Source: Boating Industry – Just less than half of marine industry companies have a succession plan or exit strategy for their business. That’s according to the latest survey of Boating Industry print and digital subscribers, conducted by email in March and April. Respondents were a mix of boat dealers, manufacturers, marina owners and others working in the industry.The full results of the survey will appear in the May issue of Boating Industry.
Source: Small Business Trends – A full half of small business owners see growth opportunities in the next six months, while 17 percent say they are already seeing that growth. Only 33 percent say they see no immediately growth opportunities ahead. That’s according to the most recent survey by the National Small Business Association.
According to Chris George from George & Company, an intermediary located in Worcester, less than 10 percent of business owners who contact his company have sufficiently planned ahead. The contact is usually spurred by an event, such as death, illness, partner disagreement, etc. His experience is pretty consistent with national surveys our company ROCG Americas has conducted over the years.
50% of business fail within the first 5 years of business and less than 1/3 of businesses survive 10 years+. Many of these companies failed simply due to their inability to juggle multiple areas of their businesses at once. The dropping of the ball when it comes to financial planning and monitoring, marketing, staffing, inventory management, order processing, customer mining and acquisition, billing, to only name a few, can be devastating to a company’s vitality.