Park Street Insider Podcast

Send us a textWe're thrilled to release our Impact Investment seminar recorded at Bar Convent Brooklyn 2023. On the Park Street University stage, Emily Pennington sat down with some of the leading impact investors for a high-level discussion about what they're doing to make a positive social impact while boosting their bottom lines in the spirits industry.  In this episode you'll hear from:Jomaree Pinkard, CEO & Managing Director, PronghornKamuti Kiteme, Managing Director - Inclusive Investment Programs, Distill VenturesMaria Pearman, Principal, GHJAndrew Merinoff, CEO, Chinola & DisPact VenturesKatie Dunn, Partner, Power to PitchYou'll hear critical insights from impact investors about:The intersection of impact investments and mentorshipWhile some investors issue checks and track their investments from the sidelines, our contributors make a case for a hands-on approach to investing that builds sustainable long-term partnerships. Balancing ROI and altruismImpact investors from Distill Ventures and Pronghorn will always seek out talented individuals from underrepresented groups that are pushing boundaries and being innovative, but it's essential that they see the proof points of a strong business as well. They'll explain how they balance influencing positive social ecosystems while measuring KPIs for return on investment in a business. Red flags for investment pitchesWith decades of experience in this space between them, our panelists have seen the difference between brands that secure funding and those that don't. Our panelists make the case for a hyper-focused approach to pitching investors that leaves no room for ambiguity about your goals and trajectory.  Mentioned in this episode:Pronghorn Distill VenturesGHJDispact VenturesChinolaPower To Pitch2023 Craft Spirits Data Project - Distillers SurveyLearn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Check out Park Street's Guide to Getting Started in the U.S. MarketFollow us for more industry insights onLinkedIn FacebookTwitterInstagram

Send us a textNot many alcohol brands can claim to have taken a nearly 30-year hiatus from producing their spirit, only to revive it and build their business into a category leader. However, Tequila Fortaleza is not your average brand. It entered the U.S. market during the early stages of tequila's popularity boom and rapidly became one of the most celebrated agave spirit brands in the industry.  In this episode, Park Street's Jesse Cortes sits down with Billy Erickson, the Sales and Marketing Manager of Tequila Fortaleza to dive into the rise and development of his family's brand.  Erickson will cover the history of the brand from front to back, recounting how he helped his father build and expand the business in its early days and what the duo sees for Fortaleza in the future. He explains how their patient approach to expansion in the U.S. market paid off in the long run. Having been at the heart of the business for over a decade, Billy offers insight into the operational aspects of Tequila Fortaleza. You'll get a sense of how Billy and his team achieved a positive cash flow for the brand in a relatively short window by generating traction in the on-premise. He also offers his best practices for hiring, how to pick a distribution partnership, and what they would have done differently if he could do it over again. Join us as the Park Street Insider Podcast explores what it took for Tequila Fortaleza to become a driving force in the hottest spirits category in beverage alcohol.Episode Breakdown:0:00 - Introduction 5:26 - Erickson's background6:40 - Erickson's key skillset for industry members 8:10 - Learning about the industry as a newcomer10:40 - History of Fortaleza 14:40 - Key decisions when  building Fortaleza 17:30 - The importance of trade shows19:25- How the Tequila category landscape has evolved22:00 - Fortaleza's current footprint23:30 - Erickson's strategy for winning retail accounts26:00 - Hiring and training practices 29:00 - Running industry engagement programs33:15 - Best approach for picking out a distribution partner35:10 - Advice for establishing a trademark 37:00 - Best tips for brands first getting started in beverage-alcohol 40:45 - Fortaleza's expansion plans 44:09 - Navigating acquisition conversationsIn this episode you'll hear from:Billy Erickson, Sales and Marketing Manager, Tequila FortalezaMentioned in this episode:Tequila FortalezaLearn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Check out Park Street's Guide to Getting Started in the U.S. MarketFollow us for more industry insights onLinkedIn FacebookTwitterInstagram

Send us a textThe popularity boom of agave spirits over the past decade needs no introduction. The category saw a volume increase of 13% between 2021 and 2022 alone, according to IWSR, and is poised to take an ever-increasing share of the total spirits market. In the latest Essential Talks episode from the Park Street Insider Podcast, you'll hear from Carlos Ochoa, the COO of Mezcal El Silencio. In this talk, Ochoa will give listeners insight into what it's like to produce an agave spirit in Mexico with a window into the brand's production process.   He offers brand owners an understanding of how bottles are produced and eventually make their way to a point of sale. He also offers a cost-of-goods breakdown for each step, explaining how a bottle arrives at a certain price point.  Ochoa also makes the case for marketing agave spirits brands in ways that honor Mexican culture. He shares how his brand brought its production capabilities in-house to flip the script on outdated representations of mezcal production.   Episode Breakdown:1:15 - The cost of buying finished goods2:35 - The backward incentives for brokers 4:30 - Making the case for in-house productionKey Quote:"I'm a true believer that optimization does not mean industrialization. By buying finished goods, you're incentivizing the producers and the broker to squeeze down every penny. What I'm trying to convince people of is to hire those people (producers) directly."In this episode you'll hear from:Carlos Ochoa, COO, Mezcal El SilencioMentioned in this episode:El SilencioEl Silencio’s Carlos Ochoa on Mezcal Production Costs & InnovationLearn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Check out Park Street's Guide to Getting Started in the U.S. MarketFollow us for more industry insights onLinkedIn FacebookTwitterInstagram

Send us a textMergers and acquisition deals often make for good headlines, but to take a step back and look at the sum of these deals often reveals larger insights in the state of beverage alcohol.  This perspective can prove useful in helping brands shape their own strategies. In this Essential Talk, Ryan Lake, Managing Director at Arlington Capital Advisors, provides an overview of the current trends driving M&A activity in beverage-alcohol. Lake closely examines the perspectives of strategic acquirers, offering insights into spirits categories, packaging types, and technologies driving the market. He highlights the types of deals that dominate investments, showcasing how some of the biggest deals in the past year fit into these different investment structures. Additionally, Lake examines one of the most dominant forces in the M&A landscape: industry and category convergence. He explains why it's suddenly become so attractive for major soda companies like Coca-Cola and Pepsi to enter the beverage-alcohol arena. You'll also hear about how major suppliers have broken category norms in recent months to align with consumer trends. Listeners will learn about the best ways to incorporate M&A trends into their own thinking. Lake offers brand owners his best practices for staying agile in an ever-changing market.   Episode Breakdown:1:50 - Trending spirits categories driving M&A 4:05 - Trending packaging types and occasions driving M&A 5:55 - New technologies and innovations driving M&A7:17 - Most common types of investments 9:15 - Industry convergence10:40 - How brands can take advantage of M&A trends Key Quote:"If you're not building your brand for where the consumer is going,  you're already getting left behind. Make sure you're watching the trends: trends that go beyond spirits, beyond spirits-based RTDs, beyond beverage-alcohol even."In this episode you'll hear from:Ryan Lake, Managing Director, Arlington Capital AdvisorsMentioned in this episode:Park Street’s 2022 Beverage Alcohol M&A OverviewArlington Capital AdvisorsLearn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Check out Park Street's Guide to Getting Started in the U.S. MarketFollow us for more industry insights onLinkedIn FacebookTwitterInstagram

Send us a textFor years rum has been forecasted to be the next spirit category to undergo a major renaissance, and only in the last few years did that seem like it could be true thanks to a handful of innovative premium rum producers. Marc Farrell, the founder, and CEO of Ten To One Rum,  is among those producers seeking to elevate the category. When he founded Ten To One Rum in 2019  he leaned into his Caribbean heritage and the rich tradition of the spirit to create a premium and authentic brand identity that could propel that category into an exciting future.On this episode of the Park Street Insider Podcast, Emily Pennington sits down with Farrell to trace his journey from a coffee executive to a leader in rum’s revival. In this episode, he breaks down the status quo of the category and shares his approach to helping shift consumer perception.  He also explains why rum is a category that should be seen as synonymous with craft. Listeners will also get a sense of how Farrell's unique backstory made him a capable founder and hear about some of the key traits that have made him a successful entrepreneur.  Episode Breakdown:0:00 - Introduction 5:15 - Farrell's key skillsets for entrepreneurs'7:20 - Before Ten To One Rum13:40 - Why start a rum brand? 16:10 - Challenges facing the rum category22:05 - Milestones when brand building25:28 - How Farrell learned about the industry as an outsider29:40 - Ten To One's footprint today32:10 - The shifting perceptions of rum38:10 - Celebrity partnership with CiaraKey Quote:"As a founder, I think it's important that you don't ask people to do anything that you're not willing to do yourself. I was the first salesperson: going to accounts, doing tastings, telling the story, and closing that sale. Having those first couple cases land and seeing them on that back bar was a major, major milestone." In this episode you'll hear from:Marc Farrell, Founder & CEO, Ten To One RumMentioned in this episode:Ten To One Rum Bar Convent Brooklyn 2023Learn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Check out Park Street's Guide to Getting Started in the U.S. MarketFollow us for more industry insights onLinkedIn FacebookTwitterInstagram

Send us a textWhen Charles Gordon tasked Lesley Gracie with creating the quintessential English gin in 1999, there were no constraints on the level of experimentation she could employ to get the job done. It was only with a true sense of curiosity that the brand's flagship gin came to market infused with cucumber and rose. Now a leader in the craft spirits movement, Hendrick's achieved its status by making this sense of curiosity and experimentation crucial to its brand identity.  On this episode of Essential Talks from the Park Street Insider podcast, you'll hear from Muiris Ó Riada, Global Brand Director for Hendrick’s Gin at William Grant & Sons. Ó Riada will break down the steps Hendrick's has taken to activate the brand globally. For Hendrick's Gin, fostering a sense of curiosity and experimentation at every step of the brand's operations is crucial. From the curation of new products to holding activation events for bartenders, listeners will hear about how the brand utilizes the principle of experimentation at every level. Ó Riada also explains how everyone on the Hendrick’s team plays a critical role in the brand's strategy.  He also delivers his golden rules for telling the brand's story.   Episode Breakdown: 1:16 - Introduction to Hendrick's 2:07 - Golden Rules of brand activation 2:40 - History of Hendrick's 4:00 - How Hendrick's approaches innovation 6:30 - Engaging bartenders with new SKUs 7:45 - How Hendrick's uses its distillery to promote the brand Key Quote:"For us on the brand, we're very ruthless in keeping to what makes the brand different. That family company mindset, that backing, is critical to that sense of curiosity without compromise."In this episode you'll hear from:Muiris Ó Riada, Global Brand Director for Hendrick’s Gin at William Grant & SonsMentioned in this episode:Hendrick's GinWilliam Grant & SonsPark Street at Bar Convent BerlinLearn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Check out Park Street's Guide to Getting Started in the U.S. Market Follow us for more industry insights onLinkedIn FacebookTwitterInstagram

Send us a textLars Williams first started his distilling journey by experimenting with what he saw as a gin made of foraged pin needles. But when sharing the spirit with a friend they told him that without using juniper berries it couldn't really be called a gin. After more spirits testing, Lars would soon learn that his affinity for experimentation and unique ingredients would rule his brand out of traditional standards for spirits categories altogether.   On this episode of the Park Street Insider Podcast, Andres Correa sits down with Lars Williams, Co-Founder of EMPIRICAL, to unpack the rise of his brand. The two uncover why EMPIRICAL found its identity by throwing out the playbook for traditional spirits distilling to create a truly unique brand based on flavor. EMPIRICAL is currently making waves in the industry as a brand that approaches spirits production unlike any other.  The company has become one of the most disruptive brands in beverage alcohol through the way it sources unique ingredients and utilizes alternative technologies to produce products that don't conform to any single category.  This conversation breaks down what it was like for Lars to build a brand as an outsider with no spirits industry experience. He'll explain how his role running the test kitchen proper at restaurant Noma in Copenhagen translated to developing unique flavor profiles in his spirits.  He'll also share how he navigated the technical aspects of setting up a brand from a compliance perspective never having done this before. They'll also get into Lar's vision for the brand in the future and what people can expect from EMPIRICAL in the coming years. Listeners will hear how staying true to his vision was vital to Lar's brand-building journey.  Episode Breakdown:0:01  - Introduction 4:50 - Defining EMPIRICAL7:36 - EMPIRCAL's Origins9:40 - Coming into the spirits industry as an outsider 12:43  - Portfolio size and footprint 13:17  - Major brand-building milestones 15:50 - The creative process behind SOKA 20:07 - Experimentation  22:36 - Industry standards for sourcing ingredients 24:25 - U.S. market entry26:25 - Route to market strategy 28:00 - Differences between U.S. and European markets30:37 - Branding EMPIRICAL 33:12  - Opening a distillery in Brooklyn38:21 - Compliance lessons when opening a distillery36:22 - Key values as an entrepreneur 37:28 - Looking ahead Key Quote:"Stick to your guns. If you're starting a new brand there's going to be a ton of people saying that the markets are saturated or are too many players. But I think there's a lot of room for people who are trying to do something that is special, different, and high quality. I think it's an exciting time to be in the spirits industry."In this episode you'll hear from:Lars Williams, Co-Founder, EMPIRICAL Mentioned in this episode:EMPIRICAL Learn More About Park StreetSign up for our Daily Industry Newsletter.Check out Park Street's Guide to Getting Started in the U.S. MarketFollow us for more industry insights on

Send us a textConsolidation at the top of the distribution tier in recent years has resulted in higher levels of competition among smaller, independent distributors and suppliers alike. While at one time the U.S. market maintained around 3,500 wholesalers, this figure has been cut by more than two-thirds in the present day.  Meanwhile, the number of wineries and craft distillers has exploded, narrowing the funnel through which suppliers can gain access to the second tier. With such high levels of competition among suppliers and rapid consolidation in the distribution tier, one big question looms: how are independent suppliers able to get the attention they need from distributors?  In this episode, Emily Pennington sits down with Mark Harmann, the  National Sales Director of the Independent Distributor Network (IDN), for a discussion about the state of beverage-alcohol's second tier.  The two dive into Mark's seasoned industry background, how the Independent Distributor Network operates, and the options available to suppliers and distributors who want to gain visibility in this cluttered landscape.If you're looking to understand the status quo of the beverage-alcohol distribution tier, Harmann has you covered. He details the evolution of the distribution tier and explains how we arrived at the current environment today. He also explains the issues that IDN was built to solve and shares how his organization serves as a model for remedying the problems posed by consolidation.   This episode also offers some invaluable advice for brands when pitching to a distributor. As someone who aligns brands and distributors for a living, Harmann tells suppliers what to come to the table with when trying to attain distribution.   Episode Breakdown:5:30 - Harmann's background7:10 - Harmann's role at IDN8:43 - What is IDN in a nutshell? 9:30 - History of the distribution tier in the U.S. 12:45 - Brand advocacy for national vs independent distributors 15:44  - How IDN helps smaller brands  18:20 - What distributors look for in suppliers23:30 - How brands find IDN 24:30 - IDN's plans for the future25:30 - Common traits between wholesalers in IDN 28:30 - Advice Harmann gives to prospective members 32:50 - Best communication practices between suppliers and distributors35:00 - Incentivizing your distributor In this episode you'll hear from:Mark Harmann, National Sales Director, Independent Distributor Network Mentioned in this episode:Independent Distributor NetworkYou might also like: Park Street's Roundup of Distribution How-To's For Suppliers Quick Tips to Get Your Distributor's AttentionLearn More About Park StreetCheck out Park Street's Guide to Getting Started in the U.S. MarketSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Follow us for more industry insights on

Send us a textThe world of whiskey is expanding, and producers across the globe are coming up with new ways to innovate and drive the category forwards. With the demand for these spirits continuing to reach new heights, even established markets are finding ways to keep consumers engaged. On this episode of the Park Street Insider podcast, you'll be hearing from Stephen Gould, the founder, CEO, and master distiller of Golden Moon Distillery. Gould is a whiskey expert who travels the world, educating, judging, and consulting within the whiskey category, in addition to running his own brand.  In this talk, he gives an overview of three key world whiskey markets: the United States, Ireland, and Japan. A student of the category, Gould will place each of these markets in a historical context to help explain the developments within them today. As a member of the American Single Malt Whiskey Commission, Gould details the rise of the American single malt category in the United States and shares what efforts are being made by producers for the U.S. government to formalize a definition for the segment. He’ll then explain why Irish whisky is reaching back into its historic roots to find new means of market differentiation and give an update on the state of Japanese whisky. Gould gets into the technical details about how producers in the modern age are making differentiated whiskies that appeal to modern consumers. He cites innovation as the key for brands looking to set themselves apart in the market and gets into the importance of educating consumers. Episode Breakdown: 2:08 - Background on the category 3:57 - American single malt category9:59 - Irish whiskey 13:37 - Japanese whiskyKey Quote:"The world right now has an unprecedented demand for brown spirits that we've never seen before." In this episode you'll hear from:Stephen Gould, Founder, CEO & Master Distiller, Golden Moon DistilleryLearn More About Park StreetCheck out Park Street's Guide to Getting Started in the U.S. MarketSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Follow us for more industry insights onLinkedIn FacebookTwitterInstagram

Send us a textWe get it, entering the U.S. market can feel like staring up at a looming mountain, but it doesn't have to.  Robin Robinson, a brand consultant and spirits industry author, has been at the basecamp of the brand-building climb for years, giving brands the tools they need to succeed in the U.S. market. In this episode, Robinson brings his expertise in guiding small brands to U.S. market entry to the Park Street Insider Podcast. An industry veteran, Robinson will give you his tools and cardinal rules for succeeding in the U.S. market. One key piece of advice for Robinson: don't spread yourself too thin early on in your brand-building journey. He'll explain why maintaining a small geographic footprint and consolidated shelf lineup will go a long way in gaining meaningful traction in your chosen market. Robinson also helps entrepreneurs frame the way beverage-alcohol sales are made in the U.S. market, highlighting the importance of looking at beverage-alcohol sales as a B2B play. He wants brands to be sure that they appreciate the state-to-state regulatory variations before they go to market. Robinson will even share two case studies of brands he's worked with, demonstrating how the decisions they made influenced their level of success. Episode Breakdown:1:16  - Robinson's background 2:35 - Bev-Alc sales as a B2B play 3:40 - U.S. market framework5:04 - Building brand value 6:10 - The 4 cardinal rules of U.S. market entry 8:20 - Cost of sale9:09 - Market levelers  for small brands9:57 - Market entry case studies  Key Quote:"You're looking to create ambassadors of your brand in each one of the individual markets without you being there. You want to capture the hearts, souls, and minds of the people you're selling to because they are going to be your virtual sales force." In this episode you'll hear from:Robin Robinson, Author, and Consultant Learn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Follow us for more industry insights onLinkedIn FacebookTwitterInstagram