Why I partnered
Q & A with Richard "Rick" Baldwin, Baldwin Brothers Funeral & Cremation Society
Rick Baldwin jokes that his hair color – gray — shows that he’s been in the funeral service business “for a while.” Funeral service is in his genes, with the Baldwin family providing funeral and cremation care to three generations of Floridians. In 1973, with investment capital from outside investors, he founded Baldwin-Fairchild Funeral Homes and Cemeteries in Orlando, Florida. The business grew to nine funeral homes and a cemetery – before being sold ten years later (1983).
Rick was on the ground floor for a new business venture, Baldwin Brothers Funeral & Cremation Society, in 2013. He was instrumental in creating their successful business model for a simpler, easier, and cheaper way to arrange end-of-life services. Then, in 2021, Rick and his partners (including former SCI President, Jerald Pullins) agreed to sell their business to Foundation Partners Group. Now retired, Rick remains busy with his many volunteer commitments.
When did you start to think about succession planning?
I started thinking about it immediately, even as we were just beginning Baldwin Brothers Funeral & Cremation Society. In my work over the years, I’d met so many people who never thought about selling their business. They never thought about succession or what might happen if they got sick or just died suddenly! They had no plans, nor had they made any preparations, which meant things turned into a mess for the survivors. And for those who didn’t have direct survivors – a worse mess.
We thought about succession all along. Our goal was to adopt a succession plan that would satisfy the estate planning needs of our senior business partners and leave our junior partners with new partners, who were also growth, opportunity, and profitability minded. It was our thought that if you choose the right partners, the “basics” (growth, opportunity, and profitability) you worked hard to build will simply remain in place.
That’s why we picked Foundation Partners Group.
Why was it the right time to sell?
As my hair turned grayer, and my birth date became further away, I knew it was time for me to stand down. I knew it was time for the younger partners to lead us, to bring their new perspectives, and to harness the opportunities of the future. I’ve always believed that life is more orderly when you think strategically about the next steps and the tomorrows – and not just let them happen randomly or unplanned.
I had always wanted our company to be about ‘us’ – not just about me.
How did you hear about Foundation Partners Group?
We were already familiar with Foundation Partners Group when they contacted us. We knew that they were growing in Florida, and we liked that. We had a preliminary conversation, and one step led to the next. It was easy with Foundation Partners because we were both purposefully attuned.
Did you consider anyone else?
We felt it wasn’t good business to talk to two potential partners simultaneously. After our initial conversation, we liked them. We knew that Foundation Partners is a good company, and that their financial offer was reasonable.
What has the partnership meant to your team?
Working in a smaller, closely held business is different than working in a larger company. Other people are involved, other markets are involved, and of course different challenges exist in each market. The advantage of a career in a larger funeral service company is the wide range of experience found in the management team, the different approaches to problem solving that are readily available, and the wide scope of opportunity that is open to each person!
In my experience, it’s been fun to be on a team because it doesn’t put all the pressure on you; you can depend on others, take a day off, and rest when you need to. A team is generally a lot stronger than the sum of its parts.
What advice would you give other funeral home owners looking to sell their business?
The funeral business is interesting because many of the owners live upstairs with their families, while the business is operated downstairs. People knock on your door in the middle of the night. There are few days off. You’re always working, year after year, and the miles pile up. And then one day, the question becomes, “how will you end your career?” Will you plan it? Or will you just drop dead one day?
I encourage my friends in the industry to think about succession by the time they’re 55 or 60 years old.
Maybe you too want to be able to turn your phone off, go to lunch, or play golf. If you do – it will all be much smoother if you have a thoughtful plan.
Are you happy with your decision to partner with Foundation Partners Group?
I am very happy. We had a compatible strategy with them. It was essential for us to have a partner who would reward our people, continue building the business, and do an outstanding job for every family we served. Like us, Foundation Partners feels end-of-life services is a very personal service; and they know we have to deliver that service one family at a time.
They’re doing a good job, and I recommend Foundation Partners to anybody who wants to expand their business, retire, or have the succession support of a larger company.
Contact Us
If you’re thinking about succession planning, now is the perfect time to arrange a complementary, confidential financial analysis with Foundation Partners.
Foundation Partners Group
369 N. New York Avenue
Winter Park, FL 32789
For general inquiries, please call:
Phone: (888) 788-7526
Fax: (407) 583-4735