Matt Blackwell

When a business goes to market, many owners think of due diligence as a checklist. It’s not. Due diligence is where buyers validate everything they’ve been told and uncover what they haven’t. More importantly, it’s where they assign value to risk. That process ultimately answers three questions: What am I buying? What could go wrong? And what is that worth? For sellers, this is the moment where preparation either protects value—or erodes it. Not All Buyers Approach Diligence the Same Way One of the most overlooked realities in a transaction is that the buyer determines the process. A first-time or individual buyer may take a more informal approach, with fewer requests and slower pacing. A private equity-backed group, on the other hand, will run a structured, high-intensity process with dedicated teams, third-party financial reviews, and constant information flow. The implication […]

When funeral home owners begin thinking about a sale, the focus often turns to valuation multiples and market timing. In reality, buyers start somewhere else. They start with risk. Every buyer, whether a regional operator, public consolidator, or private equity backed group, is trying to mitigate downside. Red flags are simply indicators of risk. Not every issue will kill a transaction, but almost every red flag affects price, structure, or terms. More importantly, surprises during diligence damage credibility and shift leverage to the buyer. Call volume quality is one of the first areas buyers analyze. Unexplained declines or volatility raise concerns about lost relationships, service quality, or competitive pressure. Market share trends matter. So does concentration risk. Heavy reliance on a single church, hospital, or municipality may inflate current performance but create meaningful downside if that relationship changes. Revenue quality […]

Why Most Funeral Homes Feel Financially Tighter Than They Actually Are Most funeral home owners do not view themselves as poor financial managers. In fact, many are quite capable. The business pays its bills, employees are taken care of, and families continue to be served well. Revenue may not be growing meaningfully, but it is not collapsing either. And yet, the stress is still there. It usually shows up in the same places. Payroll never feels fully comfortable. Capital projects get pushed back again and again. Pricing changes feel risky, even when costs are clearly rising. Over time, that feeling becomes familiar enough that owners assume it is simply part of running a funeral home. In our experience at Foresight, that tension is rarely caused by declining performance. More often, it comes from a lack of financial structure. Pricing is […]

A sale is one of the most significant moments you can experience in your career as a business owner in this profession. So many factors are important when it comes time to sell, including the final purchase price. But for so many owners, it’s not the only thing. Reputation, legacy, and the relationships built in the community matter just as much, often times more. In fact, the 2023 NFDA Member Succession Study found that only 13% of owners said price was the most important thing to consider when selling or transferring the business. Leading that poll was “Maintaining Presence in the Community”, and “Family Legacy” at 30.8% and 26.6% respectively. This study shows that a successful transition is not just a financial decision, but also about protecting your name on the side of the building. At Foresight, we view every […]

If you’re an independent funeral home or cemetery owner, tracking public company performance might seem like something only Wall Street cares about. But the truth is, these companies influence the entire profession, especially when it comes to how buyers think, how valuations are framed, and what success looks like in today’s market. At Foresight, we maintain a quarterly model that tracks the two dominant public players in the funeral profession: Service Corporation International (SCI) and Carriage Services (CSV). We analyze their financials, monitor their growth, and benchmark their performance against trends we see across the country. The goal isn’t to mimic every move they make. It’s to study what’s working, what’s not, and use it as a reference point for private business owners who want to grow, transition, or better understand their own value. What the Data Reveals We track […]

In funeral service, first impressions aren’t optional — they’re foundational. We don’t get the luxury of a second chance. Whether it’s a family walking through your doors, calling in the middle of the night, or googling you while sitting in an ICU waiting room, that first contact sets the tone for everything that follows. And here’s the kicker: that first impression might happen in the arrangement room — but it probably happens long before that. The family may have already decided to call you before you ever speak. Maybe it was your hearse they saw last year at a neighbor’s service. Maybe it was the way your staff carried themselves at a community event. Maybe it was your website — easy to use, or a mess of outdated links and confusion. Or maybe it was your name coming up in […]

There’s no perfect script for telling your team you’re selling the funeral home—but there is a wrong way. That’s not addressing it head on, keeping things vague, or waiting too long and letting your staff hear it from third parties like their casket rep. In a profession built on trust and relationships, that kind of surprise doesn’t just bruise morale—it can erode the culture you spent a career building. Selling your funeral home isn’t just a transaction. You’re handing over something deeply personal—a community institution, a brand your team helped shape, a space where families found comfort. When staff are kept in the dark until the last second, it stirs panic, invites rumors, and makes buyers wonder if they’re inheriting a team—or a time bomb. Here’s how to do it better. These aren’t just bullet points from a handbook—they’re lessons […]

Selling a business is both a significant milestone and a complex endeavor. One recent case involved the sale of a family-owned business and offered valuable insights for owners preparing to sell. The challenges faced during this process revealed three crucial lessons every business owner should keep in mind to achieve a successful transaction. Establish Clear and Realistic Expectations One of the biggest hurdles in this case stemmed from unrealistic expectations about the business’s value. The owners’ valuation, heavily influenced by external comparisons, far exceeded what the market deemed reasonable. This misalignment led to initial frustration and delays in negotiations. What Owners Can Learn: Understanding the factors that influence a business’s valuation is critical. Relying on sentimental value or unsubstantiated comparisons can lead to disappointment. Instead, work with experts to gain a realistic perspective grounded in market trends, operational metrics, and […]