June 27, 2024
Published by 
Gabriel Ngo on June 27, 2024
Gabriel Ngo on June 27, 2024Scenario: Oren Gibson is a fourth-generation owner-operator of Orville H. Gibson Funeral Home & Cremation Services in Sevierville, Tennessee. The business has been serving their community for over 100 years and is deeply and successfully entrenched in Sevierville with a sterling reputation. One Tuesday morning, Oren completed a routine monthly meeting with his entire staff and had just sat down at his desk to approve some invoices when he received a call from the receptionist. A lady named Missy was there to see him, and she had an urn in-hand. He peeked at his calendar and saw that there was not anything that had been scheduled, and the name “Missy” did not ring any bells. He had one funeral director on maternity leave and his other funeral director was off. Oren got up and braced himself for either what could […]
June 27, 2024
Published by 
Jared Tanke on June 27, 2024
Jared Tanke on June 27, 2024Start your succession game plan today by addressing these five critical items in your current business operations. I have recently finished watching the hit TV show “Succession,” and I can’t recall how many times I thought to myself, wow, this is stressful just watching. If you’re not familiar with the show, it’s based on the Roy family, which owns a large media business and whose father, the CEO, is reaching the age of retirement and looking to identify his successor. Multiple sons and daughters, along with some trusted advisors, all fight for pole position to be named the ultimate successor. While this show has clearly been over-dramatized, there are many things we can take from its premise, the first one being that it pays to plan for the future. From the 2023 NFDA Member Succession Planning Study, it was found […]
June 18, 2024
Published by 
Nicole Vullo on June 18, 2024
Nicole Vullo on June 18, 20242024 Funeral and Cemetery Consumer Behavior Study Insights Summary DOWNLOAD NOW Tracking and predicting consumer attitudes, opinions and behaviors about the funeral and cemetery profession. The goal of our Funeral and Cemetery Consumer Behavior Study (FCCBS), now in its fifth year has been to capture the opinions, attitudes, and behaviors of consumers regarding the funeral, cemetery, and cremation business. More than 5,000 consumers participated in the 2024 study, providing insights into how perceptions of the death care profession have changed. Additionally, for the second consecutive year, we have measured the perceptions of deathcare business insiders to get a better understanding of the gaps between our perception compared to actual consumer experience. This year, more than 240 Profession members shared their feedback. Download our report today to learn how to adapt and thrive in the future of funeral service by meeting the […]
May 29, 2024
Published by 
Foresight on May 29, 2024
Foresight on May 29, 2024In a significant move, the Federal Trade Commission (FTC) made waves in April by nullifying and prohibiting noncompete clauses in the majority of employment contracts. While this ruling raises questions for various sectors, its impact on funeral homes and cemeteries remains uncertain, primarily due to historical difficulties in enforcing overly broad noncompetes. Funeral directors’ agreements epitomize the type of contracts under scrutiny by the FTC. Understandably, no enterprise welcomes additional regulatory hurdles. Yet, within the funeral and cemetery profession, noncompete clauses provoke distinct relational and practical considerations. Reflecting on transactions dating back to the mid-1990s, the crux of the matter lies in the feasibility of restricting individuals from pursuing their livelihoods. It is important to note that limitations on professional mobility are problematic. However, perceptions may shift if ample compensation is provided for other reasons. The crux of the matter […]
May 29, 2024
Published by 
Taylor Weber on May 29, 2024
Taylor Weber on May 29, 2024Many times when our clients think of succession planning, they only think of the financial aspect of it. While this is a very important component, there is more too it when you are first getting started. In fact, one of the first steps is having the internal conversation with yourself and your team. We asked financial analyst, Taylor Weber to share her insights on this important first step in the succession planning process. Question: Other than financial planning, how can we start to prepare for Succession Planning Conversations internally? Taylor Weber: We often emphasize the equation plan + execution = success. This principle is particularly crucial when determining your exit strategy. With 55% of owners preferring to sell or transfer their business to a family member or current employee rather than a third party, succession planning becomes a vital and […]