November 25, 2024
Published by 
Nicole Vullo on November 25, 2024
Nicole Vullo on November 25, 2024Written by Jarod Bernat The highs and lows of business valuation and the tools and processes you need in place for a successful transfer of ownership. It’s been difficult not to notice the craziness happening all around us and how it impacts the economy in turn. Just consider that the funeral service profession also experienced some of the most significant ups and downs throughout the COVID pandemic and its aftermath. With death rates fluctuating year to year and competent staffing becoming increasingly more difficult to retain, combined with the overall shift in the economic environment today, tracking the value of your business has been anything but linear lately. In the 2023 NFDA Member Succession Planning Study, only 53.1% of owners surveyed responded that they knew the value of their business. Even then, this does not differentiate “yes” responses among those […]
November 25, 2024
Published by Nicole Vullo on November 25, 2024
Nicole Vullo on November 25, 2024Contributed by the Lawyers at WRW Legal, PLLC: Wendy Russell Wiener, Lauren Pettine and Henry Thompson As the new year approaches, each business should be engaged in both reflection and anticipation. Ensuring that all your licenses, both facility and individual, are current and properly renewed is a key to ensuring you get off to a good start in 2025. This seems such a basic idea which might be why so many businesses fail to secure, maintain and renew their licenses each year. Consider these: Many state regulators’ budgets are supported, partly or wholly, by the fines the regulator generates from the industry. Put more simply, when you fail to renew your license the time you operate “on” the expired license is actually unlicensed practice. States impose fines for unlicensed practice that range from small to $10,000 per occurrence and more. […]
November 25, 2024
Published by Nicole Vullo on November 25, 2024
Nicole Vullo on November 25, 2024Written by Luke Potter A SWOT analysis is a strategic planning tool that helps businesses and organizations assess their internal strengths and weaknesses, as well as the external opportunities and threats they face. The acronym stands for Strengths, Weaknesses, Opportunities, and Threats. By conducting a SWOT analysis, an organization can gain valuable insights into where it stands in the market, what it does well, where it may be falling short, and how it can capitalize on emerging trends or mitigate potential risks. For funeral home operators, performing a SWOT analysis is crucial to improving service quality, boosting customer satisfaction, and staying competitive in a market that requires sensitivity, professionalism, and trust. What is a SWOT Analysis? A SWOT analysis involves evaluating both internal and external factors that can influence a business’s performance. The internal factors include strengths and weaknesses, while […]
November 25, 2024
Published by Nicole Vullo on November 25, 2024
Nicole Vullo on November 25, 2024In today’s digital world, having a strong online presence is no longer optional for businesses—it’s essential. This holds true also for funeral homes and cemeteries as well. A website serves as the cornerstone of your digital identity and provides an invaluable platform to showcase your products, services, and values. Regardless of the size or type of business, a website can be the key to your growth and success. Here is why having a website is critical for your business in 2024 and beyond. Increased Visibility and Accessibility A website is accessible 24/7, allowing potential customers to find and learn about your business anytime, anywhere. This presence expands your reach beyond local customers. Credibility and Professionalism Many families and clients expect a legitimate business to have an online presence, which helps build trust and credibility. A well-designed website reflects professionalism, making […]
October 30, 2024
Published by Nicole Vullo on October 30, 2024
Nicole Vullo on October 30, 2024Written by Jarod Bernat We’ve all heard the common adage “Location, Location, Location” used to denote which important factors influence home values most. This phrase also proves to be just as applicable to cemeteries and funeral homes, but not just because these businesses are often operated out of valuable commercial properties. The location, and more specifically, the demographics of the service markets of these businesses, impact how we must approach strategic business planning with regards to pricing, staffing, and succession planning. “Demographics” as a broad term refer to the statistical data and characteristics relating to a defined population and the groups within it. In a profession like ours, this information is vital to the success of our businesses now and in the future, since the communities we serve often determine their service provider based on whom they feel most comfortable […]