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Inflation, continuing a healthy stream of revenue, and the highest-in-a-generation interest rates are still the top concerns for small business owners, according to the latest Small Business Index (SBI). The quarterly report is conducted by MetLife and the US Chamber of Commerce.
Of the challenges cited, inflation remains the biggest impediment for all quarters in 2022 and 2023, although the SBI notes that it may be holding steady as it hasn’t increased. However, the survey was conducted in October 2023, right before gas prices began falling steadily through today (according to AAA, regular unleaded has fallen more than 50 cents per gallon during that time). Year-over-year inflation rates have also fallen to 3.1 percent as of November 2023, although we don’t need to tell you that many prices remain stubbornly high.
Adding to this is the decrease in small business optimism. Just 25 percent of the small businesses surveyed said that the overall US economy is healthy, while only 30 percent said their economy locally is looking good. This is driven primarily due to the continued lack of qualified staff and keeping up with employee-related costs like salaries and benefits. This could be a challenge for 2024 as the US enters an election year and the Biden administration looks to capitalize on economic improvements since 2021.
While the latest SBI individually doesn’t appear to be great news, not all is bad when compared to the past two years in total. In fact, like the inflation concerns, challenges from years past such as supply chain limitations have been dropping. Additionally, most small businesses rate the overall health of their own company as “somewhat good” and have since Q1 2021 (the last time the majority of businesses said it was “very good” was in Q4 2019). More than 90 percent plan to invest more or at least the same as they did last year in their business, while 40 percent plan to add more staff in the coming year.
The entire report is available here.
[12.19.23]
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Driving Results, a cornerstone in the luxury ground transportation industry since its establishment in 2012 by Arthur and Kathleen Messina, has been successfully acquired by "Becky from Boston" Laramee and Brittini Kirk, distinguished figures in the sector and owners of All Points Limousine in Millbury, Mass. The official transition of leadership is scheduled for 2024, marking a significant chapter in the company's legacy.
Past members of Spinning Wheels at their meeting in Key West, Fla.
Laramee and Kirk bring a wealth of experience and a commitment to industry advancement that aligns seamlessly with the values upheld by Driving Results, according to the Messinas, and are poised to carry forward the legacy of education, technological understanding, industry trend analysis, and mentorship, positioning them as ideal custodians of the company's legacy. They will focus on the core group Spinning Wheels for 2024 before further developing the Driving Results brand.
"I am thrilled to embark on this incredible journey, acquiring Driving Results and steering Spinning Wheels towards new heights in 2024. My goal is to elevate industry standards and create a dynamic community that thrives on innovation and collaboration,” says Laramee.
Driving Results Founders Arthur and Kathleen Messina
The Messinas expressed their gratitude to the industry for the remarkable success achieved over the past 12 years in their announcement. They extended heartfelt thanks to their industry peers whose achievements have been a continuous source of inspiration. Over the course of their leadership, they’ve attracted a Who’s Who of members from across the industry ranging from Gem Limousine and Reston Limo to Premier Transportation of Dallas, Windy City Limousine & Bus, and many more notables.
Spinning Wheels held one of their events in Nashville
"Spinning Wheels has been a transformative journey. Learning from other industry leaders and sharing insights has been invaluable. The opportunities to present to other Driving Results groups have expanded my horizons. Grateful for a community that fosters continuous growth and knowledge exchange,” said Maurice Brewster of Mosaic Global Transportation.
As the Messinas shift their focus to the next phase, they will focus more on their marketing business, Create-A-Card, Inc., which they founded in 1986 and soon became one of the industry’s most recognizable companies. They vow to continue their dedication to excellence and innovation as a dynamic and forward-thinking marketing enterprise that has spanned nearly four decades. They express their deepest appreciation for the understanding, cooperation, and cherished memories shared during their tenure with Driving Results, and raise a toast to its ongoing prosperity under the new leadership.
"Spinning Wheels has been my compass in the luxury transportation industry for a decade. The meetings and insights from fellow members have fueled my business growth, providing an invaluable network of support. Grateful for the many years of shared wisdom and continuous elevation," says Tracy Raimer of Windy City Limousine & Bus, one of the group’s longest continuous members.
Spinning Wheels is expected to hold its next meeting in spring 2024.
[12.19.23]
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Outgoing LANJ President Jason Sharenow of Broadway Elite
The Limousine Association of New Jersey (LANJ) welcomed more than 90 members and guests at their annual holiday dinner on Tuesday, December 12. Held once again at Fernandes Steakhouse in Newark, holiday spirit was in the air as the party doubled as a charity event, with attendees from across the tri-state area bringing new toys for children in need.
“We cross-promoted as a Toys for Tots collection, and many attendees brought a great number of terrific gifts. The toy boxes were overflowing!” shares LANJ Executive Director Patty Nelson.
L to R: Frank D’Souza of Riviera Limousines, Mike Vargas of DH2 Transportation, Randall Willms of Minuteman Limousine & Car Service, and Daniel Arias of DLA Executive Transportation
L to R: Shady Azer of Gem Limousine Worldwide, Mark Luxe of Luxe Chauffeured Service, and Jay Glick of First Class Customs
As members filtered into the event, an open bar was made available courtesy of Complete Fleet Livery Sales, and fellow sponsors Brogan Cadillac, EmpireCLS, Grech Motors, and Leros Transportation Group. Following the cocktail hour, a decadent all-you-can-eat appetizer buffet was unveiled, courtesy of sponsors ABC Companies, Advantage Marketing Solutions, Buffalo Limousine, CareerDriver, EPIC Insurance Brokers & Consultants, Fleetwood Limousine, and NLS Chauffeured Services.
L to R: Howard Gogel of My Limousine Service, LANJ Treasurer Barry Trabb of Complete Fleet Livery Sales, President Jason Sharenow of Broadway Elite Worldwide, Mike Rose of My Limousine Service
L to R: Dwight Graham of DD & Son, Brian Blanche of Prestige Car and Limo, Jelani Bass of Slenderellaz Car Service, Vince Pipitone of Secure Trans Connection, and Rich de Coteau of Rydehails
The dinner service—sponsored by EmpireCLS, Executive Coach Builders, My Limousine Service, and T-Mobile—proved to be a unique and belly-filling experience for everyone. Rodizio servers deftly wandered from table to table, slicing of choice cuts of beef, poultry, and pork from roaster skewers. Delicious entrees like bacon-wrapped turkey followed choice cuts of steak.
The LANJ dinner doubled as a Toys for Tots collection
In between bites of decadent food, LANJ President Jason Sharenow of Broadway Elite Worldwide took a few minutes to speak to the attendees. First, a LANJ Lifetime Achievement Award was given to Howard Gogel of My Limousine Service, who recently passed the baton to the next generation within the company. Also, Sharenow announced that this will be his last year as president of the association, as he will be serving as a National Limousine Association board member. He was applauded for his long service to the association, and it was confirmed that his replacement will be announced in January.
Visit lanj.org for more information.
Photos by Sam Emam of Special 1 Media.