2021 Marcum - Hofstra CEO Survey

FEATURED TOPIC

INFLATIONARY CYCLE AND SUPPLY CHAIN ISSUES

No. 5, 2021

The Marcum LLP-Hofstra University CEO Survey is a periodic gauge of middle-market CEOs’ outlook on the current business environment and their priorities and concerns for the next 12 months.

Inflationary cycle

pg. 2

Supply chain concerns

pg. 6

View of the current business environment

pg. 12

Influences on business planning

pg. 15

Demographics

pg. 17

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 2

INFLATIONARY CYCLE Over two-thirds (67.6%) of CEOs indicated their business has been impacted by rising costs during the current inflationary cycle, and another 18 percent predicted their business will be affected if costs continue to rise.

Only 15.4% of CEOs whose businesses are feeling the impact of inflation said they were able to absorb rising costs with minimal impact. In fact, almost one-quarter (24.7%) saw inflation having significant impact on their margins and bottom line.

Just under one-quarter (23.2%) of CEOs said they absorbed some of the increased costs, while passing the remainder on to their consumers. Less the five percent (4.2%) said they passed most of the increased costs onto their customers.

Over one-half (50.6%) of CEOs felt the current inflation cycle was transitory and would abate once supply chain and labor supply issues are resolved. Fewer (44.8%) believed inflation is likely to be a long-term issue that will require intervention on the part of regulators. But nearly 70 percent (69.5%) said that inflationary concerns will impact business decisions for the coming year.

Nearly a quarter (22.7%) of those concerned about inflation plan to cut expenses or look for other cost savings. 15.5% will postpone capital expenditures and expansion plans and/or revise their budgets for reduced sales and profit margins.

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 3

Has your business been impacted by rising costs during the current inflationary cycle?

70%

Breakdown by Industry Industries that involve materials and tangible goods were more likely to have been impacted by the current inflationary pressures. However, a number of CEOs in service businesses also expressed concern about current and/or future escalating price increases.

Yes

No

No, but my business will be impacted if costs continue to rise

10 (90.9%) 12 (66.7%) 15 (53.6%) 6 (85.7%) 11 (52.4%) 15 (78.9%) 2 (28.6%) 36 (76.6%) 7 (87.5%) 6 (40.0%) 6 (60.0%) 20 (95.2%) 21 (56.8%) 8 (80.0%)

0 (0.0%) 2 (11.1%) 5 (17.9%) 0 (0.0%) 5 (23.8%) 2 (10.5%) 4 (57.1%) 1 (2.1%) 0 (0.0%) 2 (13.3%) 3 (30.0%) 0 (0.0%) 8 (21.6%) 2 (20.0%)

1 (9.1%) 4 (22.2%) 8 (28.6%) 1 (14.3%) 4 (19.0%) 2 (10.5%) 1 (14.3%) 10 (21.3%) 1 (12.5%) 6 (40.0%) 1 (10.0%) 1 (4.8%) 0 (0.0%) 0 (0.0%)

68% Industry

60% 50% 40% 30% 13%

20%

18%

10% 0%

1% Yes

No

No, but my business will be impacted if costs continue to rise

Total sample (N=259)

Not sure

Construction Financial Institutions Financial Services Food & Beverages Government/Nonprofit/Education Healthcare Insurance Manufacturing & Distribution Oil & Gas/Energy Professional Services Real Estate Retail & Consumer Products Technology Other

Total sample (N=259)

Not sure

0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 1 (4.8%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 1 (2.7%) 0 (0.0%)

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 4

Which of the following best describes your view of the current inflationary cycle?

Coping Strategies

40% 35%

34%

37%

60% 50%

30%

23%

25%

45%

40%

20%

30%

15%

6%

10% 5% 0%

51%

We have absorbed rising costs with significant impact to our margins/bottom lines.

We have been able to absorb some of the increase in costs and passed some on to customers.

We have been able to absorb rising costs with minimal impact.

Total sample (N=175)

We have largely passed our rising costs on to our customers.

20%

5%

10% 0%

It is transitory and will abate once supply chain and labor supply issues are resolved.

It is likely to be a longterm issue that will require intervention (e.g., action by the Federal Reserve Bank).

Total sample (N=259)

Don’t know/Not sure.

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 5

Are inflationary concerns impacting the business decisions you are making for the next year?

How are your plans for the coming year being impacted by inflationary concerns?

In response to an open-ended question, CEOs who expressed concern about inflation reported an array of coping strategies to mitigate the impact of rising prices. Among the most cited strategies were:

70%

25%

70%

16%

16% 13%

15%

50%

Total sample (N=259)

11%

Total sample (N=180)

Seek improved efficiencies; stockpile inventory; negotiate better contracts

Not sure

Raise prices

No

Re-budget for reduced margins/profits

Yes

0%

Reconsider staffing levels; reduce hiring

10%

11%

5% Revise budgets for reduced sales/profit margins

7%

Postpone capital expenditures and expansion plans

20%

12%

10%

23%

30%

Cuts in expenses/Identify avenues of cost saving

40%

0%

23%

20%

60%

See page 9 for representative open-ended answers.

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 6

SUPPLY CHAIN ISSUES Over one-half (54.4%) of CEOs indicated that their business has been impacted by shortages caused by supply chain bottlenecks.

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 7

Has your business been impacted by shortages caused by supply chain bottlenecks?

54%

Manufacturing and distribution was the sector most impacted by supply chain issues with nearly 80 percent (78.7%) of CEOs reporting shortages caused by bottlenecks. This was followed by the healthcare (73.7%), construction (72.7%), food and beverage (71.4%), and retail and consumer goods (66.7%) sectors. Overall, fewer financial services and insurance sector CEOs reported impacts caused by supply chain constraints.

Industry

54% 52% 50% 46%

48% 46% 44% 42%

Breakdown by Industry

Yes

No

Total sample (N=259)

Construction Financial Institutions Financial Services Food & Beverages Government/Nonprofit/Education Healthcare Insurance Manufacturing & Distribution Oil & Gas/Energy Professional Services Real Estate Retail & Consumer Products Technology Other

Total sample (N=259)

Yes

No

8 (72.7%) 7 (38.9%) 8 (28.6%) 5 (71.4%) 8 (38.1%) 14 (73.7%) 2 (28.6%) 37 (78.7%) 4 (50.0%) 5 (33.3%) 6 (60.0%) 14 (66.7%) 16 (43.2%) 7 (70.0%)

3 (27.3%) 11 (61.1%) 20 (71.4%) 2 (28.6%) 13 (61.9%) 5 (26.3%) 5 (71.4%) 10 (21.3%) 4 (50.0%) 10 (66.7%) 3 (30.0%) 7 (33.3%) 21 (56.8%) 3 (30.0%)

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 8

What actions, if any, are you considering to protect your business from future supply chain concerns?

In response to an open-ended question, CEOs reported an array of coping strategies to mitigate the impact of supply chain challenges. Most cited strategies:

35%

See page 11 for representative open-ended answers.

32%

30%

25%

25% 20% 15%

8%

10% 5% 0%

Stockpile inventory

Diversify suppliers/vendors

Total sample (N=141)

Adjust leadtime/production schedules

OPEN-ENDED RESPONSES

How are your plans for the coming year being impacted by inflationary concerns?

“Planning more of resources going to fixed costs and contracts.”

“We plan to consolidate all bank debts and financial statutes.”

“Cost of lumber in particular is such a large percentage of our input costs that it makes getting a fair margin very difficult.”

”Squeeze another year of life from assets by deferring replacement.

Evaluating new hire strategy by reducing potential headcount additions. Planning on higher benefit expenses as well as employee cost-of-living increase.

More conservative revenue forecast means much closer monitoring of expenses with additional approval levels required.”

“We don't want to increase our service prices to our clients any more, so we'll absorb some of them.”

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 9

“Reprioritizing some projects based on ability to deliver earlier to offset potential changes that may be driven by inflation.”

“Top goal is to reduce costs by consolidation and centralization.”

“Making some capital purchases ahead of time before prices rise further. Also hiring is on hold for now.”

”We are going to try to hold salary increases to an average of 3% with higher increases for the best performers and lower increases for the worst performers. We are also looking at being more precise on our marketing spending to reduce it.”

“We can weather the inflation, but it will set us back years in needed improvements.”

“Look for alternative products and look for different suppliers.”

“Careful to not commit to longer term contracts.”

How are your plans for the coming year being impacted by inflationary concerns?

“We are being more cautious in general and are investing in less technology than usual.”

“We are being much more selective on the projects we pursue.”

”We are having to do more planning and adjusting for bigger projects and do more inventory purchasing in advance to secure appropriate equipment and supplies. We have halted 2 major building projects due to inflation and lack of availability of materials.”

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 10

“We are lowering expectations due to turbulent metrics predictions across both inputs and outputs.”

“Looking at saving pennies that may have not been on our radar in the past.”

“Considering downsizing office space and increasing virtual employees.”

“Only hiring for mission-critical needs at this time.”

“We are making fewer capital investments.”

“Just treading water to keep all employees working and costs down.”

“We are having to increase salaries across the board to cover inflation. Price increases have been completely passed to customers.”

“We are telling our customers longer lead times, since we are taking longer to get our raw materials, and we need more people to do the jobs.”

“We are deferring some purchases, and we are holding on certain decisions until things become more certain.”

Data collected November 2021

What actions, if any, are you considering to protect your business from future supply chain concerns?

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 11

“Developing our own delivery service to get our products to market in a timely fashion.”

“Over buying when available.”

“We have stocked just about everything we utilize. This will not cover possible repairs, parts, labor issues, etc.”

“Placing advance orders for equipment significantly before expected due dates. Identifying additional vendors to mitigate risk… Intensifying asset review to determine if additional year of use is feasible and prudent.

Purchasing more spares of critical items to ensure we have stock on hand for emergency use.”

“Reassessing our supply across our many facilities and streamlining cross-use and sharing.”

“Advanced planning and purchasing and working with companies to secure MOU to prevent supply issues.”

“Dual sourcing of certain components, product deviations, and extended purchase orders.”

“Promising longer lead times to our customers and being quite up front with realistic time frames, instead of telling them what they want to hear and not being able to deliver.”

“Restoring and maintaining equipment that we would normally trade in for newer models.....”

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 12

What is your view of the current business environment?

KEY FINDINGS

POSITIVE VS. NEGATIVE OUTLOOK Ratings 5-10

Ratings 1-4

13.1%

8.4% No. 4 2021

No. 5 2021

91.6%

86.9%

After a substantial improvement in the outlook on the business environment in the previous survey, CEO optimism largely leveled off in the current survey.

26%

►

24% 22%

24% 22%

►

20% 17% 16%

►

13%

13%

11% 10%

2%

4%

3%

0% 1 Very Negative

1%

3%

4%

6%

5%

10% 9%

9% 9%

7%

7%

3%

0% 0% 2

3

4

No 3, 2021 100% = 262

5

6

No 4, 2021 100% = 252

7

8

No 5, 2021 100% = 259

9

10 Very Positive

►

The percentage of CEOs rating their outlook as “very positive” decreased slightly from 9.1% to 8.5%.

41.7% of CEOs assigned a rating of 8 or higher, a slight increase from 40.8% in the previous survey.

CEO optimism overall declined. 86.9% of CEOs assigned a rating of 5 or higher in the current survey, a decrease from 91.6% in the previous survey.

The weighted average of CEO outlook declined for the second consecutive quarter, to 6.8 in the current survey from 7 in the prior survey and 7.1 previously.

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 13

INDEX INDEX:

A Weighted Average of CEO Responses A Weighted Average of CEO Responses

cont’d What is your view of the current business environment?

6.2 No. 2 2021

7.1

7

6.8

No. 3 2021

No. 4 2021

No. 5 2021

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 14

RATING OF BUSINESS OUTLOOK

by Industry Consistent with their overall economic outlook, CEOs in most sectors were conservatively optimistic about the business environment for the next 12 months. A notable exception is the food and beverage sector, with over one-half of respondents holding a negative outlook for the next year.

46% 43% 11%

10%

43% 33% 24%

60% 30%

20%

10%

40% 40%

50% 40%

43% 49% 9%

14%

16%

29%

32%

53%

1 -4

57%

5-7

67% 29%

57% 14%

29%

54% 36% 11%

5%

0%

0%

17%

44% 39%

50% 50% 36%

cont’d What is your view of the current business environment?

64%

8 - 10

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 15

What are the most important influences for your business planning in the next 12 months?

KEY FINDINGS Greatest Influence

Second Greatest Influence

Third Greatest Influence ►

14% 14% 14%

10% 10%

11% 14% 10%

18%

9% No. 3, 2021

0% 2% No. 5, 2021 1% No. 3, 4, 2021 2021 1% No.

No. 5, 2021 No. 4, 2021 No. 3, 2021

2% 0% 2%

1% 0% 12% 10% 10%

No. 5, 2021 No. 4, 2021 No. 3, 2021

No 5, 2021 100% = 259

11% 12% 12%

No. 5, 2021 7% 4% No. 4, 2021 4% No. 3, 2021

Legislation Regulatory & Reform Environment

18% 13% 13%

12% 13% 10%

No 4, 2021 100% = 252 |

7%

Labor Costs

5% 3% No. 5, 2021 7% 3% No. 4, 2021 8% 2% No. 3, 2021

No. 5, 2021 No. 4, 2021 No. 3, 2021

|

5% 6% 4%

No 3, 2021 100% = 262

Interest Rates

7% 8% 9%

No. 5, 2021 No. 4, 2021 No. 3, 2021

4% 2%1% No. 5, 2021 4% 5% 1% No. 4, 2021 5% 2%2% No. 3, 2021

No. 5, 2021 No. 4, 2021 No. 3, 2021

7% 4% 2% No. 5, 2021 2% 6% 2% No. 4, 2021 2% 3% 2% No. 3, 2021

No. 5, 2021 No. 4, 2021 No. 3, 2021

4% 4% 3% No. 5, 2021 3% 7% 2% No. 4, 2021 3% 6% 1% No. 3, 2021

17% 23% 25%

24% 26% 18%

13% 10%

Foreign Industry Competition Consolidation

10% 10%

14% 13% 10%

7% 4% 3% 20%

Economic Concerns

11% 10% 10%

17%

10%

4%

5%

Availability of Talent

10%

12% 13% 13%

16% 16%

14% 13% 12%

7% 2

Access to Capital

►

Rising Technology Other Other Material/ Operational Costs

►

“Economic concerns” and “availability of talent” were the top two influences on business planning cited by CEOs, both registering 48.6% of respondents. Economic concerns as an influence decreased from 53.2% in the previous survey, suggesting that other factors are becoming higher priorities for CEOs in the current business environment.

The next most important influences were “rising material/operational costs” (cited by 41.3% as one of the top three influences) and technology (32.4%). Technology, now No. 4 as an influence, had been the top-ranked influence in several prior surveys.

“Access to capital” spiked as a CEO concern in the current survey, increasing from 17% to 24%.

Data collected November 2021

Influences on Business Planning — by Industry

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 16

cont’d What are the most important influences for your business planning in the next 12 months?

Influences on Business Planning — By Influence

Real Estate (10) Retail & Consumer Products (21) Technology (37) Other (10)

Technology

Professional Services (15)

Rising Mat. /Oper Costs

Oil & Gas/Energy (8)

Regulatory Environment

Manufacturing & Distribution (47)

Legislation and Reform

Insurance (7)

Rising Labor Costs

Healthcare (19)

Interest Rates

Government/Nonprofit/ Education (21)

Industry Consolidation

Food & Beverage (7)

Foreign Competition

Financial Services (28)

Economic Concerns

Financial Institutions (18)

Availability of Talent

Construction (11)

Access to Capital

Upper figure: highest priority Lower figure: one of three highest priorities

9.1% 27.3% 22.2% 38.9% 17.9% 32.1% 0.0% 14.3% 23.8% 28.6% 5.3% 5.3% 14.3% 28.6% 8.5% 14.9% 0.0% 12.5% 6.7% 20.0% 20.0% 40.0% 14.3% 23.8% 10.8% 24.3% 0.0% 0.0%

36.4% 63.6% 22.2% 44.4% 32.1% 46.4% 14.3% 28.6% 23.8% 71.4% 36.8% 52.6% 28.6% 42.9% 21.3% 46.8% 12.5% 25.0% 26.7% 60.0% 30.0% 50.0% 9.5% 42.9% 27.0% 51.4% 10.0% 20.0%

9.1% 45.5% 11.1% 50.0% 14.3% 60.1% 28.6% 42.9% 4.8% 28.6% 10.5% 47.4% 14.3% 71.4% 14.9% 44.7% 37.5% 62.5% 26.7% 73.3% 20.0% 30.0% 23.8% 66.7% 21.6% 32.4% 20.0% 60.0%

0.0% 9.1% 5.6% 16.7% 0.0% 7.1% 0.0% 14.4% 4.8% 9.6% 0.0% 5.3% 0.0% 0.0% 6.4% 14.9% 12.5% 12.5% 0.0% 0.0% 0.0% 10.0% 0.0% 9.5% 2.7% 13.5% 10.0% 30.0%

0.0% 9.1% 5.6% 11.1% 3.6% 10.7% 0.0% 0.0% 0.0% 14.3% 0.0% 15.8% 0.0% 14.3% 2.1% 10.6% 0.0% 0.0% 0.0% 13.3% 0.0% 0.0% 0.0% 4.8% 5.4% 27.0% 10.0% 20.0%

0.0% 9.1% 5.6% 22.2% 0.0% 10.7% 0.0% 0.0% 0.0% 4.8% 0.0% 0.0% 0.0% 14.4% 0.0% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 30.0% 0.0% 0.0% 0.0% 8.1% 0.0% 0.0%

0.0% 27.3% 0.0% 11.1% 0.0% 7.1% 0.0% 71.4% 4.8% 23.8% 21.1% 47.4% 0.0% 0.0% 4.3% 27.7% 0.0% 12.5% 0.0% 13.3% 0.0% 30.0% 9.5% 33.3% 5.4% 29.7% 10.0% 30.0%

0.0% 0.0% 0.0% 5.6% 10.7% 25.0% 0.0% 0.0% 0.0% 23.8% 0.0% 21.1% 0.0% 28.6% 4.3% 6.4% 0.0% 25.0% 6.7% 20.0% 10.0% 30.0% 4.8% 9.6% 0.0% 16.2% 0.0% 0.0%

9.1% 18.2% 22.2% 38.9% 14.3% 46.4% 0.0% 14.3% 0.0% 9.5% 15.8% 25.6% 0.0% 42.9% 6.4% 31.9% 0.0% 37.5% 6.7% 26.7% 0.0% 0.0% 4.8% 19.0% 8.1% 21.6% 0.0% 40.0%

18.2% 54.4% 5.6% 22.2% 3.6% 32.1% 57.1% 85.7% 9.5% 33.3% 5.3% 26.3% 0.0% 0.0% 17.0% 68.1% 12.5% 50.0% 13.3% 40.0% 20.0% 50.0% 19.0% 66.7% 0.0% 13.5% 10.0% 40.0%

9.1% 36.4% 5.6% 27.8% 3.6% 21.4% 0.0% 14.3% 28.6% 42.9% 5.3% 26.3% 14.3% 28.6% 14.9% 25.5% 25.0% 62.5% 6.7% 26.7% 0.0% 30.0% 9.5% 19.0% 16.2% 56.8% 10.0% 30.0%

Greatest Influence Economic Concerns

44 (17.0%)

Second Greatest Influence 45 (17.4%)

Third Greatest Influence 37 (14.3%)

126 (48.6%)

Availability of Talent

63 (24.3%)

37 (14.3%)

26 (10.0%)

126 (48.6%)

Rising Material/Operational Costs

29 (11.2%)

46 (17.8%)

32 (12.4%)

107 (41.3%)

Technology

30 (11.6%)

26 (10.0%)

28 (10.8%)

84 (32.4%)

Regulatory Environment

18 (6.9%)

30 (11.6%)

28 (10.8%)

76 (29.3%)

Rising Labor Costs

12 (4.6%)

18 (6.9%)

37 (14.3%)

67 (25.9%)

Access to Capital

Total

33 (12.7%)

17 (6.6%)

10 (3.9%)

60 (23.2%)

Legislation and Reform

8 (3.1%)

13 (5.0%)

18 (6.9%)

39 (15.1%)

Industry Consolidation

6 (2.3%)

9 (3.5%)

19 (7.3%)

34 (13.1%)

Foreign Competition

8 (3.1%)

11 (4.2%)

11 (4.2%)

30 (11.6%)

Interest Rates

2 (0.8%)

6 (2.3%)

9 (3.5%)

17 (6.6%)

Other*

6 (2.3%)

1 (0.4%)

4 (1.5%)

11 (4.2%)

* COVID-19 (2); Supply chain (2); Natural disasters (1); Generating new clients (1); Seeking acquisitions (1); Networking (1); Time constraints (1); None/not sure (2)/

Data collected November 2021

MARCUM LLP - HOFSTRA UNIVERSITY CEO SURVEY - NO. 5, 2021 | pg. 17

DEMOGRAPHICS Which of the following best describes your company’s industry?

Construction Financial Institutions Financial Services Food & Beverage Government/Nonprofit/Education Healthcare Insurance Manufacturing & Distribution Oil & Gas/Energy Professional Services Real Estate Retail & Consumer Products Technology Other* Total

11 18 28 7 21 19 7 47 8 15 10 21 37 10 259

4.2% 6.9% 10.8% 2.7% 8.1% 7.3% 2.7% 18.1% 3.1% 5.8% 3.9% 8.1% 14.3% 3.9% 100.0%

*Other: Architecture (1); Automotive (1); Fashion (1) Media & Entertainment (2); Talent & Literary (1); Life Sciences & Biology (3); Mining (1)

What best describes your title?

CEO Director Divisional President Managing Partner Other C-Level Executive Owner President Vice President Total

32 103 2 7 48 20 2 45 259

12.4% 39.8% 0.8% 2.7% 18.5% 7.7% 0.8% 17.4% 100.0%

What is the total number of permanent employees in your company?

Less than 50 50 to 99 100 to 499 500 to 999 1,000 to 2,499 2,500 to 4,999 5,000 or more Not sure/Decline to say Total

19 21 55 43 43 28 48 2 259

7.3% 8.1% 21.2% 16.3% 16.3% 10.8% 18.5% 0.8% 100.0%

In which revenue size range was your company last year? $5 million to $9.9 million $10 million to $24.9 million $25 million to $49.9 million $50 million to $99.9 million $100 million to $249.9 million $250 million to $499.9 million $500 million to $999.9 million $1 Billion or more Not sure/Decline to say Total

27 29 24 35 25 25 29 51 14 259

10.4% 11.2% 9.3% 13.5% 9.7% 9.7% 11.2% 19.7% 5.4% 100.0%

Marcum LLP is a national accounting and advisory services firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum offers industry-focused practices with specialized expertise to privately held and publicly registered companies, and nonprofit and social sector organizations. Through the Marcum Group, the Firm also provides a full complement of technology, wealth management, executive search and staffing, and strategic marketing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. Marcum is committed to the advancement of diversity, equity and inclusion. The Firm is a founding member of LEA Global and is the exclusive U.S partner firm of ECOVIS International. Ever wonder where the people with all the answers get all the answers? #AskMarcum.

Visit www.marcumllp.com for more information about how Marcum can help.

Hofstra University’s Frank G. Zarb School of Business prepares students to become tomorrow’s global leaders. Located just 25 miles from New York City, Zarb students have access to internships and networking opportunities across every industry. The Zarb School combines entrepreneurial, hands-on learning and research with real-world experience and mentorship in state-of-the-art facilities, including a Behavioral Research in Business Lab, Center for Entrepreneurship, and academic trading room. Our undergraduate and graduate programs in accounting, management and entrepreneurship, marketing and international business, finance, and business analytics are ranked and recognized by US News & World Report, Princeton Review and Poets & Quants as among the best in the world. This survey was developed, conducted and analyzed by a class of Hofstra MBA students led by Dr. Andrew Forman, associate professor of marketing and international business, in partnership with Marcum. The questions reflected current issues of interest to CEOs of mid-sized companies.