Articles

The highs and lows of business valuation and the tools and processes you need in place for a successful transfer of ownership. It’s been difficult not to notice the craziness happening all around us and how it impacts the economy in turn. Just consider that the funeral service profession also experienced some of the most significant ups and downs throughout the COVID pandemic and its aftermath. With death rates fluctuating year to year and competent staffing becoming increasingly more difficult to retain, combined with the overall shift in the economic environment today, tracking the value of your business has been anything but linear lately. In the 2023 NFDA Member Succession Planning Study, only 53.1% of owners surveyed responded that they knew the value of their business. Even then, this does not differentiate “yes” responses among those who know the value […]

Diligent business owners must adapt to meet their clients where they are because it’s clear consumers aren’t going back. I first stumbled onto the phrase “nothing changes if nothing changes” while scrolling through Instagram in May 2023. As an older millennial, Instagram is where I get most of my daily laughs and content, as opposed to TikTok. (Boy, do I feel old saying that TikTok is too young for me… but I digress.) When I first saw the saying, my immediate response was, “Well, obviously!” Little did I know at the time, however, that this would become my personal mantra the following month as I began a new lifestyle journey after deciding to finally get into shape. (If anyone needs Pilates studio recommendations or suggestions on plant based protein powders, I’m your girl!) After first reading the expression, it might […]

Scenario: Meet Jordan Strong, owner of Strong Funeral and Cremation Services. Jordan’s business consists of two locations in the Southeastern United States serving more than 500 families annually. Jordan is very proud of the multicultural aspect of the families he serves, and his staff reflects that ethnic diversity. The keystone to Jordan’s success is his staff and the high-level service that is provided to every family regardless of whether they are choosing cremation or burial. His staff is trained to focus on memorialization and making each funeral arrangement unique for the family. Jordan has strived to create a positive work environment by utilizing effective HR techniques such as employee handbooks and policies as well as team building exercises. Employees are also asked to periodically participate in anonymous surveys to help determine if all is well. Despite all these efforts, the […]

How to assess your current status and plan for success in the final stretch of 2024. As we wrap up summer and head into the final stretch of 2024, it’s time to pause to take inventory of what the first two-thirds of the year brought and assess both what has gone well and the things that haven’t met expectations. In March, this column explored how planning and execution lead to business success. Here, I’m refocusing on that subject to help you position yourself for a successful finish to 2024.  Assess Your Current Status As the challenges in your small business and profession mount, it’s critical to have real information and awareness of your business and the market around you. You need good, consistent data; having little or no information is even more reason to recalibrate for a better finish to the […]

Check Your Bottom Line, It Could Be a Staffing Issue Jack Spratt operates the McLean Funeral Home which does about 150 calls a year. Yes, the names are fictitious, but the funeral home is real. Most of his calls are still traditional funerals including casket, visitation, funeral service, and cemetery burial, but his cremation rate is about 40%. His prices are in line with his competition and the rest of his service area. He is still purchasing the business from his father-in-law, but the payments are reasonable for the size of business. His collections are reasonably good. He said his staff is hardworking, if not overworked, and yet he said he isn’t making money and he wants to know what to do. A quick glance at his profit and loss statement reveals his problem. While you would expect a funeral […]