The report noted that mid-market enterprises are doing this while comprising less than 1% of all U.S. businesses, making a tremendously outsized economic contribution across industries.
Why is this? “Mentally, the CEOs of mid-market firms are the ones more than any other population [of CEOs] who are focused on growth,” Julie Weeks, lead researcher for the index, told Mid-Market CEO Briefing. “Very small firms aren’t as focused in the very long term on scaling the business, while the mid-market firm is where a lot of the scaling is happening.”
Another interesting aspect of Weeks’ research revealed that the seven states where middle-market firms are over-represented compared with other sizes of companies are all in the Midwest or Eastern seaboard.
“Part of that is industry distribution,” she explained. Mid-market firms “are more likely than average to be in manufacturing, and part of that is manifested in these regions. They also are major states for wholesale trade. And manufacturing and distribution are the core of the nation’s economy. This shows that there’s a lot of life left in some of those Rust Belt states.”
Indeed, manufacturers are heavily represented in mid-market firms across America. And while the mean age of owners of middle-market companies is only 42, there are so many manufacturers in part “because these are businesses that were started a generation ago, back when manufacturing was very robust in a lot of these states.”
Nearly 98% of middle-market firms are privately owned, on average employing 368 workers and generating $45.1 million per firm per year. That compares with 23,226 employees and $7.7 billion on average among larger enterprises and an average of four employees and nearly $276,000 in average revenues among small companies.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
