Business Advisory Firm Embark Announces Record $149 Million Revenue Year
Embark achieved 40.8% growth, marking six straight years of strong revenue growth while expanding into multiple markets across America
DALLAS, Jan. 23, 2024 /PRNewswire/ -- While many professional services firms reduced staff in the wake of 2023's economic volatility, business advisory firm Embark once again outperformed its industry peers, posting $149 million of total revenue. The record-setting figure represents 40.8% year-over-year growth and was the firm's sixth straight year of increased revenue, a span that also includes four years of triple-digit growth.
Additionally, Embark expanded both its footprint and headcount in 2023. With new offices in Atlanta, Miami, and San Diego, the firm now services fourteen markets across ten different states, and has its eyes set on expanding into additional markets in 2024, including NYC and other Northeast regions.
"The professional advisory sector undoubtedly took a hit in 2023," said Clancy Fossum, CEO at Embark. "Only a really unique business model with a strong culture and incredibly innovative people can thrive in the face of so much uncertainty. That's Embark in a nutshell, and it explains why we'll continue to outpace our peers with strong revenue growth and an expanding footprint this year and beyond. No matter what the market throws at our industry."
Underscoring Fossum's point, Embark earned a spot on the Inc. 5000 Fastest Growing Companies list in 2023, increasing its headcount by more than 20%. Already a magnet for industry-best talent, the firm focused much of that growth on hiring senior consultants in 2023, including key areas like ESG & sustainability reporting. Impressively, Embark has fortified its talent with an incredible 90% retention rate throughout its growth, a genuinely gaudy statistic for the turnover-prone professional services sector.
Staying true to the firm's original vision of "doing the best work at the best place," Embark also continues to invest in its people and unique, robust company culture through whole-human development stipends, monthly "Third Thursday" team gatherings, and other innovative culture drivers. Ultimately, this commitment helps attract and maintain the talent Embark needs to drive such stellar growth and consistently earn recognition from organizations like Inc. and Great Place to Work®, not to mention many others.
"We live and die by our company culture, and we've made it an absolute priority from the very beginning of the firm. Without question, it's the fuel that makes Embark go and guides our vision, along with every decision we make in some way," said Paul Allen, Founder and Executive Chairman. "A lot of different things make Embark a very unique place in advisory, but none more than our culture – the firm's bedrock. Our ability to scale, the employee experience we're always perfecting, the preposterous level of hospitality we try to deliver to our clients – it all comes directly from our culture."
Embark is a new kind of business advisory firm, one intent on disrupting the professional services industry with a unique, innovative business model and mindset for the advisory space. Founded in 2010, the Dallas-headquartered firm now services 14 offices across the country, helping clients optimize finance, accounting, and technology with specialists from a spectrum of practice areas and industries. The firm has built an unprecedented company culture for elite consultants to transform the way businesses utilize people, processes, and technology. For more information, visit www.embarkwithus.com.
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