When I say “small companies” I’m thinking more of the small-cap companies within the Russell 200 index. Do most of those have hundreds to thousands of employees?
Yes, Russell 2k firms average enterprise value is over $ 3 billion. Truly small companies are not listed / traded. My firm was a R2k company until June and we have 6k employees with a total EV of $6B and we were right in the middle
Put another way, there are 6 million companies in the US. Russell 2K firms are among the largest 3k in the country out of those 6 million