Even if you don’t plan on retiring for several years, you should start succession planning as soon as possible. By planning in advance, you can avoid making decisions on the fly, as well as:
- Be less stressed
when the time comes.
- Make sure everyone is in the loop.
- Have a concrete plan in place.
To make sure your funeral home remains successful for years to come, even after you retire, check out these succession planning tips. We’ll cover tips for answering these three questions:
- Am I keeping or selling my funeral home?
- Who will be my successor?
- When should I start succession planning?
Am I Keeping or Selling My Funeral Home?
When succession planning, this is the first question to ask. You should talk about it as a family and determine if anyone wants the family funeral business. Make sure that anyone who is interested understands all the responsibilities that come with owning a funeral home. You also can answer any of their questions or concerns.
It can be tough to hear if none of your children want to take it over but try to be understanding of their decision. You could ask them for more clarity about their choice. If they’re having concerns, you may be able to address them and ease their worries. Or they may just have other career aspirations outside of the funeral profession.
Deciding to keep or sell your funeral home is not an easy decision, so you should take your time with it. The best advice we can give is to keep communication open, so everyone can be honest about how they’re feeling.
Who Will Be My Successor?
After you’ve decided whether to keep or sell, the next step is choosing the successor. If you’re keeping your funeral home in the family, it can be a difficult choice if multiple family members are interested. To make the decision as fair as possible, you should talk with everyone individually to get a better understanding of their skills.
It also may help to get an outside opinion, so they can share their unbiased thoughts about who they think would be best for the role. A friend who also works in the funeral profession would be an ideal person to ask, since they know what skills are important for the profession.
It’s best to decide sooner rather than later, so the chosen family member can start shadowing you now. This way, they can get a better grasp of the position before they’re in the role. It also gives you more time to create training documents for them to reference.
If you decide to sell, you can consider loyal employees or other funeral homes in your area that you have an established relationship with.
When Should I Start Succession Planning?
If you take anything away from this article, it should be to start planning as soon as possible – even years in advance. Succession planning takes time, so you can want to make sure that you get it right.
If you’re keeping your funeral home in the family, planning ahead gives you time for a trial run. This way, you can see how they do on their own and address any questions or concerns that come up. Or if you’re selling your funeral home, planning ahead gives you time to negotiate a deal. This way, you’re not rushed into selling it. It also gives you time to consult a financial planner to make sure you sell it for what your funeral home is worth.
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