Hartford Business Journal

HARTFORDBUSINESS.COM | MAY 18, 2026 19 NOMINATION DEADLINE: JULY 10 Celebrate the exceptional leaders in the healthcare industry by nominating them for the prestigious Health Care Heroes Awards! These statewide honors shine a spotlight on individuals and organizations who embody the true spirit of heroism in healthcare. MAJOR SPONSORS NOMINATIONS OPEN! NOMINATIONS OPEN! SCAN TO LEARN MORE & NOMINATE OR VISIT HARTFORDBUSINESS.COM/HBJ-EVENTS RECOGNIZE A HERO TODAY! SUPPORTING SPONSOR Connect with us today! 860-448-4295 NMLS #402928 From the day you open your doors to the day you pass it on, and every day in between. Let's grow your business, together! We're here for it! Steady trend Industry data shows a long-term decline in the number of funeral homes nationwide. In 2006, there were between 21,000 and 22,000 locations, according to the National Funeral Directors Association. By the end of 2025, that number had fallen to between 15,400 and 15,700. Today, Connecticut has 194 funeral homes, down from 309 in 2005, according to the association. Even so, consolida- tion has been gradual and is unlikely to fully displace independent operators, said Daniel J. Ford, a Waterbury-based funeral home operator who also serves as president of the National Funeral Directors Association. About 85% of Connecticut funeral homes remain independently owned, a share that has declined only about 5 percentage points since 2006, Ford said. Much of the consolidation is happening at the local level, as oper- ators merge to reduce overhead and adapt to changing conditions. Ford has experienced that firsthand. Alderson-Ford Funeral Homes oper- ated five locations when he bought out his father in 2014. Today, the company runs locations in Waterbury and Cheshire, along with a third in Naugatuck under the Buckmiller Ford Mengacci brand, following a merger with a longtime competitor in early 2025. "We were operating five different rooftops in three different commu- nities, which didn't make any sense at all, so we reduced our overhead by merging the funeral homes," Ford said. "You'll see that happening on a regular basis throughout the state, as we've seen throughout the country." Other independent funeral home operators say interest from consoli- dators is intensifying. "We've seen in the last three years, really, a lot of private equity money flowing into the funeral industry," said Garrett Casey Sr., owner of Casey's Eastside Memorial Funeral Home in Waterbury and the Casey-O'Neil Funeral Home in Watertown. "I've had two in the last three months that have literally just cold-called and said, 'we'd like to talk to you.'" Casey declined to sell, citing differ- ences over valuation, but said the inquiries reflect a growing presence of institutional buyers in a tradition- ally local business. He pointed to demographic pres- sures as a key consolidation driver. "The majority of funeral home- owners are like me, they're in their 60s and 70s. Some, a lot of them, don't have succession plans," he said. Still, Casey believes independent operators retain advantages that are difficult to replicate at scale. "If you call Casey's, you're going to get a Casey to answer the phone," he said. "I answer the phones 24-7 at home at night. The corporates can't do that." Changing demands At the same time, changing consumer preferences are reshaping the industry. Demand for cremation services has surged over the past few decades, driven by both cultural acceptance and cost considerations. Casey said cremation accounted for about 15% of his business when he opened in 1998. Last year, it was 65%. A traditional funeral service with a casket, vault, wake and hearse can cost about $15,000, while a cremation with services can cost around $5,000, he said. Marc L. Frigon, manager of Wood- tick Memorial in Wolcott, one of the properties acquired by Milestone, said consolidation has been building for years. "Well, there's a definite trend, and this has been going on for a long time, that the smaller family-owned funeral homes are being bought up by national chains of funeral homes," Frigon said. He said not all corporate oper- ators are the same, noting differ- ences in responsiveness and operational flexibility. "It worked out well because (Mile- stone is) a smaller company and, if I need the answer to a question, I generally get it right away or within 24 hours," Frigon said. Woodtick Memorial was started by Frigon's father in 1985. He said he hopes to regain an ownership stake through an equity-sharing program being developed by Milestone. In New Haven, where independent operators still dominate, consolida- tion has also reduced the number of funeral homes over time. The Iovanne Funeral Home has been in the same family for nearly a century in the city's Worcester Square neighborhood. President Bill Iovanne Jr. said there were once six funeral homes within a few blocks of his location. Today, there are two. He, too, has received buyout offers. "We get courted by the larger conglomerates a lot, and their offers are always appealing, but I like being independent," said Iovanne, who has done some consolidating of his own. His wife's family business, the Lupinski Funeral Home, was merged into the Iovanne location, while retaining its branding and client base. Iovanne said the corporate model often emphasizes efficiency and volume in ways that can conflict with his approach to service. As an inde- pendent, he is not constrained in how much time he spends with families — an approach he said helps build multigenerational relationships. Looking ahead, he expects consolidation to continue as more owners approach retirement without clear successors. "I see it picking up pace primarily because of succession," he said. Daniel J. Ford Bill Iovanne Jr.

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