The State of Fernley & Fernley
– An Association Management Company
The association management industry has had its fair share of ups-and-downs these past few years. Board turnover, non-existent succession planning, decreasing membership and financial stability, as well as overwhelmed leaders has placed significant stress on associations. “While we were focusing on serving our client’s demands and supporting their mission, we fell short on recognizing the changes and trends they were experiencing and the severe impact it would have on business,”states G. A. Taylor Fernley, CEO and Chairman. “As soon as we recognized the impact, we immediately worked with our leadership team to make the necessary changes and establish a corrective course of action.’.
Hitting the Reset Button
Many people are unfamiliar with bankruptcy and equate the term with going out of business or being financially unstable. However, that’s far from the reality of this legal protection. There are many types of bankruptcy. Chapter 7 is liquidation and the plan is to go out of business– similar to Toys R Us. While, Chapter 11 is reorganization of debt, enabling the business to refocus its efforts, stay in business, and emerge successfully – like Fernley & Fernley has recently (October 2019). We went through the legal and financial process by providing a financial plan to the bankruptcy court showing how our company will manage positively, survive and ultimately thrive. Typically, most Chapter 11 cases can take upwards of 36 months. However, Fernley & Fernley is pleased to announce that we were approved to exit bankruptcy within 12 and ½ months after filing. Exiting bankruptcy with an approved recovery plan in this short amount of time indicates the strength of our company and its ability to successfully manage the business going forward. “After being in business since 1886, we are thrilled to have the ability to address the future of the association management industry and emerge stronger than ever before,” exclaims Kyle Fernley, President of Fernley & Fernley.
The Future of Association Management
Fernley & Fernley has dedicated the last 24 months to revitalizing its services so it can better accommodate associations that need both an all-inclusive association management approach as well as a hybrid effort based on the association’s specific needs. Fernley & Fernley is poised to provide association management, leadership development, event and meeting planning, membership management, operations support and financial management for a wide variety of non-profit associations. Our manageable service lines are based on the unique and evolving needs of diverse clients. Without changing Fernley & Fernley’s relationship model, this upgrade in services will allow for more flexibility in meeting the requirements that come with dynamic client needs in a highly competitive industry. Once again being pioneers of the Association Management Industry, Fernley & Fernley has been uniquely enhanced to become a seamless part of the rapidly-evolving management landscape. America’s first association management company is prepared to meet association management needs nationwide, just as it successfully has for so many years. With the inclusion of the comprehensive upgrades needed to execute initiatives that bring value to organizations in today’s world, there is no limit to success. With change, come great opportunities. Fortified with the right technology, unparalleled expertise in the industry, an unparalleled track record, and a fresh and dynamic mindset, Fernley & Fernley is dedicated to taking the next big step into the future with its valued clients. For more information, please contact Fernley & Fernley.