How We Spent Our Summer Vacation: Following Business Trends
Enjoying a relaxing vacation is how most people think about spending their summer, but for us it's the perfect time to work on new ways to help people transition their businesses to the next chapter. In fact, that's exactly what we've been up to. We spent our annual team retreat in Hawaii this year and we're really excited to put all of that productive brainstorming and strategizing to work making people's business dreams come true.
Along with being a great vacation and business retreat location, Hawaii has a rich history. That history includes some fun and interesting facts such being able to mail a coconut — no packaging or envelope required. Just make sure the husk has been removed. Here are some other interesting facts:
Mount Haleakala is the world's largest dormant volcano and is actually taller than Mount Everest. While its highest point is 10,023 feet above sea level, that makes up only a small percentage of the mountain. The base is under the ocean on the Pacific Plate making it 29,704 feet tall, which is 675 feet taller than Everest.
Lots of famous people come from Hawaii. Betty White, Bette Midler, Nicole Kidman, and Michelle Wie were all born in Hawaii. Bruno Mars, Jason Momoa, and President Barack Obama, along with several more celebrities and famous people were born there, too.
Surfing originated in Hawaii. Surfing started in Polynesia around CE 400 with some form of religious significance for the Samoan and Tahitian communities. The practice evolved into the surfing we know today in Hawaii where it's still an important part of the culture. The most famous female surfer from Hawaii is Carissa Moore as a four-time World Surf League Women's World Tour Champion (2011, 2013, 2015, and 2019). In 2021, she also became the first woman to win a gold medal in surfing at the Olympics, which was held in Tokyo, Japan. Moore is known for her powerful and stylish surfing, and she continues to be an influential figure in the sport.
Following the Market Trends: Health Tech Consolidation
Staying on top of business trends is one of the ways we help entrepreneurs with successful business mergers and acquisitions. One of those trends is the rapid growth in the health tech industry. There's a lot going on in that space thanks to ever increasing competition, rising research and development costs, and constantly changing regulatory requirements. We recently discussed this topic on our website and many of the elements impacting the health tech industry apply to other businesses, too.
Market forces driving consolidation: Escalating competition and operating costs are driving many companies to use consolidation as a growth tactic.
Startups and established businesses: In some ways, the consolidation relationship between startups and established businesses is symbiotic. Startups look to established businesses as a resource for additional funding and a broader customer base where established businesses see this as an opportunity to shore up their market position and diversify their offerings.
Data and Interoperability: Merging data during the consolidation process brings its own challenges. Data formats may not be directly compatible, for example, plus merging different software platforms can be time consuming.
Regulatory oversight: Depending on the market and size of the businesses merging, businesses may face some form of regulatory approval.
These are all reasons why it's important to have a partner — like Ikadre — who can help successfully navigate the consolidation process for companies looking to expand and those positioning to be bought.
Retirement Age for Women is Climbing
Another trend that caught our eye is that the retirement age for women is on the rise. Forbes highlighted data from the Center for Retirement Research at Boston College showing from 1992 to 2021 the average retirement age from women climbed from 59 to 62 years old. The average retirement age for men is increasing, too, but at a slightly lower rate compared to women. Longer lifespan and decreasing Social Security benefits have both played a role in the decision to stay in the workplace.
Along with waiting longer to retire, we're also seeing more women flexing their entrepreneurial muscles as they age. The reasons they decide to leave their job and start a business range from frustration over being limited by their current employer, to feeling over qualified for their current role, wanting a better financial situation, and wanting a business that matches their personal values.
Unfortunately, they often face age and gender stereotyping, difficulty finding investors, being accepted as a leader, dealing with imposter syndrome, and a lack of networking and mentor options. Despite these hurdles, women-owned businesses climbed 21% between 2014 and 2019. Funding options for their companies is improving, too. Currently, there are over 60 venture capital firms in the US funding women-owned and minority-owned businesses.
Navigating through the process of starting a business, securing funding, growing, and planning for succession when you're ready to retire or sell is a process we understand and can help with. Schedule a meeting with us to discuss how to transition your business to the next chapter — and watch out for mysterious Tiki idols on the beach.