June 27, 2024
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Jarod Bernat on June 27, 2024
Jarod Bernat on June 27, 2024As the first half of 2024 comes to a close, it is time to take a look back at how the year has unfolded so far. I’m sure everyone established a budget at the start of 2024, and I’m also sure everyone has set aside time to review how they’ve done versus their expectations through the first six months of the year. Could you read my sarcasm there? Okay, maybe it’s a bit presumptive to assume everyone took time to budget their year out, especially since we’re talking about a profession that’s infamous for being a 24/7 commitment. But it is vitally important to our evolution as business owners to set goals each year, and then afterwards, reflect on our performance against those goals. This means that we must intermittently self-evaluate to identify times in which we may need to […]
February 29, 2024
Published by Jarod Bernat on February 29, 2024
Jarod Bernat on February 29, 2024As we collaborate with our clients on their business operations, one of the components that we always factor in is creating a proper your succession plan early so that you are prepared well in advance of your transition out of the profession. Planning for your future now is vital. We asked Senior Associate, Jarod Bernat to share his insights on how the importance of a succession plan for a funeral home or cemetery business. Question: I do not have a succession plan for my business created yet. Do I really need one? Jarod Bernat: It often seems that within our profession, “planning for the future” takes on a different meaning than it does to the rest of the world. The funeral and cemetery profession is dominated by devoted servants to their communities who plan their lives and their businesses one […]
November 28, 2023
Published by Jarod Bernat on November 28, 2023
Jarod Bernat on November 28, 2023Growing your business can be challenging for some owners and operators within the funeral and cemetery profession. Between competition in your market to adapting to new consumer behaviors, we understand the process of growth can become complex. We asked Senior M&A Analyst, Jarod Bernat to further elaborate significant ways to expand your business. Question: I feel like our funeral home’s market share has hit a plateau and can’t seem to grow any further. How can I continue to grow my business? Jarod Bernat: Since the funeral industry is one where serviceable market areas and direct competitors can be easily identified and tracked, it’s easy to keep up with how you compare to “the other guys”. Sometimes it might feel like you’ve exhausted all resources trying to grow within your market, but you’ve hit a wall and case count won’t budge. […]
August 28, 2023
Published by Jarod Bernat on August 28, 2023
Jarod Bernat on August 28, 2023Over the past few decades, we saw the introduction of the FTC rule requiring funeral homes to provide families with GPL’s when requested, the introduction of the internet providing a whole new interface with consumers, and the newest FTC rule requiring online access to GPL’s in some states. Given that the industry is well-known for not being early adapters to new technology or trends, it is no surprise that there has been significant pushback to the utilization of the internet to display pricing within the profession. Business owners fear that when prices are posted online, they will be compared to their competitors, and prices will become a race to the bottom. But while this may seem like the only possible conclusion at first glance, there is much more to consider as the internet can really be a massive opportunity to […]
May 29, 2023
Published by Jarod Bernat on May 29, 2023
Jarod Bernat on May 29, 2023It’s well known that in our industry, there are slow and high-volume periods that vary with the seasons due to the ebbs and flows of mortality rates as the year progresses. The timing of these periods can vary from region to region, but generally, they are fairly predictable based on historical precedent – this is what we call “seasonality”. During the summer, the sun nourishes our bodies with more Vitamin D than the rest of the year improving our immune systems, we’re more active outdoors, and overall moods improve. These factors combine to lower mortality rates compared to the winter month when the cold and lack of sunlight negatively impacts our immunity and health. Based on The Journal of Steroid Biochemistry and Molecular Biology, US death rates are about 25% higher in winter than in the summer. This means that […]