Mr Average: The study found that the average director in the audio industry is 49 years old and has been in the job for over seven years. The average salary is £25,000 per annum.
Old Hats: the study revealed that despite a 7% yearly turnover of directors, almost 39% have held their position for more than 10 years. Just under one fifth of UK directors in the sound equipment industry are now over 60 years old, and over the next three to five years, as these bastions of the industry reach retirement age, their departure could have a profound effect on the companies they formerly controlled.
Marathon Runners: If the industry is a victim of an ageing set of leaders, there’s no evidence to suggest that their companies’ performance is flagging. Of the 59 companies where these over 60s work, almost 34% are running successful companies - in comparison to the industry average of 31%.
These companies acquisition prospects because the directors are getting long in the tooth - it’s certainly a scenario that predators look for when scanning for prospects. In fact, the study features 32 companies where every board member is over the age of 55.
At the other end of the scale there are the Young Guns. 51 directors are under the age of 35 with 20% of these working at successful companies. 15 of these ‘young guns’ have been appointed in the last 24 months.
For details of the analysis and to see whether your own company is reviewed, call Plimsoll on +44 (0)1642 257800.
