Good morning, When Carey Smith founded Big Ass Fans in 1999, he knew he had a great product--a very large overhead fan--that solved a real problem: keeping people (and animals) comfortable in buildings too large for air conditioning. And he was convinced it was only a matter of time before the world recognized this. “Our first year, we sold 146 fans,” Smith writes in a column in the September issue of Inc. “I remember someone asking how large I thought the market might be, and I said, ‘Maybe 50,000.’ Little did I know. We sold our 100,000th fan in 2013, and every year after that we sold hundreds of thousands.” The company weathered the Great Recession, kept growing, and made the Inc. 5000 list for 11 consecutive years--a feat matched by few companies. There are several factors behind that accomplishment, Smith writes: a determination to increase revenue and put profits back into the business; a firm belief that excessive profits meant missed opportunities; and a steadfast refusal to accept outside investment. Read Smith’s column to learn how focusing on fast growth paid off for Big Ass Fans--despite a few misguided decisions. |
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