Jonjie Lockman caught the wine bug in her 30’s and decided to bring her passion for business operations to the industry when she joined Intervine in 2011.  Intervine provides wine as well as food and other beverage products to the airline industry.  A member of the “Association of Business Process Management Professionals”, Jonjie has an incredible drive for bringing effectiveness and efficiency to the complex effort of getting the right wines, to the right airports, at the right time.  Intervine is also an employee-owned company, and Carol asks Jonjie to talk about that process, since it is a model that some winery owners might consider when they are considering how to exit their businesses. https://www.intervineinc.com/ https://www.investopedia.com/terms/e/esop.asp Questions?  Comments?  smallfortunepodcast@gmail.com Sponsor: Global Wine Partners https://www.globalwinebank.com/ Music: Nate Collison Logo Photography: John Corcoran

This is the first interview of an Oregon wine producer for the Small Fortune Podcast!  Carol loves Oregon!  Alex’s parents, Bill Blosser and Susan Sokol-Blosser were risk-taking entrepreneurs and among the pioneers of Willamette Valley’s development as an important American wine-growing region.  Alex and GWP partner Carol cover a wide range of topics, including B Corporations, second labels, bankers and more.  A very lively discussion with a gentleman who grew up in the adventurous lifestyle of wine entrepreneurship.  Or as he characterizes it, the circus. Mentioned in this episode: https://sokolblosser.com/ IPNC:  https://ipnc.org/ B Corporations: https://www.investopedia.com/b-corp-7488828 Questions?  Comments?  smallfortunepodcast@gmail.com Sponsor: Global Wine Partners https://www.globalwinebank.com/ Music: Nate Collison Logo Photography: John Corcoran

Today’s interview is with Dave Del Dotto, founder and owner of four wineries in the Napa Valley under various “Del Dotto” monikers.  Dave is a natural salesman, having made his first fortune in real estate and infomercials.  Listen in to hear how a natural pitchman makes the case for drinking wine.  He and Carol discuss his success, including his approach to cultivating collector relationships and creating enduring experiences at his wineries.  The Kardashians, to Carol’s surprise, also make an appearance.  Although he has a very successful DTC program, Dave still sells a small portion of his production in wholesale channels. Food for thought. Mentioned in this episode: https://www.deldottovineyards.com/ https://www.peacocktv.com/watch-online/tv/keeping-up-with-the-kardashians/8311621267728768112/seasons/18/episodes/surprise-surprise-episode-5/ee8ea4c6-6a97-3532-a0b1-7e09c32aaa30 Questions?  Comments?  smallfortunepodcast@gmail.com Sponsor: Global Wine Partners https://www.globalwinebank.com/ Music: Nate Collison Logo Photography: John Corcoran

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

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

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

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

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

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

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

“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

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

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

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

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

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

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

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

Carol talks with Tim Allen, founder and managing partner of the Allen Wine Group. AWG provides consulting CFO and accounting services to the wine industry.  Carol and Tim talk about the common mistakes that wine businesses make and how to manage them.  Tim also shares stories about winery transactions he's been involved with - Rosenblum and Kuleto - as well as how to get a wanna-be winery investor off the phone.  https://allengroupllp.com/ https://www.globalwinebank.com/category/small-fortune-podcasts/ Logo photography: John Corcoran Music: Nate Collison

Our first conversation is with Vic Motto, founder of both MKF, a top wine industry CPA firm, and Global Wine Partners, where Carol and Jaclyn both work.  Vic spent many years advising top companies in the industry from all over the world and with all types of business models, from Gallo to Screaming Eagle.  Vic talks about a number of keys to success in the industry, including the Top Priority for a winery owner or manager.  There are a number of luminaries who come up, from Koerner Rombauer to Ernie Gallo to Robert Mondavi.  Can you guess the famous joint venture Vic talks about between French and American wine companies? Questions?  Comments?  smallfortunepodcast@gmail.com Credits: Logo photography John Corcoran Music Nate Collison