[a cu men]
n. keenness and depth of perception, discernment or discrimination, especially in practical matters.
Family Considerations
Many funeral home firms are multi-generational businesses; yours may be among them. Steeped in family history, some firms today see the fourth, fifth – and in some cases, even the sixth – generation of ownership from within the same family whose forefathers founded their business numerous decades prior.
Whether you are a sole proprietor who has no other family involved in your business or you’re in business with parents, siblings, aunts, uncles, or cousins, it’s safe to say that there is a lot to consider when you think about a transitional plan.
EVERYONE IS DIFFERENT. THAT CAN BE A GOOD THING!
If you ask one hundred funeral home owners when and how they’d like to transition out of ownership, you might expect about as many different answers. Some have no particular thoughts about it whatsoever and prefer to deal with it whenever it “feels right” somewhere down the road; others will want to plan everything out well in advance and start counting the laps toward a checkered flag.
Inherently, neither is completely right nor wrong. But when opinions differ within the same family of ownership, it can make transitional planning a much more imperative consideration.
A NEW GENERATION?
Some owners, who represent their longtime family business, begin to realize that after a lifetime of dedication and hard work, none of the next generation has an interest in funeral service. This dilemma faces more and more current owners as countless other career options – many of which do not require licensure, continuing education, debt service or 24/7 working hours – have more appeal to younger generations.
CONSIDER THE UNEXPECTED
Funeral directors certainly understand that unexpected things can happen; you’re routinely called upon to assist families who experience the unexpected. Some owners will have their ownership plans altered by an illness they didn’t see coming. Others may have to make changes as a result of an accident. Still others may feel compelled to pursue another profession altogether and will decide to embrace something completely new and different.
INTENTIONALITY PAYS
Any of the circumstances described above would certainly underscore the importance of doing something intentional to prepare for transition one day. And while thinking about that may be the furthest thing from your mind, most would agree that it’s good to do.
KNOW YOUR OPTIONS
While there are numerous options to consider, no one has been a part of more funeral home transitions than SCI. We’ve seen and worked through nearly every imaginable scenario – and our top-notch team is a ready reference for owners with questions about the process.
It’s easy to Contact Us – there is never any cost or obligation to ask questions and every inquiry is held in the strictest of confidence.
We tend to think that it’s always worthwhile to put your family first and give some thoughtful consideration to what you’d do if you could. And sometimes it’s probably good to think about what you would do if you had to.
We’re focusing on “acumen” in a series of brief, informative topic summaries. Acumen, as defined by Merriam-Webster, refers to “keenness and depth of perception, discernment or discrimination, especially in practical matters.” Each summary is a brief introductory overview of a topic; new topics will be added periodically. As you read through the summaries, put your list of questions together. Then give us a call. There’s no cost or obligation to visit with us – and every conversation and communication is kept completely confidential. Our team is always available to serve as a reliable resource for questions about transition. Or, perhaps we should say, transitional acumen.
Whether you are a sole proprietor who has no other family involved in your business or you’re in business with parents, siblings, aunts, uncles, or cousins, it’s safe to say that there is a lot to consider when you think about a transitional plan.
EVERYONE IS DIFFERENT. THAT CAN BE A GOOD THING!
If you ask one hundred funeral home owners when and how they’d like to transition out of ownership, you might expect about as many different answers. Some have no particular thoughts about it whatsoever and prefer to deal with it whenever it “feels right” somewhere down the road; others will want to plan everything out well in advance and start counting the laps toward a checkered flag.
Inherently, neither is completely right nor wrong. But when opinions differ within the same family of ownership, it can make transitional planning a much more imperative consideration.
A NEW GENERATION?
Some owners, who represent their longtime family business, begin to realize that after a lifetime of dedication and hard work, none of the next generation has an interest in funeral service. This dilemma faces more and more current owners as countless other career options – many of which do not require licensure, continuing education, debt service or 24/7 working hours – have more appeal to younger generations.
CONSIDER THE UNEXPECTED
Funeral directors certainly understand that unexpected things can happen; you’re routinely called upon to assist families who experience the unexpected. Some owners will have their ownership plans altered by an illness they didn’t see coming. Others may have to make changes as a result of an accident. Still others may feel compelled to pursue another profession altogether and will decide to embrace something completely new and different.
INTENTIONALITY PAYS
Any of the circumstances described above would certainly underscore the importance of doing something intentional to prepare for transition one day. And while thinking about that may be the furthest thing from your mind, most would agree that it’s good to do.
KNOW YOUR OPTIONS
While there are numerous options to consider, no one has been a part of more funeral home transitions than SCI. We’ve seen and worked through nearly every imaginable scenario – and our top-notch team is a ready reference for owners with questions about the process.
It’s easy to Contact Us – there is never any cost or obligation to ask questions and every inquiry is held in the strictest of confidence.
We tend to think that it’s always worthwhile to put your family first and give some thoughtful consideration to what you’d do if you could. And sometimes it’s probably good to think about what you would do if you had to.
We’re focusing on “acumen” in a series of brief, informative topic summaries. Acumen, as defined by Merriam-Webster, refers to “keenness and depth of perception, discernment or discrimination, especially in practical matters.” Each summary is a brief introductory overview of a topic; new topics will be added periodically. As you read through the summaries, put your list of questions together. Then give us a call. There’s no cost or obligation to visit with us – and every conversation and communication is kept completely confidential. Our team is always available to serve as a reliable resource for questions about transition. Or, perhaps we should say, transitional acumen.
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Service Corporation International is dedicated to compassionately supporting families at difficult times, celebrating the significance of lives that have been lived, and preserving memories that transcend generations, with dignity and honor. Privacy Policy |