In 2013, women are still fighting for equal pay, and less than 5 percent of the Fortune 1,000 companies this year are led by female CEOs. While the glass ceiling is still holding, there are cracks. Between 1997 and 2013, the revenue of women-owned firms in NH grew 145 percent, the sixth highest growth rate in the nation and better than all other New England states, according to the State of Women-Owned Businesses report by American Express OPEN. During that same time, the number of women-owned firms grew 45.6 percent.
This issue marks our second annual list of the top women-led companies in NH compiled with the assistance of The Commonwealth Institute. We also added a list of the top women-led nonprofits compiled using Guidestar.org. The lists highlight the economic might of women-led organizations in our state. And it is significant. The 110 companies and organizations on the lists generate more than $6.5 billion dollars in revenue and employ more than 17,000 in NH. Between 2010 and 2012, 80 percent of the companies and 54 percent of nonprofits listed increased revenue. Of the 60 companies, 58 percent plan to expand in the coming year. On the nonprofit side, half of the organizations are in health care, while on the private side, the top industries represented on the list are professional services (14), manufacturing and technology (13) and retail/wholesale (nine).
We are also profiling five intriguing leaders from this year’s lists, selected for either the fast growth of their organizations or the significant achievements of their companies. Congratulations to all these top performers.
Turnaround Queen: Spaulding Composites
Donnita Rockwell likes big problems that need solving. That’s what attracted her to Spaulding Composites in 2005 when it was on the verge of closing. Eight years later Rockwell is still there, helping Spaulding to not just survive the recession, but expand its presence in the global marketplace.
While the company is still climbing out of the downturn—2010 was a low point for Spaulding—Rockwell expects sales to increase another 27 percent in the next three to five years.
While manufacturing has traditionally been a “man’s world,” particularly in the Northeast, Rockwell has thrived in it, building a reputation for taking failing companies and turning them around. Spaulding Composites is hardly the first rodeo for this mid-western woman.
“I think manufacturing provides a level playing field. If you can bring what it takes to get the job done, you’ll be respected and move forward,” Rockwell says. “I attribute my success with my ability to have a vision, and share the vision and the roadmap to achieve it.”
Spaulding transformed from a bankrupt company providing laminate materials to one with revenues exceeding $15 million by specializing in engineered thermoset laminate materials and components. Its prime markets are heavy equipment and cryogenics, and it also has 80 percent market share for specialized components in the industrial air tools market. In 2011, the company opened a plant in China to serve clients throughout Asia, and that plant now accounts for 15 percent of business. Rockwell stresses the opening of that plant did not result in any layoffs in Rochester. In fact, Spaulding plans to add to its 104 employees in the Lilac City as business grows. “When you work closely with your customer base, you can take risks and feel assured they will pay off in the end.”
Cruising to Success: CruCon Cruise Outlets
As an aerospace executive, Sandra Cleary enjoyed weekend cruises on an almost monthly basis and decided to take her passion for cruising to create her own business. That dream has grown into a bustling business with 75 employees and more than $75 million in annual revenue.
CruCon Cruise Outlets in Moultonborough sends 90,000 vacationers on cruises annually to locations around the world—an impressive feat in a world where people regularly turn to online discount sites to plan their vacations. Yet CruCon plans to double its staff in the next year to meet demand.
Cleary credits an emphasis on customer service for the success of her travel agency, from helping clients find the right cruise to insuring all details of the vacation meet their needs, including room location and on-board extras. That approach earned CruCon the Royal Caribbean Chairman’s Award in 2012, an award created just for CruCon for its service. CruCon also earned a top rating on Travel Zoo, whose 15 million North American subscribers voted it the best cruise provider for service and deals, beating out Disney.
CruCon’s biggest challenges are the PR challenges brought on by recent Carnival cruise accidents (a line CruCon does not even serve), and finding the workforce needed to continue growing the company. Despite those challenges, CruCon grew revenues by 23 percent on average between 2010 and 2012 and is on track to increase revenue by 25 percent this year. While most of the travel industry is graying, CruCon is actually attracting employees in their 20s by offering an intensive nine-week training course, a bonus program, and a rich benefits package. The company is building a new 30,000-square-foot facility, which includes a gym with showers, across the street to accommodate its growing staff. “I need people to know we are here so I can attract more people,” Cleary says.
Adapting to Thrive: SmartATI
Lori Smart lives up to her name, using her expertise in procuring government contracts to build a successful company providing IT and construction services.That unique combination made SmartATI the fastest growing company on this year’s list of the Top Women-Led Companies, with revenue increasing 178.7 percent between 2010 and 2012, with most growth in construction.
SmartATI focuses on the government sector, which accounts for 90 percent of business, providing assistive technology solutions, general IT services and training to government agencies including the Internal Revenue Service, the U.S. Environmental Protection Agency, and the U.S. Department of Health and Human Services. The firm specializes in providing adaptive IT solutions to help people with disabilities succeed in the workplace, and training people to use that technology.
After earning certification as a prime government contractor in 2009, Smart ATI also branched into construction, where Smart parlayed her experience with government contracts to land numerous construction projects at the Portsmouth Naval Shipyard and building an accessible auditorium for the U.S. Army Corps of Engineers. Her husband, David, manages the construction projects on the ground.
“I was in my early 20s when someone asked me if I can train a person who is blind [in using technology]. I said, sure, I can do anything. That has been my attitude ever since. If you understand the job and you know how to put together qualified teams, you can accomplish the biggest goals you set,” says Lori Smart, president of SmartATI. Smart plans to add about five employees in the coming year, upping her employee count to 16. “We grew over 400 percent last year alone. Our potential is 10 times that growth. To achieve that growth, we have to take one project at a time and complete them at a high level of success,” she says.
Edging Out the Competition: SalesEdge
SalesEdge celebrated its second anniversary in 2008 when the recession hit hard. President and CEO Kym Harrington didn’t want to become another victim of the downturn and took a calculated risk—giving services away for free and spending two quarters in the red to retain clients. Harrington’s risk paid off. As the economy continues to recover, more companies are seeking Request for Proposal (RFP) software. SalesEdge now boasts more than 300 clients and grew revenue 52.3 percent between 2010 and 2012, making it the fourth fastest company on the 2013 list of NH’s top women-led companies.
SalesEdge LLC sells proposal and presentation automation software to small- and medium-sized businesses and offers in-house, onsite and distance learning software training for clients’ employees. Services are sold as an annual subscription, and 90 percent of clients renew each year. “I don’t think we will ever feel like we are too big not to care about every client,” Harrington says of her eight-person firm and their philosophy of tailoring services to meet the customer’s need.
Unintentionally, her entire staff is female. Her core group came with her from a previous company, and she attributes her ability to delegate as one reason for the company’s success. She also believes strongly in work/life balance and lets her staff, many of whom are mothers, work odd hours when needed. For Harrington, the key is working hard. “I’ve always been a believer that activity causes more activity,” she says.
SalesEdge sells to clients throughout North America in a variety of industries, including health care (Blue Cross Blue Shield), and financial services (Arcadian Asset Management). By the end of the year, Harrington plans to hire another client support employee and possibly another salesperson, at which point she will then need another trainer to manage the increased work.
Care with Dignity: Central NH VNA & Hospice
Central NH VNA & Hospice was formed in 2010 through a merger of two Lakes Region visiting nurse associations, and what resulted is a stronger agency better able to serve people in need of home-based health care services. More than half of its services are adult home care, mostly for elderly people but also those recovering from surgery; with hospice care and home-based pediatric services rounding out the growing mix of 2,900 patients that it serves annually.
Merging the two VNAs led to a 21.6 percent increase in revenue, making it the fastest growing on the inaugural list of NH’s top women-led nonprofits. Central NH VNA also gained efficiencies through the merger, reducing administrative costs and increasing its bargaining power with insurers.
Such efficiencies are crucial for the agency with 130 employees as it contends with shrinking Medicaid reimbursement, uncertainties about the federal health care reform law, and a growing need for its services. Medicare and Medicaid account for 65 percent of payments, with private insurance contributing 25 percent and the rest from private pay or charity care, which is growing rapidly, says CEO Margaret Franckhauser. If the Affordable Care Act does increase people accessing care, Central VNA will need more staff. Franckhauser is also watching the development of accountable care organizations (ACOs), where health providers work together to provide a continuum of care. If that model grows, she says only VNAs that join ACOs will survive.
What makes Central VNA unique is its pediatric program, which few VNAs offer. Pediatric clients are often families dealing with poverty, homelessness, abuse and teen pregnancy. Last year, the agency worked with 572 children. “We are often working with fragile families,” she says.