Lynda Patterson featured in InBusiness Madison magazine
The Great Recession and the tepid economy that followed left many companies and organizations looking for any financial edge they could find. That’s no less true among nonprofits and professional and trade associations, which often need to leverage small budgets while staying focused on big missions.
While it’s tempting to say that the recent recession sunk all boats, some associations hoped to gain an edge by calling on association management companies (AMCs) to handle their day-to-day operations.
Indeed, according to a study conducted by LoBlue & Majdalany Management Group, standalone organizations (industry speak for associations that manage their own operations) fared significantly worse than AMC-managed organizations during the recession. According to the study, 66% of AMC-managed organizations operated in the black during 2008, at the height of the recession, while only 47% of standalone organizations did.