Maryland Department of Commerce’s Post

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I've taken a hiatus from writing recently but hope to change that! Here's my latest on strategic exit planning for alcohol beverage entrepreneurs. TL;DR: when launching an alcohol beverage business, founders should think about: (1) who their investors/buyers might be and what restrictions they may have, (2) what their route to market is, (3) if they want to exit completely, decide whether to sell a brand or the business, and (4) strategically review existing and future contracts to optimize for future acquisition or investment. Strategic Exit Planning: Positioning Your Alcohol Beverage Business for Successful Acquisition or Investment — Hinman & Carmichael LLP (beveragelaw.com)

Advice from one of the best in the business.

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People talk up the parallels between weed and alcohol, but here’s one I've yet to hear: — The tendency to expand into new markets hastily and without a playbook My last business before I got into cannabis was a Fernet brand. I’m from the Bay, we love Fernet (IYKYK). This dope brand we’d created was getting a lot of traction throughout the craft cocktail scene in California. Inquiries started coming in from other states. “Hey we’re a distributor in Oklahoma, we love what you’re doing, can we be your partner?” I did what any inexperienced entrepreneur drunk on amaro and self belief would do. “Yes! Let’s go!” Suddenly we’re in 10 states, 2 international markets selling hundreds of cases per month. Happy days. Issue was we didn’t have the resources—capital, manpower, relationships, playbook—to service these areas. This probably sounds extremely familiar to the cannabis operators reading this. The reality is there are no set-it-forget-it markets. Sure, some are less capital intensive than others. But you can’t just drop packaging on a manufacturer, or a pallet of bottles with a distributor, and cash the checks. We spread ourselves too thin, didn’t have a foundational go-to-market playbook when hitting these new states, and learned the hard way. I see so many California cannabis brands repeating this mistake. They want out of the state so badly and underestimate how tough expansion is. This pushes them into markets they have no business being in, relying on their partners to bail them out. — My advice is: go slow, and overestimate how much it’ll cost and the support you need to expand market share. You’re far less likely to fail being patient and over-budgeting. Expanding hastily on a shoestring will sink your ship.