VESPOLI Welcomes Matt LeBlanc, New Repair Manager

October 25th, 2016 · General News

Repair MgrVESPOLI is pleased to announce the addition of Matt LeBlanc as our new Repair Manager. This is a new position for VESPOLI and Matt is ready to put his mark on it!

Matt has over 27 years of rowing and coaching experience. He was the boatman at UMichigan for 14 years and ran his own repair business for the past 5 years in Mich. Matt will oversee all aspects of repairs, refurbishments, and trade ins that come into VESPOLI. With his expertise, we’ll be able to handle your repair needs more quickly, arrange transport, and streamline the administrative end. As always, you can rest easy, knowing your shell is in the hands of the craftsmen that built it and backed by VESPOLI.

We are very excited to have Matt joining our staff. Please contact him to arrange any repairs or refurbs.

Email: repairs@vespoli.com  Phone: 203-823-5921

 

 

Vespoli Puts Workers At The Helm

July 7th, 2016 · General News

Vespoli Puts Workers At The Helm

by ALIYYA SWABY | Jul 6, 2016 8:06 am

 

 

Aliyya Swaby Photo
ALIYYA SWABY PHOTOWard: Two months away from owning Vespoli.

Eight-person racing shell.

In two months, Amanda Ward will have worked to sell Vespoli USA racing rowboats for a full year — meaning she will be an owner of the Fair Haven company.

Some of Ward’s coworkers already own the company.

That’s because company founder Michael Vespoli is planning to retire soon and last May established an employee stock ownership plan (ESOP), giving the company over to all full-time employees who have been there for at least a year.

With no heir to the company after almost 36 years, Vespoli, who is 69, decided he didn’t want his employees to be swallowed up by a larger suburban or foreign company and be fired at will. He trusted them to navigate its direction and continue building and selling high-quality carbon fiber racing shells to coaches around the world.

At the first “Owners’ Day” held behind the 385 Clinton Ave. property, Vespoli reiterated the new ethos of the company. He told each person present exactly how much money they could walk away with, given the current value of the company and the years they had devoted to it.

Vespoli USA sells and repairs one-, two-, four- and eight-person boats for high school and college coaches participating in regattas. Coaches generally buy up to three boats at a time. Three eight-person boats cost anywhere from $80,000 to $120,000, Ward said, depending on the thickness of the boat, layers of carbon fiber and any high-performance add-ons.

The ESOP gives employees stock ownership at no upfront cost.  This is no socialist attempt to spread the wealth. “This is not Bernie Sanders talking. I am a capitalist,” Vespoli reassured the group who turned out to last Friday’s barbecue. The ESOP “will provide you with a financial future you never would have had in any other job.”

The process is complicated. Vespoli sold the company to a trust. Full-time employees who have been with with the company for at least a year gain ownership “not through capital investments, but through commitment of work,” he said. The Department of Labor and Internal Revenue Service did an independent valuation of the company, which Vespoli negotiated and finally agreed to the sale price.

He personally loaned all of the money to buy the company’s shares for the trust, and will get paid out only if the company does well.

Vespoli explains the plan to employee-owners.

Each year a percentage of shares in the trust are allocated to individual employee accounts, based on the annual number of hours employees spend working. The more years employees stay with the company, the more right they have to the shares in their account. An employee who stays for three years is 40 percent vested, meaning they can leave the company and receive 40 percent of their share value.

How many of you have been here for at least six years? Vespoli asked.

Several people raised their hands.

“You’re 100 percent vested,” he said.

The more valuable the company and its shares, the more that ownership is worth—encouraging people to work harder.

“We wouldn’t be doing our job if we didn’t drive up the value. When you’re ready to retire, you can have more money than you thought you were going to,” Vespoli said.

David Trond, vice president of sales and marketing, is fully vested; he’ll have worked at Vespoli USA for 25 years in September. The new plan “benefits everybody,” including hourly and salaried workers, he said.

“I always wondered what Mike was going to do” upon retirement, Trond said. “For us, this is the best option.”

Vespoli “wants to be able to give the company over to people who are going to care about the company as much as he did,” said Ward, who has worked in customer service for the last 10 months, two months short of having access to shares.

In the past year, Vespoli said, he has seen a financial upswing in the company. Instead of throwing out rolls of sandpaper after smoothing down a hull, employees save the materials to use for later.

In the first three months of 2016, the amount of money employees saved was the equivalent of the profit they would have made with two new boats—“but we didn’t have to build them,” he said.

 


Smith: Fully-vested owner.

Part of the challenge of the new plan is shifting employees from an “hourly” mentality to an “owner” mentality, he said. “That’s not an instant transformation.” He took 10 percent of the money saved in the first quarter to give everyone bonuses, as an incentive.

The next step is to change the culture of the workplace, from top-down to “middle-top”-down. Vespoli will no longer issue directives on the future of the company. He has a five-year contract with the ESOP and will continue on the company’s board of directors, but he plans to leave the operation in five years. The more senior employees will ultimately take on the duty of moving the company forward.

A list of five guiding principles hangs on the wall inside of the office, to remind the new owners of their responsibilities:

• “We are owners.

• “We are craftsmen.

• “We do our jobs.

• “We build each boat as if we are going to buy it.

• “We measure what we do, so we can improve it.”

The shift in ownership is conceptually difficult for some to understand, said Pete Smith, a composite engineer who started working with Vespoli 34 years ago, during the early years of building the company. But others immediately latched on to the idea, with more picking it up each week.

Smith was building some of the first carbon-fiber row boats in England in the 1970s for a company called Carbocraft. Vespoli began selling Carbocraft’s boats in the U.S., before realizing he should build his own. Smith joined Vespoli at the start of his second year in business.

Will Vespoli USA continue to do well and boost the value for the new owners? Yes, Smith said, in part because it continues to put out innovative designs. Its fifth redesign has resulted in a line of high-performance boats, which use a type of carbon fiber that allows racers to move faster through the water, with less resistance. At the same time, they’re sturdier than before, he said.

The company already put out a line of eight-person high-performance boats. In several months it will release the four-person high-performance line.

Going forward, “our fate is in our own hands,” Smith said.

 

Vespoli USA featured in ‘The Drive’ Documentary

January 8th, 2016 · Featured, General News

THE DRIVE
DOCUMENTARY

Vespoli USA is featured in ‘The Drive’ a documentary by Tamara Sabbagh of the Ohio State University Crew. Ms. Sabbagh’s video traces the history of rowing from its beginnings as well as conducts compelling interviews with rowers from novice to Olympic champions. You can watch the full length documentary through the link below.
 

Holiday Merchandise Sale!

November 30th, 2015 · General News

Please enjoy 15% off + FREE SHIPPING + FREE GIFT with every Vespoli merchandise order!

 

Shop Online Now!

 

 

 

 

Team Vespoli Welcomes New Mid-Atlantic Rep

August 28th, 2015 · Featured, General News

Team Vespoli Welcomes New Mid-Atlantic Rep

We are pleased to announce that John Monaghan, an avid rower and member of Whitemarsh Boat Club, will join Team Vespoli as our new Mid-Atlantic Representative. Based out of Philadelphia, John will be out on the road meeting and assisting customers starting August 31st. We know John’s experience, dedication, and enthusiasm for rowing will be a great addition to our team.

John’s Contact Information:
jmonaghan@vespoli.com // (203)-645-6427

 

 

USJuniors Win 5 Medals at Junior World Championships

August 11th, 2015 · General News

Congratulations to the USRowing Junior National Team on an outstanding performance at the 2015 Junior World Championships!

 

Canadian’s Win 3 International Medals in the VHP41!

August 3rd, 2015 · Featured, General News

We were thrilled when National Men’s Coach Martin McElroy and the Canadian National Team selected our VHP41 to race at both the PAN-AM Games and World Cup II. We were even more thrilled with their results!

In June, the Men’s 4- traveled to Varese, Italy for World Cup II, where they won a bronze medal in a tight race with the US and Italian teams. Soon after, they traveled to the Netherlands where they swept the field at the Holland Beker Regatta. This past month, the men returned home to compete at the PAN-AM Games. After an explosive start, they led the pack from start to finish, cruising across the line to win the gold! Congratulations, Canada!

 

Good luck, Juniors! 2015 Junior World Championships

August 3rd, 2015 · General News

Good Luck, Juniors!

This week the US Junior National Team will be competing in Rio de Janeiro, Brazil at the 2015 Junior World Championships. We are proud to support the juniors for the 10th consecutive year by providing a fleet of shells, including our latest development, the VHP57 eight. The juniors will also be racing our VHP quads, straight fours, pairs, and doubles. Good luck, Juniors! GO USA!

 

USRowing Masters Nationals

July 31st, 2015 · General News

Don’t miss the opportunity to see the new VHP boats on display! We are excited to show off some of our latest innovations – VHP seats, power wedge shoe plates, calf molded footwells, and more! Should you need anything, Team Vespoli will be available all weekend and happy to lend a hand.

Need to rent a boat?
We have a limited number of boats available for rent, and they are going quick! Contact your regional representative for availability and rental information.

Need to order parts?
If you’d like to order parts and have them delivered to the racecourse, please order by 12:00 pm on Tuesday, August 11th.

 

CAREER OPPORTUNITY: IMMEDIATE OPENING

June 15th, 2015 · General News

POSITION AVAILABLE: MID-ATLANTIC SALES REP

Posted June 15, 2015

An exciting opportunity to become part of Team Vespoli! The Mid-Atlantic representative will meet with customers, visit boathouses, arrange ‘demo rows’, and attend Regattas (weekends).

Requirements:

  1. Candidates should consider themselves ROAD WARRIORS
  2. Able to drive a trailer, and be DOT certified
  3. Live within the Mid-Atlantic Region (DE, MD, NJ, EASTERN PA, DC)
  4. Rowing/Coaching Experience
  5. Organized, self-motivated, team player
  6. Sales/Business experience a plus

Position is full time, with benefits, and excellent salary. We are looking to fill this position immediately. Please send resume and cover letter to Dave Trond at dtrond@vespoli.com

 

VESPOLI USA, AN EMPLOYEE OWNED COMPANY