[a cu men]
n. keenness and depth of perception, discernment or discrimination, especially in practical matters.
SCI: A GROWING COMPANY AND GREAT PLACE TO WORK
NOTE: This article originally appeared in the InSCIder, an internal, company-wide resource and newsletter for all SCI Associates.
As a Company, one of the best ways we deploy capital is through acquisitions. It allows us to partner with existing businesses, bring new firms into the SCI Family and provide independent business owners the opportunity for effective succession planning. Together, we strengthen our Company and the local firm's ability to serve their community.
THE RIGHT FIT
All across North America, we seek to expand in areas where we have a footprint and there are favorable demographics and population growth rates. Within these areas, we are looking for potential partners who possess favorable operating trends, strong reputations in the community and a quality team of associates.
"Our strategy is to invest in locations that complement our existing operations in an area and increase our scale and offerings for the families we serve," says John Faulk, Senior Vice President, Revenue and Business Development. "The team considers firms with talented owners and associates who have built a culture that fits with ours," he says.
On average, we spend $75 to $100 million dollars annually and typically acquire seven to 10 new businesses each year.
BENEFITTING SCI
Our greatest asset is our associates. When we acquire a new firm, our new team members bring a wealth of industry knowledge and experience.
Additionally, new firms enable us to greatly enhance our operational synergies, such as:
SMOOTH OPERATOR
We often speak about Service Excellence in relation to serving families, but it is no less important when it comes to serving each other. For the Business Development team, this means assisting newly-acquired locations during a time of great change – transitioning from their firms to ours.
From the market leadership to the former owner and new associates, it is critical to ensure everyone knows what is going to happen, when it's going to happen and how it will impact them. The Business Development team, made of ten predominantly Houston-based associates, works with business owners to assess their business, perform due diligence, execute the transaction and smoothly transition the firm to SCI.
"Our goal is to make the integration of locations into our systems, culture and family as seamless as possible," says Business Development Assistant Vice President, Steve Kramer. In order to accomplish that, the team has listened to feedback received from associates involved in past acquisitions, and put together tools to assist in better planning, training, and communication to ensure setup and support are done timely and effectively.
"Improving communication has been our biggest opportunity and continues to be our focus," adds Steve.
As a Company, one of the best ways we deploy capital is through acquisitions. It allows us to partner with existing businesses, bring new firms into the SCI Family and provide independent business owners the opportunity for effective succession planning. Together, we strengthen our Company and the local firm's ability to serve their community.
THE RIGHT FIT
All across North America, we seek to expand in areas where we have a footprint and there are favorable demographics and population growth rates. Within these areas, we are looking for potential partners who possess favorable operating trends, strong reputations in the community and a quality team of associates.
"Our strategy is to invest in locations that complement our existing operations in an area and increase our scale and offerings for the families we serve," says John Faulk, Senior Vice President, Revenue and Business Development. "The team considers firms with talented owners and associates who have built a culture that fits with ours," he says.
On average, we spend $75 to $100 million dollars annually and typically acquire seven to 10 new businesses each year.
BENEFITTING SCI
Our greatest asset is our associates. When we acquire a new firm, our new team members bring a wealth of industry knowledge and experience.
Additionally, new firms enable us to greatly enhance our operational synergies, such as:
- Improved funeral merchandising and packaging
- Enhanced cemetery offerings with experienced associates
- Cost savings related to local and national scale
SMOOTH OPERATOR
We often speak about Service Excellence in relation to serving families, but it is no less important when it comes to serving each other. For the Business Development team, this means assisting newly-acquired locations during a time of great change – transitioning from their firms to ours.
From the market leadership to the former owner and new associates, it is critical to ensure everyone knows what is going to happen, when it's going to happen and how it will impact them. The Business Development team, made of ten predominantly Houston-based associates, works with business owners to assess their business, perform due diligence, execute the transaction and smoothly transition the firm to SCI.
"Our goal is to make the integration of locations into our systems, culture and family as seamless as possible," says Business Development Assistant Vice President, Steve Kramer. In order to accomplish that, the team has listened to feedback received from associates involved in past acquisitions, and put together tools to assist in better planning, training, and communication to ensure setup and support are done timely and effectively.
"Improving communication has been our biggest opportunity and continues to be our focus," adds Steve.
When it comes to the actual process of selling your business, professional guidance is both critical and valuable. SCI has unparalleled experience as an acquirer of funeral homes and cemeteries. If you have questions about the sales process, in general, please give us a call for a completely confidential conversation.
NOTE: SCI and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
We’re focusing on “acumen” in a series of brief, informative topic summaries. Acumen, as defined by Merriam-Webster, refers to “keenness and depth of perception, discernment or discrimination, especially in practical matters.” Each summary is a brief introductory overview of a topic; new topics will be added periodically. As you read through the summaries, put your list of questions together. Then give us a call. There’s no cost or obligation to visit with us – and every conversation and communication is kept completely confidential. Our team is always available to serve as a reliable resource for questions about transition.
NOTE: SCI and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
We’re focusing on “acumen” in a series of brief, informative topic summaries. Acumen, as defined by Merriam-Webster, refers to “keenness and depth of perception, discernment or discrimination, especially in practical matters.” Each summary is a brief introductory overview of a topic; new topics will be added periodically. As you read through the summaries, put your list of questions together. Then give us a call. There’s no cost or obligation to visit with us – and every conversation and communication is kept completely confidential. Our team is always available to serve as a reliable resource for questions about transition.
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Service Corporation International is dedicated to compassionately supporting families at difficult times, celebrating the significance of lives that have been lived, and preserving memories that transcend generations, with dignity and honor. Privacy Policy |