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July 21, 2021
Published by 
Gabriel Ngo on July 21, 2021
Gabriel Ngo on July 21, 2021“Windows of opportunity open then close. By staying in the present, handling what’s in front of us, and riding the wave of opportunity when it comes, we follow the natural order of things.” – Dan Millman (American author and lecturer in personal development) Would you rather pay a 20% tax or be taxed almost double that at 39.6%? This is by no means a trick question as most of us would very quickly choose to pay a 20% tax as opposed to a 39.6% tax. However, the rhetorical question posed above is one that many funeral, cemetery, and crematory owners will have to practically answer or have this question answered for them when selling their business…because the window of time for those wanting to “ride the wave of opportunity” and not have to pay the higher tax is closing. And […]
July 21, 2021
Published by 
Dan Isard on July 21, 2021
Dan Isard on July 21, 2021OK, you do not know if it is the right time to sell, let alone who to sell to and at what price and terms. Here are the three steps: Determine the When to Sell. Long before it is a need to act, the first step is to create a Financial Preparedness Plan. A Financial Preparedness Plan (“FPP”) starts with a calculation of how much money you need to be independent of your business. The business value, your savings and any investment assets under your control are added to the government benefits outside of your control. Then those are compared to the amount of your need. The need computation is a function of your, Life Expectancy, Assumed Investment Return, Assumed Inflation Rate and the amount of After-Tax Annual Income. The need computation must be an estimated calculation. For example, if […]
July 21, 2021
Published by 
Nicole Vullo on July 21, 2021
Nicole Vullo on July 21, 2021Selling your funeral home or cemetery business continues to be a one of the hottest topics with our readers and the profession. We were recently asked about the timeline for selling your business by the end of the year. Doug Gober provides his insights on this important question. Question: I am ready to retire and want to have my business sold by December 31,2021. Am I too late? What do I need to do to have this done by the end of the year? Doug Gober: The short answer is no. You are not too late. However, there are many qualification statements that need to be considered to make your transition happen. First, you must be prepared to focus on the task at hand. There are so many small elements of a transition; whether big or small, that can become […]
July 20, 2021
Published by 
John McQueen on July 20, 2021
John McQueen on July 20, 2021How do you ignite a conversation in a room full of funeral directors? Toss in the word “cremation.” It will spark conversation—some good, some bad. But in all cases, you will witness myriad emotions. It may be hard to believe that some funeral professionals are still adamantly opposed to cremation. Rather than embracing the opportunities that can be found in cremation, they are still fighting for a return to the way things were “in the good old days.” For most of us, we recognize those days are gone, and it is time to embrace ways to create opportunities with cremation families. According to the recent Performance TrackerTM Analysis: 2020 COVID-19 Impact Report, 55% of all cases in 2019 resulted in cremation. During the recent COVID pandemic, our industry saw a 5%–10% increase in cremation disposition cases for 2020. Although cremation […]
July 20, 2021
Published by Gabriel Ngo on July 20, 2021
Gabriel Ngo on July 20, 2021Strategy for building a winning one for your firm. “Talent wins games, but teamwork and intelligence win championships.” – MICHAEL JORDAN As this quote suggests, talent alone does not guarantee that you will win in the long term. Still, you might wonder why I chose a sports quote to relate to funeral service. Both sports and funeral service are zero-sum games when it comes to competition. Someone wins, another loses. In funeral service, we have no control over the death rate in our community in any given year – we can only control how many calls we can secure and serve. One death call for you means one less death call for me as your competitor. Zero sum. The same can be said about competing for and retaining human resources in the funeral service profession. While the pandemic forced all […]
