At a Crossroads?

Business Valuation and Succession in the German Funeral Industry

By Daniel Niemeyer M. A., Funeral Master, Lecturer, Business Consultant and Dr. Simon J. Walter, Cultural Representative of the German Burial Culture Foundation

Handing over a life’s work to the next generation at the right moment – this is the wish of many small – and medium sized businesses in the funeral industry. A well-managed transition is crucial to preserve functioning structures, business processes and an established customer base. In many cases, it is also a question of one’s entrepreneurial and personal legacy.

For over 75 years, the funeral industry in Germany has been characterized by family businesses. It is not uncommon to meet colleagues who are running the business in third, fourth or even fifth generation. If they themselves have children or other relatives working alongside them in the funeral home, a succession plan is probably already in in the pipeline again. That does not automatically make it easier for everyone involved though, as business and family matters may intertwine.

How representative is the aforementioned case anyway in 2024, as the funeral industry across Germany and other European countries is undergoing significant structural changes? What does a good transition look like? What tools are available for funeral directors to steer the transition in the desired direction? What happens when there is no family member or colleague in the picture who wants to take over?

Want to learn more?
Read the article in the summer issue of THANOS magazine - you can read online at pages 22-24