Nicole Vullo on 
Written By Jen Graziano, Attorney, Licensed Funeral Director NY/CT
Coxe & Graziano Funeral Home
Independent funeral home owners are facing unprecedented challenges which can force their hands into a premature exit. Labor shortages coupled with declining service revenue margins and increasing overhead costs cause many owners to ponder whether it’s time to hang their hat. Another contributing factor is the decline of generational continuity in the family business. After all, our children have watched us leave the dinner table far too many times to take a death call. The decision to not enter the funeral business has subconsciously been made for them.
There is a collective frustration that has permeated the headspace of so many funeral home owners. Repeat families that call upon us often fail to repeat their prior service and merchandise selections. The rising generation of funeral planners fail to see the value in funeral service. The rise in cremation paved the way for a throwaway society with little to no value on honoring a life once lived. We have been forced to adapt to the changing consumer. And while many of us continue to rise to the occasion, there are some that can’t justify the gap between today and yesteryear, thus opting to sell their funeral home.
The question of selling your funeral home bears a forceful emotional gravitas. This is truly a labor of love for so many of us. The hours, the blood, sweat and tears invested in our funeral homes often make the sale price an incalculable number. You simply can’t put a price on what we do.
As an owner who has heavily contemplated the prospect of an acquisition, my advice is to think long and hard. Although it is difficult to separate logic from emotion, it is necessary. Most importantly, align yourself with a truly knowledgeable and trusted advisor (hint, hint, Foresight). If your mind has traveled to the possibility of a sale, trust me when I tell you, the valuation is money well-spent. Even if you are not contemplating a sale, consider a valuation as an “annual physical”, if you will; a thorough checkup on the overall financial and operational health of your business. Even if you are committed to staying in the game of funeral home ownership, a business valuation can put another set of highly laser focused eyes on your operation, unlocking greater potential and setting you up for higher success.
There are a multitude of factors to consider when selling your funeral home. From walking away with a good and healthy sustainable number, to ensuring the continuity of service to your community, ensuring the protection of your employees and your business legacy…each deserves serious and thoughtful consideration.
It is truly survival of the fittest in the funeral home realm. Smaller outfits that may not be able to sustain the current industry climate will likely pave the way for opportunity, allowing stronger independent firms along with conglomerates to grow. Hence another reason why you should align yourself and your firm with reputable, trusted industry advisors, they know all the players in the acquisition space and will find you the strongest match. Consultants, especially those at Foresight, also have the ability to forecast and project industry climates, find growth opportunities, and protect you the most when the time has come to walk away.
As with any life changing decision, think long and hard. Be honest with yourself in your reasoning and play devil’s advocate in analyzing both sides of making the case to stay or go. With thoughtful analysis and a team of trusted, qualified experts, you will undoubtedly arrive at the decision that is best for you.
Jen has carried her family’s legacy into the 4th generation. A fixture at the funeral home since her early years, she has embraced the call to service and has taken her work outside the confines of the funeral home into the community at large. Jen has spearheaded many projects and organizations including Mamaroneck’s coveted “Harbor Fest” that she chaired for six years. She also served as a two term President of the Mamaroneck Chamber of Commerce. Jen is active in daily operations of all 3 funeral homes. She understands the delicate balance of providing dignity and service to the deceased while comforting and caring for the living. Jen had initiated the funeral home’s aftercare program more than a decade ago and it remains a viable discussion group that has assisted many people in dealing with the difficulties of loss. She is responsible for hosting the funeral home’s coveted “Senior Appreciation Day” at local senior centers in Larchmont/Mamaroneck, Harrison and Greenwich. In addition she serves on the Community Advisory Board for Greenwich Hospital, a Board Member of the Greenwich Chamber of Commerce and President of the Sts. John & Paul PSPA. She is a frequent lecturer and panelist discussing senior issues in the community. She is a graduate of The Ursuline School, Fordham University, Touro Law School and the American Academy McAllister Institute. Jen is also a lector and parishioner of Sts. John & Paul and a member of the Larchmont Shore Club. She is the host of a weekly radio program on WVOX, “Time to Talk” focusing on sensitive issues of advanced planning and the creator of “Coming of Age Magazine”, which further touches on those issues. She’s recently created a line of memorial jewelry, RememBar Collection, comprised of “wearable memories”, which allow you to carry the ones you love with you wherever you go. She is most proud of her number one role, “Mia’s mom”.