Why I partnered
Q & A with Rick Tuss, Charlotte Memorial Funeral Home, Cemetery, and Crematory
Rick Tuss has been in the funeral profession since 1979. In 2012, he and a partner purchased what is now known as Charlotte Memorial Funeral Home, Cemetery, and Crematory in Punta Gorda, Florida. The business was still ravaged by Hurricane Charley’s 2004 destructive path. Rick remodeled, modernized, and added a crematory, making it the only complete combination funeral home in Charlotte County. Charlotte Memorial became a part of the Foundation Partners Group in 2019, and Rick became a Partnership Consultant for the company in 2021.
When did you start thinking about succession planning?
My succession planning thoughts started when I was 64. A friend of mine, who’s the same age, was in my office one day and asked me what I planned to do, and I really didn’t know. That was the start of a long, thoughtful process about what I wanted to do with the good years I had left.
What were your priorities in a business partner?
I wanted a partner who respected our values and the way we do business. I wanted to be in a secure financial position for my own future. And I was concerned about what a partnership would mean to my employees, who are like family.
I was afraid Foundation Partners would make wholesale changes for the sake of change. They didn’t. They let us keep doing things we were doing. I was happywith the deal I made with Foundation Partners.
And are you pleased with the outcome for your staff?
Very much so. I was concerned about what would happen to my employees, but seeing the benefits that they now have assuaged my fears. Suddenly, they had access to benefits that I wanted to provide but couldn’t afford to. Health insurance, dental insurance, disability, life insurance, a retirement plan – all the benefits. I’ll stop by for a visit, and it’s like they don’t even miss me! It’s wonderful that they are happy and doing so well.
How did you hear about Foundation Partners Group?
I had not heard of Foundation Partners Group prior to my thoughts of acquisition. A friend of mine mentioned it to me. I looked them up and I researched them. Then I never seriously considered anyone else.
How has your life changed since selling your business?
Once you decide to sell, there’s no going back, and I was very afraid during those eight months when I thought things over that I would regret it. I was 64 then, but I still had many years left that I could have worked.
Today, I can truthfully say that I have never looked back. I really haven’t. I wish I’d sold my business sooner.
Any advice for owners who are considering succession?
You need to think about yourself. Listen to your gut. If you think it’s time to do something different, it probably is. Age is only one factor in a succession plan. There are so many things to worry about as a business owner. But with a larger partner, I had support on the legal side, and I had help on the accounting side. I didn’t have to worry about so much anymore. My stress level is far below what it was pre-sale.
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