Shell script to update every Git repository in direct subdirectories of the script directory

update.sh

#!/usr/bin/env bash

# Updates every Git repository in direct subdirectories of the script directory
# Usage:     ./update
# Copyright: Lukas Bestle <lukas@lu-x.me>, 2014

# Check if git is installed
hash git &> /dev/null || {
	echo -e "\033[31mYou don't have git installed.\033[0m"
	exit 1
}

# Stores the number of failed updates
errors=0

# Iterate through every subdirectory
for repository in `find $(dirname $0) -type d -depth 1`; do
	# Change to the directory
	cd $repository
	
	# Check if the directory is a git repository
	if git rev-parse &> /dev/null; then
		# Debug information
		echo -e "\033[1mSwitching to repository \033[34m$(basename $repository)\033[0;1m...\033[0m"
		
		# Update repository
		if ! git config branch.master.remote &> /dev/null; then
			echo -e "\033[33m ==> The \033[34mmaster\033[33m branch does not track any remote branch, skipping.\033[0m"
		elif git checkout master && git pull && git submodule update --init --recursive; then
			echo -e "\033[32m ==> Done.\033[0m"
		else
			# Something returned an exit code != 0, error
			echo -e "\033[31m ==> Failed.\033[0m"
			
			# Increment error variable
			((errors++))
		fi
	else
		# No git repository, error
		echo -e "\033[31mThe directory \033[34m$(basename $repository)\033[31m does not contain a git repository.\033[0m"
		
		# Increment error variable
		((errors++))
	fi
	
	# Go back to the root directory
	cd ..
done

# Debug information
echo ""
if [ $errors == 0 ]; then
	echo -e "\033[32mAll done.\033[0m"
else
	echo -e "\033[31m$errors error(s) occurred!\033[0m"
fi

So what does work? :)