Tag: funeral home business

Business Regulations

Will regulations kill small town funeral homes

I started to read this linked article from Fort Wayne Business that you can access here with the thought of including another story on a locally owned small town funeral home investing in their community by building new facilities to serve the people of that community.  The article deals with owners Miles and Tarah Wilson building a new funeral home in Huntertown, Indiana, and the headline of the article states “Huntertown community welcomes Sheets and Childs Funeral Home”. My thought […]

Finance

Can Providence get $1 Billion for funeral group

It was only two years ago that many of us were introduced to a major player in the global private equity industry named Providence Equity Partners.  According to this article which appeared on the American Funeral Association blog in December 2018, Providence had made inquiries into many companies in businesses that I will define as “businesses that support funeral homes in the death care industry”.   They were not like the acquisition consolidators that we all have known about that target […]

Finance

Goetz to leave Carriage Services?

This morning we noticed a news release from Market Exclusive that you can see here pertaining to a K-1 filing from Carriage Services.  The filing informed the public that effective June 26, 2020, President and Chief Operating Officer William W. Goetz had resigned from those positions at Carriage Services as well as had resigned from a seat on the Carriage Services Board of Directors. The filing states in part, “The resignation was not the result of any disagreement Mr. Goetz […]

Business

Goings on in the independent funeral home world

Sometimes I can get going about a subject and give you my opinion before you have even had a chance to read the article and form an opinion on your own.  Like everybody, my experiences that I have lived slant the opinions that I profess. And, while I grew up and operated as a 4th generation funeral director in a family firm that is now in its 147th year, I like to think that I am not favored to the […]

Business Finance Preneed

Inside the numbers with SCI

Last week we brought you an initial report on Service Corporation International’s report of their 1st Quarter 2020 results.  We also promised that we would go “inside the numbers” to see what other financial information we could find that may be of benefit to all of you who own or manage funeral homes. Today, we bring you a little more from inside the numbers and don’t bring you any surprises but the numbers put forth continue to show increased cremation, […]

Business

Annual budgeting. . .bringing in the revenue

Yesterday we started the talk of annual budgeting for a funeral home by looking at what are the expectations for overhead, profit, and a savings plan in that budget.  You can see yesterday’s article here.  Today, we will try to explain how we set the revenue parameters to make sure that we have a great chance to cover that budget — even if we under perform on the number of services we will do. To understand how I set our […]

Business

The cost of a funeral, financial literacy. . . and more

I read and then viewed this news story from KPLC-TV of Lake Charles, Louisiana and thought to myself, “Wow they did a pretty fair job of telling of the plight of paying for a funeral when no planning has been done.”  You see, a lot of people like to blame the unexpected expenses of a sudden death in the family on funeral directors everywhere instead of looking inward with the idea that this was going to happen sometime, why didn’t […]

Business

How will we transform?

The other day Funeral Director Daily published an article on the transformation of Hillenbrand Industries.  We explained that while the trajectory has not been perfect and steady – as a matter of fact it has sometimes been downright rocky – they have now transformed their business and business model so that their founding business, caskets, makes up only 30% of their revenue and they have found a way to be profitable at that figure. In researching that article I came […]

Regulations

The staffing issue

A couple of things came to my attention last week that made me again think about the staffing issue facing funeral homes across the country.  While I am no longer on the front lines in looking for licensed staff, I do hear from my colleagues that hiring and retaining professional funeral home licensed staff is a critical issue in operating their businesses. Last Monday I chaired a meeting of a non-profit company in the Fargo, North Dakota, market that operates […]

Finance

Public company notes. . .StoneMor, Park Lawn

We noticed a couple of articles in the news or opinion sections today about death care public companies StoneMor Partners and Park Lawn Corporation and just thought we would pass them on. StoneMor Partners to eliminate 340 positions.  This article points out that StoneMor Partners will be targeting 340 positions as it attempts to eliminate $30 million of annual costs in addition to the $20 million the article says it has already weeded out of operations.  We point out that […]