Cindy Lee, President, LYNC Logistics, based in Chattanooga, has been ranked third among this year’s Women Presidents’ Organization's 50 Fastest-Growing Women-Owned/Led Companies list.
The WPO has announced the 12th annual ranking of the 50 Fastest-Growing Women-Owned/Led Companies. Winners were announced during the WPO Annual Conference, held this year in Charlotte, NC. The companies featured on this year’s list span a wide variety of industries, including technology and finance, emerging sectors for women. Aggregate revenues of the 50 companies are $5.9 billion, representing a significant impact towards women-led companies’ contribution towards the global economy.
LYNC is one of the fastest growing third party logistics providers in the country, as evidenced by this WPO award and being named number 415 on the Inc. 500 list for 2018. LYNC, which is woman owned business, started in 2014 with an idea by Cindy Lee, who was running a trucking company at the time. With Cindy’s guidance and ability to hire the best of the best LYNC has grown from about $800,000 in revenue to $28 million in four short years with a team of 48 employees.
LYNC provides truckload, less-than-truckload, refrigerated, and specialized transportation services using a network of local, regional and national carriers. "LYNC’s approach to transportation focuses on exceptional customer service and continuous improvement. We invest in our people, use cutting edge equipment and technology and leverage our experience to provide the highest quality of service possible. We measure our success through the success of our customers," officials said.
“At Capital One, we are passionate about supporting women business owners and leaders,” said Jenn Flynn, Head of Small Business Bank at Capital One. “The rise in women-owned businesses is an exciting trend to watch. These women are a real force, as reflected in the WPO 50 Fastest winners, and they are inspiring others to achieve great levels of success.”
“I am delighted that this year our rankings show that women entrepreneurs are branching out into every sector of business,” said WPO President and Founder Dr. Marsha Firestone. “We are also very encouraged that companies of all sizes, such as LYNC Logistics are represented. Some smaller but very successful companies demonstrated significant growth this year.”
All eligible companies were ranked according to a sales growth formula, combining percentage and absolute growth. To qualify for the ranking, businesses are required to be privately held, woman-owned/led companies and have reached annual revenues of at least $500,000 as of 2013 and every subsequent year. Applicants are not required to be WPO members.
Additional facts about the 2019 50 Fastest Growing Women-Owned/Led Businesses:
• Average age of women-owner/leader is 50, younger than the average age of 51 last year;
• Aggregate revenue is $5.9 billion;
• Average 2018 revenue was $117.1 million;
• Average number of employees on first day: 9; projected average for 2019: 492; and
• Funding sources at company start:
o 78 percent with their own funds
o 22 percent with funds from friends and family
o 6 percent with a bank loan
o 6 percent with a line of credit
o 4 percent with a credit card
o 8 percent with private investors/angels
All 50 companies were honored at a special event at the 2019 WPO Annual Conference at the Westin Charlotte on Thursday, May 2. Following the luncheon and awards ceremony, WPO hosted a “Guide to Growth” discussion featuring a selection of 50 Fastest winners sharing advice for established entrepreneurs working to increase businesses.