Small Fortune Podcast
Our podcast is about the wine business, how difficult it is to be successful and why. It’s also about the strategies that various participants in the industry have used to overcome the challenges inherent in making and selling wine. And it is simply about telling the stories of the wine business.
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Episodes
Tuesday Apr 02, 2024
Tuesday Apr 02, 2024
The remarkable thing to me (host Carol Collison) as a long-time advisor to business owners is how truly intentional and buttoned up Sean Minor is in his approach to entrepreneurship in the wine business. He and his business partner and wife Nicole started their winery with a business plan based on identification of a very specific opportunity in the on-premise (restaurant) market and sailed through the terrible industry downturn in ’08 – ’10. Although not covered in the conversation, of course being focused on-premise in 2020 was another story, however they’ve come through the pandemic and are growing through the last three quarters. We talk about his approach to his start up, to changing the brand name several years into the business, to challenges he faced in financing growth, and now transitioning to the next generation.
Mentioned in this episode:
https://www.seanminorwines.com/
“Black Swan”: https://corporatefinanceinstitute.com/resources/economics/black-swan-event/
Negociant: https://daily.sevenfifty.com/what-is-the-future-for-american-wine-negociants/
Questions? Comments? smallfortunepodcast@gmail.com
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Mar 19, 2024
Tuesday Mar 19, 2024
Andy Hoxsey’s family came to the Napa Valley in the early 20th century and through successive generations have farmed and sold grapes, as well as taken significant entrepreneurial risks. Andy tells the story of his (and the Pelissa family’s) acquisition of Napa Wine Company in 1993, with the expressed intention of creating the first high-touch custom crush business, certainly in the Napa Valley but quite possibly in the world. Napa Wine Co was where such brands as Pahlmeyer, Colgin and the star consulting winemaker Helen Turley incubated their brands. On the podcast, Andy shares some interesting stories from his long history in the wine business.
https://www.napawineco.com/
Questions? Comments? smallfortunepodcast@gmail.com
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Mar 05, 2024
Tuesday Mar 05, 2024
Carol invited successful Napa Valley Consulting Winemaker Jean Hoefliger to the Small Fortune Podcast to learn about what the job entails. And finds out it isn’t just winemaking! Jean and the team at JH Wine Consulting provide comprehensive business services to their clients. Why? Because as Jean says in this conversation, quoting his friend Michel Rolland, “Even billionaires get tired of losing money”.
Mentioned in this episode:
https://www.jhwineconsulting.com/
https://www.axrnapavalley.com/
https://www.thedebatewine.com/
https://www.forceandgracewines.com/
Questions? Comments? smallfortunepodcast@gmail.com
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Feb 20, 2024
Tuesday Feb 20, 2024
In today's episode Carol interviews Michelle Muth Ausburn, partner in a major accounting firm, BPM, LLP. As fellow women in senior finance positions in the wine industry, Carol and Michelle have a lively conversation about why pursuing a career in accounting was attractive to Michelle, what she values in her professional relationships, and an important lessons she learned from her entrepreneur father. Through the conversation Michelle demonstrates the high level of discretion and ethics that characterize the top performers in the fields of finance and accounting.
Mentioned in this episode:
BPM: https://www.bpm.com/
GAAP: (Generally Accepted Accounting Principles) https://www.investopedia.com/terms/g/gaap.asp
LIFO: (Last In, First Out Inventory Accounting) https://corporatefinanceinstitute.com/resources/accounting/last-in-first-out-lifo/
Sponsor: Global Wine Partners
https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Feb 06, 2024
Tuesday Feb 06, 2024
Fred Peterson is an American original and the most influential grape grower you may not have heard about. From Mount Eden to Ridge Monte Bello, to Stagecoach and beyond, Fred has been involved with many iconic California vineyards. When he began his career in the wine industry in the 1970’s he worked with Riesling and Sylvaner in the Santa Cruz Mountains. Back then, the Napa Valley was planted primarily to Petite Sirah. Fred and Carol discuss the history of North Coast Grape growing, and Fred’s perspective on the future. Instead of our traditional Small Fortune Intro, Carol’s business partner Mike Fisher, who went to UC Davis with Fred, makes an appearance. In 1987 Fred founded Peterson Winery, based in Healdsburg, CA. Today he and his son Jamie work together making classic Sonoma wines based on their “Zero Manipulation” approach from Fred’s Bradford Mountain vineyard and beyond.
https://www.petersonwinery.com/
Questions? Comments? smallfortunepodcast@gmail.com
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Jan 23, 2024
Tuesday Jan 23, 2024
Our interview with Russ Weis about his career as a senior manager in the wine industry (see Episode 12) took place on a day when an industry research firm (link below to their website) released data that showed a marked drop in winery shipments into the wholesale channel in 2023 (9% by value). This has naturally grabbed everyone’s attention, and we didn’t have time to address it. So, we recorded a second interview in which Russ shares many practical and also philosophical approaches to the challenge of managing wine sales in the wholesale markets.
Referenced in today’s episode:
https://www.bw166.com/blog/
https://wvmgmt.com/
Questions? Comments? smallfortunepodcast@gmail.com
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Jan 23, 2024
Tuesday Jan 23, 2024
Russ Weis is the President of Walsh Vineyards Management, a Napa-based farming services company. He joined Walsh after an 18-year run as President of Silverado Vineyards, and before that he worked for nearly ten years in senior management at Robert Mondavi Winery, during the go-go years of the ‘90’s. Russ shares his experiences in the wine industry, beginning on his family farm in Madera County. He also answers Carol’s question: what is the secret to longevity in senior management positions? Russ shares a concept he was taught early in his career which might be broadened to the more universal idea of “authenticity,” a way of thinking about how to choose the right company to work for, which has stood him in good stead and still does to this day.
Referenced in today's episode:
https://wvmgmt.com/
Questions? Comments? Smallfortunepodcast@gmail.com
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Jan 09, 2024
Tuesday Jan 09, 2024
“I am enthusiastic over humanity’s extraordinary and sometimes very timely ingenuity. If you are in a shipwreck and all the boats are gone, a piano top buoyant enough to keep you afloat that comes along makes a fortuitous life preserver. But this is not to say that the best way to design a life preserver is in the form of a piano top. I think that we are clinging to a great many piano tops in accepting yesterday’s fortuitous contrivings as constituting the only means for solving a given problem.” Richard Buckminster Fuller
Happy New Year Small Fortune Podcast Listeners!
In today’s episode, Carol talks to Paul Kalemkiarian, (until last year) the owner of the Original Wine of the Month Club. Paul describes the arc of his DTC wine sales business from in-person recruitment methods in the ‘70’s ‘80’s and 90’s through the mail catalogue, e-mail, and now on-line methods of acquiring new customers. As the platforms we currently use to mediate the connection between sellers and buyers become increasingly crowded, and as the platforms take more and more profits for themselves, it’s time to think anew. There are some good “old” ideas that Paul describes that might just be worth another look here in 2024.
Paul is also a podcaster! Carol highly recommends “Wine Talks with Paul K” – available at all podcast platforms (link below). While you’re there, follow Small Fortune! We’re on all podcast platforms too.
paul@womclub.com
https://www.winetalkspodcast.com/
Andy Steinman’s contact information for the wine DTC opportunity: asteinman@globalwinebank.com
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Dec 19, 2023
Tuesday Dec 19, 2023
Jeremy Benson, founder of Benson Marketing Group, joins Carol to talk about what marketing can do for a winery or wine brand. He describes some campaigns for clients on small budgets, how marketing supports sales, and the need to integrate brand messaging throughout your business. He also shares his own story as an entrepreneur: why he chose to start his own marketing agency, as well as some challenges and rewards of business ownership. Finally, Jeremy describes his firm’s important work, in concert with organizations such as Napa Valley Vintners and Family Winemakers of California, in leading the ”Free the Grapes” initiative. After more than two decades of effort, most US states now allow wineries to ship directly to consumers. Jeremy sold his agency to The Brand Leader in early 2023, and his team is now integrated into that company, expanding their service offerings and capabilities.
https://bensonmarketing.com/#services
https://bensonmarketing.com/heres-how-wine-spirits-marketing-can-manage-a-recession/
https://freethegrapes.org/
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran
Tuesday Dec 12, 2023
Tuesday Dec 12, 2023
Mark Freund was at First Republic Bank in May of 2023 when it succumbed to a banking panic that had taken down Silicon Valley Bank two months earlier. As important lenders to the wine industry, the failure of these two banks had an immediate impact on business activity. Fortunately, the contagion was quickly contained, SVB was acquired by First Citizens Bank and FRB was acquired by JP Morgan Chase. Mark talks about his decision to return to SVB as Managing Director in its Wine Division. Carol and Mark also discuss the role of banking in the wine industry, how to manage your banking relationship, and how to be successful in the wine business.
https://www.svb.com/industry-solutions/premium-wine-banking/
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran