Should I close my business and sell off properties

Texas Proud said:
This seemed a bit long... what is required... per Wiki it takes 2 to 4 years to get a degree, so what else is needed?


College degrees in mortuary science can usually be earned in two to four years.[4] Some community and junior colleges offer two-year programs while universities can offer both two- or four-year programs.
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I think there is a lengthy apprenticeship. It's a pretty specialized type of vocational training.
 
Correct 6 yrs. collage and 1 yr appointment apprenticeship. Pre-Med very very specialized to get license. Young people won’t go the extra mile .
 
Indeed.

A neighbor sold his self-made construction business many years ago at a very fine price. He has lived like a king ever since; helps his five kids and numerous grandkids; and he's still only 71!

davebarnes said:
Close biz.
Sell land.
Enjoy life.
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Guilty? I think you should reframe this and feel proud:

You inherited a family business and kept it going (and profitable enough to support you) throughout your life. It's still in good enough shape to sell or inherit.

The fact that neither of those things is likely or possible isn't due to your bad choices, it's due to a changing world. You have done a good job with what's under your control, and you should feel proud of that, or at least content. Try to let go of what's out of your control.

Close the business, sell the property, enjoy your well-earned reward with your wife.
 
Sorry Monterrey that this is happening to you. However, saying kids don't want to work is BS. They just don't want to work in that profession and that is a big difference.
 
ab620 said:
Sorry Monterrey that this is happening to you. However, saying kids don't want to work is BS. They just don't want to work in that profession and that is a big difference.
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It's also possible that the OP doesn't live in a very desirable location or he isn't offering enough incentives in a very competitive job market. Our town of 20k has problems attracting medical specialists.
 
Monterey298sc said:
Correct 6 yrs. collage and 1 yr appointment apprenticeship. Pre-Med very very specialized to get license. Young people won’t go the extra mile .
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But that is not what they say for Texas... 2 years and 1 year apprenticeship (Checked it out, 45 cases... so you can get it in less than a year)...


The one thing that I saw on my quick look... salary was listed at $40K to $50K avg... that might be starting but I think I read it was avg... not sure... if that is the case there are better job opportunities out there... heck, I saw on TV where you can get your truck divers license in 2 or so weeks and start at $40K right off the bat... and experienced drivers over $100K!!! And they said they now have automatic transmissions for people who cannot use standard.... :facepalm:





A link for all states requirements...


http://www.nfda.org/Portals/0/NFDAORG/Education/Regulations-in-Licensing-2017.pdf
 
Texas Proud said:
... heck, I saw on TV where you can get your truck divers license in 2 or so weeks and start at $40K right off the bat... and experienced drivers over $100K!!!
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I saw that same report. I’ve looked into Over-The-Road CDL Truck driving and you are correct, new drivers can easily make $40k per year, and experienced solo OTR company drivers are in the $55k to $60K range. Team drivers can get close to $70K or so but the $100k numbers are for lease or owner-operators and are gross earnings exclusive of fuel, repairs, and other expenses (and those expenses are breathtakingly high). Trucking companies are extremely shrewd, using lease programs to off-load expenses onto drivers who are convinced they are making great money and on their way to owning their own truck. They soon find out their lease payments and expenses are so high they can not afford to take any time off and are making roughly what company drivers are after expenses.
 
Snidely Whiplash said:
I saw that same report. I’ve looked into Over-The-Road CDL Truck driving and you are correct, new drivers can easily make $40k per year, and experienced solo OTR company drivers are in the $55k to $60K range. Team drivers can get close to $70K or so but the $100k numbers are for lease or owner-operators and are gross earnings exclusive of fuel, repairs, and other expenses (and those expenses are breathtakingly high). Trucking companies are extremely shrewd, using lease programs to off-load expenses onto drivers who are convinced they are making great money and on their way to owning their own truck. They soon find out their lease payments and expenses are so high they can not afford to take any time off and are making roughly what company drivers are after expenses.
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Good to know... and yes, if that is gross that is bad reporting...


But still, $40K for a few weeks training is better than $40K for 2 to 4 years training...
 
Have you approached your competitors? I would think one of them would be very interested in purchasing a profitable business they are already in.
 
If you are serious about keeping the business alive, is there a professional organization and/or periodical/website where you might seek out someone who is already trained in the business but perhaps a '2nd-in-command' elsewhere...and entice them with the thought of running their own ship? Or could you find someone to mentor and eventually they can take over?

omni
 
jesa said:
Have you approached your competitors? I would think one of them would be very interested in purchasing a profitable business they are already in.
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IMO it makes a difference where they are located... if there are only 2 places in town, then the competitor knows that they will get 100% of the business when OP closes his down... no need to pay for what is going to come to you anyhow...


Now, if there are many, then maybe someone will pay for it, but since he has had problems filling a staff position I doubt there are many where he is located... that or he is really cheap and nobody wants to come work there...
 
Great question. I have taken over my family business and had the talk with my dad and his partner about their expectations. I advised them of my plan to retire early when it becomes possible. Even though the business has been my dads life, he was perfectly ok with whatever i decide. At his current age at 75 he looks back and wish he would have retired sooner. He said just to use the business as a vehicle to get where we want to go.

He was proud that I took an interest in the business, have been running it successfully, and allowed him to still have an office and get away from his wife, jk. lol. Live your life!! I know how stressful a family business can be.
 
hilltide said:
... Even though the business has been my dads life, he was perfectly ok with whatever i decide. At his current age at 75 he looks back and wish he would have retired sooner. He said just to use the business as a vehicle to get where we want to go.

He was proud that I took an interest in the business, have been running it successfully, and allowed him to still have an office and get away from his wife, jk. lol. Live your life!! I know how stressful a family business can be.
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You bring up a couple of good points. My Grandad had a very successful business in which his son and son-in-law were employees. GP always thought that when he would retire, the two would take over the business (and I worked a couple of summers with them too while in HS since me staying in the family biz was my plan). But, when he decided to retire, neither one of them wanted the headache of owning a very profitable business.

To this day, I really didn't understand this...but it was their decision, so he folded up shop. He wasn't very happy about it for a number of years, but eventually he came to the realization that if they weren't "in it", then they would have run it into the ground and ruin the good name and reputation of the company. He also made many comments that he too wish he had retired earlier.

So OP, do what you need to do for YOUR happiness. I know it would be hard to fold up shop on a family business that has been around for so long, but it sounds like that you are the "last in line" anyway, so I think it would be smarter to do in under your supervision and your wishes, as opposed to being an early customer of your competition.
 
Thanks for all the replies. This will be the toughest decision of my life, but a nessassary one. Our profession is so specialize and with no hope hiring quality licensed embalmer /Funeral Director , we have made the decision to slowly phase out and close on top. This decision is only because of this reason. My wife and I are on call and work 24/7 can take NO vacations together . It been 3 years since we took one together. Our national organization has called it a national crisis with lack of students entering our profession. Thank you again.
 
Monterey, would you feel the same guilt if you had started the business from scratch-if it had not "been in the family" for over 100 years?

Of course not. You would know that it was YOUR business to continue or sell or as you wish-with no regrets.

It is YOUR business, and has been for decades. Sell it if you want-and don't look back. Like others have said-enjoy the precious years you have left. Good luck.
 
I wouldn't want those hours. We have a work at home business and are winding that down. It isn't even hard work and pretty easy money but going to a park or the beach is still usually more fun.
 
Just curious... how many other small mortuaries are in your town? Can you get together and form a JV or something similar to farm out the extra hours? IOW, all small places have to have this problem... if everybody chipped in to hire someone to do this work for everybody it would relieve the 24/7 aspect of your work..
 
After reading this thread I got curious about the earnings potential of morticians. Found this online:

"According to the BLS, the median salary for all morticians was $54,330 per year, with the middle 50 percent earning between $40,050 and $72,920."

If true, I dont think its a matter of laziness as much as little return for 7 years of school and (imho) a less than pleasant work environment. I was a Police Officer years ago, I've seen some pretty gruesome sights. I wouldn't care to deal with those sights on a regular basis for that kind of money. Some of those things stay with you for a long time.
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Sold my business this year.....

I debated just closing it down and calling the auctioneer. My business was much like yours (service that can't be ignored). I had several lookers and 2 offers. I took the one that let me retire the soonest, not necessarily the best long term risk /reward. I made sure that i did not list it for sale until I was sure that if no buyers came up, I would still be OK with FIRE in the event of an auction.

Burn-out is the #1 business sale reason in my trade.

In the funeral business you are constantly reminded of how short life is.....Don't waste it.

Call a business broker or a real estate agent tomorrow.
 
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