Latest / Daily Influence / 658. Aging Influence: What Whiskey Teaches Us About Patience, Process, and Leadership

Transcript

658. Aging Influence: What Whiskey Teaches Us About Patience, Process, and Leadership · Daily Influence

• 0:10
  [SPEAKER_01]: Welcome to Daily Influence, your daily dose of positive influence.
• 0:14
  [SPEAKER_01]: I'm Brian Smith founder of IA Business Advisors and co-author of the Iain team series.
• 0:19
  [SPEAKER_01]: Each day we share stories and insights to help you find be and build your influence in a positive and responsible way.
• 0:27
  [SPEAKER_00]: And I'm Greg Clino, partner at IE Business Advisors, and co-host of Daily Influence.
• 0:32
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• 0:39
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• 0:48
  [SPEAKER_01]: Hey everybody Brian Smith here with the item team series and your daily influence and today I have an amazingly unique guest that since we had the Brewers Guild on you haven't heard us really lean into this area of business very much over the last couple years.
• 1:06
  [SPEAKER_01]: But my guest today, as my kinds, we met almost a year ago in Florida, I think we were both attending the Daytona 24 races.
• 1:15
  [SPEAKER_01]: We were sitting at a bar ironically, having dinner and struck up a conversation, which is a great way by the way to meet other people and had a good conversation and promised to do this.
• 1:27
  [SPEAKER_01]: So one year later, welcome Mike to Daily Influence.
• 1:31
  [SPEAKER_01]: Thank you for being here.
• 1:32
  [SPEAKER_02]: Brian, thanks for having me and thanks for this time to kind of just have a real talk with you.
• 1:38
  [SPEAKER_01]: Yeah, as we were just talking about, I'll share with everybody.
• 1:40
  [SPEAKER_01]: Mike has facilities in Nashville, and he'll tell you more about that in a second.
• 1:46
  [SPEAKER_01]: But I run in, I just had an opportunity to go by one of those.
• 1:50
  [SPEAKER_01]: And if you're in Nashville, look up Mike's place, Nashville barrel company, you will not be disappointed, especially if you are a whisky drinker.
• 2:01
  [SPEAKER_01]: do us a favor first and just introduce us to national barrel company, but also how you got there and where you're at right now.
• 2:09
  [SPEAKER_02]: Sure, you know, Brian really is a grassroots story.
• 2:13
  [SPEAKER_02]: You know, I'm the co-founder and the chief bourbon guy in national barrel company.
• 2:17
  [SPEAKER_02]: I bet Toyota partners, you know, and we kind of, national barrel company is a not-producing whiskey distillery.
• 2:23
  [SPEAKER_02]: So we do as we always source barrels and we bring it back and we put our flare on it and then we bottle it if you will.
• 2:29
  [SPEAKER_02]: But the story really goes back prior to even when we started the company.
• 2:33
  [SPEAKER_02]: James and myself were really known in the Burma community.
• 2:36
  [SPEAKER_02]: It was more of a hobby for us.
• 2:38
  [SPEAKER_02]: A lot of people you hear about starting a job from a hobby.
• 2:41
  [SPEAKER_02]: And that's literally what we got to do.
• 2:42
  [SPEAKER_02]: We were blessed with the right opportunity and the right hard work.
• 2:46
  [SPEAKER_02]: But what it is is we used kind of our social setting and our social cues and the marketplace and we created a whiskey company based on people who are loving our palettes because we were always in whiskey.
• 3:00
  [SPEAKER_02]: We kind of had this, we would just do an OG bottle shares.
• 3:03
  [SPEAKER_02]: We were having a lot of fun with it and then one day we decided, you know, there could be a business opportunity here.
• 3:08
  [SPEAKER_02]: So we went from three guys in a condo, handwriting labels on a copy table to now we're in 36 states.
• 3:16
  [SPEAKER_02]: We have two locations and we're working on our third location in Louisville right now.
• 3:21
  [SPEAKER_01]: That is just so awesome.
• 3:23
  [SPEAKER_01]: I think what that says to people is grass roots is still a path to really good success.
• 3:29
  [SPEAKER_01]: And you know, it leads me to my first question which is, you know, in a world that
• 3:35
  [SPEAKER_01]: We see it all day.
• 3:37
  [SPEAKER_01]: It's we're obsessed with scaling 10x this go fast grow fast.
• 3:41
  [SPEAKER_01]: How do you guys continue to honor process and keep that competitive advantage?
• 3:48
  [SPEAKER_01]: And how do you use that in your influence to the market to keep growing?
• 3:52
  [SPEAKER_02]: That's a great question that actually, you know,
• 3:55
  [SPEAKER_02]: People really don't ask, but we definitely focus on when we started scaling and started going it We did it with purpose.
• 4:01
  [SPEAKER_02]: There was a lot of states and a lot of customers that wanted to carry our products and different marketplaces And we kind of had to slow down.
• 4:08
  [SPEAKER_02]: I mean, we we left money on the table, but we wanted to make sure that we didn't fall in our face
• 4:12
  [SPEAKER_02]: We've seen many times in business, someone will scale too quick, they get in a capital crunch, they can't control quality, you know, so you really have to walk before you run.
• 4:21
  [SPEAKER_02]: And we're still doing that to this day.
• 4:23
  [SPEAKER_02]: We're definitely methodical with our expansion.
• 4:25
  [SPEAKER_02]: We're methodical with our process and our releases.
• 4:29
  [SPEAKER_02]: And one thing that has helped us do is our customer base respects us more.
• 4:33
  [SPEAKER_02]: We sacrifice, you know, grabbing more business and money, but you get more trust
• 4:39
  [SPEAKER_02]: and having a customer be a long-term customer and not turning it back on their trust is it's probably the most important thing to us because those customers already would help build our brand.
• 4:49
  [SPEAKER_01]: Now you started that with slowdown and for those who listen to us all the time, the largest chapter in my first book, Mike is literally titled slowdown.
• 5:01
  [SPEAKER_01]: So we love what we hear
• 5:05
  [SPEAKER_01]: business leaders start with that and because it does give us such an opportunity for focus.
• 5:11
  [SPEAKER_01]: And what it really that really helps segue into my second question, which is, how do you innovate and stand out in a crowded market without losing your core identity and still keep
• 5:30
  [SPEAKER_02]: That's another great question, Brian.
• 5:32
  [SPEAKER_02]: I think that's all the podcasts I've been on.
• 5:34
  [SPEAKER_02]: You really have the best questions and different questions.
• 5:39
  [SPEAKER_02]: And once again, I think that our philosophy here is, let's do, let's lean into what we are.
• 5:46
  [SPEAKER_02]: Let's try some experimental stuff.
• 5:48
  [SPEAKER_02]: Let's expand the line, but let's not lose our identity of what guys to wear.
• 5:53
  [SPEAKER_02]: So for example, you know, in our space, there's a lot of people that are trying some really outrageous finishes and some really, you know, cutting edge things that that we applaud.
• 6:04
  [SPEAKER_02]: But what we do is we really want to make sure the bourbon is the star of the show.
• 6:07
  [SPEAKER_02]: So we're a bourbon brand by nature.
• 6:09
  [SPEAKER_02]: So if we're going to do a finished product, we're a honey finished bourbon per se.
• 6:13
  [SPEAKER_02]: We really wanted to make sure that it's bourbon first and then honey after meaning that it needs to be a bourbon flavor bourbon with a little honey not not a honey bourbon if that makes sense and what thing because what thing we we know in our industry is that there's a lot of different niches people cut and what you're in a niche you know you really kind of get a following you almost want to stay in that land you can you can kind of sway a little bit
• 6:39
  [SPEAKER_02]: But obviously, if you make a hard left, a hard right, you're really turning your back on some of your main customers and it didn't feel the work of money grab, you know, there's enough of any industry to go around.
• 6:50
  [SPEAKER_02]: So we really want to make sure that as we're expanding, we're doing the right additions to our core items, right.
• 6:55
  [SPEAKER_02]: We're not we're not going so far off left based it, you know, we're not we're not going to be McDonald's on a certain hat and a lobster taco.
• 7:02
  [SPEAKER_02]: You know, we might we might get fun in our lane, but we try this kind of stay in that wheelhouse.
• 7:07
  [SPEAKER_01]: Wow, so with that, what has the whiskey business taught you about patience, timing, and letting things mature before you guys act?
• 7:17
  [SPEAKER_02]: How do you hold yourself back?
• 7:19
  [SPEAKER_02]: You know, it's our ethos when we started and there's a clip on YouTube where
• 7:25
  [SPEAKER_02]: We talk about the first barrels of burden we ever purchased when we lost our company were seven years old and that's a that's a pretty good age statement for it to launch You know Jack Daniels or Woodford old for us to most of that bourbons four to five years old So we bought some seven year bourbons they came in and they just weren't ready We they were good they weren't great So our first money we put out our first capital outlay and we got it we realized this isn't good enough to launch with
• 7:51
  [SPEAKER_02]: let's put them back in the warehouse and then we bought more.
• 7:54
  [SPEAKER_02]: So before we even had a proven business model, before we made a dime, we only had doubled down knowing that those weren't ready yet.
• 8:00
  [SPEAKER_02]: They need more time.
• 8:02
  [SPEAKER_02]: And three years later, we went back to those same barrels, and they were amazing, and it completely changed.
• 8:07
  [SPEAKER_02]: And we actually have a sample, we pulled a minute with seven, and they were totally bottled in it 10, and you're thinking it's two different things.
• 8:14
  [SPEAKER_02]: One thing whiskey will teach you is the patience of, you can't rush nature.
• 8:20
  [SPEAKER_02]: You can't rush the process.
• 8:21
  [SPEAKER_02]: Being in the lead just do its thing.
• 8:24
  [SPEAKER_02]: Sometimes it hurts for forecasting, because what thing we really care about is making sure we have quality in a bottle.
• 8:29
  [SPEAKER_02]: And you can't rush that.
• 8:31
  [SPEAKER_02]: So that's an our business you have to be patient and when it comes to to offerings are what do you do a release and timing.
• 8:38
  [SPEAKER_02]: I think you mentioned timing and our business is crucial as well.
• 8:42
  [SPEAKER_02]: You know in the sense of you want to release something for the holidays or a prohibition day we we have to be mindful of of you know different dates and the calendar of what we do certain releases because if you don't have timing right it can flop.
• 8:55
  [SPEAKER_01]: Yeah, we love that.
• 8:56
  [SPEAKER_01]: You know, one of our core management philosophies, Mike, is our smart management program, which is built on the foundation of smart goals.
• 9:06
  [SPEAKER_01]: We took that foundation of specific measurable attainable relevant and timely, and that timelyness on people often forget about.
• 9:14
  [SPEAKER_01]: that is this the right time to do X.
• 9:16
  [SPEAKER_01]: Whatever X is, it could be really as a whiskey, have a conversation, you know, enter a market.
• 9:22
  [SPEAKER_01]: So that timelyness often times is what can make or break us.
• 9:27
  [SPEAKER_01]: I think you said, right, that's not wrong.
• 9:30
  [SPEAKER_01]: I actually have only one more question and it's kind of, you know, philosophical almost.
• 9:36
  [SPEAKER_01]: Do you think of leaders?
• 9:39
  [SPEAKER_01]: we're to treat their people, their culture, and their strategies, what the same care that you have just outlined that you put in to bringing this product to the market.
• 9:50
  [SPEAKER_01]: You know, what do you think would change for those leaders if they just took that care in their areas of influence?
• 9:58
  [SPEAKER_02]: Well, I think that, you know, I won't speak for others but I can tell you that for myself, you know, I've got day one employees and all my staff, I don't have a turnover rate.
• 10:08
  [SPEAKER_02]: You know, I really, I value culture.
• 10:10
  [SPEAKER_02]: It's easier to promote an employee and train them, and keep them than it is to not treat them right and let them leave and then start all over.
• 10:18
  [SPEAKER_02]: There's those are cost associated with that.
• 10:20
  [SPEAKER_02]: And if you can find an employee that is loyal to care so much about the business as you do, you should take care of them.
• 10:26
  [SPEAKER_02]: We're closed on the major holidays, even though half of our business is hospitality focused, we're closed on New Year's Day, we're closed on Fourth of July, we're closed on Memorial Day, and our competitors are open.
• 10:40
  [SPEAKER_02]: Our building is shut down and the bars next to it are slammed, but I think that in today's marketplace or job place, the other generations are a lot different than when I grew up.
• 10:50
  [SPEAKER_02]: back then I had a job like you if you didn't have a job you didn't know what to do.
• 10:54
  [SPEAKER_02]: The other generation cares more about time with their family with more experiences and not know the work-life balance.
• 11:01
  [SPEAKER_02]: So I think of the leader cared about their employees as much as they do about their business that their business will well get X because you have not only you looking at it, you have all your employees that have ownership in it as well.
• 11:14
  [SPEAKER_01]: That's what that is.
• 11:16
  [SPEAKER_01]: probably the best answer you could have given.
• 11:18
  [SPEAKER_01]: I couldn't agree more.
• 11:19
  [SPEAKER_01]: And I'm proud to say that we have very long term employees here.
• 11:23
  [SPEAKER_01]: We turned 30 years old February 7th here at I.A.
• 11:27
  [SPEAKER_01]: And we have people that have been involved clients and employees that have been involved with us almost since day one.
• 11:33
  [SPEAKER_01]: So we're really, really proud of that.
• 11:35
  [SPEAKER_01]: And I know exactly what you said in the reasons why if you out there listening
• 11:41
  [SPEAKER_01]: hear any of this over again, go back and rewind that last segment and just listen to it over and over again because it is so true.
• 11:49
  [SPEAKER_01]: So Mike, last, I guess this is really the last thing.
• 11:52
  [SPEAKER_01]: Do you have any parting words that you'd like to share with our audience?
• 11:58
  [SPEAKER_01]: It could be about, you know, visiting you or just something that you like to leave a podcast off with.
• 12:05
  [SPEAKER_02]: You know, like two things to only because this is called the influence podcast, I, I always feel like I should share that, you know, anyone out there has influence if they believe it or not, you know, it doesn't matter what position or what job you are, there's people that would respect your opinion on where to get dinner, wherever, what carnage drive, you might not know what you're influencing people every day.
• 12:27
  [SPEAKER_02]: So you don't have to be a CEO, you don't have to be, you know, anything, you know, anyone that's asking you a question, you're answering it with your opinion, you're actually giving an influence.
• 12:36
  [SPEAKER_02]: So, you know, make sure that you don't take that lightly, you know, make sure that that's it.
• 12:42
  [SPEAKER_02]: One last thing is, if you guys come to Nashville, we'd love to see you.
• 12:46
  [SPEAKER_02]: We're also moving though, come look us up at Nashville Barrel.
• 12:48
  [SPEAKER_01]: Awesome.
• 12:49
  [SPEAKER_01]: And Mike, would you please just share with everybody how they can reach you your website and social pages?
• 12:55
  [SPEAKER_02]: Yeah, you can actually find it's at nationalbarrelco.com on Instagram at National Barrelco, on Facebook as National Barrelco.
• 13:03
  [SPEAKER_02]: And then Louisville will be at Louisville RichhouseWiskyco.com.
• 13:07
  [SPEAKER_01]: That is awesome.
• 13:09
  [SPEAKER_01]: Mike, thank you so much for finally getting on daily influence and sharing
• 13:17
  [SPEAKER_01]: and that amazing insight into how to build and be an amazing business in today's marketplace.
• 13:25
  [SPEAKER_01]: I really appreciate you.
• 13:26
  [SPEAKER_01]: Thank you.
• 13:26
  [SPEAKER_02]: Thank you, Brian.
• 13:27
  [SPEAKER_02]: Let me know next time we're in Florida, maybe we could meet up at a bar again.
• 13:30
  [SPEAKER_01]: That will be awesome.
• 13:32
  [SPEAKER_01]: All right, everybody.
• 13:32
  [SPEAKER_01]: We'll see you later.
• 13:33
  [SPEAKER_01]: Mike, we'll talk to you soon.
• 13:35
  [SPEAKER_01]: See you, Brian.