Entrepreneur Magazine Names Top 50 Women-Owned Businesses
The November 2007 issue of Entrepreneur magazine published a list of the top 50 fastest growing female-led companies in North America.
The study, co-sponsored by the Women Presidents Organization and Entrepreneur magazine, solicited applications from women-led businesses in North America that met the following criteria:
- Must be a privately held, woman-led company in the U.S. or Canada.
- 2002 sales must have been $50,000 or greater.
- 2006 sales must have been $1 million or greater.
Companies were ranked according to a sales growth formula and the top 50 were selected.
Here, we profile the top five companies, along with some words of advice from the savvy women who run them.
- Amy Langer, Salo LLP. Amy started her senior level finance and accounting staffing firm in Minneapolis in 2002 with an initial investment of $100,000. While experts told her that her projected sales of $9 million were too high, Salo hit $9 million after 2 years, and had $32.1 million in sales in 2006. Amy’s secret to success? “By hiring the right management team and building a strong infrastructure, I can focus on the long-term strategic aspects of growing our business.” A mother of three, Amy also knows how to balance her life and organize her business so that she does not have to be there 80 hours per week in order to run it successfully.
- Koni Kim, Koni Corp. Koni started her hospitality industry window treatment and liners company in San Diego in 1998 with a $50,000 initial investment. By 2002, sales were at $60,000, and by 2006, sales reached $13.7 million. Her advice? “Quality people are the company’s best assets. A good skill set is only part of the equation. Their hearts, passion and outlook on life can be the most important elements in finding great associates.”
- Janet Kraus and Kathy Sherbrooke, Circles. Janet and Kathy started their Boston-based marketing solutions firm in 1996 with $26.9 million in upstart capital. In 2002, sales were at $1.7 million, but by 2006, they reached $44.4 million. Their tip to get ahead? “Communicate incessantly and consistently what you are trying to achieve. As the company grows, communication needs to become formalized.”
- Anne M. Smalling, Phyllis S. Hojel and Kathryn M. Geib, Windsor Quality Foods Co. Ltd. These women joined together to form their Houston-based food manufacturing company in 1990. They started out with an initial investment on $12 million, and by 2002, sales had reached $221 million, only to soar to $697 million in 2006. Their words of wisdom? “Face your issues/problems head on and quickly. They do not go away; they just get worse if you are not willing to deal with them.”
- Alba R. McConnell, Mexus Transport. Alba formed this trucking company in Northville, Michigan with $300,000 of upstart capital in 2003. In 2002, sales were only $115,000, but by 2006, sales had grown to $9.4 million. Her tough-love advice to would-be entrepreneurs? “Keep your eyes on the ball, always remembering that there are many paths that will lead you to your goal. You have to want it bad! If self-sacrifice is not one of your virtues, you will most likely fail.”
The businesses listed in the top 50 run the gamut from petroleum companies with sales in the hundreds of millions of dollars to advertising and marketing agencies with only $3 million in sales. But what all of these companies have in common is a proven track record of rapid but sustainable growth with intelligent management – with a woman at the helm, of course!
