November 2008 Management Insights Newsletter
IN Newsletter On 11-12-2008
Welcome back. It’s November, 2008. My day is like many of your days … busy with too much to do. When you receive this newsletter we will have a new President, Congress and Senate. We can only hope our new leaders will bring leadership and the wisdom necessary to lead our great nation back to more prosperous times. Enough on politics …
We have been busy and as a result we have many new and exciting things to share with you.
Thanks to all of our many clients and the support they have given us, we will be moving to a new office building this month. A formal announcement with all the details will be coming your way soon.
For those contemplating our accounting services, we are now offering stand alone traditional monthly accounting service. You may continue to use your existing management software, i.e. TDAW, Mortware, Mims etc. You would capture your expenses with our QuickBooks Enterprise edition. We are also adding a new independent tax service to enhance our accounting services to our clients.
We have listened to clients and the market place and have now responded with even more services as your Total Solutions Company.
This issue we will highlight all of our services to explain what they are “how they work” and most importantly how each service ties to the other to provide a Total Solutions Approach for our clients:
We hope you find this issue informative and helpful in knowing whom we are and what we are all about. As you review our flow chart below, you will see how a Total Solutions Approach makes sense and the value-added we can provide from understanding the entire process is unmatched in the funeral industry.
In closing this message, I want to take this opportunity to wish you and you family the best of the Holiday Season.
Call us or reply to us if you have questions, we look forward to hearing from you.
Legacy Management and Accounting Services, a Johnson Consulting Group company is one of the few companies offering a complete web-based accounting solution to the funeral professional. Drawing from our own experiences and past processes, we have developed an accounting service and system that allows access to the accounting software to the client. This allows total flexibility to our clients who wish to have reporting capabilities at their fingertips. Along with our service, comes a financial statement designed with the funeral professional in mind. Average sale, call counts, a cash flow line (EBITDA), and benchmarked sections to our 100’s of clients doesn’t leave you guessing on how well you are achieving your goals. This service is for all sizes of firms at a fraction of the cost of hiring an accountant internally or outside of the business. Call today for a free assessment to see if Johnson Consulting Group can help you with your goals!
How will you know how you compare with other organizations without a Performance Analysis. This Johnson Consulting service looks at all areas of your business, not just the financial side, to determine if your company’s processes and structure is maximizing your success in the Marketplace, Workplace, Customer Service, and Financial Management. After this assessment, we offer a strategic plan with specific tactical actions that are customized to improving your firms operating performance. We have proven success in enhancing the business environment, which ultimately affects the bottom line. The following is a short list of some of our offerings.
- Current Operating Performance Analysis
- Customer Service Assessment
- Workflow Analysis
- Competitive Marketplace Assessment
- Financial Analysis
- Web-based Family Satisfaction Survey and Sales Analysis reporting
- Customer Service Training
- Arranger Training
- Collections Training
- Management Development Training
- Employee Development Training
- Accountability Management Programs
- Employee Satisfaction Survey
- Customized Incentive Plans
- Employee Recognition Programs
- Phone Shopping Survey
- SWOT Analysis
- Marketplace Price Comparison Matrix
- Market Share Trends Analysis
- Master Marketing Plan
- Revenue Analysis
- Expense analysis
- Accounts Receivable Analysis
- Cash Management Strategies
- Strategic Pricing Plans
- Annual Business Operating Plans
- Strategic Planning
- Monthly Performance and Accountability Management Meetings
“If you can not afford a valuation, you can not afford to be in business” Most people have a better understanding of what their personal stock and cash values are than their own business value in which their life’s work is involved. Having a detailed valuation and assessment of the financial and market conditions of the business is key to successful business decision making.
Johnson Consulting Group is quickly becoming the leader in the business valuation arena. We have analysts on staff who are creating business valuation packages for both funeral homes and cemeteries daily. Our strength comes from our experience and processes. Having bought, sold, operated, and started our own funeral businesses in the past, we have a keen sense of how funeral businesses are operated. From this experience we also assess the “non monetary” values of a business that can make one business more valuable than another. We call it the Johnson Consulting Value Matrix. With our involvement in Mergers and Acquisitions, we have a daily perspective on business values and what the market is willing to sell or buy a business for. We go yet one step deeper through our underwriting experience to help determine how financing constraints can affect the value on a firm. Through our proprietary web-based datasite, we can show you a demonstration of our valuation package. Call today for a free assessment to see if Johnson Consulting Group can help you with your goals!
Mergers and Acquisitions
“You’ve worked hard for every penny, so don’t leave any on the table” Whether a company is expanding through acquiring other business or selling their business, professional advice on value and structure is critical.
Johnson Consulting Group is the leader in the Mergers and Acquisitions arena having completed 100’s of transactions both on the funeral home and cemetery side. Our strength comes from our experience and processes. Having bought and sold our own businesses in the past, we have a keen sense of the gives and takes of transaction negotiating. We also utilize our proprietary web-based marketing data site to ensure a streamlined and confidential process that ensures that the transaction is completed in a timely manner. Our ability to find financing for buyers also greatly assists us with acquisition assistance as well as bringing forth qualified buyers to our selling clients. Call today for a free assessment to see if Johnson Consulting Group can help you with your goals!
Expanding and growing businesses is one of the indicators of a successful business. How a company expands can be the difference between great success and failure. Typically, funeral professionals operate businesses that have been with the family for generations. Due to this, they are in a debt position that is more conservative than in a new venture. When acquiring a new business, it is paramount to know what the fair market value is and create the right structure for success. Determining the correct loan size and the forecast or budget for years to come is critical to success.
When selling, It isn’t just about finding the right buyers, it’s about knowing what the fair market value is and developing a structure that will maximize what the seller wants! This is the single most important transaction the seller will be involved in. Wouldn’t it be smart to have a company on your side that has helped hundreds of sellers in this situation? You Bet!
Transferring a funeral business to family members or key employees has been occurring for many years. Setting up that structure correctly to ensure success of the next generation while still maximizing value for the seller is critical. Structure in a transfer such as this is very important.
It’s just good business to have your taxes prepared by a firm that specializes in tax work and has a clear understanding, in depth knowledge and experience working with small businesses. Our accounting system and reports have been tailored to provide a very smooth and easy transfer of the quarterly and yearend financials to help expedite the preparation and filings.
Until Next Time
Now is the time to think about what you want to achieve for 2009 .
It’s pretty simple: if you are not satisfied with your results, but you keep doing the same things, it is almost guaranteed you will get the same disappointing results. We have help hundreds of funeral homes achieve their desired success. We can help your achieve your desired results and more .
We hope you found this issue informative, helpful and useful if you are contemplating taking the right steps to improve your performance and productivity.
From our perspective here at Johnson Consulting, there has never been a better time to be in funeral service than today.
Jake & Tom Johnson