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V O L . X X X I N O. X X V N OV E M B E R 3 , 2 0 2 5 20 FA M I LY OW N E D B U S I N E S S F O C U S e partnership cements a longstanding rela- tionship between the two companies, by shifting the focus from selling merchandise to helping bereaved families create tributes via Mainely Urns' "Urnspiration" brand of personalized urns, printed Lookbooks and QR code-linked galleries. "It's an alliance of like-minded Maine death- care business operators, focused on unique per- sonalization opportunities for bereaved families," Martel says. As for Milestone's long-term plans, Martel says that the goal is to keep growing in this part of the country and build on existing clusters. "at probably means acquiring 10 to 15 firms a year," he says. "We could comfortably do that for a really long time and build a nice strong business here in the Northeast." Investors of different stripes Milestone Funeral Partners is a small player compared to large national strategic buyers like NYSE-listed Service Corporation International, which owns 1,900 locations in 44 states and eight Canadian provinces. Its holdings in Maine include funeral homes in Lewiston, Auburn, Lisbon Falls, Portland, Rumford and Yarmouth — though they don't necessarily include the corporate name in their branding. Private equity firms are also digging in, from the funeral-focused Foundation Partners Group to middle-market generalists. Industry iniders expect dealmaking to pick up. "e amount of firms raising their hand and looking to sell their business has increased quite a bit over the last 12 to 18 months," says Chris Cruger, CEO of Foresight Cos. LLC, a Florida-based con- sulting and succession planning firm for funeral and cemetery businesses. Cruger attributes industry consolidation to a number of factors, starting with aging owners approaching retirement. at's documented in a 2023 National Funeral Directors Association survey of 239 owners, half of whom said they plan to retire within the next five years. A "very aggressive" shift to the use of technology in all aspects of the business — including market- ing, case management and different ways to memo- rialize someone during and after a funeral service is also fueling consolidation, Cruger says. "is profession has been slow to change, so in some cases it means people just saying, 'the heck with it, get me out,'" he says. While the industry was forced to get "somewhat" current during the pandemic when livestreaming took off because of restrictions on large gatherings, "it's getting there kicking and screaming." In more than half of the 182 deals his firm has advised on over the last six and a half years — with an average exit of $7 million to $8 million — the asset did not go to the highest bidder. "at is a badge of honor," he says, because it's not all about financial returns. "e money is extremely important, but it comes down to finding who will be the right buyer to continue to serve the community and honor the legacy of that business." Back at Conroy-Tully Walker in Portland, Adam Walker remains determined about staying indepen- dent despite regular queries from Texan behemoth SCI and private equity firms. When those calls come in, "we tell them that we're proud to be family-owned and we intend to remain family-owned," he says. R e n e e C o r d e s , M a i n e b i z d e p u t y e d i t o r , c a n b e r e a c h e d a t r c o r d e s @ m a i n e b i z . b i z » C O N T I N U E D F RO M P R E V I O U S PA G E For the life you choose. 1.888.725.2207 norwaysavings.bank/lets-talk M E M B E R F D I C Business banking that starts with you. At Norway Savings Bank, business banking is more than lending and deposits. It transcends the transaction, becoming truly engaged in your business and success. Whether it's in the form of a loan or line of credit, programs that help you manage payment processing and cybersecurity, or just being there to listen and help answer questions—if it's important to you, it's important to us. Daniel & David Kleban, Owners Maine Beer Company Freeport, Maine This profession has been slow to change, so in some cases it means people just saying, 'the heck with it, get me out.' — Chris Cruger Foresight Cos. LLC

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