COMMENTARY

We owe lots to valley's Top 100

Published: Sunday, April 18, 1999

With the Dow Jones Industrial Average pushing 10,500 and Internet stocks trading at ridiculously high prices, it's easy to understand why publicly traded companies receive so much attention these days. America is flat-out fascinated with the buying and selling of common stock issued by companies ranging from mighty General Motors Corp. to the tiniest of startups with .com in their names.

But it's important to remember that private enterprise remains a key driver of the economy. Those who launch and build their own businesses often do so at great financial risk with little or no safety net. They have no shareholders to share in that risk. Yet they persevere and provide millions of jobs and billions of dollars in tax revenue. They are the unsung heroes of our economy.

Today, we give 100 private companies in the Miami Valley the attention they deserve. They are this year's members of the Dayton Top 100, as compiled by Arthur Andersen LLP.

In some ways, the Top 100 reflects the makeup of Miami Valley industry. Manufacturers dominate the list with 33 companies, followed by service companies (27), distribution companies (25), construction firms (10) and retailers (5).

Some of the companies are well known by consumers because we see their products in stores or advertised in newspapers and on TV. These companies include Iams Co., the premium pet food maker; O-Cedar Brands Inc., a leading manufacturer of mops and brooms; and Mike-sell's Potato Chip Co., the salty snack food maker.

Other companies on the list are less visible to the average consumer. Few people I know are familiar with BASS Inc., a software integration company, or Kelchner Environmental Inc., a Centerville firm that specializes in excavating hazardous waste sites. But that does not diminish their importance to the local economy.

As a whole, these 100 companies generated more than $5 billion in sales last year and employed more than 29,000 people in the Miami Valley and elsewhere. And most of the companies want to hire more good employees this year - if they can find them. (See accompanying story.)

What's more, a good number of the companies are expanding their local operations or have plans to do so. In other words, these companies are investing in the Dayton area. Of all Top 100 companies surveyed by Arthur Andersen:

* 28 percent plan to expand through acquisition.

* 52 percent plan to expand their use of the Internet.

* 62 percent plan to increase employee training.

* 22 percent plan to open new stores or branches.

* 48 percent plan to expand into new markets in the United States or abroad.

To be sure, plans can change in an instant and these companies will likely meet unforeseen challenges this year. But when you consider that 58 of these companies have existed a minimum of 11 years and 42 have been around at least 26 years, it's clear these companies have learned a thing or two about surviving and thriving in turbulent times.

Speaking of change, this year there are more women and minorities among the top executives of these companies, but still too few to brag about. And there is a disturbing dearth of black entrepreneurs on the list. That's a shame. We as a community must do more to help women and minorities start or acquire their own businesses and succeed at running them.

Nevertheless, the Top 100 is a remarkable group, one well worth reviewing today and in the days ahead. Enjoy.

DAYTON TOP 100 1999
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