Does a business owner need a coach? Do they need someone to tell them how to do things better? Probably not, if they are making as much money as they need, with the time off they desire and the market share they strive for. So, I guess you probably do.
As a coach to the owners and managers of funeral homes and cemeteries we look at many differing aspects of the business.
- Market Share
- Revenue Per Case
- Cost of Goods
- Operational Expense Management
In my four decades of working with owners of closely held businesses I have learned a thing or two about the management of a business. While many businesses may have similar financial statements, the solution to maximizing the business potential is sometimes in eliminating the errors of management. You don’t mean to make errors but we are all human beings and sometimes just don’t see your own actions objectively.
Of course, running the business is one thing. Once you have the profit you want then there is a matter of Tax Planning. Tax planning for the business and the individual takes experience and cash flow management. We don’t want to waste money to gain tax savings. Tax planning is a three dimensional game with Business Taxation, Personal Taxation and Estate Taxation being balanced so that you can keep more of your hard earned revenue. One day I did a seminar and explained our tax system by saying, “You work from 8 a.m. Monday through the end of the day Tuesday for Business Taxes. You work from 8 a.m. Wednesday to 2 p.m. Thursday for personal taxes. From 2:01 Thursday to 11 a.m. Friday you work to pay the Federal Estate Taxes and whatever you earn from 11:01 on Friday until the end of the day you get to keep”. One guy sitting two rows back didn’t get the analogy and said, “Dan, that might work for the rest of these guys but I try to take Friday’s off!”
Business Succession is the ultimate goal. It is said, “The second happiest day in the life of a sailor is the day they buy their boat but the happiest is the day they sell it!” Knowing what the business is worth and getting full value is the goal. You need to be financially independent while working and after working.
So, do you need a coach? Probably not. But come into the site anyway and check out some of the articles. You don’t need them but maybe one of your friends might.
Daniel M. Isard
The Funeral Coach