Small Business PPCMP Business Fall 101111 01

8/3/2019 Small Business PPCMP Business Fall 101111 01

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S TAT E O F S M A L L B U S I N E S S R E P O R T

F A L L 2 0 11

By Dr. John K. Paglia

Denney Academic Chair and Associate Professor of Finance


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Certifcate in Financial Management or te Famil Ofce, Marc 19-21, 201

Managing and Building Wealth Through Eective Financial Management, Oversight, andMaking Inormed Investment Decisions

Gain evaluation skills necessary to oversee and manage the fnancial and budgetary aspects as you lea

to make inormed and suitable investment decisions.

Certifcate in Private Capital Markets, April 18-20, 2012

Building Wealth by Making Better Investment and Financial Decisions

Developed by Dr. John Paglia in association with his ground-breaking research in the Pepperdine

Private Capitals Market Project, this program provides the in-depth critical analysis and evaluation skills

necessary or success within the private capital markets.

Online Executive Certifcate in Financial Planning

An independent, sel-study, online education program designed to ulfll the education

requirement to sit or the CFP Certifcation Examination.

Certifcate in Innovative Leadersip wit Dr. Larr Cox, Spring 2012

Creating the Future o Organizations through Leading with Creativity and Innovation

A highly experiential, hands-on workshop dedicated to creating leaders who consistently and systematical

produce innovative solutions to the challenges acing businesses today. The certifcate is ideal or

business leaders and executives seeking to become Intrapreneurs.

For more inormation, visit: ttp://bscool.pepperdine.edu/programs/executive-education

or contact Racel Williams at [email protected]

Master te leader in ou.

In addition to our nationally-ranked business degree programs, Pepperdines GraziadSchool o Business and Management oers a growing selection o executive workshops an

non-degree certiicate programs so you can master the leader in you.

OUR EXECUTIVE EDUCATION AND CERTIFICATE PROGRAMS

CERTIFYYOUR SUCCESS.


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PEPPERDINEPRIVATECAPITALMARKETSPROJECT|STATEOFSMALLBUSINESSREPORTFALL2011

2011|PEPPERDINEUNIVERSITYGRAZIADIOSCHOOLOFBUSINESSANDMANAGEMENT.AllRightsReserved. |1

TABLEOFCONTENTS

PEPPERDINEPRIVATECAPITALMARKETSPROJECT.............................................................................................3

ACKNOWLEDGEMENTS......................................................................................................................................3

FOREWORD.......................................................................................................................................................5

STATEOFSMALLBUSINESS................................................................................................................................7

ProfileofRespondents..........................................................................................................................7

NationalSurveyFindings......................................................................................................................13

StatebyStateSurveyFindings.............................................................................................................42

ABOUTTHEAUTHOR.........................................................................................................................................44

INDEXOFTABLES..............................................................................................................................................46

INDEXOFFIGURES............................................................................................................................................46


4/53Master te leader in ou.

EARN A CERTIFICATE

IN PRIVATE CAPITAL MARKETS

Designed or business owners and proessionals employed within the fnance,

banking, investment, mergers and acquisitions, valuation, management

consulting, legal, and accounting felds

Learn in-depth critical analysis and evaluation skills necessary or successully

operating a business within the private capital markets

Overview o Private Capital Markets Theory and Sources o Capital

The Role o Intermediaries

Angel Investments, Venture Capital, and other Early Stage

Financing Sources

Senior Debt, Cash Flow Based, Asset Based Lending and Factoring

Mezzanine and Private Equity Capital

Determining the Cost o Capital Using The Pepperdine Private Cost o

Capital Model

CPA, MCLE, CFP Continuing Education Credit Available

REGISTER: bschool.pepperdine.edu/cipcm

Building wealt b making better investment and fnancing decisions.

PEPPERDINE UNIVERSITy

GRAzIADIO SChOOL

OF BUSINESS

AND MANAGEMENT

6100 Center Drive

Los Angeles, CA 90045

For more inormation, visit:

ttp://bscool.pepperdine.edu/ci

or contact Rachel Williams at

[email protected]

NOVEMBER 14-16, 2011

and

APRIL 18-20, 2012

The Certifcate in Private Capital Markets (CIPCM) is a 3-day curriculum-based training program developed by Dr. John Paglia in association with

his ground-breaking research, Pepperdine Private Capital Market Project.


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PEPPERDINEPRIVATECAPITALMARKETSPROJECT

SeniorResearcherJOHNPAGLIA,PhD,MBA,CPA,CFA

ResearchSupportIRINASHAYKHUTDINOVA,MBA

ExecutiveOfficerMICHAELSIMS

AdvisortoProjectRACHELWILLIAMS

PublicRelationsF.DOUGLASSGORE

KPPUBLICAFFAIRS

DesignR&RPARTNERS

ACKNOWLEDGEMENTS

ThisresearchwasmadepossiblebythegenerousfundingfromtheDenneyEndowedProfessorship.

PEPPERDINEUNIVERSITY

DeanLindaA.Livingstone,PhD

AssociateDean

David

M.

Smith,

PhD

MarkW.S.Chun,PhD,Director,CenterforAppliedResearch

DianneKing

MichaelStamper

DarleneKiloglu

RogerLotho

JuanMena

JingZhang

DorisJones

DUN&BRADSTREETCREDIBILITYCORP.

JeffreyStibel,ChairandChiefExecutiveOfficer

AaronStibel,SeniorVicePresident,Technology

JudyHackett

ErikSimon

BrendaJames


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SURVEYDESIGN,DISTRIBUTION,ANDOTHERSUPPORT

RobertT.Slee

MichaelMcGregor

TimRhine

BarryD.Yelton

EverettWalker

SamirDesai

RichardJ.Crosby

LeonardLanzi

GrayDeFevere

JanHanssen

RobertZielinski

KevinD.Cantrell

ScottJones

Deidre

A.

Brennan

EricNath

GuntherHofmann

MichaelPainter

JamesA.Nelson,MD

JohnDavis

LarryGilson

AndrewSpringer

JeriHarmon

LetitiaGreen

GloriaGuenther

StevenBrandt

DatT.Do

AndyWilson

YingpingHuang

JasonBaum

JasonKumpf

HalSpice

JanePak

RalphAdams

EricWilliams

DanDeeney

JohnGraham

JeffNagleGregHowath

NevenaOrbach

JohnDmohowski

BradTriebsch

GaryW.Clark

M.ToddStemler

PatrickGeorge

SeanSamet

MarkWalker

KellySzejko

KevinHalpin

AndreSuskavcevic

ChrisM.Miller

BrianCove

JeffThomas

JohnLonergan

RobBrougham

BrettPalmer

GaryLaBranche

JamieSchneier

TroyFukumoto

DennisGano

LinhXavierVuong

ChrisdeVries

TuckerHerring

MichaelNall

SimonJames,PhD


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FOREWORD

Too Small To Borrow

ByJOHNPAGLIA

October 3, 2011 marked the three year anniversary of President George W. Bush signing into law the

TroubledAssetReliefProgram(TARP)whichauthorizedtheU.S.Governmenttopurchaseassetsandequityfrom

financial institutions to strengthen the financial sector. In addition to stabilizing the market and protecting

taxpayers,theprogramalsoaimedtoencourage lendingtoresumetolevelsbeforethefinancialcrisis.Whilethe

programhasbeenhelpfulovertheshortterm inhelpingfinancialinstitutions,themajorcriticismofgovernment

stimulusefforts

is

that

they

have

done

little

to

make

credit

available

especially

for

small

businesses.

SincethepassageofTARPadditionalstepshavebeentakentohelpsmallbusinesses.PresidentObama

highlightedtheimportanceofsmallbusinessesintheUnitedStateswhenhesignedtheSmallBusinessJobsActin

September 2010; Now this is important because small businesses produce most of the new jobs in this

country. Theyare theanchorsofour Main Streets. Theyarepart of thepromise ofAmerica the idea that if

youvegotadreamandyourewillingtoworkhard,youcansucceed. Thatswhatleadsaworkertoleaveajobto

becomeherownboss. Thatswhatpropelsabasement inventortosellanewproductoranamateurchefto

openarestaurant. Itsthispromisethathasdrawnmillionstoourshoresandmadeoureconomytheenvyofthe

world.

ThePresidentspointsarespoton,yetthesmallbusinesseconomycontinuestosputter.Smallbusinesses

are not only the anchor on Main Street, but they are also the anchor of our economy. According to the Small

Business Administration, small businesses represent 99.7% of all employer firms and employ more than half of

privatesectoremployeesintheUS.Theyalsoserveasthemajorjobcreationforceinournation.Infact,overthe

past15yearssmallbusinesseshavegenerated64percentofthenetnewjobgrowth.IntermsofGrossDomestic

Product,smallbusinessescreatemorethanhalfofthenationsnonfarmGDP.

ThePepperdinePrivateCapitalMarketsProjectStateofSmallBusinessReportgivescapitalprovidersand

policymakersauniquelookathowsmallbusinessesarefaring. Acomprehensivesolutiontooureconomiccrisis

mustincludeinputfromsmallbusinessesaswellasmembersoftheprivatecapitalcommunity.


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Keyfindingsfromthereportinclude:

1. Overallbusinessconditionsaredecliningandnotexpectedtoimprove:TheFall2010reportindicated

thatnearly42%ofprivatelyheldbusinessesownersreportedthateconomicconditionsimprovedoverthe

previoussixmonths.WhilethatnumberincreasedintheSpring2011reportto51%,theFall2011report

hasshown

astrong

drop

off

of

in

the

number

of

businesses

only

19%

of

respondents

who

say

businessconditionsimprovedovertheprevioussixmonths.Lookingahead,just29%expectan

improvementinbusinessconditionsoverthenexttwelvemonthsversus25%whoexpectacontinued

deterioration.

2. Thereisanaspirationtohire:TheFall2011surveyofmorethan10,600smallbusinessesnationwide

indicatedthat44%ofrespondentsplantohireinthenextsixmonths. Ofthosethatdoplantohire,sales

andmarketingskillsareingreatestdemand(47.8%)followedbyskilledlabor(41.6%)and

service/customerservice(38.8%).

3. Economicuncertaintybiggestimpedimenttogrowth:Nearly38%ofrespondentsbelievethateconomic

uncertaintyisthelargestinhibitortogrowth.26%ofrespondentssaidaccesstocapitaland25%saidthat

governmentregulationsandtaxesarethenumberoneissuefacingsmallbusinesses.

4. Improvingaccess

to

capital

will

help

create

jobs:

Companies

with

less

than

$5

million

in

revenue

were

clearinthePepperdinestudythatofthosepoliciesmostlikelytoleadtojobcreationin2012,increased

accesstocapitalwasnumberone(36.0%)followedbytaxincentives(22.5%),andregulatoryreform

(17.8%). 47.2%ofrespondentssaidaccesstobankloansdeclinedfromsixmonthsagoversus10.3%who

sayitincreased.

5. Businessesthatarelookingtohirebelievetrainingisneeded:Oftheprivatelyheldbusinessesthatare

lookingtohire,48%indicatethatsalesandmarketingskillsaretheirprimaryfocuswhile42%of

respondentsarelookingforskilledlabor82%ofrespondentsbelievethattheywillneedtotrainthose

theyhire.

ThecurrentpolicyresponsetotheGreatRecessionandtumultuousglobaleconomyisvitallyimportanttothe

successof

small

businesses

and

our

nation.

Through

the

Pepperdine

Private

Capital

Markets

Project

State

of

Small

BusinessReportwegainedimportantinsightthatwillfacilitateimprovedcommunicationbetweensmallbusiness

owners,capitalprovidersandpolicymakers.Wehopethatthisinformationwillunderscoretheimportanceof

privatelyheldbusinessesinAmericaseconomyandwillhelpguidefutureeconomicpolicy.


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STATEOFSMALLBUSINESSOfthe10,637privatelyheldbusinessesthatrespondedtothesurvey,24%hadbusinessesthatinvolvedcustomergoods

andservices,21%wereinthemanufacturing,constructionandengineeringindustry,and17%wereinwholesaleand

distribution.Approximately62%ofbusinesseshaveannualrevenueslessthan$1million.Nearly91%ofbusinessowners

reporthavingtheenthusiasmtoexecutegrowthstrategies,yetjust49%reporthavingthenecessaryfinancialresources

tosuccessfullyexecutegrowthstrategies.Otherfindingsinclude:

Nearly35%ofrespondentstriedtoraiseoutsidefundinginthelast12months.Oftherespondentswhowereseeking

financinginthelast12months,approximately54%anticipatedtoraiselessthan$100,000incapital.Approximately53%

ofrespondentsreportedthattheywereseekingbankloansorcreditcardfinancingasasourceoffunding,followedby

friendsandfamily(16%).Ofallfinancingoptions,bankloansemergedasthefinancingsourcewithhighestwillingness

forsmallbusinesstouse(72%),followedbyangelfinancing(35%)andassetbasedlending(33%).However,resultsalso

showedthatof2,595smallbusinessesthatsoughtbankloansoverthepast12months,just50%weresuccessful.Survey

resultsindicatedthatbusinessownerswhoraisedcapitalonaveragecontactedtwobanksandinvestedclosetoseven

fulldaysfortheprocesstosuccessfullyobtainfinancing.

Nearlyhalfofsmallbusinesses(44%)areplanningtohireadditionalworkers.Approximately60%ofrespondents

indicatedtheAmericanJobsActwillnotchangetheirhiringplansforthenext12months.Accordingtorespondents

employertaxcreditsandpayrolltaxcutsarethemostlikelyprovisionsoftheAmericanJobsacttohaveinfluenceon

plansto

hire

in

the

next

twelve

months.

Nearly

38%

of

respondents

believe

economic

uncertainty

is

the

number

one

issuesmallbusinessesfacetoday,followedbyaccesstocapital(26%),andgovernmentregulationsandtaxes(25%).

Accordingtosmallbusinesses,ofthosepoliciesmostlikelytoleadtojobcreationin2012,increasedaccesstocapital

emergedasnumberone(34%)followedbytaxincentives(24%),andregulatoryreform(19%).Thestudyshowedthatof

thosethatdoplantohire,salesandmarketingskillsareingreatestdemand(48%)followedbyskilledlabor(42%)and

service/customerservice(38%).Also,82%ofcompaniesplanningtohireindicatetheydneedtotrainthosetheyhire.

Only19%ofrespondentsbelievethatgeneralbusinessconditionsimprovedinthelastsixmonthscomparedto51%

surveyedinFebruary/March2011.

ProfileofRespondents

Theprivatelyheldbusinesssurveyresultsweregeneratedfrom10,637participants.Thelocationsofbusinessesare

distributedoverallregionsoftheUnitedStates.

Figure 1. Respondents Distribution by State

less than or equal to 50

51 - 100

101 - 200

201 - 300

301 - 400

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501 - 1000

more than 1000

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KS

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MS AL

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TNSC

NC

VAWV

KYMO

IL

IA

WIMI

INOH

MD

PANJ

NY

ME

NHVT

MA

RI

CT

HI

AK


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14/53

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15/53

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16/53

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17/53

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PEPPER

2011|P

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32/53

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PEPPER

2011|P

ure 62. The

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tivenesswith

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33/53

Fi

Fi

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Con

Economi

Compet

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PEPPER

2011|P

ure 65. The

ure 66. The

ure 67. The

International

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Government

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Abilitytofin

tivenesswith

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34/53

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2011|P

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36/53

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2011|P

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39/53

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42/53



Mostofrespondentsindicatedslightlyincreasedunitsales,decreasedaccesstocapital,decreasedappetiteforrisk,and

worsenedgeneralbusinessconditions.

Table 1. General Business and Industry Assessment: Today Versus Six Months Ago

CharacteristicsDecreased

significantlyDecreased

slightly

Stayedabout

thesame

Increasedslightly

Increasedsignificantly

%increase

%decrease

Netincrease/decrease

Unit sales13% 16% 26% 28% 16% 44% 29% 15%

Prices of labor andmaterials 1% 4% 31% 43% 21% 64% 4% 60%

Net income13% 22% 27% 28% 10% 38% 35% 3%

Inventory levels8% 20% 50% 17% 5% 22% 27% -5%

Capital expenditures12% 12% 45% 22% 9% 31% 24% 7%

Opportunities for growth11% 16% 28% 30% 15% 45% 27% 18%

Access to bank loans28% 16% 44% 10% 3% 12% 44% -31%

Access to equity capital29% 17% 45% 7% 2% 10% 46% -36%

Prices of your productsor services 3% 11% 46% 34% 6% 40% 14% 27%

Time to collectreceivables 3% 7% 50% 27% 13% 40% 10% 30%

Number of employees5% 12% 60% 21% 3% 24% 16% 8%

Competition2% 12% 52% 23% 11% 34% 14% 20%

General businessconditions 14% 28% 39% 16% 3% 19% 43% -24%

Appetite for risk12% 20% 45% 18% 5% 23% 33% -10%

Probability of businessclosure 15% 16% 48% 14% 7% 21% 31% -9%

Time worrying abouteconomy 4% 6% 32% 26% 31% 57% 11% 46%


43/53



Participantsofthesurveybelievealmostallgeneralbusinesscharacteristicswillincreaseslightlyinthenext12months.

However,mostoftherespondentsexpectdecreasesinaccesstocapital.

Table 2. General Business and Industry Assessment Expectations Over the Next 12 Months

CharacteristicsDecreased

significantlyDecreased

slightly

Stayedabout

thesame

Increasedslightly

Increasedsignificantly

%increase

% decreaseNet

increase/decrease

Unit sales3% 7% 23% 45% 21% 66% 10% 56%

Prices of labor andmaterials 1% 2% 32% 54% 11% 65% 3% 62%

Net income4% 11% 24% 44% 17% 61% 15% 46%

Inventory levels3% 11% 53% 25% 7% 33% 14% 18%

Capital expenditures 6% 9% 45% 31% 9% 39% 15% 24%

Opportunities for growth5% 10% 27% 39% 20% 59% 14% 45%

Access to bank loans13% 10% 52% 20% 5% 25% 23% 2%

Access to equity capital13% 11% 53% 17% 6% 23% 24% -1%

Prices of your productsor services 1% 5% 44% 44% 5% 49% 7% 42%

Time to collectreceivables 2% 7% 63% 22% 7% 28% 9% 20%

Number of employees2% 4% 49% 39% 6% 45% 6% 39%

Competition1% 8% 58% 25% 8% 32% 10% 22%

General businessconditions 7% 19% 45% 25% 4% 29% 25% 4%

Appetite for risk8% 13% 52% 22% 6% 28% 21% 7%

Probability of businessclosure 15% 17% 53% 9% 5% 15% 32% -18%

Time worrying abouteconomy 6% 11% 47% 20% 16% 37% 17% 20%


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StatebyStateSurveyFindings

Amongthestateswith100ormorerespondentsthestateofWisconsinhasthehighestrevenuegrowthinthelast12

months(4.35%),whereasthestateofAlabamahasthehighestnegativechangetorevenues(11.31%).Thestateof

Kansashasthehighestrevenuegrowthexpectationforthenext12months(12.33%),whereasthestateofAlabamahas

theleastrevenuegrowthexpectation(2.65%).ThestateofLouisianahasthehighest bankloansuccessrate(75%),

whereasNevadahasthelowestrateofonly27%.53%ofrespondentsfromUtahareplanningtohireadditionalworkers

inthe

next

six

months,

whereas

only

35%

of

respondents

from

South

Carolina

are

expecting

to

expand

amount

of

employeesinthenextsixmonths.

Table3.StatesRankedbyRevenueGrowthfor12MonthsEndedSept.16,2011

StateRevenue growth for

the year endedSept. 16, 2011

Revenue growthexpectation for the

next 12 monthsBank-loan success Plan to hire

Rate Rank Rate Rank Rate Rank Rate Rank

Wisconsin 4.35% 1 7.23% 22 70% 2 43% 19

Ohio 3.02% 2 7.38% 20 54% 10 52% 2

Kansas 2.16% 3 12.33% 1 66% 3 41% 22

Oregon 1.47% 4 8.75% 7 44% 22 36% 28

Massachusetts 1.24% 5 6.50% 27 54% 11 45% 11

Indiana 1.02% 6 6.48% 28 60% 5 46% 7

Minnesota 0.90% 7 7.95% 11 47% 19 42% 20

Washington 0.73% 8 7.78% 14 38% 26 45% 13

Michigan 0.71% 9 6.58% 26 63% 4 43% 17

Louisiana 0.43% 10 6.87% 24 75% 1 41% 23

Missouri 0.20% 11 11.68% 2 58% 7 37% 27

Virginia 0.09% 12 7.76% 15 48% 17 49% 3

Texas -0.99% 13 7.93% 12 52% 13 48% 5

California -1.01% 14 6.69% 25 41% 23 45% 12

Pennsylvania -1.04% 15 7.44% 19 56% 9 39% 25

North Carolina -1.37% 16 8.54% 9 39% 25 39% 24

New York -1.60% 17 9.18% 5 47% 20 48% 4

Colorado -1.72% 18 7.11% 23 48% 18 45% 8

Illinois -1.94% 19 7.34% 21 58% 8 43% 18

Florida -3.06% 20 7.80% 13 44% 21 43% 16

Tennessee -3.29% 21 7.53% 18 58% 6 45% 10

Utah -3.56% 22 9.23% 4 36% 28 53% 1

Arizona -3.92% 23 8.68% 8 37% 27 45% 9

New Jersey -4.25% 24 10.33% 3 51% 14 42% 21

Maryland -4.43% 25 8.14% 10 53% 12 43% 15

Georgia -4.70% 26 7.63% 17 40% 24 46% 6

South Carolina -5.68% 27 9.15% 6 48% 15 35% 29

Nevada -6.06% 28 7.72% 16 27% 29 45% 14

Alabama -11.31% 29 2.65% 29 48% 15 39% 26

Average -1.5% 7.9% 50.3% 43.5%


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Amongthestateswithfewerthan100ofrespondentsthestateofNorthDakotahasthehighestrevenuegrowthinthe

last12months(11.79%),whereasthestateofMontanahasthehighestnegativechangetorevenues(8.58%).The

commonwealthofPuertoRicohasthehighestrevenuegrowthexpectationforthenext12months(15.50%),whereas

thestateofWyominghastheleastrevenuegrowthexpectationforthenext12months(2.48%).ThestatesofMaineand

SouthDakotahavethehighest bankloansuccessrates(90%),whereasDistrictofColumbiahasthelowestrateofonly

22%.Approximately62%ofrespondentsfromPuertoRicoareplanningtohireadditionalworkersinthenextsixmonths,

whereasonly8%ofrespondentsfromWyomingareexpectingtoexpandamountofemployeesinthenextsixmonths.Table4.RevenueGrowthChangeandExpectation,LoanSuccessRates,andHiringPercentagesbyStates

withFewerThan100ResponsesState

Revenue growthfor the year ended

Sept. 16, 2011

Revenue growthexpectation for the

next 12 months

Bank-loansuccess

Plan to hire

Alaska -3.98% 6.93% 67% 21%

Arkansas 8.11% 8.54% 56% 45%

Connecticut 1.51% 11.10% 52% 42%Delaware -6.28% 9.24% 88% 45%

District of Columbia -2.55% 12.91% 22% 49%

Hawaii -4.27% 5.57% 40% 43%

Idaho -2.38% 4.68% 38% 48%

Iowa 2.20% 6.66% 79% 40%

Kentucky 1.38% 13.05% 71% 44%

Maine -2.72% 2.87% 90% 38%

Mississippi -8.52% 10.43% 50% 32%

Montana -8.58% 7.89% 65% 33%

Nebraska -6.27% 3.21% 70% 44%

New Hampshire 6.28% 14.95% 55% 38%

New Mexico -5.98% 6.10% 45% 45%

North Dakota 11.79% 5.79% 60% 50%

Oklahoma 3.30% 4.78% 62% 54%

Puerto Rico -7.91% 15.50% 50% 62%

Rhode Island -0.18% 13.60% 50% 24%

South Dakota -3.25% 9.29% 90% 37%

Vermont 8.33% 11.19% 75% 53%

West Virginia -5.96% 4.09% 50% 50%

Wyoming -2.46% 2.48% 75% 8%

Average -1.23% 8.30% 60.89% 41.03%


46/53



ABOUTTHEAUTHOR

JohnPaglia,PhD,MBA,CPA,CFA

AssociateProfessorofFinanceandSeniorResearcher

PepperdinePrivateCapitalMarkets

Dr.Paglia,aformerJulianVirtueandDenneyProfessorshiprecipient,isanassociateprofessoroffinanceat

PepperdineUniversityanddirectsthePepperdinePrivateCapitalMarketsProject.Hehasover10yearsof

universityteachingexperienceinfinance,performsbusinessvaluationsforprivatelyheldcompanies,andhas

testifiedasanexpertoneconomicdamageandvaluationmatters.

HisworkonthePepperdinePrivateCapitalMarketsProjectthefirstsimultaneous,comprehensive,andon

goinginvestigationofthemajorprivatecapitalmarketsegmentshasresultedinover20,000report

downloadsinmorethan60countriesandhasearnedhimthe2011GeorgeAward,whichisgiventotheone

facultymemberannuallywhobestleveragesthebusinesscommunitytomakeadifferenceintheclassroom.

HisresearchhasappearedintheWallStreetJournal,CNBC,USAToday,andtheNewYorkTimes,beenpublishedinanumberofjournalsandbeenpresentedatdomesticandinternationalconferences.Dr.Paglia

holdsaPhDinfinance,anMBA,aBSinfinance,andisaCertifiedPublicAccountant(CPA)andChartered

FinancialAnalyst(CFA)Charterholder.

Contact:

[email protected]

ABOUTPEPPERDINEUNIVERSITYS

GRAZIADIOSCHOOLOFBUSINESSANDMANAGEMENT

Foundedonthecorevaluesofintegrity,stewardship,courage,andcompassion,PepperdineUniversitys

GraziadioSchoolofBusinessandManagementhasbeendevelopingvaluescenteredleadersandadvancing

responsiblebusinesspracticesince1969.Studentfocused,experiencedriven,andgloballyoriented,the

GraziadioSchooloffersfullyaccreditedMBA,masterofscience,andbachelorscompletionbusinessprograms.

Moreinformationfoundat:bschool.pepperdine.edu/newsroom


47/53

ExpEriEncE LEarning at

C-LeveL

Graziadio School of Business and Management

Master the Leader in You bschool.pepperdine.edu/c-level

thee ExcLusivE lb oe of he wol

mo befl loo whee ome of he o

be lee ome oehe o le.

toehe he LEarn how o mleme me-h ee. How o oe whle

o he e leel.

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48/53



INDEXOFTABLES

Table1.GeneralBusinessandIndustryAssessment:TodayVersusSixMonthsAgo.40

Table2.GeneralBusinessandIndustryAssessmentExpectationsOvertheNext12Months..41

Table3.StatesRankedbyRevenueGrowthfor12MonthsEndedSept.16,201142

Table4. RevenueGrowthChangeandExpectation,LoanSuccessRates,andHiringPercentagesbyStateswith

Fewerthan100Responses..43

INDEXOFFIGURES

Figure1.RespondentsDistributionbyState................................................................................................................7

Figure2.DescriptionofEntity......................................................................................................................................8

Figure3.NumberofEmployees....................................................................................................................................8

Figure4.OwnershipRole..............................................................................................................................................8

Figure5.AnnualRevenues...........................................................................................................................................9

Figure6.NetIncome.....................................................................................................................................................9

Figure7.

Current

Sources

of

Financing

.........................................................................................................................

9

Figure8.CurrentSourcesofFinancing,RevenueSizeLessThan$1Million.............................................................10

Figure9.CurrentSourcesofFinancing,RevenueSize$1Million $5Million...........................................................10

Figure10.CurrentSourcesofFinancing,RevenueSize$5Million $10Million.......................................................10

Figure11.CurrentSourcesofFinancing,RevenueSize$10Million $25Million.....................................................11

Figure12.CurrentSourcesofFinancing,RevenueSize$25Million $50Million.....................................................11

Figure13.CurrentSourcesofFinancing,RevenueSize$50Million $100Million...................................................11

Figure14.CurrentSourcesofFinancing,RevenueSize$100Million $500Million.................................................12

Figure15.CurrentSourcesofFinancing,RevenueSizeGreaterThan$500Million.......

Documents

Small Business PPCMP Business Fall 101111 01