5-10 year valuation forecast for it?
- What defines a trusted buyer and how do you find one?
Takeaways for an unsettled industry
Funeral services and cemetery professionals are looking for answers when it comes to the future of both your individual businesses and your profession as a whole. You have a need for knowledge in a variety of areas affecting your livelihood. After aggregating survey results and considering the additional questions that emerged from looking at those survey results, five main takeaways were formulated. These takeaways can also be defined as main need areas:
- Knowing what it means to sell
- Determining value and the best time to sell
- Designing a succession plan
- Detailing the terms of sale
- Finding a trusted buyer
From insights to solutions
When thinking and variables shift, actions need to shift with them. Harvesting the main takeaways from the survey results allows us to establish some key insights and then create solutions. Johnson Consulting Groups has answers to the funeral services profession’s burning questions and is eager to share its expertise.
Issue #1: Knowing what it means to sell
Solution #1: Clear, comprehensive summary of selling from low-key family transition to active marketplace sale
Issue #2: Determining value and the best time to sell
Solution #2: Guidance on who to trust when it comes to valuing your business and timing your sale
Issue #3: Designing a succession plan
Solution #3: Professional succession planning specific to funeral services and cemetery professionals
Issue #4: Detailing the terms of sale
Solution #4: In-depth outline of sale terms to help you realize your business’s true value and avoid surprises
Issue #5: Finding a trusted buyer
Solution #5: Proven advice on where to look and what to look for when searching for your perfect buyer
Just the beginning
Johnson Consulting Services isn’t about surface solutions; we take knowledge gained and go in-depth to discover solid, long-term answers. Ready to dive deeper into creating your best future? Be one of the first to benefit from funeral services and cemetery business trend predictions when you sign up to receive Johnson Consulting Group’s long-form report — The Future of the Funeral Services Business: Analysis and Answers.