What makes NTY one of the 50 fastest-growing private companies in the Twin Cities area? Find out in this excerpt from an article by the Minneapolis/St. Paul Business Journal:
We Asked Chief Operating Officer Chad Olson:
What’s one business decision you made in the past three years that’s been critical to your firm’s growth?
Putting as much information onto our franchise development website as possible. In the past this was taboo, it was normal to hold your cards close. In today’s world information is king. If you want to sell franchises you need to have your information front and center.
Learn more about the Fast 50 list in this excerpt from a note about the project by editor Kim Johnson:
Fast 50 2016 Editor’s Note
It isn’t the easiest task to get revenue figures from private companies. Our reporters are frequently told, “We’re a private company. We do not share revenue information.”
It’s even more of a stretch to ask them for actual financial statements.
However, each summer the Business Journal doggedly searches the Twin Cities 24-county metro area to find the region’s fastest-growing private companies. We look for independently owned, privately held, for-profit businesses that are headquartered here. We look for year-over-year revenue growth from the three most recent fiscal years. We look for companies with at least $1 million in revenue from the first of those three years.
And then we require them to send in three years of financial statements that have been audited or reviewed by an independent accountant.
And those documents go to our own accounting partner for further verification and number crunching.
It’s a lot to ask of private companies used to keeping their revenue numbers close to the vest. But it’s imperative we ask this of each company submitting a nomination for our annual Fast 50 awards. Everyone is held to the same standards to ensure the integrity of this list, which showcases some of the state’s best-in-class enterprises.
These companies aren’t just growing their bottom lines. They are creating jobs at extraordinary rates. They are providing growth opportunities for the businesses that serve them. They are boosting Minnesota’s economy.
So thank you to all the companies that submit nominations for this project — not just for the above, but for being willing to jump through the hoops we ask you to in order to produce this awards publication.