Fast-growing companies are not all flashy, glamorous startups. These five Inc.5000 awardees show how their companies, which have been around for decades, made it to the top.
CEO and Owner, Pop-Ashot (Consumer Products & Services).
Nr. No.2020 Ranking1,482%• Growth$8.9M2019 Revenue
In 2016, former ad sales professional Tony Stucker spent $600,000 to acquire Pop-A-Shot, the once-ubiquitous 35-year-old basketball arcade game company making only $300,000 in annual revenue. What is the reason? Stucker: “I believed there was more to it than meets the eye.” He made two moves. First, he created a new version of the game with a visual redesign and it sold out before Christmas. The second step was to create new models and sell them online on Amazon. This was before the Covid-19 epidemic: Parents are desperate for entertainment at home and Stucker claims that his Peoria-based business is poised to achieve $12 million in revenue by 2021.
CEO and President, Need It Now Delivers. (Logistics & Transportation).
Nr. No.2020 Ranking697 %• Growth$441.5M2019 Revenue
Eric Mautner believes it is easy for companies with established businesses to fall prey to circular thinking. He often employs individuals to provide outside perspective.Get It Right NowWoodside Logistics, a full-service logistics firm that has been in existence for 33 years, offers last-mile delivery to 320 U.S. locations. This strategy was combined with several strategic acquisitions helped the company grow from $15 million in revenue in 2010 to $500 million.Run rate Please rephrase2020. Mautner states, “I need to surround myself in people who are more productive, smarter, and better at other tasks.” The sum of all the parts is better than each individual.
Founder, iDealFurniture/Advanced Licensing (Retail)
Nr. No.2020 Ranking495%• Growth$3M2019 Revenue
Larry Kozin’s furniture company has seen many changes since its inception in 1982. From moving into Kozin’s garage during 2008’s financial crisis, to creating furniture lines and becoming a direct-to consumer business, Kozin says that the furniture business has been through many iterations. Kozin states, “I have always been competitive.” I’ve wanted to do everything in my power to make the company great. It’s sometimes costly for me. The latest pivot: In 2017, Kozin and business partner John Bellave created Advanced Licensing, a licensing program for new entrepreneurs to sell under the iDealFurniture name. To date, they have sold 325 licenses. Kozin claims it’s less expensive than operating an average franchise and offers mentorship and support. It is a win-win situation, at least for now.
Chief Executive Officer and General Counsel, Investors Heritage Insurance Company (Insurance).
Nr. No.2020 Ranking37%• Growth$340M2019 Revenue
Rob Hardy was not easy to convince to sell his grandfather’s company, which he founded in 1960. However, the terms and conditions of the 2018 acquisition were perfect. Hardy made sure Investors Heritage Life Insurance Company remained in Frankfort, Kentucky, as a family-run business. The capital infusion by Aquarian Holdings (New York City) allowed Heritage to enter the annuities industry later in the year. This led to significant increases in the company’s annual revenues. Hardy advises anyone who is considering similar moves to “do your due diligence” because if they don’t, their company might “devolve into chaos.”
CEO and President, Nix Companies (Manufacturing).
Nr. No.2020 Ranking362 %• Growth$23.1 Million2019 Revenue
What is it that makes a 1902 blacksmith shop a metal fabricating and industrial contracting business with a $23 million annual revenue in 2019? It took a lot of perseverance, and some luck. Posyville, Indiana’s Nix Companies remarkably survived as a mom-and-pop shop until 2012, when fifth-generation co-owner Matthew Nix accepted a job creating modular buildings for coal miners that doubled his annual revenue overnight. This triggered a boom in hiring, which included the hire of the company’s first salesperson. The growth trend has continued steadily since. Nix explains that the secret to success is combining small town values with youthful energy and a hunger for victory. He says, “Don’t pretend to be someone you aren’t.” We are small towns in rural America. That’s something we are proud of. That’s what we are proud of.”
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Publited Fri, 3 Sep 2021 at 20:36:03 +0000