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Posted 12/11/97
Downsizing and consolidation among banks has been painful for many people, but for Crystal Mortgage Company, it has meant phenomenal growth.
Crystal Mortgage, a provider of mortgage broker services headquartered in Amherst, is No. 1 on the 1997 Weatherhead 100 list of the fastest-growing companies in Northeast Ohio, with a sales increase of almost 4,000 percent between 1992 and 1996. The company was recognized for its accomplishments at the 10th annual Weatherhead 100 dinner, held December 4 at the Renaissance Cleveland Hotel.
Enterprise Development Inc. (EDI), part of Case Western ReserveUniversity's Weatherhead School of Management, compiles the Weatherhead 100 list annually.
David Moore, president of Crystal Mortgage, says his company's growth has been powered by changes in the traditional banking business. "The downsizing of consumer finance banking, with regionalization of services and the closing of branches, made this business possible," he says.
Crystal Mortgage saw its sales grow from $107,000 in 1992 to $4.8 million in 1996. It has offices throughout Ohio, as well as in Michigan and northern Kentucky.
Second to Crystal Mortgage in sales growth is Adcom Communications Inc. of Cleveland, with increases of about 2,000 percent, followed by Beachwood-based Pro ED Communications Inc. with sales growth of 1,735 percent.
Rounding out the top 10 (in order) are OneNet International Communications Inc. of Beachwood; Vantage One Communications Group, Arras Group, and Realogic Inc., all headquartered in Cleveland; Western Reserve Sleeve Inc. of Strongsville; Vicon Fabricating Company of Chardon; and Complete Personnel Management of Cleveland.
Weatherhead 100 companies are selected on the basis of sales growth over the previous five years, meaning that this year's winners were selected based on their results from 1992-96. Companies with sales of more than $100,000 in 1992 and more than $1 million in 1996, and which employed at least 15 people at the end of 1996, were eligible for nomination.
In addition to the main Weatherhead 100 list, EDI recognizes two other categories of firms: Weatherhead Upstart companies, which have met the percentage sales growth criteria of the Weatherhead 100, but had sales of less than $1 million in 1996 or had fewer than 15 employees; and Weatherhead Centurions, with sales growth of 100 percent or more from 1992-96 and net sales of $100 million or more in 1996.
This year, 19 companies are included on the Upstart list, while 12 are in the Centurion category.
Leading this year's list of Upstart companies is Katherine's Collection, a Twinsburg-based manufacturer of caricature dolls, holiday tree ornaments, and other home decorations and accessories.
The leading Weatherhead Centurion is STERIS Corporation of Mentor, which provides infection prevention, contamination control, and surgical support systems.
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