October 26, 2023
Published by 
Jared Tanke on October 26, 2023
Jared Tanke on October 26, 2023The new year may seem like it is far away, but there are just a mere 10 weeks left. While owners and operators have to keep their eye on the ball in order to maintain a strong finish to the year, simultaneously they must also keep the future in focus. This means, budgeting for 2024. We asked Senior M&A Analyst, Jared Tanke to further elaborate on this process. Question: I am in the process of starting my 2024 business plan for my funeral home. What is the first step that I need to take to create a successful plan? Jared Tanke: Budgeting for a funeral home is absolutely critical to maintaining quality service, having adequate reserves for upgrading facilities, and navigating the constant changing landscape of the profession. Having a well thought out planning session where you lay everything on […]
October 25, 2023
Published by 
Dan Isard on October 25, 2023
Dan Isard on October 25, 2023Last month, I provided a postmortem of the most common causes leading to the death of a funeral business. Here, I share a few thoughts on eulogizing those firms. Funeral directors are mission-driven people, not profit-driven people. Just as a church can fail if its revenue does not exceed its expenses, so, too, can a funeral home. Unlike other for-profit businesses, funeral providers cannot generate more revenue by advertising or somehow “stimulating” business. At-need services cannot be driven. The death of many iconic businesses can be tied to technology. Do funeral homes face the same risk? Big-box retailers were hurt by technology, for example, and Amazon is now the independent-business killer that Walmart was accused of being 30 years ago. That said, Amazon can’t even deliver caskets in a timely manner, so I doubt it could handle cremation very well […]
October 25, 2023
Published by Dan Isard on October 25, 2023
Dan Isard on October 25, 2023Owning a fully subscribed cemetery is not a good thing. In fact, no one wants to be the owner of a fully subscribed cemetery! City and state planners, being what they are, have made many mistakes when it comes to cemeteries. Crazy how that cemetery, which was planned to be on the farthest reaches of the city a century ago, now is located practically in downtown! How does that happen? Well, cemeteries are not mobile, of course. Once that land is consecrated, it is fixed. The city’s growth must grow around the cemetery, short of disinterring the cemetery. In my experience, managing what is now an “urban” cemetery is a great problem to manage. But the bigger issue is when that cemetery becomes fully subscribed and there are no interment rights to sell. State regulators planning for a cemetery usually […]
October 25, 2023
Published by 
Chris Cruger on October 25, 2023
Chris Cruger on October 25, 2023Part 2 of 3 Written by Chris Cruger with Alice Adams Will you succeed in your profession’s new era? If so, the massive knowledge gap between consumers and funeral service needs immediate attention. At the end of a recent celebration of life for a popular teacher, high school tennis coach and longtime community volunteer, many commented to her husband on the unique experience. “I didn’t know you could have a catered meal at a funeral home.” “I loved the jazz trio during lunch.” “I wish I could have had a celebration like this for my mother.” “I’m really glad I came.” “I hope my kids do something like this for me when my time comes.” “Everything that happened today– from her favorite food to the music to the stories from former players, family members and friends, and the displays of […]
September 28, 2023
Published by 
Nicole Vullo on September 28, 2023
Nicole Vullo on September 28, 2023The Foresight team is excited to announce that we are introducing a new blog column! When we first started our Ask the Experts and Ask the Analysts columns it was our goal to use these blogs to answer the most important questions funeral and cemetery professionals had about their businesses. With this is mind, we wanted to bring a new perspective to these vital questions: the viewpoint of owners and operators. We are honored to introduce you to Stephen and Diann Anderson, formerly of Anderson Funeral & Cremation Services. Each month Stephen and Diann will provide insightful information to help you improve how to operate your businesses. To start our column, please allow us to introduce you to Stephen and Diann as they tell us their goals for the “Ask the Owner” blog column: To the Funeral and Cemetery Profession, […]