I got the opportunity yesterday to do a video interview with the President/CEO and Vice-President of Genesis Casket Company about where they currently are in their production schedule, and the current state of the company. I talked with them about the recent lay-offs and position terminations, market share, current an future distribution plans, truck load pricing, and where the company is headed in the near future. Also hear how one major casket company is offering 50% discounts in an attempt to gain back customers lost to Genesis Casket.
Wonderful interview with Joe & Tony. Genesis casket continues to move forward with their end-vision in mind. In my opinion, as an industry we (as customers) forget that Genesis is a “start-up” company. The big 3 have been in business operationally longer than many of us have been in our funeral service careers. I’m quite certain that the the big 3, or any other manufacturing company for that fact incurs the same challenges. Our funeral home continues to support Genesis Casket and their vision. ….and Ryan – please visit the plant, I’m confident, you will be duly impressed.
growing pains are normal in any business. these guys are under the microscope right now and their successes and stumbles will be magnified.
great interview. Love to see new guy on the block make a run. But other than a standard product line and good pricing, will it be enough? Will they have to bring additional innovative ideas to the table to maintain customer base and grow that base? I.E. Casket personalization or custom casket manufacturing to the specs of a particular customer??
Growing pains are not laying off people those are customers failure to accept your product pains. Their product is the same quality level of a Chinese casket is the reason they have not succeeded.
Respectfully – I challenge your statement. It took Chinese Caskets awhile to catch on – they primarily began to gain traction via the vender and their relationship with their relationship with the funeral director. Many funeral directors still purchase relationally and then then financially. I’m not saying that you are wrong – I just am challenging you. Genesis also had a patent on a casket that is in my opinion a stealth winner – the “Parkwood”. It fits both consumer needs – low end burial and cremation. Many funeral homes in MI have embraced this unit and continue to do so. Please check it out – it’s on their website. (a corrigated veneer with velvet interior)
The
funeral industry is in dire need of innovation and for leaders to step up to
create new opportunity. Unfortunately,
most have their head in the sand, cannot shed the legacy shackles or simply do
not have ability to create, much less execute.
I personally do not believe that a new casket, urn or vault is going to
make a significant difference in the growth or sustainment of most funeral home
operations. Our industry is certainly
not suffering from a lack of “innovative products”. However, rising personnel costs, lack of
personnel management tools, consistent professional training (of directors,
owners and staff…nonexistent), outdated operational models, immediate financial
reporting and funeral service accounting expertise are drivers that will
shipwreck firms in the near future. I
concur that lowering cost of goods is part of the formula (and Genesis has an
opportunity to challenge the current market providers), the overwhelming
continuance of the status quo will become more prevalent as time moves
forward. Unfortunately the industry guru’s
have missed the “Baby Boomer” death increase mark (who would have ever thought
that modern medicine and a healthier life approach could keep people alive
longer). We are witnessing the beginning of the proverbial “chickens coming
home to roost” by funeral homes laying off staff (Stewart Enterprises for
example) and trying to figure out the “next best innovation” rather than the
core business practices necessary to not only survive, but to grow in the
upcoming years. The shoe that will begin
dropping in the next few years is the sale of independent firms…really there is
only one choice, corporations. The
corporations have the capital to purchase, buy at 6-8 times earnings, and then
leverage the cash flow to buy other firms.
If an owner does not choose to sell to a corporation…then who? Access to the type capital necessary to
purchase is hard to come by…so…is buying a casket for 30-50% less important
or actually having the education and tools to run the business. Time will tell.