In July, the National Center for the Middle Market at Ohio State University released its Mid-Year report. The study found that there were about 200,000 middle market companies in the United States in 2024. These businesses have an average age of 30 years and a median age of 23 years.
The report suggests that while day-to-day events can affect these firms, their planning extends well beyond short-term fluctuations. According to a Texas banker with nearly two decades of experience serving companies with annual revenues between $25 million and $2 billion, building long-term relationships with banks is important for aligning financial services with business needs.
The banker notes that business leaders must put effort into researching and communicating their company’s vision to gain value from extended banking relationships. He recommends starting by identifying banks that emphasize culture and prioritize lasting client relationships. High turnover among relationship managers at some institutions can disrupt continuity and require companies to repeatedly educate new bankers about their goals and history.
He advises companies to seek out banks capable of supporting growth through a range of products and services while maintaining a culture that retains skilled staff. The ideal partnership should offer access not only to collaborative support but also to bank leadership familiar with the company’s objectives.
The importance of communication is another key point. Since March 2025 marks five years since the World Health Organization declared COVID-19 a pandemic (https://www.cdc.gov/museum/tim…), businesses have shifted toward virtual meetings. However, the banker argues that periodic in-person meetings remain valuable for building deeper understanding between businesses and their banking partners.
Evaluating whether banking services align with company vision is also critical. The banker warns against basing decisions solely on current needs, emphasizing instead a forward-looking approach when selecting financial partners. Companies are encouraged to assess not just available products or expertise but also whether relationship managers are committed to understanding their industry and supporting long-term goals.
Finally, he observes that strong banking relationships often develop during difficult periods rather than when business is thriving. By carefully choosing partners who communicate openly, understand challenges, and invest resources in helping clients achieve their objectives, companies may improve their chances for long-term success.
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