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Heritage's revenue reached $8.2 million last year
after growing by 3,443 percent over the four-year
period. The blistering pace put Heritage near the top of
Inc. magazine's latest inventory of the
fastest-growing private companies in the United States.
The list, which usually catalogs 500 companies, was
expanded to 5,000 this year.
"It's been a home-grown group of leaders. We've not
hired anyone from the outside to our leadership," said
Stone, ticking off a list of managers who started at the
bottom of the company and worked their way into
executive jobs.
The vice president of sales and marketing began as a
telemarketer. The vice president of accounting doesn't
have an accounting degree; he was hired to compile
statistics the company thought it should track. The
manager in charge of Web design started as a designer,
Stone said.
"I think coming up through the ranks is key for them
to think as we think and to make decision the way we
would make decisions. You bring someone in from the
outside, they have their own style and sometimes baggage
that's really not conducive to how we do things."
Heritage got started in 2001. Today the company has
about 190 employees. The number moves up and down
because Heritage regularly hires - and fires - workers
in order to sift out marginal employees.
Heritage first spread the word about its services
primarily through direct mail and telemarketing. Today,
the company has shifted to the Web, spending about
$100,000 a month on a pay-per-click sales campaign. The
value of Inc.'s list is difficult to pin down
since companies nominate themselves for consideration.
The magazine says the list is a roster of the most
innovative businesses in the country.
Jeff Thredgold, a Salt Lake City economist and Zions
Bank consultant, says such lists are often "beauty
contests" that can point up regions with vibrant
economies.
"We have 1.4 percent of the companies [on the
Inc. list], but we have less than 1 percent of the
[U.S.] population. That relationship, if you can use it
for anything, shows we're doing a bit better than the
national average," Thredgold said.
Companies on the list see it differently. While they
nominate themselves to Inc., the magazine demands
evidence that growth rates and annual revenue figures
are audited, said Jeff Wiseman, marketing director at
Costume Craze. The Lindon costume manufacturer's revenue
grew 691 percent over the four years ending Dec. 31.
Costume Craze employs 14 people. Founded in 2001,
the company pulled in revenue of $5.2 million last year.
Its speedy growth put it at No. 415, inside the top 500
firms on Inc.'s list.
"Throwing out that we are an Inc. 500 company
indicates that we are stable and we are a company that
[suppliers and manufacturers] want to work with.
Probably because of this, we are going to get venture
capitalists to come knocking at our door asking if we
want to borrow money. Banks as well, business loans may
be easier to get," Wiseman said.
Seventy-two Utah companies made it onto Inc.
magazine's expanded list of the 5,000 fastest-growing
companies this year. Rankings are based on revenue
growth over four years ending Dec. 31. Here are the top
10 Utah companies and where they rank on the list.
* Heritage Web Solutions, Provo,
3,443 percent, No. 22
* Doba, Orem, 3,202 percent, No. 23
* Firstline Security, Orem, 887
percent, No. 280
* MediConnect Global, South Jordan,
847 percent, No. 311
* Costume Craze, Lindon, 691
percent, No. 415
* eWatches.com, Bountiful, 679
percent, No. 424
* AdvancedMD Software, Salt Lake
City, 633 percent, No. 465
* Logoworks, Lindon, 626 percent,
No. 472
* D&H Logistics, Orem, 603 percent,
No. 491
* Two Little Hands Productions,
Salt Lake City, 496 percent, No. 666
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