PBN Fastest Growing Companies 2022
1. $25 MILLION to $75 MILLION: J2 CONSTRUCT INC.
CEO (or equivalent): Jeff Lipshires, president
2021 revenue: $31.4 million
2019 revenue: $10.8 million
Revenue growth: 190.5%
J2 CONSTRUCT INC. is celebrating another banner year in Rhode Island. The Middletown-based construction management and general contracting company has continued keeping a solid footing in building luxury homes and moving even further into projects within the commercial industry.
“When I came into this, I thought we would grow, but we have far exceeded what I thought in such a short time,” J2 Construct President Jeff Lipshires said.
Founded in 2018, J2 Construct has mushroomed from earning $10.8 million in revenue in 2019 to $31.4 million last year. According to Lipshires, 2022 is on track to be just as successful.
“We’re continuing to grow and are already close to our revenue from last year,” Lipshires said. “The work is coming to us.”
The company currently services Rhode Island, as well as southeastern Massachusetts, Cape Cod and the neighboring islands. J2 Construct built 22 new homes ranging from $1 million to $12 million and is working on commercial projects, such as a hotel renovation, The Weekapaug Yacht Club in Westerly, assisted living centers and even a car wash.
Lipshires said his connections in the construction industry helped get J2 Construct off the ground. His staff of 60 and even more contractors continue to build quality projects that fill out the company resume.
Patti Watson, founder and principal at Taste Design Inc. in Middletown, has partnered with J2 Construct on many projects and says it comes down to trust.
“What I appreciate about Jeff is he brings the same level of service and dedication to everything he does,” Watson said. “I can introduce a client and a project and he will act in that client’s best interests. He has always been so good to put numbers to a project that give a client options. That is so valuable.”
Lipshires has made some strategic moves. When J2 Construct purchased ABC Construction in 2020, it scaled up in terms of infrastructure, particularly accounting and systems. As the COVID-19 pandemic began, Lipshires applied for some federal Paycheck Protection Program money for that first year to keep the company moving and completing projects.
Also integral to success at J2 Construct is treating employees well, and that includes the significant number of women hired to fulfill the company’s value of promoting gender equality.
“I try to take care of our employees and empower people and reward people for their contributions. We like to keep them involved in a lot of exciting projects and keep things new and interesting,” Lipshires said. “There’s a lot of people here who have worked really hard to get where we are and who want to keep getting better.”
J2 Construct is finding so much success that the construction company is literally growing its footprint. It purchased the old Middletown Grange building for $2.2 million for use as the construction firm’s new headquarters at East Main Road and Aquidneck Avenue in Middletown. It is also home to the new Food Shack restaurant and just down the street from the company’s Pell Hotel renovation project.
“We’re excited about the development of the site; we have some great plans and ideas to make it a prominent gateway to Middletown,” Lipshires said.
Having cultivated a talented group of carpenters, J2 Construct aims to hone its cabinet-making and millwright functions.
“We have a lot of people here who have worked really hard to get where we are,” Lipshires said. “We strive to get better. It’s how you handle the difficult things that sets you apart – if there’s an issue, we stick with it and get it done.”
An extension of the building process, J2 Construct also offers property and estate management. Lipshires describes construction as a tough business. Labor shortage, material availability issues, rising costs and other complications add “more complexity” to keep projects on schedule he said.
However, Lipshires is still in awe of J2 Construct’s efforts despite these challenges.
“The fact that we can continue to grow during this time is great,” he said.
