What we're seeing right nowBusiness looks better among Florida’s women-owned

companies, with key performance indicators up in

2017, and optimism returning among respondents.

THE COMMONWEALTH INSTITUTE SOUTH FLORIDA’S

2018 WOMEN-LED BUSINESS SURVEY RESULTS

Don’t just hire an accountant.You deserve better.

Kaufman Rossin, an equal pay company, is proud to partner with successful business leaders to help improve performance and minimize risk.

Kaufman Rossin is pleased to collaborate with The Commonwealth Institute of South Florida.

Contact Usemail@kaufmanrossin.com305-858-5600

Methodology

The Commonwealth Institute South Florida partnered

with Kaufman Rossin to administer and analyze its 2018

Women-Led Businesses Survey. This survey provides

insight into the community of women-led businesses in

Florida, identifying trends and common concerns. It also

serves as the source for TCI's annual awards lists: Top 50

Women-Led For-Profit Organizations, Top 10 Women-

Led Not for Profit Organizations, and a new list this year:

Top 10 Women-Led Startups.

Surveys were distributed directly to 8,905 email

addresses, and shared with several organizations

including Chambers of Commerce to distribute to their

members. The recipients were identified as the CEO,

president or owner of a woman-led business with two or

more employees. Additional distribution went to the TCI

database of leading women.

301 responses were received. Only companies that

provided specific revenue information were included in

the rankings. Self-reported data was verified through

on-line research and personal contacts.

Women-owned businesses are a substantial contributor to the US

economic landscape.

“As of January 2017, there are an estimated 11.6 million women-

owned businesses in the United States that employ nearly 9

million people and generate more than $1.7 trillion in revenues.”

“Between 1997 and 2017, the number of women-owned

businesses increased by 114%, compared to a 44% increase

among all businesses — a growth rate more than 2.5 times the

national average.”

The number of women-owned businesses is growing more than twice as

fast as the general business growth rate.

“The share for employment only grew from 7% to 8% and for

revenues, the share declined slightly from 4.4% to 4.2%.”

However, employment and revenues are growing slower than the

economy at large.

National data shows that women’s entrepreneurship has been increasing for two decades.

From 1997 to 2017, women-owners’ share of the number of businesses grew from

26% to 39% , according to the 2017 State of Women-Owned Businesses report

commissioned by American Express Open.1

Their report shows:

Executive Summary

1http://about.americanexpress.com/news/docs/2017-State-of-Women-Owned-Businesses-Report.pdf

Florida continues to be a great place

for women entrepreneurs, according

to a study by Fits Small Business2.

Second only to Georgia, their study

shows:

“The Sunshine State lands at number

two after posting top five finishes in

four categories. In Florida, there are

119 net new businesses that are owned

by women every day to come in second

in this category. In addition, women

own 38.5 percent of the businesses in

the state, taking the fourth spot in this

metric. Also, Florida grabbed the fourth

spot for the percentage of women-

owned firms with paid employees as

women own 20.8 percent of businesses

in the state with paid employees.“

2https://fitsmallbusiness.com/best-states-for-

women-entrepreneurs/#

The data we collected in Florida shows optimism among respondents.

• More than half report revenue growth

in 2017

• More than 80% project revenue

growth for the coming year

• Projections of employment growth,

which dipped in last year’s survey,

are back up to nearly 60%.

The reasons for starting businesses seem to

be changing.

Though many still state “I’m an entrepreneur

at heart,” passion for something others aren’t

doing and work/life flexibility are rising as

reasons for starting their own companies.

Their core business concerns continue to be

the same: winning new business, revenue

growth and profitability. When asked what

they were concerned about, more than half

chose tax reform as a top concern.

Respondents’ advice to young women focused more on the work.

Words like “goals,” “mentor,” “learn,”

and “work hard” stand out alongside

“passionate” and “dreams.”

More than half of respondents reported their businesses grew,

continuing a three year trend. This year, more than 56% reported

moderate or substantial growth, down two points from 2016.

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HOW DID YOUR REVENUE CHANGE LAST YEAR?

Women who lead Florida’s businesses continue to see growth.

81% of these leaders are projecting moderate or substantial growth. That’s up

from last year’s 78%, resuming a pattern of optimism that had grown steadily

since 2011, when the projections of moderate or significant growth were

just 67%. Hiring plans are more optimistic as well. Nearly 60% project staff

increases in 2018, compared to 53% expecting to grow staff last year.

It is important to note, however, that these predictions tend to be rosier

than reported actual growth. In 2016, 78% of respondents predicted

growth for 2017; just 56% of this year’s respondents reported moderate or

substantial growth in 2017.

HOW DO YOU EXPECT YOUR REVENUE TO CHANGE THIS YEAR?

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Respondents expect that trend to continue into 2018.

43% report revenues above $2 million, a return to a positive trend after

a dip last year.

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WHAT WAS YOUR ORGANIZATION'S ANNUAL REVENUE?

Revenues range from under $500,000 to over $10 million.

What businesses are we in? Florida’s women differ from the nation.

According to the American Express OPEN study3, half of all women-owned

businesses are in three industries: other services (like salons and pet care

businesses), healthcare and social assistance, and professional/scientific/

technical services.

But in our sample, while professional services dominates, representing 29%

of respondents, the next categories are manufacturing and technology.

Construction and real estate each bring in about 5% of our sample.

Professional services

Other

Non-profit

Manufacturing/Distribution

Investments-Other

Investments-Hedge fund/Private equity

InsuranceInvestments-Broker-dealers

Hospitality

Healthcare

Government

Entertainment/Arts

Education

Construction

Real estateRetail

Technology

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Transportation

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3http://about.americanexpress.com/news/docs/2017-State-of-Women-Owned-Businesses-Report.pdf

Interestingly, the percentage of companies employing more than

250 people has grown consistently in the past several years, and has

reached 11%.

HOW LONG HAVE YOU BEEN IN BUSINESS?

HOW MANY EMPLOYEES DO YOU HAVE?

74% have been in business more than 10 years, and 45% employ more than 10 people

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WHICH THREE ISSUES ARE YOU MOST FOCUSED ON THIS YEAR?

What keeps us up at night? Business concerns are consistent with past years…

Winning new business, revenue growth and profitability continue to

dominate, with profitability creeping up over the last three years.

Talented employees don’t want to work for women.

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WHAT OBSTACLES MAKE IT DIFFICULT FOR WOMEN LEADERS

IN FLORIDA?

...but perceived obstacles for women have shifted slightly.

Given the current #MeToo movement, we added one obstacle to our

question, and more than 16% of women chose sexual harassment as an

obstacle making it difficult for women leaders in Florida. Also interesting

is how some of the other obstacles have gained responses, with the lack of

high profile assignments chosen by more than 50% of respondents.

I worked my way up from another role

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For several years we’ve asked women how they became leaders in their

organizations. “I started the company” continues to be the number 1 choice, but

more women – 13% compared to 8% in 2015 – say “I was hired for this role.”

HOW DID YOU BECOME A LEADER IN THIS ORGANIZATION?

How did these women get started...

Pure entrepreneurship and passion topped the charts, but the need for flexibility

and balance is growing. Most financed their businesses through savings.

WHY DID YOU START YOUR COMPANY?

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I wanted flexibility or balance in my life

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Those are the top adjectives they chose when asked to describe their

management styles. When asked to describe qualities that set women apart as

strong leaders, the answers were consistent: communication, collaboration and

goal orientation.

WHICH THREE QUALITIES DO YOU THINK SET

WOMEN APART AS STRONG LEADERS?

Women who lead Florida businesses describe themselves as authentic and decisive.

Just under 5% stated that women are better leaders; less than 1% think men

are better.

Men are better leaders than women

Women are better leaders than men

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They continue to agree that women and men lead differently.

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On-the-job training continued to take top ranking this year, with personal

networks and supportive organizations declining.

WHICH THREE FACTORS HAVE CONTRIBUTED

TO YOUR PERSONAL SUCCESS?

What creates success for these women business leaders?

What advice do our women leaders give to ambitious young women?

Goals

Pass

iona

tePrepared

Believe

Bol

d

Success

Business

Work HardTask

LifeDecisions

Seek Mentorship

TruePath Fear

Tough Small Stuff

Act

Next Opportunity

MentorDreams

StrongPersistent

Lear

n

Top 50 Women-Led For-Profit Organizations in Florida

1 Christine Duffy President Carnival Cruise Line Hospitality 33178 250+

2 Kirsten Dolan CEO One Parking Professional Services 33401 250+

3 Janna Ronert Founder & CEO Image Skin Care Manufacturing/Distribution 33418 51-250

4 Elizabeth Fago Founder NuVista Health Care/ Palm Health Real Estate 33410 250+

5 Catherine Muth President O. R. Colan Associates Other 33019 51-250

6 Olga Ramudo President & CEO Express Travel Professional Services 33134 26-50

7 Nadine Heubel CEO Heinemann Americas Inc. Retail 33134 51-250

8 Mayte Fernandez Managing Partner Momentum Consulting Corporation Technology 33141 51-250

9 Deborah Herman Owner Fabric Innovations Hospitality 33134 26-50

10 Sue Romanos President & CEO CAREERXCHANGE Professional Services 33176 250+

11 Adela Gonzalez CEO Future Force Personnel Professional Services 33014 11-25

12 Traci Lynn Burton President Traci Lynn Inc. Retail 33309 11-25

13 Rachel Sapoznik CEO & President Sapoznik Insurance & Associates, LLC Insurance 33162 51-250

14 Jennifer Cramer CEO The Spice Lab Manufacturing/Distribution 33064 26-50

15 Maureen Shea CEO Right Management Professional Services 33301 26-50

16 Ginger Martin President & CEO American National Bank Banking 33062 26-50

17 Tina Elmowitz Partner rbb Communications Professional Services 33134 51-250

18 Blanca Acosta President Equipco Manufacturing, Inc. Manufacturing/Distribution 33166 51-250

19 Sandy King President Symbiont Service Corp Construction 34224 51-250

20 Christina Parsons CEO DAS Group Technology 33024 26-50

21 Diane Willcox President Seminole Office Solutions Technology 32750 26-50

22 Linda Watson President Rainmaker, Inc. Government 33334 1-5

23 Leigh Ann Hoey President Scientific Instruments, Inc Manufacturing/Distribution 33407 26-50

24 Dr. Leslie Baumann CEO Baumann Cosmetic and Research Institute Healthcare 33137 26-50

25 Susana Robledo Owner Cube Care Manufacturing/Distribution 33015 51-250

26 Betsy McGee President ADI Metal Manufacturing/Distribution 33315 11-25

Name Title Organization IndustryZIP Code

Number of Employees

27 Kay Stephenson President & CEO Datamaxx Applied Technologies, Inc. Technology 32311 26-50

28 Suzette DiMascio Owner CSI Specialty Group Healthcare 32771 11-25

29 Tanya Meyer President ACE Staffing Unlimited, Inc. Professional Services 32757 250+

30 Eileen Rosenzweig Owner Sir Speedy Manufacturing/Distribution 34231 11-25

31 Celeste Notardonato President & CEO The Integration Factory Construction 32955 26-50

32 Kate Boyer CEO Anatomie Manufacturing/Distribution 33138 6-10

33 Patricia Werhahn CEO RedSteel Properties Real Estate 33444 1-5

34 Holly Macdonald-Korth Managing Director J W Korth & Company Investments- Other 33133 11-25

35 Joyce T. Velitschkowski President J.T.V., Inc. Construction 33709 11-25

36 Peggy Sue Wingard Owner O-Gee Paint Retail 33155 11-25

37 Debbie Savage Founder & President Responsive Home Care Healthcare 33309 51-250

38 Danielle Huff President C&H Baseball, Inc. Manufacturing/Distribution 34211 11-25

39 Kim Kendall President & CEO Ocean Riders Engineering Professional Services 21042 11-25

40 Traci-Anne Boyle Owner AirQuest Environmental, Inc. Professional Services 33314 26-50

41 Jeanne Kline Owner & President Magical Memories Management Real Estate 34746 26-50

42 Ann Jeanette Miner President & Owner GEM Industries Incorporated Manufacturing/Distribution 32926 26-50

43 Katie Kessler President & CEO HSA Professional Services 33156 6-10

44 Angela Polania Principal Elevate Professional Services 33146 11-25

45 Maria Harrison President Bullseye Strategy Professional Services 33301 6-10

46 Suzanne Lemen CEO & President Dynamic Corporate Solutions, Inc. Professional Services 32003 26-50

47 Lourdes Madsen Owner Rapid Press, Inc. Manufacturing/Distribution 32309 26-50

48 Christine Ramirez Partner & Vice President Dale Carnegie Training Professional Services 33305 11-25

49 Linda Lubitz Boone Founder & President The Lubitz Financial Group Transportation 33157 6-10

50 Margueritte Ramos President ShadeFLA Construction 33138 6-10

Learn more about these top leaders at kaufmanrossin.com/2018FLTopWomenLedBiz

Top 10 Women-Led Not-For-Profit Organizations in Florida

Learn more about these top leaders at kaufmanrossincom/2018FLTopWomenLedBiz

1 Sister Linda Bevilacqua President Barry University Education 33132 250+

2 Kristi Mollis President Everglades University Non-Profit 33431 250+

3 Maria Alonso CEO United Way of Miami-Dade Non-Profit 33134 51-250

4 Barbara Weinstein President & CEO Family Central Inc Non-Profit 33309 51-250

5 Madelyn Lozano Executive Director Epworth Village, Inc. Non-Profit 33012 250+

6 Germaine Baugh President & CEO Urban League of Broward County Non-Profit 33311 51-250

7 Deborah Spiegelman CEO Miami Children's Museum Non-Profit 33132 51-250

8 Nancy Robin CEO & Executive Director Habitat for Humanity Broward Non-Profit 33308 26-50

9 Kerry-Ann Royes CEO YWCA of Greater Miami-Dade Non-Profit 33128 51-250

10 Karen Egozi CEO Epilepsy Foundation of Florida Non-Profit 33156 51-250

Name Title Organization IndustryZIP Code

Number of Employees

1 Linda Alexander Co-Founder We Are The Mighty Entertainment/Arts 33180 11-25

2 Beth Kariofyllis Franchise Owner CBCT Group, LLC Hospitality 34239 26-50

3 Antoinette Zel CEO & Co-Founder The Story Room Other 33140 11-25

4 Jessica Knopf Manager Sriracha House, LLC Hospitality 33139 11-25

5 Michelle Abbs Director WIN Lab Miami at Babson College Education 33136 250+

6 Pandwe Gibson President & Founder Ecotech Visions Manufacturing/ 33169 6-10 Distribution

7 Arlene Alvarez Independent Raymond James Financial Services Investments- 33134 1-5 Financial Advisor Broker-dealers

8 Liz Alicea-Velez Owner Alilez Partners Education 33327 26-50

9 Pilar Carvajal Owner & CEO Innovation Senior Management Healthcare 33139 51-250

10 Janice Haley CEO & Founder Tone-y-Bands Manufacturing/ 33435 1-5 Distribution

Name Title Organization IndustryZIP Code

Number of Employees

Top 10 Startups

Maria C. Alonso, Panelist

Maria C. Alonso assumed the role of president and CEO of United Way of Miami-Dade in

August 2017, after a 22-year career with Bank of America.

Prior to joining the organization, Maria served as a United Way board member and

led the redesign of our community investment process to a more strategic, collective

impact approach focused on education, financial stability and health. Her rich history

of community leadership includes chairing the Greater Miami Chamber of Commerce and New World School of

the Arts, and currently serving as a board member of the Beacon Council and co-chair of its One Community One

Goal initiative. She has also served on the boards of the Miami Foundation, Camillus House, Miami Dade College

Foundation, among others.

As president and CEO, Maria is responsible for engaging the passion and expertise of thousands of contributors

and hundreds of corporate and community partners in support of United Way’s mission of building community by

helping people care for one another. Working alongside a team of nearly 200 professionals, she guides the strategic

direction, operations and finances of the largest private funder of health and human services in Miami-Dade County.

Maria holds a master’s of business administration in marketing from Florida International University and a bachelor’s

degree in industrial engineering from the University of Miami. She resides in Coral Gables with her husband Alex

Montague and furry members of their family.

Liz Alicea-Velez, Panelist

Liz Alicea-Velez has extensive experience directing profitable business strategies and

operations for the United States, Latin American and Caribbean markets. Over the

last four years, she has been owner and operator of the Huntington Learning Center

in Pembroke Pines, FL. Huntington is a chain of educational service centers in the

United States for primary and secondary students in the U.S. It offers reading, writing,

mathematics, phonics, and study skills instruction, math and science subject tutoring,

as well as test preparation for the SAT, and ACT..

Prior to Huntington, Alicea-Velez started her career with Western Union in 1992. In her 18 years with the

company, she advanced to senior-level positions, ultimately serving as Executive Vice President of the Latin

American/Caribbean Region, where she had full P&L responsibility for three separate divisions (Western Union,

Vigo and Orlandi Valuta) totaling over $800 million in revenue for all Western Union sales, service, marketing,

systems/operations, finance and support functions.

Alicea-Velez is a graduate of the Harvard School of Business MBA program, and holds a Bachelor’s Degree

in Psychology from Adelphi University. Born and raised in the Bronx, New York, Alicea-Velez was selected as

one of Latin America’s Top 25 business women in 2010, one of the 100 most influential Hispanics in the US in

2007 and one of the Top 50 Hispanic Women in Business in 2001. She has served on the boards of Judith Griese

Foundation, Denver Hispanic Chamber, United Way Women’s Initiative Council, and the University of West

Indies. She is currently the co-chair of The Commonwealth Institute Board and Board Member of the scholarship

committee of the Miramar Pembroke Pines Chamber.

Christine Duffy, Panelist

Christine Duffy is president of Carnival Cruise Line, the biggest brand in the fleet of Miami-

based global cruise industry leader Carnival Corp., the world’s largest leisure travel company.

As president, she’s the captain of a company that sails a fleet of 26 ships, annually hosts more

than five million guests and employs more than 40,000 people who hail from more than 110

nations around the globe.

Carnival homeports its ships in North America, Europe and Australia and sails to more than

100 destinations in nearly 40 countries. Christine also oversees major enhancements across the Carnival Cruise Line

footprint, including the addition of three more spectacular new ships joining the fleet through 2022, refurbished and

modernized ships and port facilities, new onboard dining, entertainment and recreation features, and a state-of-the-art

Fleet Operations Center at its Miami headquarters that implements technology similar to that used by NASA and the

U.S. Navy to monitor operations and improve real-time decision-making. Her “people first” business philosophy makes

her an accessible and approachable leader as Carnival leverages its commitment to delivering safe, fun and memorable

vacations to its millions of guests and introduces the fun and consumer value of cruising to a growing customer base.

Duffy sits on the executive committee of the U.S. Travel Association and currently serves as its second vice chair, as well

as the Professional Advisory Board of St. Jude Children’s Research Hospital.

Janet Kyle Altman, Moderator

Janet Kyle Altman is Marketing Principal for Kaufman Rossin. She joined the firm in 2000 and

leads all aspects of the firm's marketing program. Teaching and learning are among Janet’s

passions. She leads seminars in marketing, leadership and management, and is certified as

a yoga instructor. Prior to joining Kaufman Rossin, she had nearly two decades of Fortune

100 marketing experience, including experience in employee benefits, financial services and

electronic publishing. Janet is the immediate past Chair for the Women’s Fund of Miami-Dade

and past Chair of the Chairman’s Circle for Friends of WLRN. She is a frequent writer and lecturer, and an accomplished

facilitator who has led retreats and planning meetings for local and national non-profit groups. Altman received her

degree from the University of Pennsylvania. In 2010, she was named one of the community’s Influential Business

Women by the South Florida Business Journal.

Dr. Traci Lynn Burton, Panelist

Driven by her entrepreneurial spirit, CEO & Founder, Dr. Traci Lynn Burton is a designer,

motivational speaker, author and the driving force behind the hugely successful Direct

Sales company, Traci Lynn Jewelry. She has built a multi-million-dollar enterprise that

has expanded internationally, with a current network of over 35,000 independent sales

consultants. Traci Lynn continues to impact her consultants with her mission of “Passing

the MIC” (Motivate, Inspire, Change Lives). “Passing the MIC” fuels her desire to motivate people to step out of their

comfort zone and reach for greatness. South Florida Business & Wealth Magazine recently featured her as their cover

story and the jewelry has been published in top fashion magazines like Redbook and People StyleWatch.

The Commonwealth Institute (TCI) is a network of successful business and professional women in our community. We provide leadership development, high-level networking and mentoring through our content-rich events and programming. The Commonwealth Institute was founded in 1997 in Boston, Massachusetts. A group of successful women entrepreneurs got together with the simple idea of making it easier for other women than it was for them. As the heads of their own businesses, the opportunity for personal development hadn’t come from inside their own companies, nor from the typical networking organizations locally. So these women created their own group, a “commonwealth”, where women leaders could come together, linked with the common objective and interest of sharing experiences and supporting each other’s ongoing success and development. In 2004, The Commonwealth Institute started its South Florida chapter with the same foundational core objective.

TCI provides a wide range of educational programs, lively

discussions, personal and professional enrichment, and high-level networking and business opportunities. The Commonwealth Institute helps women strengthen leadership skills, improve their business operations and find innovative solutions through an invaluable peer support network. Women who join, sponsor or donate to TCI are part of an exceptional group of women leaders who share wisdom and support one another to succeed.

Since its inception, TCI has worked with hundreds of women-led companies. TCI currently has more than 300 members whose companies have annual revenues ranging from $100,000 to more than $1 billion. The South Florida region serves Dade, Broward and Palm Beach Counties.

We offer several levels of membership; our general membership, our Emerging Leaders Forum membership, and our Executive Forum membership as well as Strategies for Success, our leadership development program for emerging and high- potential women.

Liz Alicea-Velez Huntington Learning Center

Co-President

Arlene Alvarez Raymond James

Financial Services, Inc.

Amparo Bared Private Supporter

Barbara Black

JLL

Tina Brown Overtown Youth Center

Antoinette Cave PNC Bank

Diane Davis Merrill Lynch

Wealth Management

Kirsten Dolan One Parking

Dorothy Eisenberg

Gerson, Preston, Robinson, Klein, Lips

& Eisenberg P.A.

Karla Fraguada Barcardi

Amy Hurwitz Carlton Fields

Laura Kaplan U.S. Trust

Lisa Kauffman Perry Ellis International

Co-President

Doris Neyra Wells Fargo

Private Bank

Naomi Nixon University of Miami

Linda Paresky Emeritus

Flora Perez Greenberg Traurig

Kendra Phillips Ryder

Toni Randolph Emeritus

Lindy Smiley Starwood Property Trust

Vice President

Germaine Smith-Baugh Urban League

of Broward County

Phyllis Swersky The MelTech Group

Congratulations to all of our Top Women 2018 Honorees!

A special thank you to our TCI South Florida Advisory Board 2018 and all the women that have served before them…

www.commonwealthinstitute.org

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