October 20, 2017
Published by 
Dan Isard on October 20, 2017
Dan Isard on October 20, 2017Considerations to help you prepare for a family seeking discounted pricing. Dear Dan, My funeral home is on the Cape. That means I deal with Yankees every day. I don’t mean the baseball team; we love our Sox here. I’m talking about stubborn, frugal people. I get requests all the time to match my competitor’s price. How would you recommend I handle this? That Guy From Nantucket Dear That Guy, I love the Cape, having just discovered it last year. I wish I had received your letter sooner so I could have expensed my vacation. As I sat at a crab shack with some of those slimy things you guys eat, I would have said to the waitress, “Hey, Red Lobster sells these gross, gooey globs for half of what you sell them for so I would like you to […]
October 20, 2017
Published by Dan Isard on October 20, 2017
Dan Isard on October 20, 2017Price Shoppers and Payment Issues Dealing with shoppers is a matter of training, and the easiest way to make certain families have the assets at the time of death is to provide the assets for them with prefunding. Dear Dan, I run a 200-call, two-location business. I follow your column and read every article. However, I don’t think you know my market. I don’t know what happens in your market, but here in Lake Country, we get one price shopper per day. Our community has a large population of retirees and many people of limited means. Please tell me how to handle price shoppers. Signed, Mistake on the Lake Dear MOTL, Today, there are so many societal changes that impact the operations of funeral providers. You do not have to be a funeral home owner/manager in a retirement community […]
September 22, 2017
Published by Dan Isard on September 22, 2017
Dan Isard on September 22, 2017Why is it that consumers don’t revere caskets and urns like the vast majority in the funeral profession? Undoubtedly, caskets and urns are elements of a funeral. But, unless there is some form of spectacular customization, both are containers for human remains. Marketing by the big casket companies shifted focus away from services to their manufactured products, thus attempting to make caskets and urns the centerpiece of a funeral. Unfortunately, while this brilliant marketing was taking place, the price of caskets skyrocketed and prices for services stagnated. The tragedy is many professionals drank the Kool-Aid. Their own service charges lagged, thus contributing to the now-lackluster funeral home profit margin of around 7 percent. For those that do not know, there was a time I worked for a big casket company. Thus, I have firsthand knowledge regarding products, contracts, marketing and […]
September 22, 2017
Published by 
Stephanie Ramsey on September 22, 2017
Stephanie Ramsey on September 22, 2017HR Reality Check: Yep, the Stories are True! HR Case Study #7 Scenario: Clyde Smith owns and operates the Smith Family Funeral Home in a suburban southwestern town. He is well known in the community and provides several part-time positions to a number of local college students. As far as Clyde is concerned, the work environment at his facility is professional and friendly. This all changed when two of his part-time employees entered his office late one Friday afternoon clearly arguing. He also noted that the mouth of the 19-year-old, Billy, was very red. Sara, his 22-year-old co-worker, was very clearly agitated. Immediately upon entering his office, they both started talking at once to explain their position. As they began talking over each other, Clyde had trouble understanding the details of what had happened. However, one fact was crystal clear; […]
September 13, 2017
Published by Dan Isard on September 13, 2017
Dan Isard on September 13, 2017Where Do I Go From Here? The components of a buy-sell agreement, establishing fair market value, valuing shareholders’ stock and determining whether the transaction is financeable. Dear Dan, Almost 30 years ago, I started to work for a funeral home. About 10 years into my employment, I was given the chance to buy a 25% stake in the business for $100,000. The seller, 10 years older than I am, continued to work with me as the 75% stockholder. I agreed to allow him to deduct $650 per month from my paycheck to finance this purchase over 20 years. His lawyer wrote up a buy-sell agreement I was told was routine and ordinary. Over the past 20 years, nothing has changed within the scope of the buy-sell agreement. Even with the decline in interest rates, I did not request a change. […]