Are You Ready to Retire from the Funeral Business?
Retirement is a significant milestone for funeral home owners, and getting ready for this event calls for proactive planning and strategic thinking. In Episode 6 of Jake Johnson’s “M&A Minute” video series, Johnson (CEO and President of the Johnson Consulting Group) offers useful tips on how to prepare your funeral business for retirement.
Even if retirement isn’t in your near future, it does not hurt to map out a plan now. Here are a couple of points to consider: Are you going to prepare your funeral home for sale or pass it on to family members/trusted employees? How much money will you need from the sale or transfer in order to retire how you want?
The important thing to focus on is the value of your funeral business. “One way to build value now so you can retire later is to grow your call volume,” Johnson says. There are a variety of tools and techniques you can employ to increase the number of calls to your funeral home — one best-practice approach is to create an exceptional customer experience.
A family’s overall satisfaction with your funeral home is based on their interactions with you and your staff from start to finish, thus managing the customer experience should always be a top priority in your firm. Monitoring client experiences also helps improve business operations and highlights areas that may need improvement, both of which build value and enhance your company’s reputation in the community.
Get Clarity on Customer Metrics
Keeping track of customer experience can provide clarity on your company’s valuation when retirement is near. The Johnson Consulting Group’s Performance Tracker™ is a customer survey and sales analysis tool that helps funeral businesses track experience metrics with user-friendly features and real-time reports. Learn more about how Performance Tracker can help you grow your business.
Jake Johnson and the Johnson Consulting team created the M&A Minute to help business owners through the process of of buying or selling a business. The M&A Minute utilizes Jake and the JCG team’s knowledge to give advice that helps individuals feel confident and at ease when going through one of the most important times of their lives, selling or purchasing their most valuable asset. The M&A Minute is released every other Thursday. You can watch episode 6 now. Follow us on Facebook, LinkedIn, and Twitter to get M&A Minute updates.