September 28, 2023

Introducing Our New Ask the Owners Column

The Foresight team is excited to announce that we are introducing a new blog column! When we first started our Ask the Experts and Ask the Analysts columns it was our goal to use these blogs to answer the most important questions funeral and cemetery professionals had about their businesses. With this is mind, we wanted to bring a new perspective to these vital questions: the viewpoint of owners and operators. We are honored to introduce you to Stephen and Diann Anderson, formerly of Anderson Funeral & Cremation Services. Each month Stephen and Diann will provide insightful information to help you improve how to operate your businesses. To start our column, please allow us to introduce you to Stephen and Diann as they tell us their goals for the “Ask the Owner” blog column: To the Funeral and Cemetery Profession, […]
September 26, 2023

Ask the Analyst: Key Considerations When Choosing a Successor

Having a succession plan in place for your funeral home or cemetery business is vital in today’s business environment. While there are many elements that go into your succession plan, one that is of high importance is who to choose as your successor. In our latest Ask the Analyst blog, Sierra Heil shares the key consideration when deciding who the successor of your business will be. Question: I am in the process of deciding who to succeed me in my funeral business. What are the important things to consider when selecting my successor? Sierra Heil: For all funeral home owners the decision to choose a successor to sell your business to is a significant and deeply personal one. Your business holds a special place in your heart, as you have helped families during their most challenging times and built up a […]
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 27, 2023

Ask the Analyst: Acceptable Addbacks and Adjustments to Your EBITDA Figure

One of the important steps to take when considering selling your business is to review your financial health. Part of this is to review any addbacks or adjustments to your EBITDA Figure. As this is of high importance to potential buyers of your funeral home or cemetery, we asked Jared Tanke to walk us through some examples. Question: I am reviewing my 2023 information to prepare for a potential sale. What expenses can be added back to my financials? Jared Tanke: When it comes to evaluating the financial health of a funeral business for potential acquisition, one key metric that buyers often consider is EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). However, it is important to understand that EBITDA alone may not always provide a complete picture of a company’s profitability. To accurately assess the true financial performance, buyers […]
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