Why I partnered
Q&A with Mark & Diane Musgrove, Musgrove Mortuaries & Cemeteries
Mark grew up in the funeral profession. Both his mom and dad worked as funeral directors, and the Musgrove family has been serving Oregonian families since 1883. Diane likes to say that she married into the business. The husband-and-wife team and Mark’s brother Jeff owned and operated Musgrove Mortuaries & Cemeteries for 40 years. Currently, the Musgrove brand includes 11 funeral homes and three cemeteries.
When Mark and Diane realized their two sons weren’t going to follow in their footsteps, they began looking for a partner. They joined Foundation Partners Group in 2020.
When did you start to think about succession planning?
MARK: We began planning for a transition six years before my brother, wife, and I wanted to sell and retire. You can’t just put the keys on the table and leave. We care about our profession and the families we serve too much to exit without a clear strategy. We ensured that our facilities and finances were in tip-top condition and took our time.
DIANE: When Mark turned 60, we felt it was time to think about retiring. We had a five-year plan that was closer to six years, but by the time we transitioned to our new partner, it was seamless.
Why was it the right time to sell?
DIANE: Funeral service is demanding. We wanted to retire with enough good years to play (laughs). We’ve buried a lot of people who waited too long and didn’t have the chance to enjoy retirement.
MARK: Funeral service is a wonderful profession, and I’m very proud of my years in the business. But when you look at your life’s timeline, you only have so many years to climb up a pyramid or play catch with your grandkids. I would have missed out on many things if we hadn’t sold the business and retired.
What were your top priorities in a business partner?
MARK: We had three critical factors to consider. First, it was essential that whoever purchased our business would continue our family’s legacy of care, which dates back to 1883. Second, our employees had to be taken care of. And third, Diane and I wanted the resources to retire and do the things we dreamed about doing.
DIANE: I wanted our new partners to recognize the successful system we had in place, a profitable business run by a caring staff. Foundation Partners Group specializes in businesses that have a higher cremation rate. They understand cremation and what you have to do to increase profit margins when you focus on cremation. They came to Oregon and were genuinely interested in learning who we are and how we operate. They eased our concerns. We told our staff how and when the transition would occur and that Foundation Partners would keep the business running as it has been.
How did you hear about Foundation Partners Group?
MARK: My work with the National Funeral Directors Association (NFDA) allowed me to see multiple operations and companies up close. (Mark was the first Oregonian to serve as NFDA President from 2003-2004). Foundation Partners Group has always been a company that I respected as ethical, forward-thinking industry leaders that put families first. They were a natural pick for the top of the list.
DIANE: We had several potential buyers and multiple offers. Foundation Partners Group stood out because of its experience with cremation providers. Unlike some corporations, they want to continue the legacy of the companies they are purchasing. We had a good thing going with our business; they wanted to improve it.
What was your transition like?
MARK: The transition was smooth, primarily because we made sure everything was in order long before we sold.
DIANE: I agree. We kept our staff informed so they would be ready. Having the transition team from Florida onsite helped make it seamless.
Have you returned to the business since you retired?
MARK: I still work as a consultant now and then. We had the sad occasion of being on the other side of the desk when my dad passed away. We obviously made arrangements through Musgrove, and it was terrific having the same people that we trained and worked with, our extended employee family, help us. They’re still there. They’re still happy. It was a satisfying experience to see that our staff is thriving, the facilities look great, and the funeral and cemetery arrangements were flawless.
DIANE: Seeing our employee family as happy as they were when we owned the firm was wonderful. We’ve been delighted with the acquisition.
Contact Us
If you’re thinking about succession planning, now is the perfect time to arrange a complimentary, 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