Inc. Magazine, the premier publication for small- and medium-sized businesses, held its 23rd annual conference celebrating the fastest-growing privately-held companies in the country. Sullivan International Group, Inc. (Sullivan) was ranked 7th on the 2004 list, with a five-year average annual sales growth rate of 1977%. The three day event was packed with networking sessions, educational seminars, entertaining receptions every evening, and a formal gala and award presentation on the final evening. Set against the majestic mountains and beautiful skies, the conference was held at the Westin La Paloma Resort and Spa.
The Inc. 500 list ranks privately-held companies according to year-over-year sales growth averaged over the past four years. For 23 years, the Inc. 500 list has identified the next generation of world-class companies, with Microsoft, Stonyfield Farms, Timberland, Oracle, The Princeton Review, Morningstar, E* Trade, Intuit, and Domino's Pizza all appearing on the list on their way to becoming industry powerhouses.
Sullivan CEO Steve Sullivan recently said "Our continued growth is a true example of what a good team and solid business strategy can accomplish even in a down economy. We are constantly looking at ways to improve our products and services. This constant effort for innovation and corporate-wide entrepreneurial spirit has helped make us the success we are today - we don't plan on going places, we're already on our way!"
The companies that made this list have thrived despite continued stagnation in the economy, posting an average year-over-year sales growth of 265%. 82% of the Inc. 500 companies were profitable, posting aggregate 2003 revenue of $12.6 billion. While the United States shed 410,000 jobs in 2003, Inc. 500 companies provided employment for more than 70,000 people.
Sullivan Vice President Kevin Hayford said, "This was a very refreshing opportunity for us to meet and exchange ideas for maintaining and managing our growth with other companies in similar positions."
To be eligible for this year's Inc. 500 list, companies were required to be independent and privately-held through their 2003 fiscal year, have at least $200,000 in net sales in the base year (1999 for Inc. 500 alumni and 2000 for new applicants), and have at least $2 million in net sales for 2003. In addition, 2003 sales had to exceed 2002 sales. Companies are ranked on averaged year-over-year sales growth. Inc. Magazine verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials.
