Small Fortune Podcast

Ep 13: Wine Sales Were Down 9% in 2023: Russ Weis on What You Can Do About It

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

Ep 12: The Secret to Longevity in Management: An Interview with Russ Weis

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

Ep 11: The O.G. of Wine DTC: Paul Kalemkiarian of the Original Wine of the Month Club

“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

EP 10 Jeremy Benson on Raising Awareness For Your Wine Brand

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

Ep 9: Mark Freund on Banking and the Failure and Recovery at SVB and FRB

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

Ep 8: Nick Donovan on Raising Equity for Your Winery Through Private Placement.

Every business owner or manager needs great attorney(s) on speed dial.  Nick Donovan, Partner at GVM Law LLP in Napa, California joins Carol to discuss a number of legal issues including business formation, raising equity and more.  He also shares his views on the keys to success as well as the risks in the wine industry.  Finally, undaunted by the challenges inherent in owning a wine company, Nick shares his story of creating a wine brand with NBA star Dwyane Wade.
https://gvmlaw.com/
https://www.dwadecellars.com/
Sponsor: Global Wine Partners https://www.globalwinebank.com/
Music: Nate Collison
Logo Photography: John Corcoran

EP 7: Carol & Mario Zepponi Discuss the Nuts & Bolts of Wine M & A

Listen in to M&A advisor shop-talk, as Carol interviews Mario Zepponi, founder and principal of The Zepponi Group, a leading wine industry M&A advisory firm.  Carol and Mario talk about current market trends, what their favorite deals looked like, challenges in the wine industry, and why winery owners wanting to sell their companies should hire local.
The Zepponi Group:  https://www.zepponi.com/
Questions?  Comments?  smallfortunepodcast@gmail.com
Music: Nate Collison
Logo Photography: John Corcoran
 

Ep 6: How Roy Cecchetti Grew His Wine Brand Sales 10X in Six Years

Roy Cecchetti sold his successful wine company to O’Neill Vintners in 2014 with the help of Global Wine Partners.  In this interview, Roy comes out of retirement to talk to Carol about how he launched and grew his brand portfolio, which was selling several hundred thousand cases in the wholesale channel with only a skeleton crew (Roy + four salespeople) at the time of the transaction.  Roy discusses product development, building his distributor network (and how that network transitioned after the brand sale); creative promotional tactics, and more of the inventive ways he built his wine business. 
Roy’s contact information is: roy@cecchettiwineco.com
https://www.globalwinebank.com/category/small-fortune-podcasts/
Music: Nate Collison
Logo Photography: John Corcoran
 
 

Episode 5: Tony Correia on Current Market Conditions

Tony Correia is the preeminent real estate appraiser in the California wine industry.  Tony grew up in farming in the Fresno area and has worked in and around agriculture most of his career (except when he was a spy – we’ll cover that in another podcast).  Carol and Tony talk about his career and profession, but also about how the Federal Reserve rate hikes and problems at key industry lenders are affecting the market, from deal flow to, potentially, valuations (cue the dramatic music).
Hey Small Fortune Listeners, we have struggled with some audio problems that were hard to get a handle on, we believe we have largely solved the problems with Episode #5, this great talk with Tony Correia.  Smooth sailing (fingers crossed) from here on out.  We hope you’ll keep listening!
Here’s a good explainer on how “cap rates”, which Tony and Carol discuss, are used in real estate appraisals: 
https://www.jpmorgan.com/insights/real-estate/commercial-term-lending/cap-rates-explained
https://www.investopedia.com/terms/c/capitalizationrate.asp
For more information on Tony’s appraisal company:  https://correiaco.com/index.html
Credits:
Logo photography: John Corcoran
Music: Nate Collison
Questions? Comments? E-mail us at smallfortunepodcast@gmail.com
 
 

Episode 4: Sam Bilbro & Carol Discuss the Federal Reserve and the Market for Italian Varietals

Sam Bilbro is a 4th generation winemaker and owner of the brand Idlewild which specializes in wines made from Piedmontese varieties grown in and around Northern Sonoma County.  Carol and Sam talk about the business case for these niche wines, as well as his thinking behind his retail Italian wine and food shop.  They also talk about the business lessons he learned from his father, Chris Bilbro, founder of Marietta Cellars.  Both Idlewild and Ciao Bruto are located in downtown Healdsburg.
Hey Small Fortune Listeners,  we have struggled with some audio problems that were hard to get a handle on, but we believe we have largely solved the problems beginning with Episode #5.   Great content in this interview #4 with Sam Bilbro.  We hope you’ll keep listening!
https://www.idlewildwines.com/
https://ciaobruto.com/
Credits:
Logo photography: John Corcoran
Music: Nate Collison
Questions? Comments? E-mail us at smallfortunepodcast@gmail.com