Dot.com Bust Creates IT Jobs Boom for Professional Services Firm: Start-up Crescent Solutions Makes Inc. 500 Fastest Growing Companies List after J
IRVINE, Calif. (Business Wire EON) September 27, 2007 -- But Brian Fischbein and Keith McDonald of Crescent Solutions forged ahead despite the odds. In just five years, their company has vaulted from a six-person team in Fischbein's spare bedroom to a $35 million operation with 40 full-time staff and eight offices nationwide. This month the national IT and engineering professional services firm made the list of Inc. 500 Fastest Growing Private Companies.
"At first, we couldn't afford to keep the air conditioner running," said Fischbein, CEO of Crescent Solutions. "But I never doubted we would get to this point because of our drive, our desire and our team. The biggest challenge is before us - reaching $100 million in revenue by 2010."
A dramatic turnaround in the U.S. technology industry fueled the company's meteoric growth of 877.3% over the past three years:
-- During the economic rebound in 2002 and 2003, companies hired IT consultants instead of full-time staff;
-- Business demand for IT and engineering professionals skyrocketed recently, with 150,000 new tech jobs created in 2006 alone;
-- Recruiting is tough due to a 70% drop in university graduates with computer science and engineering majors between 2000-2005.
Enter Crescent Solutions, which matches experienced IT professionals with clients from mid-sized companies to industry giants such as Yahoo!, NBC, Sun Microsystems and Northrop Grumman.
The secret to success at Crescent Solutions is strategic: Exceed expectations and build long-term relationships.
Recruiting is a high turn-over industry, but Crescent Solutions - named one of the Top 10 Most Dependable(TM) Staffing Agencies in California by Goldline Research - has lost just two employees and not a single client in five years.
"Almost everyone in top management is friend or family," said McDonald, Crescent Solutions president who recently married Fischbein's sister-in-law, making him both friend and family. "We give every staff member equity and ownership so their future is vested in our success."
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