June 4, 2018
Dear OG, I call you OG cause my pops and grandpops have always told me about you. You’ve been around 4ever! You are Old Guard. I am a player in the New Guard! I am also the newbie in the fam biz. I know you might need to go low to get high, but I don’t want to go low when it comes to cremation. My heritage been doing that, thinking it’s all about price. But, you know, I’m the new dog and they don’t listen to me. I want to make peace with my OG, but there won’t be any big bucks for me at the rate they’re going. Help, OG, I need to know what I can do to keep our profit real! Rockin’ Cremation Profits in Princeton Dear Little Digger, As an OG, I can dig […]
May 3, 2018
Dear Dan, I have trouble selling markers to families. During a sales conference, at need or in advance of need, my first emphasis is the sale of the interment right. Then, I focus on the vault, if they haven’t pre-purchased it from the funeral home. Lastly, I try to sell the marker. Of course, many have pre-purchased it from the funeral home, but those that haven’t tell me they “don’t have much money” and I tell them we can put up a temporary marker for them until they can make the commitment. I have a similar problem with cremation families. We own our own crematory so we have a great advantage in our market. We have built two columbaria. One is a granite-front and one is a glass-front. Everyone tells me glass-front niches sell rapidly, but I do not find […]
April 25, 2018
Dear Dan, Aloha from the 50th state! Dan, I have the chance to buy a business. It’s a great business with a wonderful reputation. The only negative is that I’m buying the business and not the real estate. The real estate cost is far beyond what I can afford, so I will continue to be renting the real estate just as the former owner had. There are 14 years maximum left of the lease. What should I be aware of? Aloha Al Dear Al, Aloha! Thanks for the note. I’ve managed funeral homes and cemeteries on the islands, so I know what you mean by the high cost of real estate. Anytime beachfront is measured by the linear inch, the real estate has to be expensive. Based on your letter, there are several key points to address. First, let […]
April 9, 2018
Dear Dan, OK, how is this new tax law going to affect my funeral home or cemetery? Wondering about TC & JA in TN Dear Wondering, The “Tax Cuts and Jobs Act” (TC&JA) was signed into law just before Christmas of 2017. The new tax law affects business owners in three broad ways: Deductions for operations. Income tax on the profits of the business. Ability to transfer the business or the after-tax sale proceeds by a change in the estate tax. Allow me to explain all three of these items. Basic accounting and tax law is simple. Revenue, minus costs of goods, minus costs of operations, equals profit. You have to keep this operating paradigm in the back of your head at all times. Nothing has changed in a way that affects this paradigm. For the sake of clarity, I […]
