New life for funeral homes: Disruption comes to traditionally staid industry

From illuminated metal chandeliers to tables and chairs in muted grays and browns, this light and airy space feels more like a hotel or wedding venue waiting for the right occasion. But the $3.6 million building in Portland’s North Deering neighborhood is neither — it’s the new home of a family-owned funeral business called Conroy-Tully Walker.

“We sound more like a law firm,” says Adam Walker. He and his wife, Caitlin, bought the business in 2014, adding their surname to those of the in-laws who started the business in 1959. The couple did the same in 2020 when they bought a Springvale operation they rebranded as Black-Heald Walker.

“The families who establish those businesses, they put their blood, sweat and tears into those communities to serve those people, to help those families, so I felt it’s important to honor that heritage,” Adam Walker says. “We’re all family-owned funeral homes that come together to serve people.”

The 38-year-old has worked in the profession since 2002, while his wife joined later, after a career teaching children with behavioral disabilities. Sitting near vintage photos that pay homage to Conroy-Tully Walker’s roots in Portland’s West End, Walker says that much of the industry clings to a 1950s model of somber, traditional funerals. But the flexible, multi-purpose venue equipped with screens for livestreaming services and other amenities will “accommodate families where they are now,” he says.

Industry’s Birth and Rebirth

The modern American funeral industry dates back to the Civil War, when embalming became a common practice. For many Americans, seeing the preserved body of the murdered President Abraham Lincoln during a two-week procession from Washington, D.C., to his final resting place in Springfield, Ill., “left quite an impression,” according to a Library of Congress blog post.

When undertakers formed the National Funeral Directors Association in 1882, the death-care industry was born. Today, the Brookfield, Wisconsin–based trade group represents 20,000 members across 40+ countries. Out of more than 15,000 funeral homes nationwide, 85% are family- or privately owned, generating $16.3 billion annually, with crematories and cemeteries adding another $4.3 billion.

GrandView Research estimates the U.S. funeral home market at $13 billion, forecasting 6% annual growth driven by an aging population and a rising preference for personalized and sustainable memorials — from biodegradable urns to natural materials. Cremation, which costs about $2,000 less than a full-service funeral, continues to grow in popularity.

‘Passionate About Grief Work’

In Maine, 87 funeral homes employ nearly 500 people and generate about $68 million in annual revenue, according to the National Funeral Directors Association. The state’s 29 cemeteries and crematories contribute another $5.6 million.

While the 24/7, emotionally demanding profession isn’t for everyone, many in the industry speak of a “calling” — a deep sense of service to families during their darkest times.

For Michael Hall in midcoast Maine, that calling came decades after his parents bought the Flanders Funeral Home in Waldoboro in 1958 and reopened it as Hall Funeral Home. After a stint in the computer industry, Hall returned in 1992 to take over the family business, which now includes locations in Waldoboro, Boothbay, and Thomaston. In 2021, the family added a crematory.

“Grief is work,” Hall says. “But I’m passionate about grief work.” Whether through traditional services or more personalized gatherings — like one held at a local community center where the deceased had coached tennis — Hall focuses on honoring lives in ways that truly fit the person remembered.

He plans to keep the business in the family if possible, but only if his daughter wants it. “Otherwise,” he says, “I’d prefer to pass it to another family with similar values.”

Ownership by Acquisition

Not all funeral home owners inherit their business. Michael Martel and Timothy “TJ” Smart — both longtime funeral directors — founded Milestone Funeral Partners in 2021. Based in Auburn, Milestone now owns 78 funeral homes across New York, Connecticut, Massachusetts, Rhode Island, New Hampshire, and Vermont, with five more Maine acquisitions pending.

Through Milestone Cemetery and Crematory LLC, the pair also own Brooklawn Memorial Park & Crematory near Portland and Gracelawn Memorial Park in Auburn — Maine’s first crematory, established in 1950.

“They bought me my first suit and taught me the ways of working with people,” Martel recalls of his early start. “By the time I graduated high school, that’s what I wanted to do.”

Today, Milestone’s 39 equity owners include 30+ licensed funeral directors across seven states and two private equity backers: Bender Equity of New Jersey and Rosewood Private Investors of Texas. Sellers often retain a minority stake, staying active in their local operations.

Local Alliance and Regional Growth

Seeking to expand its range of services, Milestone recently partnered with Mainely Urns of New Gloucester — manufacturer of cremation urns and memorial products sold under the UrnSpiration brand.

This alliance reflects a shared vision: to shift focus from selling merchandise to helping families create personalized, meaningful tributes. Through curated lookbooks, QR-linked galleries, and custom designs, the partnership helps directors offer modern, inspiring memorial choices.

“It’s an alliance of like-minded Maine death-care business operators,” Martel says. “Focused on unique personalization opportunities for bereaved families.”

Looking ahead, Milestone plans to acquire 10–15 firms per year and strengthen its Northeast presence through organic growth and regional clusters.

Investors of Different Stripes

Milestone is small compared to national buyers like Service Corporation International (SCI), which owns 1,900 locations across North America. Private equity firms are also increasingly active in the space, from funeral-focused groups like Foundation Partners to broader mid-market investors.

“The number of owners looking to sell has increased dramatically over the past 18 months,” says Chris Cruger, CEO of Foresight Cos., a Florida-based consulting and succession firm for funeral and cemetery businesses. Many owners are nearing retirement, while others are weary of the rapid technology changes reshaping the profession.

Still, Cruger notes, many sales prioritize legacy over profit. “It’s not all about financial returns. The money matters, but the real goal is finding the right buyer to continue serving the community and honoring the legacy.”

Back in Portland, Adam Walker remains steadfast about independence. Despite frequent buyout offers from SCI and private equity firms, he says: “We’re proud to be family-owned — and we intend to stay that way.”