26: Fail Fast? No, Start Slow! Secrets from Building (and Exiting) the World’s Biggest Wine Brand with Michael Houlihan and Bonnie Harvey
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How would you run your business differently if you started with the end in mind?
Today’s show is all about forming your exit strategy up front… and there’s no one more qualified to talk about that than the co-founders of Barefoot Wine.
Bonnie Harvey and Michael Houlihan weren’t even “wine people” when they went into business. Yet they found a way to outsell everyone else and eventually had giant companies competing to buy THEM. (They happily sold to Gallo in 2005.)
In this episode, you’ll learn the strategies that drove their explosive growth and the way in which you can apply them—no matter your experience level.
From the simple question that launched their business, to the pitfalls of “falling in love with your product,” to why every entrepreneur should meet business brokers for lunch once a month, this show is packed with practical, hard-won wisdom you can immediately implement.
Download this one, subscribe to the BiggerPockets Business Podcast, and share this episode with just one person who you think you would get value out of it!
In This Episode We Cover:
- Barefoot’s (crazy!) origin story
- The one-sentence piece of advice that guided their launch
- Identifying a hidden opportunity in a competitive market
- How to design an iconic logo
- Why your market is more crucial than your product
- Avoiding the unnecessary expenses that kill most businesses
- How “worthy cause marketing” transformed their customers into advocates
- How to take other brands' followers
- The importance of ensuring your product display is correct
- How to think about what retailers want
- Preparing to sell a business
- Using narrative storytelling to teach entrepreneurship
- And SO much more!
Links from the Show
Listen on BiggerPockets: http://biggerpockets.com/bizshow26