September 21, 2021
Published by 
Chris Cruger on September 21, 2021
Chris Cruger on September 21, 2021The Democrats who are part of the House Ways and Means Committee have issued an updated draft on the tax legislation. This proposal is one that will have substantial effects to your personal taxes. For the legislation to pass, a minimum of House and Senate Democrats will need to agree, as well as the White House. We will continue to keep an eye on the legislative process closely and providing updates throughout the fall legislative cycle. With the proposed legislation totaling over 800 pages it is a challenge for anyone to offer you a comprehensive analysis. The good news is that a handful of the proposed changes would impact transactions or transfers that are made before the new bill is passed. Many of the provisions would not take effect until January 1, 2022. Highlighted below you will find some of […]
August 24, 2021
Published by Chris Cruger on August 24, 2021
Chris Cruger on August 24, 2021It’s time to decide whether you’ll evolve your business or prepare for succession. The reference to “growth” in the business world does not necessarily coincide with multiple acquisitions. What it does pair with is the word “evolve.” The Foresight Companies’ 2021 Funeral and Cemetery Consumer Behavior Study revealed that consumers are embracing completely new ways of doing things and have no intention of going back to the old ways. They are evolving, and so should we. Empirical insights from the study show this clearly: 74% of consumers expect to find prices online (66% expect to see products online as well). 47% of consumers will not do business with a firm if it does not provide pricing online (if there is an alternative). 32% of consumers’ attitudes about the profession have changed because of COVID. Consumer attitudes about the profession’s ability […]
August 23, 2021
Published by 
Dan Isard on August 23, 2021
Dan Isard on August 23, 2021This month, I’m going to rely on a basic statistic: 99% of all privately owned funeral home businesses do not have a business plan.* I know this because I’ve worked with more than a thousand funeral home owners over the past 35-plus years, and every time I ask for a copy of their business plan, I’m met with a crinkled-up forehead and an oral lesson starting with the words, “Dan, you don’t understand…” So, here is what I do understand: A business plan is a written document listing goals for the year and instructions on how to get to those goals. A business plan should be reviewed at least quarterly to see how the business is performing relative to the stated objectives. A business plan for a funeral home should cover the next year, the intermediate period and the long […]
July 21, 2021
Published by 
Gabriel Ngo on July 21, 2021
Gabriel Ngo on July 21, 2021“Windows of opportunity open then close. By staying in the present, handling what’s in front of us, and riding the wave of opportunity when it comes, we follow the natural order of things.” – Dan Millman (American author and lecturer in personal development) Would you rather pay a 20% tax or be taxed almost double that at 39.6%? This is by no means a trick question as most of us would very quickly choose to pay a 20% tax as opposed to a 39.6% tax. However, the rhetorical question posed above is one that many funeral, cemetery, and crematory owners will have to practically answer or have this question answered for them when selling their business…because the window of time for those wanting to “ride the wave of opportunity” and not have to pay the higher tax is closing. And […]
July 21, 2021
Published by Dan Isard on July 21, 2021
Dan Isard on July 21, 2021OK, you do not know if it is the right time to sell, let alone who to sell to and at what price and terms. Here are the three steps: Determine the When to Sell. Long before it is a need to act, the first step is to create a Financial Preparedness Plan. A Financial Preparedness Plan (“FPP”) starts with a calculation of how much money you need to be independent of your business. The business value, your savings and any investment assets under your control are added to the government benefits outside of your control. Then those are compared to the amount of your need. The need computation is a function of your, Life Expectancy, Assumed Investment Return, Assumed Inflation Rate and the amount of After-Tax Annual Income. The need computation must be an estimated calculation. For example, if […]