October 25, 2020

Step 10: Borrowing and Cash Management

Neither a borrower nor a lender be. – Hamlet, Act 1, Scene 3 I quoted Lord Polonius from Shakespeare’s famous play because I needed someone expressing the wrong opinion on the merits of borrowing. Sure, I could have quoted any of 200 different radio talk show hosts, but then I might appear narrow-minded or opinionated. I also could have quoted several funeral home owners, but then they might feel offended. Anyway, in this 10th installment of our 12-part 20/20 vision of rebuilding your funeral business, I will explain borrowing, give examples of when and when not to borrow and note from whom you should and should not borrow. And, of course, I will do all of this without using mathematics or being opinionated… BORROWING DURING A PANDEMIC There is only one certainty during a pandemic to a business owner: You […]
October 22, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

It is official, Lenders are submitting decisions on PPP Forgiveness Applications

Recently, a Foresight client reached out to our team with wonderful news to share. Their lender had completed the review of their PPP Forgiveness application and approved their amount in FULL! We knew that the Small Business Administration officially opened their Paycheck Protection Program loan forgiveness portal to lenders back in August.  And of the millions of loans approved under the program, the SBA had only received thousands of forgiveness decisions from lenders. Ultimately, the PPP loan forgiveness process is a lengthy one. It requires the small business to complete the application and submit it to the lender. The lender then has 60 days to give its decision. That decision is then relayed to the SBA, who then has 90 days to process and finalize the application and reimburse the bank for the loan. There is also the possibility of […]
September 23, 2020

Industry Spotlight: The Pet Business

In our second Industry Spotlight, we want to highlight the Pet Business. Why would someone want to take their education from mortuary school and their investment in a funeral business and go into the pet funeral/cremation business?  Well, for many in urban and suburban communities, it is a great adjunct to your human funeral business. Did you know: 85 million families (that is about two out of every three families in the US own a pet) 63 million families own at least one dog 65% of all pet owners are either Gen X or Older The average lifespan of a dog or cat is seven years or less Pet ownership in the US during the pandemic is rising across all age groups 95% of pet owners think of them as family members 45% of American pet owners buy their pet’s […]
September 21, 2020

Ask the Experts! Your questions about expanding your business answered by Foresight!

We were recently asked what the process would entail for a successful business owner to now branch out and explore new business ventures, specifically Pet Services. John T. McQueen, CFSP, Director of Client Experience provides some insights on how to expand your business and where to begin. Question: My family and I have been running a successful funeral home for many years. We have begun to look into new ventures to expand our business and are interested in pet services. What advice can you offer us and where do we begin? John T. McQueen: Pet services can be a great addition to your funeral home offerings, but it must be well-thought out and planned.  There are also three basic models you can use to start a pet business – pet burials, pet cremations, and combination.  Most funeral homes that start […]
September 21, 2020

Should a Traditional Funeral Home Open a Low Cost Cremation Business?

Many funeral home owners are considering opening a discount cremation brand to defend their market share from aggressive competitors. Seems like an obvious idea, but is it the smart thing to do? That depends. On this episode, John T. McQueen, CFSP joins Welton Hong and Ellery Bowker to share his expertise. John, was a successful funeral home operator who simultaneously grew brands at the high and low ends of the market. Click the video below to learn the answers to these three important questions: How to decide if you should (or should not) open a discount cremation business How to avoid cannibalizing your traditional business How to create differentiation between the brands to show value and support pricing        
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