New Hyde Park Funeral Home
Mike McBride, owner
Funeral home acquisition
An Exciting Opportunity
Mike McBride of New Hyde Park, New York, comes from a long line of civil servants. A former police officer, he had the opportunity to retire from the force at an early age and start a second career. It made perfect sense to pursue something he’s always been passionate about: helping and caring for the people in his community.
Mike started his journey in the funeral services industry as a pallbearer, where it quickly became evident that he had a knack for the business. When the opportunity arose to acquire New Hyde Park Funeral Home, Mike knew he had to jump on it. Through extensive research he found Live Oak Bank, who proved to be the right financing partner to provide the funding, help and guidance he needed to become the first business owner in his family. Just one week after initial contact with the bank, Live Oak representatives flew from North Carolina to New York and visited Mike in person to help him craft an acquisition plan. They identified several challenges and worked closely with Mike to overcome them together.
Challenge #1: Education
Many sellers don’t realize that running their business efficiently right up until the day of selling is important. The more available operating cash flow, the more debt the business will be able to support. “We worked closely with the seller to help educate him on his current business cash flow and what debt amount would position Mike for long-term success…. Education was key,” said Tim Bridgers, who leads the Live Oak Bank funeral home lending team.