Forastiere Family Funeral Homes:
Still Changing After All These Years
Related Matters Newsletter
Forastiere Family Funeral Homes was founded in 1905 and presently has locations in Agawam, East Longmeadow, Springfield, and Southwick. Ira Bryck, director of the UMass Family Business Center, conducted this interview with co-owner Peter Forastiere, his parents Anthony and Sylvia Forastiere, and fourth-generation members Elayne Forastiere Smith and her husband, Mark Smith.
Peter: Our business was started by my grandparents, Frank and Carmella, Water Street in Springfield, which is now Columbus Avenue. In those days, they did not have funeral homes; they worked out of a storefront. Everything from the embalming to arrangements with the family to visiting hours took place in the family’s home. Gradually these services shifted to the funeral home. My grandfather purchased our first location in 1933 on Locust Street. In 1959, my father did a major expansion and modernization doubling the funeral home in size. More…
One Answer to a Family Business Owner’s
Wish to Treat His Children Equally
Family Business Quarterly
by Joseph F. Blum
How does a parent who owns a successful family business treat all his children “equally” when only some are working in the business?
In our age of career and family mobility, this question represents an increasingly common dilemma facing owners of family companies as they try to do estate planning. It raises a host of financial and emotional issues for both the older and younger generation. For example, how can children who aren’t working in the family business be granted equal portions of an estate that consists primarily of the business without alienating the children who are working in the business?
Absent resolution, these and other such questions can lead to feelings of resentment in both generations. Complete equality in such situations, as in much of life, is nearly impossible to achieve. But increasingly, those of us who work with family business estate matters are developing approaches that create feelings of equality so that everyone involved feels satisfied with the outcome. More…