Interest rates have risen, inflation has caused prices to move upward, but Death Care businesses, especially funeral homes continue to find ways to transition ownership.  There’s been a discussion about what will the return to normal after the pandemic coupled with some financial upheaval because of the economics of today do to the funeral home transaction environment.

 

While we see some evidence of “expectation stand-off”  (sellers expect to get more, buyers expect to pay less) in the business of funeral home transition at this time, we also see evidence of funeral home buyers, funeral home sellers, and corporate companies finding ways to move forward with their strategies.

 

Today’s column will deal with four recent transactions that seem to be par for the course on what is happening in the funeral home market. . .both in North America and Great Britain.

 

Dreams and Ambitions get Eric Ross a funeral home

Eric Ross has worked in the funeral business for some time.  This article relates how he recently was able to purchase a funeral home of his own in the Michigan city of Alpena.  In the article Ross states,  “It is also a way to leave my kids something behind. And they are already taking interest in it. If things go as planned, the legacy of the Ross name will continue through my children and grandchildren, and, hopefully, this will become a multi-generational funeral home.”

• The A.E. Ross Funeral Home website

 

A funeral home closes but another funeral home expands by taking care of the client families

Sam Oliveri has wanted to retire after operating the Gasparini Oliveri Funeral Home of Rockford, Illinois, for years, but according to this article, he wants to make sure his client families, especially those with preneed policies are well taken care of.  Enter Olson Funeral and Cremation Services, also of Rockford, and owner Scott Olson.

 

The Gasparini Oliveri Funeral Home will close and the Olson Funeral and Cremation Services will expand their reach by partnering to serve the families of Gasparini Oliveri.  Here’s what Sam Oliveri says of the transaction, “It’s a weighty decision for families to choose a funeral home, and we honor that trust by ensuring a seamless transition.  Our confidence in Olson’s stems from their unwavering commitment to compassionate care, aligning seamlessly with the expectations of the families we’ve been privileged to serve.”

 

This transition marks the fifth instance of Olson Funeral & Cremation Services assuming responsibility for another funeral home’s pre-arrangements.

• Olson Funeral & Cremation Services website

 

Being acquired by a larger company will help with client and employee benefits

According to this article, one of the reasons that the Brown family chose to be acquired by Service Corporation International (SCI) is that “It’s more attractive for people to go to these big companies because of the benefits they can offer that we don’t have the ability to offer”.

 

A family business for more than five decades, Brown Funeral Home recently became part of Service Corporation International.  The article quotes Lora (Brown) Dixon as saying this about the transaction,  “Tommy, myself and our dad are still going to run it, but just because of how hard it is to find employees, we did sell to a bigger company.  It’s harder and harder to get embalmers and funeral directors.”

• Brown Funeral Home website

 

A funeral home with history dating back to 1840 expands into its 4th location

Farthing Funeral Service with a history dating back to 1840 and now owned and operated by Funeral Partners Network in Great Britain has implemented strategy by moving into an adjacent community.

 

According to this article, Development Director Jamie Waters stated,  “We have looked at several properties over the last 18 months, but this was by far the outstanding choice for our new funeral home.  It is in an ideal location for clients on a main road with ample parking, close to the train station with beautiful views of the River Deben. 

The refurbishment and new facilities for funeral arrangements and to care for the deceased are both welcoming and of a high standard – it is somewhere you can be sure your loved ones are being looked after and there is also a lovely chapel of rest.

We have always looked after families in the Woodbridge area, and we hope having a new funeral home in the town will make it easier for them to access us when they need our services.”

 

• Farthing Funeral Service website
• Funeral Partners Network – Great Britain website

 

Funeral Director Daily take:  Again, we have all heard a lot of thoughts about what will be happening in the mergers and acquisition realm of the greater Death Care profession.  For many funeral homes costs are up, revenues per service have trended down, and many wonder what the future holds.

 

Yes — funeral service is changing. . . .but, it has been changing since Farthing Funeral Service was established in 1840.  Yes — there are challenges in funeral home ownership. . . but, there is lots of opportunity also. . . . and, there is a lot of ways to get a transaction done.

 

If your interested in buying, selling, or merging, I’d suggest you get hold of my friends at Johnson Consulting Group or just look to the acquisition sponsors of Funeral Director Daily for advice.  This article just goes to show that there are lots of ways to get “a deal done” that can work.  Maybe there is a deal for you just waiting out there.

 

More news from the world of Death Care:

• Widowed before 40 and coping with the financial consequences.  The New York Times (NY)
• Octupus Legacy, the place to plan for death and find support after a loss.  Maddyness  (Great Britain)
• Greenleaf Cemetery in Brownwood faces financial challenges.  Video story and print article.  Big Country Homepage (TX)
• Litchfield funeral business marks first anniversary with new appointment.  Litchfield Live (Great Britain)
• “Water Cremation” is the new eco-friendly option offered by a Connecticut funeral home.  Milford Mirror (CT)
• “Water cremation eliminates need for coffin and embalming”, funeral director says.  Irish Examiner (Ireland)

 

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