Tag Archives: Inc Magazine

IQ Formulations Named to Inc. 5000 for Third Year in a Row

For the third consecutive year, Tamarac-based IQ Formulations was named to the Inc. 5000 list of the fastest growing private companies in the nation. Having grown more than 350 percent over the past three years, IQ Formulations is proud to be once again honored by Inc. Magazine and plans to continue its expansion in South Florida.

IQ Formulations will be formally honored by Inc. Magazine during an awards ceremony in San Antonio this October.

For more information, please read our recent press release here, and check out the our Inc. profile page.

To see a full list of this year’s finalists, visit: http://www.inc.com/inc5000/list/2016/

Leading Health Supplement Company IQ Formulations Among Inc. Magazine’s Top 50 Fastest Growing Private Companies in the United States

Leading Health Supplement Company IQ Formulations Among Inc. Magazine’s Top 50 Fastest Growing Private Companies in the United States

Sunrise, FL (PRWEB) August 20, 2014

IQ Formulations, a top national health and nutritional supplement manufacturer, today was named to the Inc. 500, distinguishing it as one of the fastest growing private companies in the United States. IQ Formulations not only made the list, but was ranked in the top 50 by growing more than 5,486 percent over the past three years. It also ranked ninth among all health companies, fifth among companies in the state of Florida and the second fastest growing company in the Miami metro area.

Headquartered in Sunrise, Florida, IQ Formulations grew from 2010 revenues of approximately $150,000 to roughly $8 million in 2013, earning the company a spot on Inc.’s celebrated annual rankings. In the fourth quarter of 2014, IQ Formulations will be relocating its operations to a state-of-the-art 40,000 sq. ft. manufacturing and packaging facility in Tamarac, Florida.

“After years of tireless efforts to our devoted customers, I am incredibly honored that IQ Formulations is being recognized by Inc. Magazine as one the nation’s fastest growing privately held companies,” said IQ Formulations CEO Jay Cohen. “I owe a debt of gratitude to my wife and children for their support and patience over the past several years, since they allowed me to pour my heart and soul into growing this company. I’d also like to thank all of the IQ Formulations team, our stellar business partners and devoted customers for helping make possible our amazing growth and achievements. I look forward to many more years of continued success with the incredible IQ Formulations team as we help men and women achieve their fitness goals and constantly strive to raise the bar in our industry.”

IQ Formulations CEO Jay Cohen will be formally honored by Inc. Magazine in October at an awards ceremony in Phoenix, Arizona.

To learn more about IQ Formulations and its placement in the Inc. 500, please visit: http://www.inc.com/profile/iq-formulations.

About IQ Formulations
IQ Formulations is one of the most highly regarded and quickly growing health and nutritional supplement companies in the U.S. Founded by industry veteran Jay Cohen and headquartered in Sunrise, Florida, IQ Formulations has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service.

Inc. Spotlights IQ Formulations and CEO Jay Cohen

Leading health and nutritional supplement manufacturer IQ Formulations and its CEO Jay Cohen were featured in a recent Inc. article entitled ”How This Nutrition Company Jumped From $120,000 to $20 Million in Sales.” Written by Inc. contributor Darren Heitner, the piece looks at the keys to success that helped Jay Cohen propel IQ Formulations to the very top of the nutritional supplement industry.

Below is the full text of the article along with a link to the original piece on Inc.com:


How This Nutrition Company Jumped From $120,000 to $20 Million in Sales

Jay Cohen decided to exit the nutritional supplement industry, but came back and figured out a way to generate eight figures in yearly sales.

By Darren Heitner

Tens of thousands of companies compete against each other in the world of nutritional supplements. Their goal is the same: to win over the minds and hearts of a consumer base increasingly interested in being fit and ingesting healthy products.

It’s difficult for a company in the nutritional supplement industry to distinguish itself from the competition. Many companies churn out the same or similar products, but use marketing to differentiate themselves to the consumers they hope to attract.

How do you enter an extremely competitive marketplace and establish yourself as a reputable brand? I spoke to Jay Cohen, CEO of IQ Formulations, to determine some tricks of the trade and a sense of how he built a company that now generates $20 million per year in sales.

Relationships and experience: The formula to success.

“The one thing I would point to that allowed us to excel in the industry was relationships,” said Cohen. “It brought me back into the industry and got me set up when I didn’t have a dollar to my name and had to borrow on credit. If I didn’t have the answer, I had the contact of someone who had the answer.”

IQ Formulations has grown 16,000 percent over the past five years, taking it from annual revenue of $120,000 in 2010 to $20 million this year.

“My greatest asset has been longstanding relationships,” explained Cohen. “I put relationships in front of business. Products don’t sell to people. People sell to people. Unless you understand that as an entrepreneur, you’re never going to get it.”

Cohen is a veteran of the nutritional supplement industry. He came back to create IQ Formulations after walking away from a prior nutritional supplement business in late 2009.

“I left because I felt the industry didn’t have the quality or integrity that I wanted to bring to the marketplace,” said Cohen. “Fancy labels, but cheap product. Pixie dust. Not what I wanted to produce.”

In addition to Cohen’s prior experience in the industry, he also relied on his retired physician father, who helped him start his former company in 1997. He admits living and breathing in the industry and for almost 26 years made a huge difference in being able to succeed in a saturated area.

Separation in a saturated industry is key.

Relationships and experience alone weren’t enough against companies that had been in business for many years. Cohen had to figure out a way to do something different and make sure it was what the potential consumer craved.

“What makes our company different is exactly my basis for getting back into the industry. It’s the quality and efficacy we put into our products,” said Cohen. “We not only built a research and development facility that develops our own products, but we manufacture, produce, package, and distribute internally. There are only about five companies of 50,000 participants in the industry that do it and I’m one of the five.”

The way Cohen described it, entering the nutritional supplement industry is actually not too difficult as long as you do not care so much about the quality of your products. It’s simple and cheap to hire graphic artists and marketing mavens while subcontracting the development of product to others.

Cohen decided that wasn’t the way he was willing to grow his company, and his millions in revenue justify that decision.

Growth through consumer loyalty.

“Our philosophy is growth through the annuity of consumer loyalty,” said Cohen. “Target, Coca Cola, Home Depot, Starbucks, they all believe in this annuity–the return visit from your customer based on consumer experience. Exceeding the customer’s expectations so you earn his or her residual dollars.”

It’s never about the one-time sale. Continued sales to the same consumers drive real growth.

Cohen believed spending more money was worth it to deliver a product the consumer could trust, which would lead to scalable growth. It’s led to IQ Formulations to deliver a better product at a cheaper price than its competitors.

“We never put the money into the marketing,” said Cohen. “We put it into the manufacturing and research. Whatever we make, we are going to put back into our products and machinery to make a better product.”

Traveling the road less taken.

When Cohen was considering a return to nutritional supplements, he was told by one of his vendors that if he was going to do it, he needed to do it his own way.

“I decided to rewrite the industry from the first page,” said Cohen. “I literally put a one-page rendering of what my products would look like and headed out to Mr. Olympia in Las Vegas to sell my idea.”

IQ Formulation’s growth this year is 475 percent, and Cohen is wrapping up the creation of a $6 million production plant in Tamarac, Florida.

Following his own path has worked out well.