IPI ConstructionHeadquarters: Panorama CityCEO: Long Phuong Nguyen Business: Construction2019 Revenue: $12.9 millionNotable: Graduated from SBA’s 8(a) program in 2017.Growth: 111% IPI Construction works on building projects for the U.S. military and local governments.
During the pandemic, the company continues to win contracts with the federal government General Services Administration.“We were down a couple months,” Chief Executive Long Phuong Nguyen told the Business Journal. He added that the company was able to blow through the turbulent period, despite an employee’s positive testing temporarily shutting down IPI’s offices two months ago.
“This year, we have about $12 million in the books,” Nguyen said.Founded in 2003, the Panorama City builder developed through the Small Business Administration’s 8(a) Business Development Program, which it entered in 2010. The program helps minority-owned companies bid on federal procurement opportunities through various methods, including technical assistance and sole-source and set-aside contracts. But as part of the 8(a) curriculum, companies must diversify their revenue streams in anticipation of graduating from the program. So IPI targeted state and local government contracts.
IPI graduated from the program in 2017 and Nguyen has effectively built upon earlier successes. Recently cemented contracts for IPI include an immigration court in Van Nuys, another $5 million project to design and build probation offices, and an $8 million district court in San Diego.
“They did not slow down,” Nguyen said of federal bids. “I just was fortunate enough to pick up some good projects.” – Michael Aushenker