While they didn't specifically single out our firm as a success story, their tracking of business successes and failures reassures us that we must be doing something right.
Consider (figures rounded to nearest whole number):
- 20% of businesses fail within their 2nd year of operation
- 45% of businesses fail within their 5th year of operation
- 64% of businesses fail within their 10th year of operation
Which means this boutique structured settlement and specialty financial services enterprise I started 10 years ago during the depths of The Great Recession has outlasted nearly two-thirds of all businesses started in 2009.
The oddsmakers suggest perhaps we shouldn't still be here.
Yet we continue to thrive, a testament to the faith and confidence our loyal clients have placed in us since Day One.
What Was I Thinking?
I mean, what person in their right mind opens a specialty financial advocacy firm when the financial world is collapsing around everything in sight?
Having spent 25 years working for a major insurance carrier, first as a claims adjuster, then eventually as a vice president of its in-house structured settlement operation, I knew there existed a market for a company that could deliver high-quality, personalized service to a wide variety of clients who require ethical, professional guidance.
In fact, by running head-first into the financial calamity instead of away from it, I reasoned people would by inspired by our confidence and would turn to us for honest, reliable, reassuring advice during times of crises more than ever before.
So, I took the plunge and today, nearly $300 million worth of individual annuity contracts to over 750 individuals later, our firm continues to flourish.