December 22, 2020
Published by 
Chris Cruger on December 22, 2020
Chris Cruger on December 22, 2020 Simply put, succession planning is the strategy of passing on leadership roles, and often ownership of a company, to an employee or group of employees. Sounds simple, right? So why is this so difficult to do? – Its because there often isn’t the depth of leadership or skills within a small, often family-run funeral or cemetery business. It is also because many of us have problems letting go! Not long ago, the NFDA and Foundation Partners Group published a study called “2020 Funeral Business Planning Survey” about the state of Succession Planning in the Funeral and Cemetery Industry. The study showed that more than 50% of Owners plan to retire within the next five years (25% within the next 24 months) and more than 50% of those have little or no plan! In a profession where we preach preparedness and […]
December 21, 2020
Published by 
John McQueen on December 21, 2020
John McQueen on December 21, 2020In funeral service, it’s all about that dirty word. Businesses and families alike have all been faced with major challenges in 2020, largely in part due to COVID-19 and the devastating effects it has had on life, liberty and the pursuit of happiness, which includes financial independence. Funeral service is no different … or is it? If you have been in the profession for any significant length of time, you have heard someone say to you, “Well, at least your business is recession proof, because people are always going to die.” Although this may be a true statement in many ways, we have seen the effects of what happens when family and friends cannot come together to honor, celebrate and remember a life well lived. In many instances during the pandemic, we have seen our business shift to one of […]
December 21, 2020
Published by 
Stephanie Ramsey on December 21, 2020
Stephanie Ramsey on December 21, 2020Scenario: Meyer-Landis Funeral & Cremation Service has been serving families in the northern United States since the late 1800s. Currently the business is owned by Brian and Jackie Landis. They pride themselves on excellent service to their families and train all their employees to adhere to their credo, “Our community and the families we serve are our first priority and deserve to be treated as we would treat a member of our own family.” As COVID-19 became a reality earlier this year, this motto became a talisman for Brian and Jackie as they have experienced a fair number of COVID cases. At the request of their more vulnerable employees, they have limited those individuals’ exposure by adjusting their schedules or responsibilities. In fact, one of their senior licensed funeral directors elected to retire, and they have not yet been able […]
December 21, 2020
Published by 
Dan Isard on December 21, 2020
Dan Isard on December 21, 2020 The Changing Landscape of the Deathcare Industry My first entry into the funeral business came through the pet business, at about age 5! One of my friends had a bird die, and we kids wanted to have a funeral. We used a shoe box as a casket. My mother had just dug a garden with rose bushes, so we placed the shoebox beneath one of the rose bushes. A few days later, a kid had a turtle die and we went at it again. We were enjoying ourselves while my mother could not figure out what or who was digging up her garden. Then Herby’s gerbil got sick. We got another shoe box and prepared to bury that gerbil. But when my mother came to investigate, the gerbil escaped; and I was never allowed in her garden again! The pet […]
December 21, 2020
Published by Dan Isard on December 21, 2020
Dan Isard on December 21, 2020In this industry spotlight, we bring you key insights into tax planning. In planning for your tax year to end, if your business or businesses are a calendar year end, there are some things for you to do. Keep in mind, regardless of the fiscal year end of your business, you as an individual are a calendar year taxpayer. With the election of President Biden, it is well understood there is a strong likelihood for a change in the income tax rates including the capital gains rates. Therefore, there is a benefit to capture income this year at the presumptive lower tax rates. Here are my top 10 things to do to close out the 2020 Calendar Year: Make sure any bonuses that you want to be paid are paid out, especially to anyone that has an ownership in the […]