News

Reelection of President Obama Has Florida Business Owners Feeling 'Bah Humbug' About 2013

Press Release

12.17.2012

Survey also shows Florida businesses aren’t feeling cheery about seasonal holiday perks,
bucking national trend on parties and bonuses

The reelection of the President feels like one giant lump of coal for Florida business owners who are pessimistic going into 2013 as a result of Barack Obama’s second term.

A survey released today by Kaufman, Rossin & Co. of Florida businesses shows that nearly 50 percent of the small to mid-sized companies believe the outcome of the presidential election will have a negative impact on their company.  Specifically, 26 percent said it would have a very negative impact, while 22 percent said it would have somewhat of a negative effect.  Just 27 percent of those surveyed felt that the election result would have a positive impact, while 17 percent said they were unsure of how it would affect them.  The survey findings are line with the recent state election results which showed nearly 50 percent of Florida residents supporting Mitt Romney.

This lack of optimism going into 2013 by Florida businesses is reflected in the way many will be handling holiday employee perks. Contrary to a national survey released last month by American Express that found more small businesses offering employee bonuses and holiday parties, here in Florida, just about half of businesses will refrain from doing so.

According to Kaufman, Rossin’s survey, more than 50 percent of respondents are not holding a holiday office party or issuing bonuses to their employees. 53 percent said they did not intend to hold a holiday party, while 46 percent said yes.  For holiday bonuses, 52 percent of companies said they would not be issuing bonuses while 47 percent said they would be.

The survey data is based on responses from nearly 500 CEOs, presidents and business owners, with the highest concentration of businesses in South Florida and the Tampa Bay area. Most have been in business for more than 10 years and represent a wide range of industries, including healthcare, technology, professional services and manufacturing.
 
About the Kaufman Rossin Group

The Kaufman Rossin Group has represented Florida businesses for 50 years and serves international clients in dozens of countries. Kaufman, Rossin & Co., the CPA and advisory firm, offers a complete array of traditional accounting services, plus consulting services ranging from industry specific advisory services to forensic and valuation services.  The firm is one of the top 60 in the country.  Affiliate Kaufman Rossin Fund Services is an independent provider of fund administration services to the global financial community, recently recognized as the Best Administrator for single managers under $30 billion in assets under administration.  The Kaufman Rossin Group has won numerous awards, including repeated honors as the Best Accounting Firm to Work For among large firms nationwide, and #1 Accounting Firm in South Florida.  With more than 300 team members, the Group prides itself on offering the resources of a powerhouse, personally delivered.   For more information, visit www.kaufmanrossin.com  and www.krfs.com.

Read about this article in the South Florida Business Journal.