BOSTON – Commonwealth Worldwide Chauffeured Transportation was named one of the 100 fastest growing inner city companies in the nation by Initiative for a Competitive Inner City (ICIC) and Inc magazine. Commonwealth was ranked No. 64 on the list.
These Inner City 100 winners boasted an average annual growth rate of 300 percent over five years from 1998 to 2002.
The companies were honored in Boston April 12 and 13 at the Inner City 100 Summit, a two-day event that featured seminars for Inner City 100 owners and managers at Harvard Business School, a reception at Fenway Park and a gala awards dinner at the Westin Copely Plaza.
With 105 employees and boasting 2002 revenues of $7.8 million, Commonwealth was a smaller company for about 15 years. A few years ago the company became the target of an acquisition attempt by Carey International, but Commonwealth CEO Dawson Rutter turned down the offer and decided it was time to grow his company.
He hired his first salesman in 1998, started integrating technology to improve customer service, hired more drivers and dispatchers, concentrated more on training and hired qualified individuals from the industry.
“I realized that if I was going to be able to retire at some point, I was going to have to grow Commonwealth into a larger business,” Rutter said.
Commonwealth provides chauffeured transportation primarily for corporate and event travel. The company caters mostly to executives from large companies traveling in the Boston area, but global networking accounts for almost half their revenue and growth.
ICIC is a national, non-partisan, not-for-profit organization with affiliates in three cities and significant on-the-ground activities in many others. ICIC’s mission is to spark new thinking about the business potential of inner cities, thereby creating jobs and wealth for inner-city residents.
Inc magazine is written for the men and women who own and manage small-to-midsized, fast-growing companies. Published 12 times a year, Inc provides 1.5 million readers expert advice and practical solutions as they face the opportunities, pitfalls, and rewards of growing a company.
Visit inc.com or icic.org for more information on both Inc magazine and ICIC.