June 27, 2024
Published by 
Jared Tanke on June 27, 2024
Jared Tanke on June 27, 2024Start your succession game plan today by addressing these five critical items in your current business operations. I have recently finished watching the hit TV show “Succession,” and I can’t recall how many times I thought to myself, wow, this is stressful just watching. If you’re not familiar with the show, it’s based on the Roy family, which owns a large media business and whose father, the CEO, is reaching the age of retirement and looking to identify his successor. Multiple sons and daughters, along with some trusted advisors, all fight for pole position to be named the ultimate successor. While this show has clearly been over-dramatized, there are many things we can take from its premise, the first one being that it pays to plan for the future. From the 2023 NFDA Member Succession Planning Study, it was found […]
May 29, 2024
Published by 
Nicole Vullo on May 29, 2024
Nicole Vullo on May 29, 2024Many times when our clients think of succession planning, they only think of the financial aspect of it. While this is a very important component, there is more too it when you are first getting started. In fact, one of the first steps is having the internal conversation with yourself and your team. We asked financial analyst, Taylor Weber to share her insights on this important first step in the succession planning process. Question: Other than financial planning, how can we start to prepare for Succession Planning Conversations internally? Taylor Weber: We often emphasize the equation plan + execution = success. This principle is particularly crucial when determining your exit strategy. With 55% of owners preferring to sell or transfer their business to a family member or current employee rather than a third party, succession planning becomes a vital and […]
May 29, 2024
Published by Nicole Vullo on May 29, 2024
Nicole Vullo on May 29, 2024A Crisis of Misunderstood Purpose: Why Funeral Homes Must Innovate to be Relevant and Attract Talent Written by Diann Anderson, formerly of Anderson Funeral & Cremation Services Is Your Website’s “About US” Tab Serving a Purpose? The funeral profession and most funeral home businesses are steeped in a rich history. If you take the time to click on the “About Us” tab on most funeral home websites, you will be able to read all about the history of that funeral home business. What you will be told is who started the business and how it has been handed over to the succeeding generations or how the business progressed with adding to the facilities and purchasing other funeral homes. You will read of the longevity of the business, conveying the message of stability; however, a history lesson doesn’t tell a potential […]
May 29, 2024
Published by 
Curtis Rostad on May 29, 2024
Curtis Rostad on May 29, 2024Across the ages, we’ve come up with some very creative ways to dispose of our dead. Yet to be answered for the future is what part funeral service will play in the circle of life. “In the sweat of your face shall you eat bread till you return to the ground, for out of it you were taken; for dust you are, and to dust you shall return.” – Genesis 3:19 NKJV According to the Book of Genesis, God’s curse upon mankind for eating the forbidden fruit was a life of labor and that all would die and return to the earth. The Christian burial rite expresses it as, “Earth to earth, ashes to ashes, dust to dust.” The opening song of The Lion King, composed by Elton John with lyrics by Tim Rice, calls it the Circle of Life […]
May 29, 2024
Published by 
Gabriel Ngo on May 29, 2024
Gabriel Ngo on May 29, 2024How to adapt to growing consumer demand for transparency and strategically navigate the FTC’s oncoming pricing requirements. Last month’s article, “Understanding Your Recovery Cost,” by Nelson Thulin, focused on appropriately pricing your services in order to cover your overhead costs. As a follow-up, this article focuses on what you should do to make your business more transparent to consumers once your pricing is in order. This involves answering three questions, which I will share in a bit, as well as understanding today’s consumers and the implications of why they increasingly demand transparency from businesses. Regarding the latter, it’s important to remember that the families you serve are simply a subset of consumers at large. This means they are influenced by the growing ease and experience they gain by patronizing Amazon, eBay and other online retailers. In practically every online experience […]