December 20, 2018
Published by 
Stephanie Ramsey on December 20, 2018
Stephanie Ramsey on December 20, 2018Scenario: Patterson-Mason Funeral Service is a multi-location business located in the northeastern United States. The business is owned by Frank Patterson and Adam Mason. Between the various locations, the business serves over 700 families annually and employs more than 20 staff members. The business has eight funeral directors, all of whom are identified as nonexempt employees. However, rather than paying overtime, it allows funeral directors to take comp time at a point during the calendar year that is convenient to them. The employees seem quite happy with the arrangement as it allows them to bank additional time for either vacation or personal days. Recently, one of their funeral directors, Pam, asked if she could roll over her unused comp time into the next year as she wasn’t sure she could take the time before the end of the year. Frank […]
December 19, 2018
Published by 
Dan Isard on December 19, 2018
Dan Isard on December 19, 2018When looking to purchase another firm, a SWOT analysis is a critical step in evaluating your firm’s and your market’s strengths, weaknesses, opportunities and threats. Dear Dan, I recently bought a funeral home in the next town. I think I did everything right. For years, I clipped your articles, and they helped prepare me for the big purchase. I got a business valuation (from a competitor of yours), secured financing by using my existing real estate and the new real estate, and got a Covenant Not to Compete (CNC) with the owner. I assigned the key man who had been there to a CNC as part of his employment agreement and am paying him an extra $10,000 a year for 10 years to promise not to compete. Everything was locked up tight at closing. Since the closing, however, a new […]
December 18, 2018
Published by Dan Isard on December 18, 2018
Dan Isard on December 18, 2018To successfully move their firms to a secure future, owners must have clarity of vision. Begin by answering these four important questions. Being a successful business owner requires vision, and the clarity of that vision will provide the best chance of success into the future. You must see – or predict – the future and be prepared to address its issues sooner rather than later. You also must communicate your vision for the future to the many stakeholders who rely on your decision-making, some of which are more reliant on your prognostication than others. Your community, employees, lenders/investors and family all have a vested interest in your ability to make good decisions. Of course, you rely on your decision-making as well. Experience is one of the best teachers; it shows you what can happen and the kinds of decisions you […]
December 14, 2018
Published by Dan Isard on December 14, 2018
Dan Isard on December 14, 2018Dear Dan, About 20 years ago my wife and decided to start a cemetery with two other couples. We knew nothing about the cemetery business before this venture began. We found land and a landscape architect. We hired companies to build some above-ground crypts and niches. We invested some of our cash and borrowed heavily from a local bank. We invested $2 million in 50 acres of land, but due to local ordinances, we can only develop half of our total space. We have 25 acres of land for cemetery use and 25 acres that must be left in its natural condition. From the beginning of this business venture, we have been losing money and sleep. We have not been cash-flow positive in any year. Now, all six of us are retiring and we don’t want the hemorrhaging of cash […]
November 12, 2018
Published by Stephanie Ramsey on November 12, 2018
Stephanie Ramsey on November 12, 2018There has been much chatter about the recent memorandum issued by Peter Rob, general counsel for the National Labor Relations Board. This memo highlights the NLRB’s decision to roll back previous rulings that had made nine common human resources policies illegal to protect the right of employees to participate in “protected concerted activities.” After reviewing these specific policies, the NLRB determined that unless these policies were being applied in a manner intended to interfere with an employee’s right to engage in protected, concerted activities, then they were legal for employers to apply to their work environment. So, what does this mean for funeral service businesses? Death-care professionals need to look at their existing employee handbooks and/or HR policies to determine if they should be revised to address the change in the NLRB’s position on these policies. Let’s take a look […]