February 13, 2019
Published by 
Stephanie Ramsey on February 13, 2019
Stephanie Ramsey on February 13, 2019A Conversation with Stephanie Ramsey By Jennifer Padilla Sexual harassment has been a problem that continues to plague workplaces across industries – and funeral homes are no exception. The #MeToo movement spiraled in late 2017 in an attempt to break the stigma and promote dialogue of unwelcome sexual behavior – with prominent men in entertainment, media and politics bearing the brunt of the scrutiny. A Pew Research Center study conducted in early 2018 found that when it comes to sexual harassment in the workplace, 50 percent of respondents are concerned about men getting away with sexual harassment; 46 percent are concerned with women not being believed; 34 percent are concerned about employers firing accused men before finding out all the facts; and 31 percent are concerned with women making false accusations. The survey also revealed that 51 percent of respondents […]
January 30, 2019
Published by 
Kevin Kruger on January 30, 2019
Kevin Kruger on January 30, 2019The funeral service business used to be more about service than about business. Almost all bodies were casketed and once the family picked the casket, the bulk of the funeral arrangement pricing was already determined. Many family owned businesses also had a trusted accountant or other advisor who would meet with the owners to discuss pricing, managing expenses and measuring profit. The FTC rule requiring an itemized GPL ended the decades of easy pricing systems. The increase in cremation as a disposition choice has altered the economics of death care. The trusted family accountant is also more often a memory of a different era than a reality of today’s world. Unfortunately, the economics of running a business are not adequately taught in mortuary school and many owner/operators do not have the knowledge to make the best choices when it comes […]
January 11, 2019
Published by 
Dan Isard on January 11, 2019
Dan Isard on January 11, 2019A new lineup of coverage in this column for 2019, starting with cash and receivables. I am a child of television. When I was born, it was black and white, just three channels, it fed into my house through the air and perfected on the screen by how I’d twist the antenna wires. (I know, that explains so much…) Today, there are a thousand stations brought in via satellite, super-duper color and even 3-D watching! The audio is movie theater-quality surround sound. But still I am fixated on home repair, restaurant makeover and hotel refurbishing programs. If the star of the show can’t wield a sledge hammer, I flip to one of the other 997 channels. Business is the same way. The Director has introduced the 2020 Vision concept to raise the bar on the importance of planning for the […]
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 […]