Gift, Estate, & Income Tax Compliance
2023 02 Value Matters

February 1, 2023

Mercer Capital’s Value Matters® 2023-02

Just Released: 2023 Benchmarking Guide for Family Business Directors

Growing up playing football, the team would gather after every game to run back the tape and review film. Rewatching games where you made a big play and the team won was always a good feeling. A loss? As my college coach from East Tennessee used to say, “Katy, bar the door.”

If 2021 was a comeback win for a lot of companies after the COVID-19 downturn, 2022 was like running into a stonewall defense. Rising interest rates, breakneck inflation, and the Russia-Ukraine conflict stifled offenses like the ’85 Bears. But despite some bumps and bruises, the tape was more favorable than one might have expected.  While shareholder returns were down with a broad decline in equity markets, EBITDA margins held up, albeit unevenly across industries, and total distributions (distributions and share repurchases) rose considerably over 2021. Or for a coaching cliché: “The game was really a lot closer than the scoreboard would indicate.”

We are happy to share the release of our 2023 Benchmarking Guide for Family Business Directors. Benchmarking helps provide valuable context to directors when making their most critical decisions: what should our dividend policy be, what investments should we make, and how should we finance our business?  For our benchmarking report, we use the Russell 3000 Index Companies, excluding financial institutions, real estate companies, and utilities. We also exclude companies with less than $10 million in revenue in 2022. We sort the data into f ive quintiles based on company sizes and the following industries.

This article summarizes some of our financing, operating, investing, and distribution findings. For a comprehensive and detailed report on all the above questions, download the full guide.

How Much Money Do Companies Like Ours Make?

Inflation may have originally been billed as transitory and only here for a short visit, but 2022 showed us CPI is not taking the hint. The 12-month percentage change in Consumer Price Index, or CPI, has run north of 2% every month since March of 2021, with 2022 exceeding 6% the entire year. Redhot inflation does appear to have been finally shown the door, with growth peaking in June 2022, but CPI is still well above recent historical norms and Federal Reserve targets.

Download the full newsletter

Download
Download the newsletter

Continue Reading

Middle Market Transaction Update Spring 2026
Middle Market Transaction Update Spring 2026
Middle market M&A activity rebounded in the fourth quarter of 2025, although year-to-date activity remains depressed compared to prior-year levels.
Looking Ahead to the 2026 Transitions Spring Conference
Looking Ahead to the 2026 Transitions Spring Conference
Looking over the agenda for the 2026 Transitions Spring Conference, several themes stand out that resonate with the issues we discuss frequently with family business boards and shareholders.
Mercer to Sponsor Transitions Spring 2026 Conference
Mercer Capital to Sponsor Transitions Spring 2026 Conference
Mercer is proud to again sponsor the Transitions Spring 2026 conference presented by Family Business Magazine, taking place March 18-20th at The Vinoy Resort & Golf Club in St. Petersburg, Florida.Transitions brings together family business owners, executives, and next-generation leaders from across the country for meaningful conversations about what it really takes to move a business forward. Through keynote presentations, small-group discussions, and informal networking, attendees explore practical approaches to governance, ownership, leadership development, and succession.Supporting this conference reflects Mercer’s ongoing work with family enterprises as they navigate pivotal moments of change. From succession planning to ownership alignment, Mercer partners with families to bring clarity to complex financial decisions and help position both the business and the family for long-term continuity.Travis Harms, President of Mercer Capital, will attend on behalf of the firm. He leads the firm’s Family Business Advisory Services Group, where he focuses on valuation, financial education, and strategic financial consulting for multi-generation family businesses. With more than 25 years of experience, Travis helps family shareholders, boards, and management teams navigate key financial realities and opportunities in support of thoughtful transitions and long-term success.For registration details, agenda highlights, and general information about Transitions Spring 2026, visit the event’s official website at https://events.familybusinessmagazine.com/event/TS26/home.

Cart

Your cart is empty