In episode #2593, we delve into the current state of the economy and its impact on businesses and marketing. We highlight the increase in small business bankruptcies and the reluctance of people to change jobs. We also mention the three sea changes in the economy, including the end of easy money and the rise of inflation. Despite the challenges, we discuss the opportunities for buying businesses and expanding during this time. Overall, we emphasize the importance of understanding interest rates and their impact on marketing budgets.
TIME-STAMPED SHOW NOTES:
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(00:00) Today’s topic: Will the Economy Get Better in 2024?
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(00:22) Small business bankruptcies are at an all-time high
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(00:40) People are not changing jobs due to job security
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(00:58) Howard Marks talks about a sea change in investing
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(02:35) The three sea changes in the economy
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(03:15) Marketing is typically the first thing businesses cut
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(04:02) Companies are not rushing back to spend more on marketing
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(06:26) The end of easy money and the rise of inflation
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(07:05) Predictions on future interest rates
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(09:18) Selling a company is not ideal due to low multiples
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(09:18) Neil believes it's a bad time to sell a company.
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(09:31) Neil thinks it's a great time to buy businesses.
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(09:58) Neil is looking to buy $10 million of EBITDA.
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(10:24) Neil is willing to take losses on properties to invest in business.
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(11:12) Eric mentions the possibility of going into another bull market.
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(11:16) Eric advises aiming for profitability and efficiency.
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(11:26) Go to https://www.marketingschool.io to learn more!
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