Sunday, October 03, 1999
GREATER CINCINNATI 100
Top private firms show the will to grow
BY JOHN ECKBERG
The Cincinnati Enquirer
Some of the firms on this year's Greater Cincinnati 100 roster of the area's top private companies intend to grow through old-fashioned will, vigor and alliances.
But others have another old-fashioned strategy: buy smaller firms.
It is an eat-or-be-eaten world out there, and that is not lost on the companies on the Cincinnati 100 roster, according to a 1998-99 survey of the area's largest private firms that is compiled annually by Arthur Andersen.
Of 220 responses to a survey of companies on the list, 105 indicated mergers, strategic alliances or acquisition will be pistons powering growth.
Lou Mifsud, president and chief operating officer of Remke Markets, based in Covington, said his company aggressively pursued other firms last year and would continue to buy in the months to come.
“A year and a half ago, there were four Remke supermarkets,” Mr. Mifsud said. “Today, we have 12 stores: five Remkes and 7 Save-a-lots in Kentucky and Ohio.”
Those acquisitions moved the company from 100 on the 1997 list with 170 employees to 61 this year with 400 employees.
While achieving revenue growth through acquisition might appeal to many executives, Charles A. Phillips of Phillips Supply Co. & Affiliates, is not one of them. His company grew from two employees in 1947 to 4,000 today.
“You can buy companies, but you don't really know if they are good or bad,” said Mr. Phillips, chairman of the cleaning services and sanitary supply company. “You can bust yourself (financially) buying companies. Personally, I would rather have good solid growth from starting companies.”
Top private firms show the will to grow
List of Greater Cincinnati 100
Execs bullish on outlook for area's economy
Notable locals investing in R&D and technology
Signs of softening economy showing
Skilled, loyal employees are precious commodities
Traffic woes creep into gripes
How the list is put together
Ris Paper Co. No. 1 for 3rd year in row
List has room for 11 newcomers
10 companies come close to mark, but lag in revenue pace
Privately owned businesses face Y2K challenges
New device keeps mileage for IRS
Employers can guard against suits
SMALL-BUSINESS DIARY
E-auction plus seminars
