AUSTIN, TEXAS August 16, 2022 – Inc. revealed that The Practice Companies ranked on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America. The list represents a one-of-a-kind look at the most successful companies within the economy’s most dynamic segment—its independent businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
“Our team’s commitment to innovation and resourcefulness are key to our success,” said Thomas Allen, the founder, and CEO of The Practice Companies. “The Inc 5000 award validates all the work we have done and being included on this elite list of the most well-known businesses in the world is an honor. It’s validation for our team and everything we do for our entrepreneurial clients.”
The companies on the 2022 Inc. 5000 have not only been successful, but have also demonstrated resilience amid supply chain woes, labor shortages, and the ongoing impact of Covid-19. Among the top 500, the average median three-year revenue growth rate soared to 2,144 percent. Together, those companies added more than 68,394 jobs over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, which will be available on August 23.
“The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated,” says Scott Omelianuk, editor-in-chief of Inc. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today.”
“The Practice Companies believes that small businesses are the foundation of the American Dream,” Allen further explained. “We help doctors and healthcare groups with some of the largest financial decisions of their journeys as business owners, and empower our advisors to be successful in their own businesses.”
The announcement of the ranking comes alongside a wave of accomplishments by The Practice Companies, including:
- Austin-Based CEO Thomas Allen Named to Globe St’s ‘50 Under 40’
- A record 2021 helping over 50 practices secure new owners and/or corporate partners
- Over $65MM in transactions brokered in 2021
- Expansion into Medial and Veterinary transitions
More about Inc. and the Inc. 5000
Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generated revenue by March 31, 2018. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2021. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places. The top 500 companies on the Inc. 5000 are featured in Inc. magazine’s September issue. The entire Inc. 5000 can be found at http://www.inc.com/inc5000.