Tag: funeral home business

Business Products

The American Casket Market

I’ve been able to receive a private report from November 2017 on the State of the American Casket Market.  It is an extensive report that goes into who are the players in the industry, what is the market like, who has what percentage of market share, what is the profitability of the industry, and attempts to give a look into the future of where the industry is going. I found the report, and I’ll share parts of it with readers […]

Preneed

Pre-Arrangement Operations in the Cremation World

Back in the 1990s as our State of Minnesota began allowing insurance policies to be a repository for pre-need funeral arrangement funding, many funeral homes, mine included, started insurance agencies in order to profit from the decision.  Since, Minnesota is a 100% trusting state, prior to that decision if a family gave you $5000 to pre-arrange a funeral, all $5000, 100% of what you were given, had to be put in a certificate of deposit.  Since it was all put […]

Business Cremation

Small Funeral Homes and Being Bold in Cremation Pricing – Part 2

Yesterday I mentioned that for small funeral homes more than 75 miles from a major metropolitan area it would be wise to be bold in pricing of cremation services.  I mentioned that if you are that far away from a large metropolitan area families in your service area will feel comfortable using your firm – even at a premium price – and you are far enough to not lose many calls to a low-cost provider in the metro area. I […]

Business

Who is Your Target Customer and What do They Want?

I posted an article yesterday that showed that even when you think you are an asset-based or value customer you can also be, at some times in some situations, an experiential customer.  By experiential customer I mean that you, as a customer, will pay more for something because you value the experience that it gives you. When I think about my career in funeral service – and I was probably successful in spite of myself because of the times I […]

Business

Can’t Believe They Waited Until 2017

The Niagara Gazette recently published an article featuring Michael Goodlander, owner of the Otto Redanz Funeral Home in New York state.  The article captured the thoughts of Goodlander and his funeral home as it is preparing to offer food – in the way of baked goods, snacks, and platters to those visiting and using his facility during visitations and funerals. The article states that the State of New York recently passed legislation which makes this legal in the Empire State […]

Finance

Park Lawn Reports 3Q Results

Park Lawn Corporation today released the results of their 3rd Quarter operations.  The company reported that their revenue increased by over 29% to a $22.4 million mark in 3Q 2017 as compared to $17.3 million in 3Q 2016.  All dollar figures are reported in Canadian dollar figures. The company had several one time non-recurring expense items that contributed to a loss of of $171,116 for the 3rd quarter of 2017 as compared to a net income in 2016 of $749,000.  […]

Finance

Stonemor Partners Reports 2017 First Quarter

Last Friday, October 27, StoneMor Partners L.P., finally reported its earnings from the 1st Quarter of 2017 which ended on March 31, 2017.  As reported earlier the Partnership is continuing to work on its delayed filing of periodic reports with the SEC.  You can read the full report of last Friday from StoneMor here. Here are some things that we picked up from reading this report: Revenues were up almost $5 million over the same period in 2016. Revenues were […]

Business

Avoiding Temptations in Business

Probably over 20 years ago I read the book, Swim with the Sharks, by Harvey Mackay.  I thought it was a great read with a lot of common sense that I have used over the last 20 years in my business career.  It was also interesting to me because Mackay was a local guy who started out as an envelope salesman and has ended up as a mega-large owner of envelope companies.  In the Minnesota market his reputation is somewhat […]

Business

The Acquisition Market: Who is the Target??

Having seen news last week that Foundation Partners closed on an acquisition in Wisconsin I did a little research on what, at least anecdotally, are the acquisition targets of the larger companies.  I did so because the purchase of the Schneider-Michaelis Funeral Home in Jefferson, Wisconsin, didn’t seem to fit what Foundation Partners had been doing recently. I found this an interesting topic and I also found an interview published in the May 2017 edition of the The Southern Funeral […]

Business

What’s Your Firm’s Advertising Mix?

As we move into the month of September and all the kids start going back to school, it always reminds me that the next business year is just around the corner a few months away.  It was in September that I always started to look at our budget for the coming year and began the process of looking at our expenditures and if they appeared to pay off or not.  At the end of my full-time career I operated a […]