December 23, 2024
Published by 
Gabriel Ngo on December 23, 2024
Gabriel Ngo on December 23, 2024“So to the best we can, what we do is focus on creating value for others, and how do we do that? We do it by trying to produce products and services that our customers will value more than their alternatives, and not just their alternatives today, but what the alternatives will be in the future.” – Charles Koch, Chairman & CEO of Koch Industries Creating value for others involves producing products and services that the customer will value more than their alternatives—not just alternatives of today, but what alternatives there will be tomorrow. There, I summarized the pithy quote with some inherent wisdom built into it. The end, right? Regardless of how you might personally feel about oil companies, billionaires, Koch Industries, or the Koch brothers in general, I believe this quote applies to this profession now more than […]
December 23, 2024
Published by Gabriel Ngo on December 23, 2024
Gabriel Ngo on December 23, 2024Scenario: Robin John Blake and his wife, Barbara, own and operate Rio Grande Funeral Home & Crematory in Laredo, Texas. For the past 17 years, they have grown their business by serving the community with an excellent reputation. In 2024, Rio Grande served over 350 cases two years in a row for the first time. Laredo, as a funeral service market, is unique in that the city and its surrounding areas still have a relatively low cremation rate, especially when compared to other border Texas towns like El Paso as well as the Rio Grande Valley further south toward Brownsville. Robin was born in Laredo, and after traveling the world having worked in hotel and restaurant management, he came back to his home state and met his wife, Barbara, in Austin years ago. While Barbara’s background was in event planning […]
December 23, 2024
Published by 
Axel Jean-Francois on December 23, 2024
Axel Jean-Francois on December 23, 2024Selling a funeral home is more than just signing a contract and transferring ownership. It’s about finding a suitable successor who understands the business’s unique culture, values, and place in the community. Even if the purchase price is right, the deal can still fall apart if the buyer’s style, financing, or approach to due diligence isn’t aligned with what the seller expects. We recently examined a real-life case where a well-established funeral home tried to sell the business. Over time, they engaged with multiple buyers, each with different negotiation styles, expectations, and financial capabilities. Although the final sale did close successfully, the owners went through unexpected twists and delays along the way. This scenario offers lessons that can help funeral home owners, managers, and even staff members understand what really matters in a sale. Whether you are a first-year apprentice […]
December 23, 2024
Published by 
Jared Tanke on December 23, 2024
Jared Tanke on December 23, 2024A study performed in 2021 by Clutch, a leading B2B research firm, found that just 54% of small business owners had a documented budget that year. While I am optimistic that our profession skews higher than that, I’m sure those numbers may in fact ring true. That means there are a lot of funeral homes and cemeteries out there that have no real way of measuring their performance versus a benchmark, and that means it would be challenging to put forth any sort of financial goal. Since it is already challenging running a successful funeral home, we want to make at least one thing easier. I want to touch on just a few benefits of having a well-documented budget. Accountability – If you have ever gotten into a fitness routine and followed a training schedule, you know how important accountability […]
November 25, 2024
Published by 
Stephanie Ramsey on November 25, 2024
Stephanie Ramsey on November 25, 2024Will you be prepared for the evolving funeral and cemetery professions? Unbelievably, the 21st century marks its 25th year shortly. With 2025 just around the corner, it is a pivotal moment to reflect on the evolving needs and expectations of families, as well as the broader societal shifts impacting how we handle death and mourning. The next few years promise significant changes driven by technological advancements, shifting cultural attitudes, and evolving demographic trends. How can funeral professionals prepare for these changes to better serve their communities and continue to be profitable? Let’s explore the key areas to consider as you formulate your plan. Embracing Technological Advancements The Foresight 2024 Funeral and Cemetery Consumer Behavior Study (2024 FCCBS) highlights several technological trends that are reshaping the funeral and cemetery profession. Embracing these changes is crucial for staying relevant: Virtual and Hybrid […]
November 25, 2024
Published by Gabriel Ngo on November 25, 2024
Gabriel Ngo on November 25, 2024Transparency’s Importance in Deathcare’s Online Pricing It almost seems as though The Dalai Lama’s quote is specifically directed at this crossroads where we are, concerning consumer sentiments and online pricing of funeral and cemetery services and goods. I know that you all are probably tired of hearing or reading about online pricing. In the future, we all anticipate having online pricing become a requirement by the Federal Trade Commission (FTC) in some form, shape, or fashion. For some of you, your state already has mandated that you publish your pricing online. This article, however, is not about the FTC, any mandates, or requirements, etc., it is about what consumers want in this ever-advancing technological world, and why you should give it to them: As of 2022, Baby Boomers make up roughly 21% of the population in the United States. Generation […]
November 25, 2024
Published by 
Jarod Bernat on November 25, 2024
Jarod Bernat on November 25, 2024The highs and lows of business valuation and the tools and processes you need in place for a successful transfer of ownership. It’s been difficult not to notice the craziness happening all around us and how it impacts the economy in turn. Just consider that the funeral service profession also experienced some of the most significant ups and downs throughout the COVID pandemic and its aftermath. With death rates fluctuating year to year and competent staffing becoming increasingly more difficult to retain, combined with the overall shift in the economic environment today, tracking the value of your business has been anything but linear lately. In the 2023 NFDA Member Succession Planning Study, only 53.1% of owners surveyed responded that they knew the value of their business. Even then, this does not differentiate “yes” responses among those who know the value […]
November 25, 2024
Published by 
Nicole Vullo on November 25, 2024
Nicole Vullo on November 25, 2024Contributed by the Lawyers at WRW Legal, PLLC: Wendy Russell Wiener, Lauren Pettine and Henry Thompson As the new year approaches, each business should be engaged in both reflection and anticipation. Ensuring that all your licenses, both facility and individual, are current and properly renewed is a key to ensuring you get off to a good start in 2025. This seems such a basic idea which might be why so many businesses fail to secure, maintain and renew their licenses each year. Consider these: Many state regulators’ budgets are supported, partly or wholly, by the fines the regulator generates from the industry. Put more simply, when you fail to renew your license the time you operate “on” the expired license is actually unlicensed practice. States impose fines for unlicensed practice that range from small to $10,000 per occurrence and more. […]
November 25, 2024
Published by 
Luke Potter on November 25, 2024
Luke Potter on November 25, 2024A SWOT analysis is a strategic planning tool that helps businesses and organizations assess their internal strengths and weaknesses, as well as the external opportunities and threats they face. The acronym stands for Strengths, Weaknesses, Opportunities, and Threats. By conducting a SWOT analysis, an organization can gain valuable insights into where it stands in the market, what it does well, where it may be falling short, and how it can capitalize on emerging trends or mitigate potential risks. For funeral home operators, performing a SWOT analysis is crucial to improving service quality, boosting customer satisfaction, and staying competitive in a market that requires sensitivity, professionalism, and trust. What is a SWOT Analysis? A SWOT analysis involves evaluating both internal and external factors that can influence a business’s performance. The internal factors include strengths and weaknesses, while external factors encompass opportunities […]
November 25, 2024
Published by Nicole Vullo on November 25, 2024
Nicole Vullo on November 25, 2024In today’s digital world, having a strong online presence is no longer optional for businesses—it’s essential. This holds true also for funeral homes and cemeteries as well. A website serves as the cornerstone of your digital identity and provides an invaluable platform to showcase your products, services, and values. Regardless of the size or type of business, a website can be the key to your growth and success. Here is why having a website is critical for your business in 2024 and beyond. Increased Visibility and Accessibility A website is accessible 24/7, allowing potential customers to find and learn about your business anytime, anywhere. This presence expands your reach beyond local customers. Credibility and Professionalism Many families and clients expect a legitimate business to have an online presence, which helps build trust and credibility. A well-designed website reflects professionalism, making […]
October 30, 2024
Published by Jarod Bernat on October 30, 2024
Jarod Bernat on October 30, 2024We’ve all heard the common adage “Location, Location, Location” used to denote which important factors influence home values most. This phrase also proves to be just as applicable to cemeteries and funeral homes, but not just because these businesses are often operated out of valuable commercial properties. The location, and more specifically, the demographics of the service markets of these businesses, impact how we must approach strategic business planning with regards to pricing, staffing, and succession planning. “Demographics” as a broad term refer to the statistical data and characteristics relating to a defined population and the groups within it. In a profession like ours, this information is vital to the success of our businesses now and in the future, since the communities we serve often determine their service provider based on whom they feel most comfortable with and relate to […]
October 30, 2024
Published by Axel Jean-Francois on October 30, 2024
Axel Jean-Francois on October 30, 2024Running a successful funeral home involves understanding where your business stands in the profession. At Foresight, we help funeral home owners gain valuable insights into their business’s financial health by analyzing trends and averages. But what does this mean for you, and how can it benefit your business? This post offers some practical tips on how comparing your business’s financial results to funeral and cemetery profession averages can help you make informed decisions—without needing a background in finance. Why Data is Important As a funeral home owner, you might not think daily about comparing your numbers to others in the profession. But knowing where your business stands is essential for long-term success. At Foresight, we use data to create benchmarks—standard points of comparison—that help you see how your costs, revenue, and other financial figures stack up with others. This information […]