Back in mid-2024, Episode #25, Carol interviewed Megan Bell, owner of Margins Winery in Santa Cruz, California. Megan had been profiled in the SF Chronicle about the increasing challenges in the wine business. Two years later she was profiled again for having ended her wine company, and host Carol Collison asked her back to talk through her process of deciding to wind down the business, and the sacrifices she made to make sure she paid all her growers and her bankers. Carol and Megan discuss various issues and tendencies that make it difficult for entrepreneurs to make decisions like this: the tendency to ignore information that contradicts your decision, the “sunk cost fallacy”, as well as the role of investments - such as a tasting room lease and tenant improvements - that have the effect of increasing a company’s break-even point and reducing financial flexibility. Carol emphasizes that the discipline and integrity that Megan demonstrated in her wind down of Margins winery reflects the best of American business ethics, and calls to all business managers to remember to “do what you say you’re going to do.” An ethos that has made American entrepreneurship the envy of the world.

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https://www.sba.gov/local-assistance/resource-partners/small-business-development-centers-sbdc

Questions? Comments? smallfortunepodcast@gmail.com

Sponsor: Global Wine Partners https://www.globalwinebank.com/

Editor: John Kiernan, The PodHouse Productions

www.thepodhouseproductions.com

Music: Nate Collison

Logo Photography: John Corcoran

Among many the keys to professional success in corporate environments that are discussed in this episode are: make what’s best for the business your “north star” (then your career will take care of itself); focus on the big picture (don’t get lost in the data); but also prioritize your efforts based on data. Host Carol and her guest Carol also discuss challenges that women managers can face and ideas about how to overcome them. Learn what the role of a Board of Directors is (nose in, hands out) and the best ways that managers and board members can work together to advance the business they serve. Reber recommends that owners of businesses of any size find either informal or formal outside advisors to get advice and support when making important decisions. Please note: this is an edited version of a long conversation, some day in the future we may publish an “director’s cut” of the whole thing.

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https://farniente.com/

How to become a board member in six steps | McKinsey

Questions? Comments? smallfortunepodcast@gmail.com

Sponsor: Global Wine Partners https://www.globalwinebank.com/

Editor: John Kiernan, The PodHouse Productions

www.thepodhouseproductions.com

Music: Nate Collison

Logo Photography: John Corcoran

Cathy Huyghe began her career as a writer for Forbes Magazine, writing on the wine business and related business issues. In 2009 she and her co-founder launched a data analytics firm, Enolytics, which takes winery client sales data from all channels and returns actionable information about where and how the winery can improve its sales results. Recently they have incorporated “AI” technology (specifically machine learning) to augment the service, and she and host Carol Collison discuss the pros and cons of using AI. They also discuss a new initiative recently launched, in a joint venture with direct-to-consumer specialists WISE, that provides customers a new way to execute effectively on their DTC data. Cathy shares a new key to success in our 70th interview: get out there and meet people.

Enolytics

Enolytics 101

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Questions? Comments? smallfortunepodcast@gmail.com

Sponsor: Global Wine Partners https://www.globalwinebank.com/

Editor: John Kiernan, The PodHouse Productions

www.thepodhouseproductions.com

Music: Nate Collison

Logo Photography: John Corcoran