#328: Insights from Surveying 1,000 Middle-Market Companies in 2022 with Doug Farren from the National Center for The Middle Market

We all know how well the stock market is doing on any given day. All we have to do is pull out our phone or turn on the TV. What happens if you want to know how well the middle market of private businesses are doing? Where would you find the data? It’s not as easy as pulling out your phone, which is exactly why we did today’s interview.

The middle market (businesses from $5 million to $1 billion) make up one-third of the US GDP. If this segment of companies was its own country, it would be the fifth largest GDP in the world. Even with the sheer size of the market, these companies don’t get a lot of attention; therefore, there is limited data, insights, and leading indicators on the overall health of over one-third of the US GDP.

Today, Doug Farren, Director of The Center for the Middle Markets, is on the show to share the results of their semi-annual Middle Market Indicator (MMI) where they surveyed 1,000 middle-market companies.

Doug reviewed the results of the MMI, discussed the five focus areas of the report (listed below), and how well the middle market is doing compared to over ten-plus years of the survey. Along with diving into the MMI, Doug also shares the findings of a new report they just wrapped up called “Owner Transitions in the Middle Market.”

Because of how big the middle market is, if something big were to happen in that part of the economy, it affects all of us. That’s why these reports and what the National Center of the Middle Market is doing are so important.

WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn

The mission, and the reason for the existence of, the National Center for the Middle Market.
How the National Center for the Middle Market captures their information from 1,000 middle-market companies two times per year.
The 2022 findings behind the five main focus areas of the MMI survey:
The three big issues middle-market companies are worried about when looking into the future.
How the COVID disruption is still impacting supply chains and middle-market companies.
An overview of the hiring and recruiting issues in middle-market companies.
How the middle market is dealing with returning to the office and/or hybrid work.
What most business owners are doing with their proceeds after they sell.
The three challenges that business owners are having when preparing to sell.
How large Fortune 500 companies are getting help from the National Center for the Middle Market.
Why everyone should care about giving more attention and resources to the middle market.

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Bio:

Doug Farren joined The Ohio State University Fisher College of Business after an 11-year career at Limited Brands, where he most recently served as senior manager of supply chain planning. His responsibilities included developing the supply chain network and planning/allocation functionality for inventory to support three distinct international store channels. Farren started with Limited Brands as a summer intern while completing his MBA in Operations and Logistics Management at Fisher. Farren’s previous experience includes work for Six Sigma Qualtec, a process improvement consulting firm based in Scottsdale, Arizona.

His primary functions included marketing strategy, new client relationships, and on-site training and implementation. As part of his responsibilities, he was certified in 1998 as a Six Sigma Black Belt in Transactional Quality. Farren holds a Bachelor of Science in Marketing from Penn State University, where he was a member of the football team as an athlete and student assistant under Joe Paterno. He is an active member of the Penn State Football Letterman’s Club.