2023 Best Practices Study

Specialization

% of Agencies with Specialty Revenue

80.0%

74.5%

73.8%

76.9%

74.5%

68.3%

67.7%

67.4%

67.4%

64.3%

66.7%

60.5%

63.9%

59.1%

53.3%

48.4%

47.4%

39.1%

< $1.25M

$1.25-$2.5M

$2.5-$5M

$5-$10M

$10-$25M

> $25M

2021 BPS 2022 BPS 2023 BPS

AGENCIES WITH REVENUES OF:

<$1.25M $1.25-$2.5M $2.5-$5M $5-$10M $10-$25M >$25M

% of Agencies with Specialty Rev Average Total Specialty Revenue 1

59.1%

48.4%

67.4%

64.3%

66.7%

74.5%

$310,780

$524,977

$1,358,578

$3,186,255

$6,330,285 $44,494,374

Average % Net Revenue 1

31.5%

26.8%

37.3%

43.0%

40.4%

46.0%

1 Only for those firms who reported speciality revenues

Specialty Revenues: % of Comparison Group with this Specialty: Agriculture

13.6%

16.1%

34.9%

17.9%

18.5%

34.0%

Construction

45.5%

22.6%

53.5%

42.9%

42.6%

61.7%

Energy

9.1%

0.0%

20.9%

12.5%

13.0%

23.4%

Government/Municipality

13.6%

12.9%

27.9%

23.2%

22.2%

38.3%

Healthcare

9.1%

3.2%

23.3%

30.4%

22.2%

44.7%

Hospitality

27.3%

6.5%

23.3%

21.4%

24.1%

23.4%

Manufacturing

13.6%

9.7%

30.2%

28.6%

25.9%

46.8%

Management / D&O

27.3%

6.5%

16.3%

19.6%

11.1%

14.9%

Non-profits

18.2%

6.5%

25.6%

19.6%

27.8%

23.4%

Real Estate

18.2%

9.7%

34.9%

26.8%

31.5%

44.7%

Schools/Education

4.5%

3.2%

25.6%

26.8%

25.9%

38.3%

Transportation

27.3%

3.2%

7.0%

16.1%

16.7%

23.4%

Technology

18.2%

6.5%

23.3%

25.0%

27.8%

38.3%

Other

9.1%

16.1%

20.9%

28.6%

29.6%

53.2%

For firms that specialize in this, what % of NR is from this specialty? Agriculture

42.0%

47.8%

23.2%

14.4%

18.2%

3.2%

Construction

42.0%

52.1%

36.6%

40.0%

47.4%

24.5%

Energy

18.4%

0.0%

31.4%

3.9%

5.8%

7.4%

Government/Municipality

40.9%

18.0%

17.1%

10.7%

8.7%

11.0%

Healthcare

1.5%

9.9%

7.5%

16.2%

8.9%

11.2%

Hospitality

30.1%

54.3%

7.2%

6.6%

8.7%

2.9%

Manufacturing

7.1%

19.0%

16.9%

14.9%

12.4%

19.1%

Management / D&O

19.9%

6.4%

2.4%

9.8%

2.4%

15.5%

Non-profits

10.8%

7.0%

4.8%

16.1%

12.4%

9.4%

Real Estate

13.7%

60.0%

8.6%

19.0%

19.9%

14.3%

Schools/Education

7.2%

78.3%

9.8%

5.8%

11.3%

11.3%

Transportation

10.7%

0.4%

4.6%

8.1%

6.5%

7.5%

Technology

13.7%

28.2%

9.8%

9.9%

22.7%

8.8%

Other

22.8%

61.3%

48.8%

54.4%

44.7%

32.7%

Cross Category Comparison

46