30% of Wineries Won’t Survive - Will You?  “The crop will be great this year, but the harvest will be low.” That’s the best line I heard at two recent industry meetings. Wineries continue to cut back production to match demand and balance inventory. Some brands have already decided to stop making wine, selling off inventory at discounts as they quietly wind down. Estimates suggest that as many as 30% of today’s wine brands won’t survive the current “industry reset.” The difference between survival and closure often comes down to one thing: financial management. You already have a process for winemaking—you guide growers and winemakers to deliver the wine you expect. But do you have the same kind of process for managing your finances? Too often, bookkeeping is left on autopilot. Bookkeepers enter data the way they see fit. The result? Financial statements that may be accurate in a technical sense but aren’t structured to

Cardmembers Can Now Redeem Rewards Within ProofLoyalty’s Exclusive, Highly Curated Collection of Fine Wines PASADENA, Calif., December 15, 2020 – Vertical Finance today announced an exclusive partnership between its Grand Reserve Rewards program and ProofLoyalty, a marketplace boasting a premier collection of fine wines and experiences. The partnership between the two wine industry innovators enables […] The post Grand Reserve Rewards Enters Partnership with ProofLoyalty Wine Marketplace appeared first on Wine Industry Advisor. Url:https://wineindustryadvisor.com/2020/12/15/grand-reserve-partnership-proofloyalty?utm_source=rss&utm_medium=rss&utm_campaign=grand-reserve-partnership-proofloyalty Published Date:Tue, 15 Dec 2020 19:00:14 +0000 

Switchback Ridge, Myriad, Patz & Hall, Ketcham Estate, Joseph Jewell Wines, Col Solare join more than 400 boutique wineries in the Grand Reserve Rewards program PASADENA, Calif., October 7, 2020 – Vertical Finance today announced that they have welcomed 28 new partner wineries to the Grand Reserve Rewards network, a unique loyalty and rewards program […] The post Vertical Finance Welcomes 28 New Partner Wineries to the Grand Reserve Rewards Network appeared first on Wine Industry Advisor. Url:https://wineindustryadvisor.com/2020/10/07/vertical-finance-welcomes-new-partner-wineries?utm_source=rss&utm_medium=rss&utm_campaign=vertical-finance-welcomes-new-partner-wineries Published Date:Wed, 07 Oct 2020 18:09:58 +0000 

by Mark Steranka, Partner, Advisory Services; Jay Silverstein, Partner, Private Clients Practice; and Bill Vyenielo, Senior Business Consultant, Wine, Beer & Spirits Practice A version of this article was previously published in the December 2019 edition of  Wine Business Monthly. No matter where you are within the life cycle of your business, there are questions, decisions, and solutions that need to be determined. Whether your business is in the start-up, growth, or maturity phase, or if it’s preparing for an exit or transition, entering a new stage is often exciting as well as challenging. Critical activities like strategic planning need to take place during each of these phases to meet future goals—and to prepare for an eventual exit. This article identifies key activities that should be focused on in each phase of your business. Start-Up Phase The start-up phase begins when you decide to turn your idea into a business. Start by breaking down this phase into conc