Consumer Studies

In this industry spotlight, we want to highlight key insights into business succession. Every business will be sold or liquidated someday.  Given the choice, sold is usually much better.  Today there are about 19,000 funeral homes in the United States.   This is down from about 21,000, only 20 years ago.  To understand business succession metrics, you need to understand the following: How we lost 2,000 funeral homes? When did the total population has increased by about 20,000,000 Americans? What is the Average Age of American’s increased slightly? When did the mortality rate increase? We lost these businesses as active businesses because three dynamics: The business real estate was more valuable for general commercial purposes than it was as a funeral home The profitability of funeral homes is limited and as expenses increase, especially for staff and benefits, the profit decreases […]

When thinking about succession planning, I am reminded of the musical legend Kenny Rogers and his famous song entitled “The Gambler.”  The most iconic words of the song are “If you’re gonna play the game, boy, you gotta learn to play it right.  You got to know when to hold ‘em; know when to fold ‘em; know when to walk away; know when to run.  You never count your money when you’re sittin’ at the table, there’ll be time enough for countin’ when the dealin’s done.”  The sage advice that gambler gave the young man aboard the train one night is also sound advice when considering succession planning. Succession planning can be a real gamble if it is not done properly.  With proper planning, “every hand’s a winner”, but without it, “every hand’s a loser.”  According to the recent 2020 […]

 Simply put, succession planning is the strategy of passing on leadership roles, and often ownership of a company, to an employee or group of employees. Sounds simple, right? So why is this so difficult to do? – Its because there often isn’t the depth of leadership or skills within a small, often family-run funeral or cemetery business. It is also because many of us have problems letting go! Not long ago, the NFDA and Foundation Partners Group published a study called “2020 Funeral Business Planning Survey” about the state of Succession Planning in the Funeral and Cemetery Industry. The study showed that more than 50% of Owners plan to retire within the next five years (25% within the next 24 months) and more than 50% of those have little or no plan!  In a profession where we preach preparedness and […]

“Science and technology revolutionize our lives, but memory, tradition, and myth frame our response.” – Arthur M. Schlesinger (Historian) As always, I like to begin with a quote…firstly, to hopefully whet the brain’s appetite a little for the reader, and secondly, to provide somewhat of a theme for what I am about to write. In our recent Foresight Focus White Paper entitled Five Ways Technology Is Changing The Profession, we highlighted certain findings from our 2020 Foresight Funeral & Cemetery Consumer Behavior (FFCCB) Study on how the pandemic had changed consumer behaviors and forced our profession to adopt technology in order to continue serving families.  Those five highlights included the following: Investing in and embracing technology. Becoming comfortable with virtual communication. Being transparent with online information. Making it simple for consumers to interact with you. Failure is an option. For […]

One of the greatest mistakes that funeral home and cemetery owners and management make when putting together a strategic plan is confusing it with other types of planning. A strategic plan is a tool that provides a framework to accomplish a mission with efficiency and impact. If it is to be effective and useful, it must clearly define the goals, the action steps, and the resources to accomplish them. Typically, the Strategic Plan covers a timeframe of three to five years but must be constantly monitored and adjusted into clear annual operating plans. No matter what you call it, the key is that you have a plan. What is an operations plan? In short, it lays out who, what, when and how of your daily operations for the next year. It is meant to define how human, financial, and physical […]

“How lucky I am to have something that makes saying goodbye so hard.” – A.A. Milne, The Complete Tales of Winnie-the-Pooh I wanted to begin with this Winnie-the-Pooh quote as the theme of this writing.  However, I will tie this quote back into everything at the end. In our recently published 2020 Foresight Funeral & Cemetery Consumer Behavior Study, it reveals several key ways in which the pandemic has changed funeral and cemetery services in the minds and attitudes of the consumer in the United States—with most of these changes now universally recognized as permanent for a profession that simply has not changed significantly over the last century.  Some key consumer behavioral changes are directly related to pricing transparency online and include the following: 75% of consumers state that they want access to pricing online. 52% of consumers state that […]