January 28, 2025
Written by Jarod Bernat It is hard to overstate how monumentally important selling a business is to a business owner. In most cases, 80% of a business owner’s entire net worth rests solely within the business itself. And other than selling a home, this is likely the largest liquidity event of a business owner’s life. These financial implications, along with the multitude of other factors that go into deciding to eventually sell a business, make it easy to understand why business owners seek expert guidance to help them navigate these situations. But most importantly, it is crucial to keep all your advisors on the same page so they can collaboratively guide you towards the best possible outcome. A couple of years ago, Foresight experienced a situation where a funeral home owner consulted multiple experts to assist with the sale of […]
January 28, 2025
Written by Matt Blackwell 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 […]
January 28, 2025
Written by Taylor Weber As we step into 2025, funeral home owners should focus on proactive adaptation rather than just market monitoring. Last year, we emphasized the importance of tracking market share to understand where your business stands. This year, it’s about using that data to make strategic moves. Here’s a focused checklist to help position your funeral home for success. Your 2025 Readiness Checklist Strengthen Financial Health Optimize your budget by going beyond a basic budget—review your cash flow plan, pricing strategy, and cost structure that align with rising expenses and market shifts. Strategic pricing adjustments ensure your pricing aligns with market trends and your profitability goals, especially if service costs are increasing. Strengthen your cash flow by actively reviewing outstanding balances and enforcing clear payment policies to reduce receivables. Enhance Family Experience & Service Personalization Families expect more […]
January 28, 2025
Written by the Team at Family Shield Credit As many funeral home owners and directors would agree, sometimes it can be hard to talk about payment with families during an arrangement. Because of this, funeral homes often times will perform a service and then look to collect payment afterwards. Next things next, your accounts receivables start to pile up and now you are spending more time on collections than you are focused on running your business and meeting with families. If this sounds like a familiar problem, it might be time to look for another solution to help. Family Shield Credit has made strides to address this very problem, and while they have only been around for just 3 years, they have already helped over 500 funeral homes across 24 states. By offering affordable loan options to families ranging from […]
January 28, 2025
Written by Wendy Russell Wiener, Managing Member, WRW Legal, PLLC During December, my law practice assisted clients with seven difference instances of “We _____ed the wrong body!” In some of those cases, the blank was filled with “cremated”, in others with “interred”, in another with “delivered”. And, yes, I said SEVEN in one month. You might be thinking, “Wendy, just what type of clients do you have?!” But, I assure you my clients are the best in our industry and profession. What did every single one of the incidents have in common? Simple failure to pay attention. That’s it. In every case, a human failed to properly identify the decedent that they were retrieving from refrigeration and took the decedent they retrieved, which was the wrong decedent, to their final disposition or in one case to the wrong destination. So, […]