Business Financing

October 25, 2020

Ask the Experts! Your questions on financing answered by Foresight!

One service area that we are always asked for insight and guidance on is our Business Financing Services. For this month’s column, we combined all of the most popular financing questions into one comprehensive article. Continue reading below as Doug Gober, Partner provides some insights on SBA financing, debt refinancing, borrowing limits, and more.  Question: Why would I want to get SBA financing instead of going to my local bank? Doug Gober: Since its inception, SBA lending has become very popular because it opens the door to a larger base of entrepreneurs transitioning into businesses. It does so by reducing the amount of initial investment required and extending the terms on of the loan. Unless you have significant investment dollars available, it is difficult for quality, skilled people to become a business owner using conventional lending. Conventional commercial lending effectively […]
October 25, 2020

Step 10: Borrowing and Cash Management

Neither a borrower nor a lender be. – Hamlet, Act 1, Scene 3 I quoted Lord Polonius from Shakespeare’s famous play because I needed someone expressing the wrong opinion on the merits of borrowing. Sure, I could have quoted any of 200 different radio talk show hosts, but then I might appear narrow-minded or opinionated. I also could have quoted several funeral home owners, but then they might feel offended. Anyway, in this 10th installment of our 12-part 20/20 vision of rebuilding your funeral business, I will explain borrowing, give examples of when and when not to borrow and note from whom you should and should not borrow. And, of course, I will do all of this without using mathematics or being opinionated… BORROWING DURING A PANDEMIC There is only one certainty during a pandemic to a business owner: You […]
September 21, 2020

NFDA Consumer Awareness and Preferences Survey: My 2020 Takeaway

Before I comment on the top slides in the survey I think every funeral director should be focused on, allow me to say that I love the fact that this survey is intentionally trying to be more inclusive. One key point I must assert first is brought about by these changes in survey demographics. The 2020 survey takes into consideration people of wider race and age than ever before. It’s weighting younger this year, with 62.1% of respondents between ages 40 and 54 (compared to 36.1% in 2019 and 23.7% in 2018). The survey is also weighting more diverse. A higher percentage of respondents identified themselves as Hispanic (15.5%, compared to 11.1% in 2019), and fewer identified themselves as white (52.4%, compared to 57.9% in 2019). I also believe that leading to a shift in perceived results is the higher […]
September 21, 2020

Step 9: Collecting Receivables

Four objectives to increase receivables collection and cut down on bad debt. To explore the concept of collecting receivables, I first want to share with you the day I met with the funeral director who handled my father’s funeral. I had been in this profession as a consultant for about a decade, and to prepare for the aging of my parents, I set up a joint checking account with my folks. When my dad, Max, died, I went to the funeral director with my father’s checkbook in hand to make his final arrangements. I picked out the casket and arranged the other service details. (The cemetery plot had been pre-purchased.) When we were finished, I said to Bennett, the funeral director: “I have Max’s checkbook here. How much do I owe you?” Bennett said, “Dan, we will send you a […]
August 13, 2020

A Polaroid Picture of Funeral Service Post Covid-19 Part-Two

Editor’s Note: This is the second article in a two-part series on the results of a survey The Foresight Companies commissioned on the effect COVID-19 has had on how consumers think of funeral service. Last month, I began to share my thoughts about the future of funeral service, based on facts collected from a nationwide survey of more than 2,500 consumers. In case you either don’t remember or did not read last month’s article, we surveyed people throughout the United States and asked them to tell us their thoughts on more than 80 points of interest dealing with consumers’ expectations of the funeral and cemetery professions. We asked them to tell us what their thoughts were before COVID-19, during their self-isolation period, and what they perceived would be their expectations post COVID-19. We asked them this on the weekend just […]
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