During the webinar Renovation 101: Upgrade and Improve You Funeral Home, Kelly TerWisscha from TWC Construction and Tim Bridgers from Live Oak Bank share the trends leading funeral professionals to renovation their facilities, the steps to completing a renovation project and the financing options.
Watch the presentation here.
Q: What trends do you see that are creating a need for renovations and upgrades?
A:Having been in the industry for some time, we have seen changes in the industry. One change many funeral homes are experiencing is the rise in cremation. Often a renovation is necessary to add a crematory or make it accessible to families who want to take part in the cremation process.
Another trend we are seeing is an increase in celebration services, which creates a need for flexible spaces. We see funeral homes create reception spaces that are more modern. You can design a multipurpose area with a floor plan reconfiguration or an addition to the current facility.
Regarding design trends, we still see a warm, homey feel. You want families to be comfortable when they arrive. However, we see newer funeral homes are typically brighter with higher ceilings. It’s not as somber feeling as what you often see.
Q: What financing options are there for funeral home renovations?
Depending on the size and scope of the project, there are different loan options to meet your needs. Projects like lobby renovations and new equipment purchases between $75,000 and $350,000 may qualify for Live Oak’s expedited loan process. This process features minimal collateral requirements, minimal equity and 10 year terms with no prepayment penalties. For larger projects, like additions that add square footage or exceed $350,000, we will work with you and your contractor throughout the construction process, so you can focus on running your business.
Q: Do you typically recommend the facility close operation during the renovation?
Both TWC and Live Oak want you to remain profitable during the renovation. If you have a second location where you can operate, you can often save money if you close during the renovation. Typically, the project can be completed faster. However, if you don’t have another location, we do not want to see you lose business or turn away families at need. Our goal is to be flexible with the operation of the funeral home so that you can remain open.
If you have questions regarding your project, contact us today!
Tim Bridgers – email@example.com
Kelly TerWisscha – firstname.lastname@example.org