understand cash flow, inventory, and other expenses of moving into new territories.
PANELISTS’ CATEGORIES TO WATCH:
Tailwinds Distilling Company founder Toby Beall said their growth caught them by surprise, as well. RY E W H I S K E Y “Make sure you have enough money raised for your plan. You’re going to A M E R I C A N S I N G L E M A LT WHISKEY grow faster than you think,” advised Beall. “We’ve always been inside our GIN Panelists unanimously stressed the footprint trying to break out.” importance that suppliers not spread RUM For distillers in that situation, several themselves too thin, advising them to of the panelists suggested they consider AMARO make sure they can scale appropriately taking on new partners, though they BRANDY with increased demand as they enter need to make sure those partners share new markets. Winters said two critical the same vision for the brand. errors he sees expanding brands make is “It’s a very different decision that trying to support too many markets too everybody makes on their own on fast, and not accounting for the cost of producing and warehousing how to do that,” said Redemption Rye co-founder Dave Schmier. extra inventory to supply new markets. “Everyone has their own goals. What’s great about this event and Overall, panelists advised that suppliers need to be able to make all the people that exhibit is everyone has their own vision. Some the extra product, have the space to do it in, and have a good people, it’s purely about business, and some people it’s purely team that can accomplish that extra production — and they need about their passion and how do they sustain their passion and allow adequate capital to put all those pieces together. themselves to keep doing what they love. And for a lot of us it’s “Capitalization is the key,” said Hletko. “We had some errors in somewhere in between.” our forecasted demand, and that was very challenging and has led to long-term challenges for the business and continued hurt If you missed the Indie Spirits Expo this year, you can attend next year in feelings from many places, as well as other opportunities that have Chicago, Las Vegas, and New York. For show dates and more information visit gone away.” indiespiritsexpo.com.
GROWING A SUCCESSFUL BRAND
The magazine for craft distillers and their fans.