Inc. 5000 members honored
Twenty-five firms in area recognized for rapid growth
Solar Liberty in Amherst has generated strong revenue growth in the past few years, a trend its president, Adam Rizzo, sees as a good sign for the industry he works in.
The company, which provides solar electric systems, was ranked No. 92 on the newly released Inc. 5000 list of the nation’s fastest-growing privately held companies.
“It just kind of proves that solar is a growing area of business,” Rizzo said.
Twenty-five Western New York companies appear on Inc.’s list. While some are well-known names, like the construction firm LP Ciminelli and New Era Cap Co., many are smaller companies that see making the list as a dose of recognition.
The rankings are based on the companies’ percentage revenue growth from 2004 through 2007. To qualify, they had to be independent, for-profit and U. S.- based. They also had to have revenues of at least $200,000 in 2004 and at least $2 million in 2007.
Many of the companies have small staffs. Solar Liberty, for instance, has just seven employees. But its growth rate was 2,022 percent, resulting in revenue of $15.7 million last year.
Western New York’s highest-ranked member was ESC Select, a human resources firm in Amherst, which was No.
28. It recorded 2007 revenues of about $19 million, a growth rate of 4,646 percent.
Co-founders Greg Bauer and John Hawkins have enjoyed Inc. recognition before. Another company they launched, Employer Services Corp., made the Inc. 500 in 2001 and 2002; the list was expanded to 5,000 members last year.
“It’s positive business news for the community,” Bauer said of making the list. ESC Select was tops in growth among the 201 list members involved in human resources.
The company allows its clients to outsource functions such as payroll, benefits and compliance, and in some cases also provides consulting-type work, Bauer said. The company is similar to Employer Services Corp., which has grown to about 30 employees, but offers a more comprehensive level of services, he said.
Bauer said the company serves a variety of industries who still have a lot in common when it comes to employment issues.
Generalizing about 5,000 companies is difficult. But Inc. said total revenue among this year’s members was down 4.7 percent from a year ago, while the average three-year growth for this year’s group was 334 percent compared to 295 percent on the 2007 list.
Solar Liberty was part of what Inc. called this year’s fastest- growing category, energy. Of the 79 companies in that energy category, Solar Liberty was one of eight working with solar energy.
Rizzo, the president, said his interest in renewable energy was sparked when he studied environmental law at the University at Buffalo. His brother, Nathan, also works for the company.
Adam Rizzo said he never doubted there would be adequate demand for solar systems to enable the company to grow. “We knew it was something we wanted to get involved in and make a positive change.”
The company has provided systems for users as varied as schools, homes and government buildings. It has also added an office in Syracuse.
Applicants for Inc.’s list must undergo a thorough financial review to validate their claims of soaring revenue growth.
Leo Blatz, chief executive officer of Worldwide Travel Staffing, No. 944 on the list, said that rigorous process has a side benefit, adding legitimacy to a company’s growth claims. The thorough review, he said, answers questions some might have about whether a company’s explosive growth numbers are valid.
Making the list also helps with a company’s banking relationships, Blatz said, since lending institutions also understand the scrutiny the members go through.
His Town of Tonawanda based company provides U. S.- trained nurses to short-staffed hospitals and is working on expanding into some other countries. It recorded a growth rate of 388 percent, with 2007 revenues of nearly $15 million.
Worldwide Travel Staffing draws from a national database of 30,000 nurses. Their work assignments typically last 13 weeks, giving them the opportunity to work while living in different parts of the country.
“We run lean and efficiently,” Blatz said. “That allows us some leverage with some contracts where there are a lot of different bidders.”
Worldwide Travel Staffing also made the Inc. list last year. And Blatz made the list in 1992 with a Town of Tonawandabased company he used to own, Supplemental Health Care Services, and then sold several years ago.
