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Barrett Business Services
Barrett Business Services was founded in 1965 and trades under ticker BBSI on the Nasdaq.
Barrett Business Services
Barrett Business Services was founded in 1965 and trades under ticker BBSI on the Nasdaq. The firm operates as a professional employer organization, co-employing the workforces of roughly 7,000 small and midsize businesses, primarily across the western and mid-Atlantic United States. Gary Kramer has led the company since 2018, overseeing a model in which BBSI leases employees back to client companies while managing payroll, benefits, and regulatory compliance. The firm's revenue comes largely from service fees and markup on the direct costs of employing its co-employed workers. BBSI takes on the legal responsibility for workers' compensation, state unemployment insurance, and health-benefit administration, which places a premium on actuarial discipline inside the organization. It operates across more than 50 branch locations in states including California, Oregon, Washington, Maryland, and North Carolina. The company does not operate as a fund or investment vehicle — it is an operating business that generates free cash flow from the spread between client fees and employment costs. BBSI reported total professional employer service revenue of approximately $1.1 billion for the fiscal year 2024 (per SEC filings, 2025). The company serves construction, manufacturing, logistics, and professional services firms that typically maintain workforces between 20 and 200 employees. In May 2024, BBSI announced a new initiative to expand its technology platform for client payroll and HR analytics, aiming to improve retention in the highly competitive PEO market (per the firm's press release, May 2024). Unlike payroll processors that simply move money, BBSI shares co-employment liability — a structure that means the firm's profitability depends directly on its underwriting discipline. This regulatory architecture distinguishes BBSI from pure HR software platforms because the company is regulated by state insurance departments and must maintain statutory reserves against workers' compensation claims.
General information
Firm type
Asset Manager
Year founded
1965
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Vancouver
Corporate office
Vancouver, WA, United States
Principals
Gary Kramer
President and CEO
Sector focus
Frequently asked questions
What does Barrett Business Services actually do?
BBSI operates as a professional employer organization, meaning it acts as a co-employer for the workforces of roughly 7,000 small and midsize businesses. The firm handles payroll, benefits administration, workers' compensation insurance, and regulatory compliance, while the client retains control over day-to-day operations and personnel decisions.
How does BBSI generate revenue?
Revenue is primarily driven by service fees and a markup on the direct employment costs of co-employed workers, which include wages, payroll taxes, and benefits. The firm's gross billings totaled approximately $1.1 billion in fiscal year 2024, per its SEC filings.
Is BBSI a software company or a service business?
BBSI is fundamentally a service business that uses technology to deliver HR, payroll, and risk management functions. Unlike standalone HR software vendors, BBSI takes on legal co-employment responsibility and must maintain statutory insurance reserves, making its balance sheet core to the client relationship.
Who runs investment decisions at Barrett Business Services?
President and CEO Gary Kramer leads the company's strategic and capital allocation decisions. As a publicly traded operating business rather than an investment fund, BBSI's primary capital deployment goes toward branch expansion, technology development, and maintaining the insurance reserves required by state regulators.
How is BBSI regulated compared to a typical asset manager?
BBSI is regulated primarily by state workers' compensation insurance departments and employment agencies, not by the SEC in an investment-advisory capacity. The co-employment structure means the firm must meet solvency requirements for its workers' comp programs across the states where it operates.
What industries does BBSI primarily serve?
The company serves construction, manufacturing, logistics, and professional services firms, typically with workforces between 20 and 200 employees. These industries tend to have elevated workers' compensation exposure, which aligns with BBSI's actuarial focus.
Does BBSI have a presence beyond the West Coast?
Yes. While the firm is headquartered in Vancouver, Washington and historically concentrated in California, Oregon, and Washington, it now operates branches in the mid-Atlantic and Southeast as well, including Maryland and North Carolina, serving a geographically diverse client base.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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