Cary CEO calls Inc. magazine on list typo

Inc. magazine's latest annual list of the nation's 5,000 fastest-growing private companies contains at least one typo.

The list put Cary-based L&S Retail Ventures, owner of the online greeting card store InvitationBox.com, at No. 2,997. But that was based on revenue growth using 2008 revenue of $1.7 million.

The 12-employee company's revenue last year was actually $2.7 million, which would have propelled L&S to No. 1,579.

CEO Jon LaNasa noticed the mistake when he received a copy of the magazine in the mail Wednesday and checked the data online. He called Inc. immediately.

They are "doing all they can to remedy the situation as quickly as possible," but told LaNasa that it will take 2-3 weeks to fix, he wrote in an e-mail.

Such lists can be valuable marketing tools for companies to attract talented job candidates, investors and new customers.

Meanwhile, LaNasa is focused on expanding his company's offices to add a storefront for walk-in traffic, especially wedding invitation customers and planners.

Assuming the 2009 Inc. 5,000 list doesn't have other errors, it includes 115 companies based in North Carolina. It's based on percentage revenue growth from 2005 to 2008. To make the list, a company must have had at least $200,000 of revenue in 2005, and $2 million in 2008.

"This is a huge project and, as in years past, there are some updates and corrections we'll have to make," said Jim Melloan, project manager for Inc. 5000. 

The top Tar Heel company is Connexion Technologies of Cary at No. 84. The telecommunications company founded in 2002 employs about 440 people.

See and search the full list here.

The Inc. list has one other Triangle connection: The online profiles include a graphic that compares each company's revenue growth rate to an industry median. That data came from Sageworks, a Raleigh-based research firm.

Ironically, Sageworks chose not to release any of its own financial information to Inc., even though the company is growing, said spokeswoman Melinda Crump.

"We would prefer to function as a private company and not constantly release information just for the purpose of gaining recognition," she said. "We didn't apply."