Summit County and Vail companies among fastest growing in U.S.
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Two local companies, Pinnacle Mountain Homes and Rocky Mountain Vacation Rentals, were named in Inc. Magazine’s 500/5000, its annual list of the fastest growing private companies in the U.S.
Out of 5,000 companies, Breckenridge-based Pinnacle came in at 1,841 overall, seventh in the custom home builders category and 65 for the construction industry. Vail’s RMVR placed 1,410 on the main list and ninth for the travel industry.
Rankings are based on percentage of fiscal year revenue growth from 2007-2010. To qualify, companies have to be U.S.-based, privately held, for profit and independent – not subsidies or divisions of other entities.
A newcomer to the building world – Pinnacle started in 2005 – owner Chris Renner calls his company “an outsider to the traditional construction industry; a white-collar management company that happens to be in construction.” The business focuses on residential luxury homes in the Rockies.
After its start, Pinnacle grew to $4 million in revenue by 2007 and reached $10 million in 2010. The company’s three-year growth is 142 percent.
When the recession hit, Renner said the company streamlined operations and construction as much as possible, including engaging clients prior to design and starting with the budget and working backwards.
“As you can imagine, it’s very difficult to compete with existing homes that are being liquidated at a 30-50 percent discount on the market. It forces us to be extremely efficient,” Renner said. “Gone are the days of client attitudes of ‘bigger is better’ and ‘just because we can.’ Today, more conservative budgets and smaller, more thoughtful homes are driving the market.”
In the single-family custom-home market, Pinnacle was responsible for over 25 percent of homes across Summit County last year.
RMVR, a Vail-based lodging, concierge and real estate services company with destination specialists in Breckenridge, Keystone and Copper, grew 201 percent over three years, bringing in $2.9 million in 2010. The company was founded in 1998.
Owner and founder Tommy Hoffman attributes RMVR’s growth to utilizing a local staff in each destination.
“We can suggest a property because we’ve seen it,” he said. “We can recommend epic ski runs because we are avid skiers and, lastly, we will be there during your vacation to answer any questions… The passion and product knowledge we have has clearly made a difference in the story of our success.”
RMVR’s referral and repeat client business has grown to nearly one-third of its total reservations.
The company is expanding into Park City and Lake Tahoe in 2012 and Jackson Hole and Whistler in 2013.
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