• Case Study
    Heritage Memorial Funding

    The Challenge

    Eagle Capital Corporation, a Southern Growth Studio client, is led by Joe Estess, a brave entrepreneur always looking for new ways to grow. Estess challenged Southern Growth to translate the successful Eagle business model to a new arena.

    Funeral homes deliver a high-cost service in a time of dire need. Often, families cannot pay up front for their services, and funeral directors must find a way to cover their costs, ensure that they are eventually paid, and care for the families who trust them—all in a matter of days. The industry needs financing from an experienced source. Could something like factoring fit the bill?

    The Work

    Assets

    Southern Growth Studio studied the funeral industry to determine if funding could gain market acceptance, how the business model would work, how to position the service, how it should be priced, and to identify potential competitors.

    Southern Growth’s analysts consulted industry experts and surveyed funeral directors nationwide. They conducted wide-ranging and fine-grained statistical market studies, and examined how funeral homes finance funeral services. Many used an advance from the deceased’s insurance policy offered through a third-party company. Analysis of these potential competitors, their business process and pricing, and their relationship with the funeral homes revealed a distinct advantage. Estess operates a family-owned company that places a high premium on customer service—exactly what funeral homes demand, but don’t usually receive, from the financing companies who serve them.

    In their report to Estess, Southern Growth Studio recommended that Estess launch a new company to enter the market, offered advice on how this company should be positioned, and established a pricing and revenue model informed by market research.

    The Results

    Heritage Memorial Funding, Estess’s new funeral service financing company, launched in 2009. The company name, tagline, logo, position, pricing structure, sales strategy, sales materials, Web site, and value proposition were all driven by the Southern Growth Studio’s research and recommendations.

    “Heritage Memorial Funding is a new venture for us that would not exist right now without Southern Growth,” Estess said. “This is a promising new direction, and we’re excited about all the possibilities here. Better yet, we know what’s possible because we have the data and research to back us up.”

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