June 1, 2018
Published by 
Stephanie Ramsey on June 1, 2018
Stephanie Ramsey on June 1, 2018SCENARIO: Jordan Watson, owner of Watson Family Funeral Services, recently found himself dealing with an employee situation he simply didn’t know how to address. His firm had been serving his East Coast community for multiple generations and had a stellar reputation. Indeed, he often thought of his staff as his extended family rather than employees. The business served just under 300 families per year, and the team frequently received accolades from the families it served. About six months ago, the longtime office manager, Shelia, retired. The assistant office manager, Karen, was promoted to her role and a new assistant office manager, Barbara, was hired. Barbara was new to the funeral industry but had a few years of experience working in a busy doctor’s office. All indications were that she would be a good fit for the position. After she […]
May 10, 2018
Published by 
Kevin Kruger on May 10, 2018
Kevin Kruger on May 10, 2018Some of you may be familiar with The Foresight Companies as a provider of a range of financial consulting and accounting services. As director of business analysis for Foresight, one service that my department provides our clients is an annual review of their pricing and General Price List. Our process involves producing a realistic budget to accurately forecast anticipated overhead. We then compare GPL pricing to see how likely you will be to exceed the target. I have looked at dozens of GPLs in the last two months and am repeatedly struck by a consistent mistake that funeral home owners make in pricing the Federal Trade Commission-mandated direct cremation package. Let me first lay out several assumptions that lead me to this conclusion. Funeral service is undergoing a significant transformation with the nationwide increase in the cremation rate. Some families […]
May 3, 2018
Published by 
Dan Isard on May 3, 2018
Dan Isard on May 3, 2018Dear Dan, I have trouble selling markers to families. During a sales conference, at need or in advance of need, my first emphasis is the sale of the interment right. Then, I focus on the vault, if they haven’t pre-purchased it from the funeral home. Lastly, I try to sell the marker. Of course, many have pre-purchased it from the funeral home, but those that haven’t tell me they “don’t have much money” and I tell them we can put up a temporary marker for them until they can make the commitment. I have a similar problem with cremation families. We own our own crematory so we have a great advantage in our market. We have built two columbaria. One is a granite-front and one is a glass-front. Everyone tells me glass-front niches sell rapidly, but I do not find […]
April 25, 2018
Published by Dan Isard on April 25, 2018
Dan Isard on April 25, 2018Dear Dan, Aloha from the 50th state! Dan, I have the chance to buy a business. It’s a great business with a wonderful reputation. The only negative is that I’m buying the business and not the real estate. The real estate cost is far beyond what I can afford, so I will continue to be renting the real estate just as the former owner had. There are 14 years maximum left of the lease. What should I be aware of? Aloha Al Dear Al, Aloha! Thanks for the note. I’ve managed funeral homes and cemeteries on the islands, so I know what you mean by the high cost of real estate. Anytime beachfront is measured by the linear inch, the real estate has to be expensive. Based on your letter, there are several key points to address. First, let […]
April 25, 2018
Published by Stephanie Ramsey on April 25, 2018
Stephanie Ramsey on April 25, 201810 ideas to help you improve your workplace environment and motivate employees to stay long term. TODAY, ONE OF THE BIGGEST challenges the funeral industry faces is finding and retaining qualified staff. Each year, it seems as if fewer students are graduating from accredited mortuary school programs, and most of those who do graduate do not have any practical experience in the industry and find themselves surprised by the reality of the workplace. Quite often, the stress of the work combined with the unusual work hours lead to new hires jumping ship to find another career path. Locating staff appropriate for a funeral service business can be a complicated and expensive process. However, retaining employees is another hurdle as funeral businesses find themselves competing for the same candidates. Rather than focusing solely on how to find new employees, perhaps funeral […]