Shownotes
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Today we speak with Richard Bailey – Adelberg Management
We learn about his 3P Method of how he turns around companies.
People Product Process – 3 P method
In this Episode we will learn:
How most people working in Private Equity don't know how to run a business.
How many wine businesses are not run as a business, but more as a hobby, leading to poor return for investors.
What are the different business units in the wine industry in a vertically Integrated operation.
A) Vineyard – romance - 10 months growing 2 months harvesting - farm
B) Winery Custom Crush – make the wine , bottle, storage, sell to retail or wholesale (rare on the east coast)
C) Retail – tasting rooms
We talk about the business adage - "If you can’t be better – be different."
How embracing alternative formats for new customers was a way to be different in the industry.
Why weather is not a major issue when it comes to wine production against popular opinion.
Make sure that you are making a product that people want to buy.
How the use of social media pushed sales with the target audience that he identified.
People –
How Richard created careers for his employees instead of part-time seasonal labor like most Vineyards.
How every employee receives health benefits and a 401K plan, even those in the field.
How Richard invested in his employees to create loyalty and stability in his staff.
Process -
How running regular management meetings, creating employee manuals, and creating an accountability structure turned the business profitable.
How he created a stable employee base.
How understanding market demand and communicating it throughout the company allowed them to create the correct amount of wine to meet their customer demand.
Product –
How having a strong wine maker, and continuity in the farm employees, led to an increase in the quality of the wines.
How decreasing the number of wines and concentrating on what you do best led to increased profitability.
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