May 29, 2024

Noncompete Clauses: A New Chapter for the Funeral and Cemetery Profession?

In a significant move, the Federal Trade Commission (FTC) made waves in April by nullifying and prohibiting noncompete clauses in the majority of employment contracts. While this ruling raises questions for various sectors, its impact on funeral homes and cemeteries remains uncertain, primarily due to historical difficulties in enforcing overly broad noncompetes. Funeral directors’ agreements epitomize the type of contracts under scrutiny by the FTC. Understandably, no enterprise welcomes additional regulatory hurdles. Yet, within the funeral and cemetery profession, noncompete clauses provoke distinct relational and practical considerations. Reflecting on transactions dating back to the mid-1990s, the crux of the matter lies in the feasibility of restricting individuals from pursuing their livelihoods. It is important to note that limitations on professional mobility are problematic. However, perceptions may shift if ample compensation is provided for other reasons. The crux of the matter […]
September 23, 2023

Navigating the Future: The Art of Succession Planning in the Funeral Profession

Succession planning is an essential process that ensures the seamless transition of leadership and ownership within a business, from one generation to the next or even to new proprietors. In the traditional world of the funeral profession, where family ownership has long been the norm, passing down the business to the next generation was often seen as an inevitable path. However, the landscape is shifting.  Sustaining and growing multigenerational funeral homes has become increasingly challenging. In this blog post, we will delve into the intricacies of succession planning in the funeral profession, using insights from the 2023 NFDA Member Succession Planning Study as our guide. We will explore the evolving challenges faced by funeral professionals, delve into the critical elements of succession planning, and emphasize the necessity of early preparations and expert guidance. The Changing Landscape of Succession in Funeral […]
August 16, 2023

Crafting Connections: Understanding Your Digital Presence

In the ever-evolving digital landscape, funeral homes and cemeteries face new challenges and opportunities in connecting with their communities. In this blog, we will delve into how to improve the foundations of your digital presence for your funeral home or cemetery .   Local Search Ranking Performance: For funeral homes and cemeteries, local search ranking determines how easily potential clients can find them when searching for funeral/cemetery services, arrangements, or other relevant information. Google, as well as other prominent search engines, use the IP address of the user’s device to determine their approximate location. This helps Google understand which area the user is searching from. High local search ranking ensures that the funeral home’s website and information appear at the top of search results, increasing its visibility and chances of being chosen by those in need.   Search Engine Optimization […]
July 19, 2023

The Recent Changes to SBA Loan Guidelines Can Benefit Funeral Business Succession Planning Options

The landscape of SBA loans has undergone significant changes, bringing about exciting opportunities for the funeral home and cemetery profession. Equity injection requirements have been revamped, simplifying procedures and guidelines, and allowing for the 10% equity requirement to be totally met with a seller carry. The SBA has also reduced red tape and clarified affiliation standards, providing fair access to capital. Furthermore, the personal resource test has been eliminated, and lending criteria for creditworthiness have been streamlined. In this blog, we will explore how these changes impact funeral home and cemetery owners, highlighting the benefits and opportunities they bring. Rules have changed around equity injection Equity injection is new cash or other acceptable assets added to the project that is not on the borrower’s balance sheet prior to the equity injection. The most important element of this (especially for 1st […]
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