Finance Column Collection

With an annual loss of more than 1,700 directors with five or more years’ experience, will staffing issues be owners’ most daunting challenge to come? In the 1980s, when nationwide rates were 7% or less, I predicted that cremation, coupled with the implementation of itemized pricing (as mandated by the FTC Funeral Rule), would be the biggest challenge funeral service would face in my lifetime. It’s now 2020, I’m still alive, and I was right. So now I’m going to give the next eon of funeral home owners my prediction for the future: The integration of staffing and licensure will be the biggest challenge for the next 40 years on many levels. This topic falls in line with this month’s editorial focus on the new breed of funeral directors. New Bs, as I will refer to them, are our salvation […]

Tax planning issues, four decisions to make for your business return and things your accountant should know. I’m going to open your 2020 vision on taxes based on some quotes. So, while you may not believe me, believe them. Taxes are so important to plan because they are a huge cost to your business with no return on investment. “Our new Constitution is now established and has an appearance that promises permanency, but in this world, nothing can be said to be certain except death and taxes.” – Benjamin Franklin, 1789 Those of us in funeral service have a unique perspective. We have seen how the government, via the FTC Funeral Rule, has messed with “death,” and via the IRS, “taxes.” This quote has survived 221 years but will not survive another 100. The problem is most funeral home owners […]

Six marketing dimensions to implement now. Last month, I provided to readers the vision to understand key points of marketing and advertising and made reference to some matters the online world addresses. Normally, for an article dealing with technical points, I would do it slowly, giving some basics and then moving to more complicated matters. Unfortunately, we do not have time to go slowly! So, let’s deep-dive into the topic, and keep your eyes open. Following are six key points to implement now or you will miss the proverbial boat. Remember, your competitor is reading this column, too! The funeral service online world is used for communication, marketing, education and service. Have Your Own Website  There are some 19,000 funeral homes in the country, some 14,000 of which are privately owned. I would estimate that about 10,000 of those privately […]