Wharton ranks small businesses

When Edward Hoffman co-founded Sign Spec Inc., he never expected the small New Jersey company to grow so quickly. And he definitely did not expect to receive a first-place ranking in the Wharton Small Business Development Center's "Philadelphia 100" only three years after his company's inception. According to the Philadelphia 100 rankings, which were released Monday, Hoffman's business has experienced the highest revenue growth of any small business in the greater Philadelphia area this year. Sign Spec, which produces various types of unusual signs, including those for casinos and Automated Teller Machines, now has approximately $2.5 million in revenue, representing a two-year growth of 1,354 percent, Hoffman noted. "We've had phenomenal growth, but we didn't know how we compared to other companies," he said. This marks the seventh year of the Development Center's Philadelphia 100 report, according to Center Director Clark Callahan. The list represents the best of privately held small businesses, whose revenue ranges from $75,000 to $25 million, said Stephanie McAlaine, assistant director of the Development Center. "This is a really unique research project," Callahan said. "The whole project highlights a group of companies that would not otherwise be recognized as a really important part of our economy." Callahan also said this year's research showed many developing trends, including the growth of technology-oriented companies. "There is also some indication that small manufacturers are coming back, and there are high growth retailers which we didn't have before," he added. Wharton students, administrators and staff aided in the research and compilation of data, according to McAlaine. Many found obtaining nominations and information difficult because private businesses' revenue is not public record. "There are some companies we know ought to be on the list that aren't [because they would not disclose their revenues]," Callahan said. And since the companies must nominate themselves, the Development Center had to publicize the project extensively. Even with the publicity, Hoffman said he did not even know about the list until the rankings were released, despite the fact that Sign Spec has been ranked in the list's top 10 since its inception in 1992. Callahan said the entire program costs approximately $60,000 to run.