September 23, 2023
Published by 
Foresight on September 23, 2023
Foresight on September 23, 2023Succession planning is an essential process that ensures the seamless transition of leadership and ownership within a business, from one generation to the next or even to new proprietors. In the traditional world of the funeral profession, where family ownership has long been the norm, passing down the business to the next generation was often seen as an inevitable path. However, the landscape is shifting. Sustaining and growing multigenerational funeral homes has become increasingly challenging. In this blog post, we will delve into the intricacies of succession planning in the funeral profession, using insights from the 2023 NFDA Member Succession Planning Study as our guide. We will explore the evolving challenges faced by funeral professionals, delve into the critical elements of succession planning, and emphasize the necessity of early preparations and expert guidance. The Changing Landscape of Succession in Funeral […]
August 28, 2023
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Jarod Bernat on August 28, 2023
Jarod Bernat on August 28, 2023Over the past few decades, we saw the introduction of the FTC rule requiring funeral homes to provide families with GPL’s when requested, the introduction of the internet providing a whole new interface with consumers, and the newest FTC rule requiring online access to GPL’s in some states. Given that the industry is well-known for not being early adapters to new technology or trends, it is no surprise that there has been significant pushback to the utilization of the internet to display pricing within the profession. Business owners fear that when prices are posted online, they will be compared to their competitors, and prices will become a race to the bottom. But while this may seem like the only possible conclusion at first glance, there is much more to consider as the internet can really be a massive opportunity to […]
August 28, 2023
Published by 
Nicole Vullo on August 28, 2023
Nicole Vullo on August 28, 2023Funeral service consumers are speaking up, but are we listening? A little-known fact about me – I am a sucker for greeting cards and quotes. I cannot get enough of them and will easily spend hours browsing for the perfect card to give a loved one. Some may find them cheesy and cliché, but I am not one of them! I want to begin with a quote from famous novelist Ernest Hemingway, who once said, “When people talk, listen completely.” Are you still with me? Those words of Hemingway’s are a solid example of what should be a guiding principle for funeral home owners and cemetery operators when dealing with client families. Okay, one more and I promise I’m done. This is from Epictetus, a Greek philosopher. He states, “We have two ears and one mouth so that we can […]
August 28, 2023
Published by 
Dan Isard on August 28, 2023
Dan Isard on August 28, 2023In the June 2023 Memento Mori, I explained why no one has yet to develop Key Performance Indicators (KPIs) for a cemetery. That doesn’t mean that cemeteries should wonder aimlessly in their operations, bumping into financial walls at each turn. Below are my management objectives for running a cemetery—with or without advance sales. Revenue Revenue is the key starting point of operations. You should not be confident that since you have plenty of lawn space that you are a well-run cemetery. Revenue is the key. More revenue is more beneficial than less. Revenue is driven by four items. These are: Sales of Merchandise Cemetery Service Revenue Endowment Care/Perpetual Care Trust (“EC/PC Trust”) Income Sales of Interment Rights In your bookkeeping, you should separate the At Need Sales Revenue from the Advance Sales Revenue. Each of the first three items above […]
August 28, 2023
Published by 
Chris Cruger on August 28, 2023
Chris Cruger on August 28, 2023Written By Chris Cruger and Alice Adams The phrase “Post-COVID” has been so overused, it sounds more like an excuse than a time reference. However, reality tells us almost every aspect of American life changed between the onset of the pandemic and now. This article discusses pre-need sales, examining what’s changed since COVID and how you can elevate the success of your pre-need program. Consumer Attitudes Since COVID Beginning in mid-February 2023, The Foresight Companies launched its fourth annual survey, one for consumers (4,587 respondents) and a second for the deathcare industry (155). The results were recently compiled and analyzed, and we want to share our findings. Our consulting practice is data-driven, and our business analyses, property valuations, recommendations for change, and market evaluations are determined based on the 100 years of combined experience of our principals and supported by […]