By Alan Creedy
There’s an old saying: “Tell one person a secret and you have a 50% chance it stays a secret. Tell two, and that chance drops to zero.”
One of the seller’s greatest sources of leverage is the ability to walk away from a deal. Once a potential sale becomes public — especially within your organization — that leverage erodes quickly.
Selling a business is also emotionally charged. Many owners feel guilty about keeping secrets, particularly in funeral service, where staff relationships often resemble a family dynamic. Keeping something this significant to yourself can feel like a betrayal.
That reaction is normal.
My advice is simple: Get over it.
You are under no obligation to tell anyone until they need to know — not your pastor, not your neighbor, not even your father.
So, When Is the Right Time?
The answer is situational, but the following timeline works in most cases:
- Your attorney: When you receive a letter of intent.
- Your accountant: No later than the start of due diligence.
- Your bookkeeper: When due diligence requires their involvement.
- Key employees: When the bookkeeper is informed.
- All remaining staff: When you are 95% certain the deal will close (typically when the purchase agreement is nearly complete).
- Everyone else: After your staff has been told.
The rule is simple: Don’t tell anyone who doesn’t need to know — yet.
A Few Important Warnings
- Don’t assume people who act like they know actually do. Vendors especially may bluff to get information.
- Don’t confide in friends or colleagues. If you need to vent, do it with your broker, attorney, or accountant — they are bound by confidentiality.
- Expect people to notice unusual activity: inspections, audits, data requests, or changes in your demeanor. Have a credible, nonrevealing explanation ready.
Making the Announcement
Once an LOI is signed and the time comes to inform staff, coordinate with the buyer and tell everyone together. It is often wise for the buyer to speak directly at the meeting. Some of the questions employees will have only the buyer can and should answer.
In my experience, these are the four questions every employee cares about:
- Is my job safe?
- Will my pay or benefits change?
- Will the culture change?
- Why are you doing this now?
Telling the truth — even when uncomfortable — is the most effective approach.
Here is what not to do:
- Don’t overshare deal details.
- Don’t speculate about future changes.
- Don’t speak for the buyer — let them speak for themselves.
- Don’t promise “nothing will change” unless it is contractually true.
- Don’t make it about your exhaustion or relief.
This moment is about their future stability, not yours.
Employees do not expect control, guarantees or permanence – but they do expect respect, straight answers and not to be blindsided.
Expect Grief — and Stay Resolute
Employees may move through a grief cycle, including bargaining. As a funeral professional, your instinct to comfort can go into overdrive. Stay resolute.
More than 90% of employees will adjust and move forward. Some may even prefer the new owner or the opportunities that come with change. A small number may feel betrayed, but wavering now only makes the situation harder and more unpleasant.
Don’t Be Surprised
Around age 65, people begin wondering when you’ll retire. By 70—and certainly after 75—they start asking outright. Selling at this stage is rarely a shock.
After the Deal Closes
Some employees will try to use your relationship with the new owner to their advantage. Don’t do it. Gently redirect them to their new employer. If you intervene, it won’t stop — and eventually it will create problems with the buyer.
About the Author
Alan Creedy has advised funeral home owners for decades on valuation, succession, and ownership transitions, and has worked directly with sellers, buyers, attorneys, and accountants through hundreds of real-world transactions. This guidance reflects what consistently protects sellers — and what most often undermines deals. Visit his website.
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