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Finance Column Collection
July 20, 2021
Published by 
Dan Isard on July 20, 2021
Dan Isard on July 20, 2021How long will this peril haunt funeral service businesses? If you measure funeral service by universal crises, the crisis echoing in the 1980s was the FTC’s Funeral Rule. In the ’90s, the crisis was heralded as The Rise of the Acquisition Companies. Ironically, the crisis of the 2000s was The Fall of the Acquisition Companies (although it seems that everyone who hated them then somehow loved their money when they were ready to get out later, and now the market has crashed). Anyway, I would label the challenge of the 2010s The Cremation Crisis, as a 50% cremation rate became a reality in the United States. What about the 2020s? While it’s still early, I believe that for those of us who survived a pandemic and now progress from looking day by day to longer term, this span’s awakening peril […]
June 22, 2021
Published by Dan Isard on June 22, 2021
Dan Isard on June 22, 2021Whether you call this effort aftercare, community service or outreach programming, there are many ways to market the value of your ministry. Imagine you turn on your television and see a barker screaming, “I have a solution that will boost your business, increase average revenue per call, reduce bad debt, grow preneed and increase case count!” (If you’d change the channel, I wouldn’t blame you.) In the 35 years I’ve been researching the topic of community service performed by funeral homes, however, I can tell you straight up that doing community service properly will indeed increase average revenue per call, decrease bad debt, grow preneed services and increase your case count! It will also increase facility utilization (prepandemic, at least). Now, the question: “Why does community service create so many key benefits for my business?” There are three reasons. First, […]
May 21, 2021
Published by Dan Isard on May 21, 2021
Dan Isard on May 21, 2021Making sure the investment is worth the return. As a business owner, I’m sure, you feel very proud of your firm. You might even assume that everyone in your community knows about your business and watches every time you mow the grass or paint the outside. And there’s no doubt they will contact you within minutes if you raise your prices, right? The reality is that most people call on a funeral home only when there is an emergency or an imminent problem; they rarely know about price changes, painting or lawncare. In fact, despite investing your money in or inheriting your business, you might have discovered that many people come to your firm thinking Ol’ Man Jones is still in charge. Well, you chose to control your own destiny. You made the decision to be a business owner because […]
April 21, 2021
Published by Dan Isard on April 21, 2021
Dan Isard on April 21, 2021Two successful funeral businesses with a real commitment to preneed. During my lifetime, I have been asked many questions that seemingly have no answer. Why is the sky blue? Why is the ocean blue? Why are Slurpees blue? My answer to all of these questions is that the blue lobbyist is better at his or her job than those lobbying for other colors. Anyway… one question I’ve often been asked is, “Why should I sell preneed?” I have spent my career researching preneed from all angles, and I can tell you there are many dynamics to this issue, including: Funding: trust, insurance, annuity or don’t fund Transference: at face value, original funding value, current value or don’t transfer State legal requirements: 100% trust, something less than 100% trust, use trust or insurance, don’t use trust or don’t use insurance. After […]
March 22, 2021
Published by Dan Isard on March 22, 2021
Dan Isard on March 22, 2021The magnitude of the pandemic means you must reexamine your business from every angle. The past 12 months have been the longest in the history of mankind as we endured agonizing experiences caused by COVID-19. It was on March 11, 2020, that the World Health Organization declared COVID-19 a pandemic. And funeral service changed. Just as those who survived the Great Depression were never the same, everyone in America (and the world) will never be the same. In the world of funeral service, we have seen every dynamic of the business change – from the behavior of consumers and their support teams to the professionals. As consumer behavior changes, funeral service professionals must adapt. And while funeral service typically does a bad job reacting to change as a profession, the magnitude of the pandemic means you must revisit everything you […]