Decade.

AuthorNelson, Luann
PositionTop 100 companies in North Carolina for 1994

For companies that have remained on the ranking since the beginning, the more things change the more they say the same.

In the 10 years since BUSINESS NORTH CAROLINA and Arthur Andersen & Co. teamed up to showcase the state's largest private companies, a varied cast of characters has moved in and out of the North Carolina 100 spotlight. Only 23 companies have stayed on center stage from 1984 through 1994, reflecting a turbulent decade.

"You sure it's not 100 years?" Paul B. Barringer II, CEO of Coastal Lumber Co. (No. 13), says. "We're in forest products, so the past 10 years has been a real roller-coaster ride."

"I do think the 10 years over which the survey has been conducted has been unusual in the amount of change and volatility," says Mike Henderson, Arthur Andersen's partner in charge of the Carolinas' family-wealth-planning practice. "The time span goes from the height of the go-go '80s to the bottom of the recession."

To survive, companies have had to learn to do more with less, their CEOs say, reflecting the strategy of this year's participants. The 1994 North Carolina 100 had combined annual revenues 14% greater than that of companies on last year's list, despite having 3% fewer employees.

That's how it's done, says William R. Bonsal III of W.R. Bonsal Co. (No. 90). "In 10 years, our sales dollars are up 94%, and we have done that with 3% less people," says the CEO of the Charlotte-based manufacturer and distributor of sand, gravel and cement. "As a result, we're a better business."

In its search for North Carolina 100 candidates, Arthur Andersen sends out 1,000 questionnaires and combs data bases, electronic and otherwise. To qualify, companies must be based in the state and have fewer than 500 shareholders. Those engaged primarily in retail, real estate or financial services are excluded. And since participation is voluntary, some companies exclude themselves.

Newcomers to this year's list include fabric-maker New Cherokee Corp. (No. 32) of Spindale; Winston-Salem-based Douglas Battery Manufacturing Co. (33); C.C. Dickson Co. (39), a Charlotte wholesaler of heating and air-conditioning equipment; and Clancy & Theys Construction Co. (45) of Raleigh. Companies on the 1993 list that no longer qualify, did not respond before the deadline or chose not to participate include Cary Oil Co., Hanes Cos., ITCO Tire Co., Rodgers Builders Inc. and Standard Holding Corp.

The changing character of the North Carolina 100 also reflects a shift...

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