FUNERAL HOMES & DEATH CARELooming Succession Needs, Shrinking Margins, and Revenue Diversification
BOWMAN KNOWS FUNERAL HOMES
When your organization operates in a fast-changing, complex environment like funeral homes and death care, it is critical to surround yourself with advisors who have the specific industry experience necessary to guide you in the right direction and provide you with peace of mind. Unlike generalist CPA firms, Bowman & Company LLP puts a premium on industry knowledge and experience. We strongly believe that specialization and a focus on unique contemporary issues makes the difference between a good CPA and a great one.
Funeral homes and death care organizations face unique circumstances and hurdles, from the need for succession planning to eroding profit margins to opportunities for revenue diversification. Our niche team commits themselves to staying on top of industry trends, regulations, and opportunities so our clients can focus on their missions, secure in the knowledge that they are in good hands.
A NEED FOR SUCCESSION PLANNING
Many funeral homes have been owned and operated by a single person or family for decades, and the time is fast approaching to transfer the reins of power to a new generation. Many owners, however are far more interested in helping their clients than in dealing with the finer details of planning a smooth and seamless succession. Should you transition the business to a family member? Another leader within the company? Sell to another organization? No two situations are precisely alike, and having a customized succession plan built for your specific needs can make the difference in ensuring the longevity of the business you built.
ERODING PROFIT MARGINS
Year after year, profit margins in the death care industry are chipped away by rising cremation rates, online casket purchases and rentals, rising overhead costs, and other contemporary trends. This trend makes business and tax planning critical to profitability and long-term sustainability.
OPPORTUNITIES FOR REVENUE DIVERSIFICATION
As laws and regulations change and margin pressures increase, many death care businesses are looking for ways to diversify their revenues by hosting weddings, providing banquet and reception services, and many other creative strategies. Tapping into today’s trends and all the potential service offerings available to you can make a tremendous difference in the profitability of your business.
We invite you to CONTACT US if you would like additional information or to discuss your particular business needs.
Bowman & Company LLP is proud to announce the election of Nicholas S. Colanzi, Jr. to Partner, effective July 1, 2023.
As of November 1, RLFB PC will join Bowman & Company LLP. Bowman will be expanding our commercial services & adding a Haddonfield office location.
Partner Michelle Gasiorowski, CPA, has been announced as a recipient of an NJCPA Ovation Award for 2022 for having a substantial impact in accounting within the region.