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IQ Formulations Named a Finalist for 2016 Business of the Year and South Florida Good to Great Awards

IQFormulations / April 21st 2016 / No Comments

IQ Formulations Named a Finalist for 2016 Business of the Year and South Florida Good to Great Awards

Leading health and nutritional supplement manufacturer IQ Formulations was recently named a finalist in two of the area’s most prestigious business awards: the 2016 Business of the Year Awards from the South Florida Business Journal and the South Florida Good to Great Awards from the Greater Miami Chamber of Commerce.

As finalists for the Business of the Year Awards, IQ Formulations and its CEO Jay Cohen will be officially honored at an awards program on April 21, where the winners will also be announced.

The winners of the South Florida Good to Great Awards will be named on April 28, during an upcoming Awards Luncheon, which will take place at the Rusty Pelican in Key Biscayne.

For more information about the awards, please read the recently issued press release below:

IQ Formulations Announced as Finalist for 2016 Business of the Year and South Florida Good to Great Awards

Tamarac, FL, April 20, 2016 (GLOBE NEWSWIRE) — IQ Formulations, a Tamarac-based nutritional supplement company, was recently announced as a finalist in two highly respected area business awards: the 2016 Business of the Year Awards by the South Florida Business Journal and the South Florida Good to Great Awards by the Greater Miami Chamber of Commerce.

The South Florida Business Journal named IQ Formulations as one of just three finalists in its size category in the publication’s highly regarded Business of the Year Awards. For almost two decades, the Business Journal’s annual awards have honored the region’s top companies which set standards of excellence in their industries and build the South Florida economy through solid business practices, dedication to the community and financial growth. IQ Formulations and CEO Jay Cohen will be officially honored at an upcoming awards program at the Intercontinental Hotel in Miami on April 21, where the winners will be announced.

As a finalist for the 2016 South Florida Good to Great Awards, IQ Formulations was again one of just three companies in its category selected by the Greater Miami Chamber’s esteemed panel of judges from the business schools of Florida International University, Barry University, and Johnson & Wales University. These awards honor businesses throughout the tri-county region that have shown a pattern of transitioning from solid performance to great performance over a four-year period while demonstrating proven leadership and a solid workforce base. After being honored as a finalist at a special reception on April 7, the award winners will be named on April 28 during the South Florida Good to Great Awards Luncheon at the Rusty Pelican in Key Biscayne.

“This is an incredible honor for all of us at IQ Formulations to be distinguished as one of the top companies in South Florida by both the Miami Chamber of Commerce and the South Florida Business Journal,” said Jay Cohen, IQ Formulations CEO. “Since the inception of IQ Formulations, we have remained firmly committed to leading the health supplement industry by example, and every day, we continue to advance the field, the economy and the local community. These latest recognitions serve as a testament to those goals and we are extremely grateful to everyone who made this possible.”

In addition to these latest achievements, IQ Formulations was recognized as a 2016 DREAM BIG Blue Ribbon Small Business Award winner by the U.S. Chamber of Commerce, a gold first-place winner in North America’s 2015 Best in Biz Awards, and was named as one of Florida’s Companies to Watch in 2015 by GrowFL, the state’s economic development group. IQ Formulations was also named to the Inc. 5000 list of the nation’s fastest growing private companies for the past two years in a row.

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 and IQ Formulations CEO Jay Cohen, IQ Formulations is headquartered in Tamarac, Florida. The company has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service. Learn more at iqformulations.com.

IQ Formulations and CEO Jay Cohen Featured in the South Florida Business Journal

IQFormulations / February 24th 2016 / No Comments

The South Florida Business Journal recently spotlighted IQ Formulations and CEO Jay Cohen with an article about IQ Formulations’ amazing business success, as well as its recognition as a DREAM BIG Blue Ribbon Award winner by the U.S. Chamber of Commerce. In his interview with SFBJ reporter Emon Reiser, IQ Formulations CEO Jay Cohen also shared his plans to expand the company’s product line and nearly double its facilities and workforce by the end of 2016.

You can read the full article below:

http://www.bizjournals.com/southflorida/news/2016/02/19/tamarac-company-that-won-u-s-chamber-award-plans.html

Tamarac Company That Won U.S. Chamber Award Plans to Double Staff

By Emon Reiser

South Florida Business Journal

IQ Formulations was the only South Florida business named among the U.S. Chamber of Commerce’s Blue Ribbon Small Business Award winners, out of 100 companies across the country. But the award won’t be the only achievement the Tamarac-based company can tout this year.

CEO Jay Cohen told the Business Journal that his company, which manufactures nutritional supplements, will nearly double its workforce and square footage by the end of 2016.

“We went from a makeshift laboratory in my kitchen — now we’re in a 40,000-square-foot facility,” Cohen said. IQ Formulations is now in negotiations for a second 40,000-square-foot facility also in Tamarac that will create more space for its rapidly growing workforce, he added.

IQ Formulations launched with just two employees in 2010 and has grown to 47 workers. Once the company’s new space opens, Cohen expects to soon have a total of 80 employees. IQ’s workforce isn’t the only thing that’s grown: in its first year, the manufacturer commanded $120,000 in revenue. This year, it’s expected to break $25 million, Cohen said.

The family-owned firm’s explosive growth was just one of the factors the U.S. Chamber of Commerce evaluated for its award. The winners were judged on four categories: strategic planning, employee development, customer service and community involvement.

“We’re extremely honored to be recognized,” Cohen said. “I feel especially proud that it’s not just based on the financial gain of the company, but also what we do behind the scenes.”

IQ Formulations’ workforce is very diverse, Cohen said, with about 80 percent of its employees representing minority communities. They are paid about 20 to 30 percent above Broward County’s average rate for the positions they employ, which include customer service, sales and graphic artistry, he added.

As for strategy, IQ Formulations is in the process of securing certifications for selling its products overseas. Currently, the company’s supplements are sold through 9,000 different retailers nationally, excluding websites. IQ Formulations sells its supplements in Vitamin Shop and Cohen says his company is in talks with GNC and Bodybuilding.com.

Next, the company plans to break into the grab-and-go business including protein bars.

With its latest win from the chamber, IQ Formulations has been entered into the Dream Big Small Business of the Year Award, which offers a $10,000 cash prize. The national award will be announced June 13-15 in Washington D.C.

“The best is yet to come,” Cohen said. “We have a lot of great things happening now.”

Emon Reiser covers retail, restaurants, tourism and hospitality. Get the latest retail news with our free daily newsletter.