September 29, 2022
Published by 
Stephanie Ramsey on September 29, 2022
Stephanie Ramsey on September 29, 2022Scenario: Troy and Tammy Lexington run Lexington Funeral Home & Cemetery, a generational funeral home/cemetery combo in the southern United States that has served their community for almost 100 years. Currently they serve more than 600 families a year with case count on an upward trend. Troy and Tammy bought the business from Troy’s father and uncle 10 years ago. They are both licensed funeral directors but find a significant portion of their time is spent managing the business. However, they still roll up their shirt sleeves to help with daily tasks as needed. Several of their employees were inherited when they purchased the business and have many years of experience in the funeral industry in various positions throughout the operation. Their business has grown steadily over the years, leading them to increase their staff. A few of the “original” […]
September 28, 2022
Published by 
Dan Isard on September 28, 2022
Dan Isard on September 28, 2022As this column has been memorializing the key points of knowledge I have acquired and want to pass on to you, here’s another to remember: Nothing prevents problems better than writing things down. I have found that many life-changing matters can occur when business owners, employees or both go on nothing more than a handshake and their memory. President Ronald Reagan summed it up when he repeated an old Russian proverb: “Trust but verify.” Now, I am not an attorney, so I am not giving legal advice here. I have been a business owner for 40 years, however, as well as an employer, expert witness in more than 100 cases and one who has paid for a few points of litigation, so I have learned a few things about the law. In my experience, I tend to see funeral directors […]
September 28, 2022
Published by 
Jarod Bernat on September 28, 2022
Jarod Bernat on September 28, 2022At this point, funeral home owners and cemetery operators should have their 2023 strategic business plan near completion. One of the important elements in your plan is your targets and expectations for the coming year. We understand that this can be complicated due to the lingering impact that the pandemic has had on our businesses. We asked Senior M&A Analyst, Jarod Bernat to further elaborate on whether these areas need major adjustments. Question: How do I adjust my targets and expectations coming out of the pandemic? Jarod Bernat: This question has many different variables affecting how one may have seen the pandemic affect their business, and how they can expect the business to change again coming out of the pandemic. What we have seen with our clients at Foresight is that due to gathering restrictions during the height of the […]
August 25, 2022
Published by 
Jared Tanke on August 25, 2022
Jared Tanke on August 25, 2022With just a few months left in the year, it is vital as funeral home owners and cemetery operators to have a strategic plan in place for the upcoming year. We understand that this can be complex and needs a high level of detail. Many often are challenged with understanding the true value of their business. We asked Senior Business Analyst, Jared Tanke to further elaborate on the importance of knowing your business value. Question: What is something your clients struggle with? Jared Tanke: Understanding value is one of the things that some of our clients struggle with as business owners. There are a lot of moving pieces that go into the value of a business operation. Often we hear from a client that a competing funeral home sold for some very high price, and they believe that their business […]
August 25, 2022
Published by 
Chris Cruger on August 25, 2022
Chris Cruger on August 25, 2022Top challenges facing those who lead the team and how to deal with them. One thing nobody impressed upon you when you were chosen for a position of leadership is the importance of simply showing up – to be there to handle situations with integrity, confidence and a balanced head; to be the guiding light; to be present; to be there when you’re needed, whenever that might be. Another thing no one told you was that you are supposed to have all the answers. Actually, that’s not true, but it isn’t far off. As the profession moves into this post-pandemic era, there is greater need for quality leaders today than ever before, which also means there is tremendous opportunity for young professionals today. Whether that journey leads to working for someone else or for yourself, success will likely require you […]