Tag: Funeral costs

Business Preneed

College research shows distinction between preneed and at need funeral purchases

An article entitled “Relational Spending in Funerals:  Caring for others loved and lost” appeared in the March edition of the Journal of Consumer Psychology.  The research for the article was done by assistant marketing Professor Sarah Whitley of the University of Georgia’s Terry College of Business. In this article about the study you can read where Professor Whitley finds a deep contrast in funeral decisions for those who are preplanning a funeral in the future and those who are making […]

Business

Watch your costs to hold onto profits

When I last wrote an article pertaining to inflation one of Funeral Director Daily’s readers contacted me to tell me that his studies indicated that funeral pricing increases did not always correspond with inflationary rates or the rise of the Consumer Price Index.  Sometimes funeral pricing was higher and sometimes it was lower than the CPI.  This gentleman is a pretty smart guy so I’m guessing he was correct with his study. However, in a time of inflation many of […]

Finance

On looking back. . . .and moving forward (Part 1)

Earlier this month Carriage Services CEO and Chairman Mel Payne put out a lengthy shareholder letter.  We found it a great read, not only to catch up with what is happening with Carriage Services, but as an aspirational blueprint, that if followed could lead to success in almost all funeral homes.  Payne even points out Investor Business Daily’s 10 Secrets to Success that we have included below. You can access this shareholder letter here. From my point of view, and […]

Business Preneed

Do we listen to the consumer

Funeral home owners, cemetery operators, preneed professionals.  We’re the experts in the death care profession.  We know the business, we understand the clientele, and we know what is good for everybody.  Or do we? I’m guessing that is somewhat how the buggy whip manufacturers, horse livery operators, and sales reps in that industry thought of themselves while Henry Ford and others were going about changing the way American moved by figuring out a way to build an automobile at a […]

Uncategorized

A funeral bill with some history

I came across an interesting article the other day from The Pantagraph of Bloomington, Illinois.  The article, that you can read here, simply relates to an 1893 funeral bill that was donated to the McLean County Museum of History.  It’s interesting to look at the billing statement which is illustrated in the article and see that, among other items,  a casket was sold for $90 and that eight carriages at $3 apiece were used. The total funeral bill from the […]

Business

InvoCare to “back down” on administrative fee

  An article that you can see here from Choice indicates that Australian funeral market leader InvoCare will back down on an “administrative fee” that is added to all funeral statements.  According to the article, InvoCare’s Keiron Humbler, when asked about the removal of this fee commented, “That’s the plan”. Funeral Director Daily first told our readers of the complaint in this article last November.  In essence, this fee of $320 detractors contend, is a “late fee” added before the […]

Business

Economic downturns and the funeral industry

In America we have been fortunate that in my lifetime forces have kept the economy stable.  Yes, I can remember when I started in the business that bank certificate of deposits on funeral trust funds paid 16% annually – but that was for a very short period of time.  The economic stability of America lets businesses plan and execute with only the very remotest threat of a depression or drastic economic downturn. Contrast that with what is happening with our […]

Cemetery

How to pay for failing cemeteries? — This county thinks it can pass a property tax

This is not the first time that we have discussed the issue of neglected, abandoned, or just plain financially failing cemeteries on this forum.  However, this might be the first time where a county is to the point where they may bring the issue to the voters in order to create a dedicated funding stream for such. According to this article from the California Mountain Democrat, the El Dorado County Board of Supervisors recently voted 4-1 to move forward and […]

Business Preneed

Does more money = more services??

It’s a habit that I just can’t seem to let go of.  I’m just business oriented and when I read something I have this habit of taking the information and transforming it into how it may or may not affect the business that I am in.  As some of you know, I’m an early investor in a nationally growing food delivery business and just the other day the State of California noted that they will be looking to move some […]

Products

Crowdfunding. . . and funerals. . . growing?

Over the past couple of years Funeral Director Daily has written some articles on the idea of going to a mass funding site to pay for funeral expenses.  We don’t know much about this, but we do know that it is a growing phenomena – not only with funerals – but with other large expenses incurred by families who seemingly don’t have the funds to pay for what they need. . . or want. Here is a recent article we […]