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With the COVID-19 vaccine now rolling out, it is our greatest hope that the pandemic will soon be behind us. Unfortunately, the pandemic has already proven to have permanent implications on our profession as we repeatedly highlighted from our Funeral and Cemetery Consumer Behavior Study. Our profession has historically been behind the times in terms of embracing technology and new ways of doing things, but the pandemic changed that in the blink of an eye. Everything from the buying and shopping process, the necessity of physical attending services, and the influence of technology has had in all aspects of our profession. It is obvious that the consumers are talking, and we need to listen. I want to summarize a several critical points: Funeral homes need to adapt and evolve. Now is the time to embrace new ways of doing things. […]

In this industry spotlight, we want to highlight key insights into business succession. Every business will be sold or liquidated someday.  Given the choice, sold is usually much better.  Today there are about 19,000 funeral homes in the United States.   This is down from about 21,000, only 20 years ago.  To understand business succession metrics, you need to understand the following: How we lost 2,000 funeral homes? When did the total population has increased by about 20,000,000 Americans? What is the Average Age of American’s increased slightly? When did the mortality rate increase? We lost these businesses as active businesses because three dynamics: The business real estate was more valuable for general commercial purposes than it was as a funeral home The profitability of funeral homes is limited and as expenses increase, especially for staff and benefits, the profit decreases […]

When thinking about succession planning, I am reminded of the musical legend Kenny Rogers and his famous song entitled “The Gambler.”  The most iconic words of the song are “If you’re gonna play the game, boy, you gotta learn to play it right.  You got to know when to hold ‘em; know when to fold ‘em; know when to walk away; know when to run.  You never count your money when you’re sittin’ at the table, there’ll be time enough for countin’ when the dealin’s done.”  The sage advice that gambler gave the young man aboard the train one night is also sound advice when considering succession planning. Succession planning can be a real gamble if it is not done properly.  With proper planning, “every hand’s a winner”, but without it, “every hand’s a loser.”  According to the recent 2020 […]