Thad Bench named 2018 finalist for EY Entrepreneur award
We’re not at all surprised that Benchworks CEO Thad Bench is again a finalist, Mid-Atlantic region, for EY’s Entrepreneur Of The Year. Thad is without a doubt the driving force behind the transformative growth of Benchworks, a company he and his colleagues built from the ground up. It’s been his vision that has enabled Benchworks to develop from a small promotional-products company into a powerhouse for strategy, design, production, distribution, and implementation of complete marketing, branding, and commercialization services.
Thad’s guiding principle has always been to build a monument to great work, treat employees and customers graciously, and be intelligent and appropriately opportunistic in the way he evolves the business. Currently, Benchworks is in a period of sustained, double-digit growth as we gain greater market share. “While we are over 25 years old as an organization, Benchworks feels to me like a young company full of promise, optimism, and potential for exponential growth,” Thad says. As such, he aims to manage growth in a sustainable manner, guided by a relentless focus on quality and continued professional development of our people.
One of the most compelling evolutions has been Thad’s decision in 2014 to acquire Safe Chain Solutions, a third-party logistics provider and distributor of pharmaceutical products. The decision was motivated by the opportunity to provide clients with a broader set of capabilities, including Rx sampling programs, warehousing, and fulfillment services.
The move was not without risk. Pharma is a highly regulated, stringent market. Thad insists on excellent corporate governance to offset risk, and he recognizes compliance as the no. 1 factor in achieving that goal. He guides Safe Chain’s leadership team in executing sound practices, providing access to resources as needed to grow the business strategically.
It’s paying off. Safe Chain’s wholesale customer growth has exploded, from 0 pharmacies in 2013 to 1,314 in 2017, and 76 hospitals in 2013 to 445 in 2017. As a result of this new business, their four-year compounded annual revenue growth was 52.64%, growing from $5 million in 2014 to $33 million in 2017. For 2018, Safe Chain has budgeted for a 40% revenue growth.
EY, the global organization of Ernst & Young, gives out the award annually to recognize entrepreneurs who are excelling in areas such as innovation, financial performance, and personal commitment to their businesses and communities.
Regional award winners will be announced at a special gala event on June 14 at the Ritz-Carlton, Tysons Corner. These regional award winners are eligible for consideration for the Entrepreneur Of The Year National competition. Award winners in several national categories, as well as the Entrepreneur Of The Year National Overall Award winner, will be announced at the Entrepreneur Of The Year National Awards gala in Palm Springs, California, on November 10, 2018. The awards are the culminating event of the Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies.
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