In episode 8 of Take It to the Bank, hosts Tim Bridgers and Ryan Thogmartin dive deep into the process of buying and expanding a business, specifically focusing on funeral homes. Tim, the expert, shares essential tips for conducting due diligence before acquiring a business.
The episode covers:
- The importance of understanding the buyer’s story and align personal goals with the business acquisition.
- Key steps to prepare, including organizing personal financial statements, reviewing personal credit, and creating a high-level business plan.
- Common challenges in the loan process, such as miscommunication with sellers and issues with real estate valuations.
- The value of being prepared early in the process and the importance of contacting financial experts early on for guidance.
This episode is a comprehensive guide for individuals looking to buy a business, especially those in the funeral home industry, offering a detailed checklist of preparation steps and potential obstacles.
For more information on Live Oak’s products and services contact Andrew Kennedy, VP of Funeral Home and Cemetery lending, at andrew.kennedy@liveoak.bank.
