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586% Sales Growth:
Lessons From Vitacost.com
By Margie Fisher
While most dot com companies have gone the way of stock options, a few shining stars remind us that there are still real, living, growing dot com companies. One such company is Vitacost.com. Continue below.
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This is the third year in a row that Vitacost.com has earned a place on the annual Inc. (Magazine) 500 ranking of the fastest-growing private companies in the country.
A leading direct-to-consumer catalog and online discount retailer of vitamin, nutrition and low-carbohydrate diet products, the company ranks #303 on the list, with five-year sales growth of 586%.
Founded in 1994, the Boynton Beach, Florida-based firm carries approximately 6,000 health and nutrition products provided by nationally known brands (such as Atkins and Twinlab) as well as products developed by its wholly owned subsidiary, Nutraceutical Sciences Institute (NSI).
The CEO of the company is Wayne Gorsek, a serial entrepreneur who taught himself about natural health alternatives when he was still in high school.
He decided to research natural alternatives to help his grandmother, who suffered from diabetes and high blood pressure. Ultimately Wayne's advice on nutrition and supplements helped her, and he was hooked.
After running another company, Wayne hooked up with Dr. Allen Josephs to create the fast-growing Vitacost.com.
Allen S. Josephs, M.D., is a practicing neurologist, Section Chief of St. Barnabas Hospital in Livingston, New Jersey and President of Vitacost.com.
He commutes several times a year from New Jersey to the firm's operations center in Boynton
Beach, FL. Dr. Josephs is on the phone several times a day with Wayne and his management team.
For most of his life, Dr. Josephs was a die-hard "anti-vitamin" doctor. So much so that he refused to let his wife take prenatal vitamins.
He met Wayne in 1992 and Wayne spent several years faxing him articles and abstracts from various journals about the benefits of vitamins. Eventually Dr. Josephs came around and is now a vitamin advocate.
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