Boisson的动态

In the modern business world, doing the right thing should not be prized or lauded but simply expected. Let’s take as a given now the incredible work Boisson has done for brands just like mine in the US and beyond. For those who know and follow me, I have already re-shared Nicholas Bodkins post. Now let’s look big picture and be honest about the model of extreme cash burn and what can happen when money thinks it knows best and the founders aren’t close to the driver’s seat anymore. Everyone on the board can point the finger - arguing the founder didn’t know best. But what about in certain situations if the money doesn’t know best? And what if the money does what it often does in these situations, which is roll the company, not pay outstanding bills and then start all over like nothing ever happened? What does this teach the next generation about business building? Looking to morals and ethics in the non-alcoholic world specifically now; This sector of the drinks industry has become successful because of new and innovative brands like ours and those in the wider group. This collection of businesses has bolstered retailers that curate non-alcoholic sales platforms. Without our brands, these retail models can’t exist. It’s up to these retailers to support the brands, or the smaller ones will collapse if their stock isn’t paid up and their debts are simply written off. This matters and needs to be talked about. If the name and remodelled business are to continue and hope to survive with a degree of reputation intact, they should be returning existing stock to brands immediately and prioritising repaying brands what’s owed. As I understand it, there are some high profile industry backers involved here. We’re a B Corp certified business because we believe in profit with purpose. The business world is small. The No/Low world is even smaller. Everyone needs to do the right thing. #entrepreneurs #founders #scaling #VC #fundraising #investment #investors #growth #ethics #BCorp

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In business, competition is a powerful force. When times are good, businesses expand and grow, eager to capture market share and capitalize on consumer spending. However, as we see in the restaurant industry, expansion is often met with the harsh reality of market contractions. Over the past 15 years, zero interest rates and quantitative easing allowed many businesses to expand at a lower cost. Cheap borrowing and abundant capital created an environment ripe for growth. However, with high interest rates now taking hold, some businesses are finding it much harder to stay solvent. This year alone, we've witnessed at least 10 notable restaurant chains, including Red Lobster, Buca di Beppo, and Roti, file for Chapter 11 bankruptcy. These filings reflect a broader trend of rising bankruptcies across sectors, driven by tightening consumer spending, increased labor costs, and the end of pandemic-era support. It seems more chains such as Burger-Fi are at risk too. It’s clear that consumers are tightening their belts, as evidenced by the fast-food segment rolling out value meals and discounted offers to attract cost-conscious diners. This shift in consumer behavior underscores the importance of adaptability in business strategy. It's a stark reminder that in business, as in life, cycles of growth are often followed by contraction. Companies need to be prepared for these downturns by building resilience and adapting to changing market conditions. Those that can pivot and innovate will emerge stronger, while others may struggle to survive. As Peter Drucker once said, "The best way to predict the future is to create it." By being adaptable and identifying opportunities, you can make your own economy, even in challenging times.

The FTC and the Justice Department are aggressive in their enforcement of antitrust laws when analyzing mergers. The regulators have challenged deals including JetBlue Airways Corp.’s purchase of Spirit Airlines Inc. and Penguin Random House’s acquisition of Simon & Schuster. However, it isn’t clear that the antitrust authorities’ model for analyzing such deals still works given the supermarket industry’s changes. Quaestor Consulting Group (QCG)’s team of experienced consultants has the gravitas to help navigate regulatory challenges that arise during M&A review. As trusted partners and dedicated professionals, we don't shy away from the complexities of merger and acquisition integration; we thrive in them. Our track record speaks volumes, backed by over 100 years of combined expertise in negotiating, restructuring, and project management. Our seasoned leadership positions clients uniquely for growth, navigating financial management, ensuring compliance, and executing with precision.

Aiming to keep the cost of your Sunday evening grocery trip from increasing, the FTC announced yesterday that it’s?suing?to block the $25 billion Kroger–Albertsons merger. The FTC alleges that the merger—which would combine the second and fourth largest grocery store chains in the US—would lead to?higher food prices?for customers at a time when Americans are already spending more of their money on food than they have in the last 30 years. The proposed mega grocery chain would own 5,000+ stores across the country, including popular stores like Fred Meyer, Ralphs, and Safeway, and would control 15%–20% of the market—still short of Walmart’s 5,200 stores and more than 25% market share. Both companies claim customers would see?lower?prices if they teamed up. And while the FTC claims the merger would result in lower wages and worse conditions for workers, Kroger and Albertsons note that they are mostly unionized, and argue that together they’ll be better able to compete with largely nonunionized big shots like Amazon, Costco, and Walmart. (But the unions representing their workers oppose the deal.) They saw the FTC coming:?Under the Biden Administration, the FTC has?challenged?several mergers that it claims could drive up consumer prices, including the proposed JetBlue–Spirit tie-up. In anticipation of antitrust challenges, Kroger had already pledged $500 million to reduce prices and $1 billion to increase wages, and offered to?divest ~400 stores?by selling them to Piggly Wiggly owner C&S Wholesale Grocers. That wasn’t enough…the agency called the proposal “inadequate” and said it fell “far short of mitigating lost competition.” That’s probably because weighing the price of Dijon has the FTC feeling deja vu about Albertsons’s $9 billion merger with Safeway in 2014. Safeway and Albertsons won approval for that deal by agreeing to divest 146 locations to a private operator…which went bankrupt less than a year later.

Hello CPG folks Interesting new article from CPG industry expert Errol Schweizer : The FTC has filed a lawsuit to stop the $25 billion KrogerKR +1.9%-AlbertsonsACI -2.4% merger. The historic lawsuit rigorously documents how the 5,000 store, 710,000 employee mega-deal will eliminate competition, create higher prices for consumers and reduce wages for workers, especially by harming collective bargaining power. Labor unions, growers, and elected officials have echoed these concerns. Eight states’ attorneys general, along with the District of Columbia, have joined this federal lawsuit, which may be the first road test of the FTC’s new merger guidelines. It may also be a turning point for a heavily consolidated industry. Kroger claims the deal will help them compete with Walmart. Yet the result of a successful merger would mean the top 3 grocers could account for over 50% of all grocery sales, further reducing choices for workers, consumers and suppliers. The lawsuit may create space for a grocery industry beyond mass consolidation. This future could instead be cooperative.

An impressive piece of writing by Errol Schweizer . A lot to digest here, with big concepts way above my pay grade like monopoly, oligopoly, and democratization. It's a long article, and the second half is really the sweet spot for me. Do yourself a favor and read the second half as it is particularly inspirational. There are models out there that demonstrate responsible, sustainable and member facing distribution$ and growth . These are gaining momentum and becoming fashionable once again as a pendulum shifts. If you're a young and growing company, please put these structures on the table as a consideration. They are worthy alternatives to what we've seen the last 14 years and oftentimes outshine the entire industry.

How a company is classified by the Federal Trade Commission can make all the difference when said company is considering a merger with a competitor. The roughly $25 billion supermarket merger deal between Kroger and Albertsons has prompted a conversation around how other non-grocery store chains are considered competitors in space. The Federal Trade Commission argues that if Kroger and Albertsons merged, they would be the only major supermarket operator left in town. Direct competition between Kroger and Albertsons would continue to bring grocery prices down and the quality of grocery products and services up. However, Kroger and Albertsons argue that the landscape of grocery shopping has expanded to a diverse assortment of grocery retailers beyond the traditional supermarket. Such competitors include companies like Walmart, Wholefoods, Target, Trader Joe’s, Aldi, and Lidi. When Kroger and Albertsons announced their deal in late 2022, company executives said that combining the country’s No. 1 and No. 2 pure-play supermarket operators was necessary to compete against retail powerhouses such as Walmart and Amazon. Merging would give the combined company added scale to operate efficiently, maintain employment, and keep prices down for consumers. Now a federal judge in Oregon will decide whether Kroger has solved the FTC’s competition concerns by agreeing to sell over 400 stores that Albertsons currently owns. Disclosure: This article is for informational purposes only and should not be construed as legal, regulatory, tax, accounting, or investment advice. It expresses the views of the author as of the date indicated and such views are subject to change without notice. Quaestor Consulting Group ("QCG") has no duty or obligation to update the information contained herein. Certain information contained herein is based on or derived from information provided by independent third-party sources. QCG believes that the sources from which such information has been obtained are reliable; however, it has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. QCG makes no representation, and it should not be assumed, that past investment performance is an indication of future results. Moreover, wherever there is the potential for profit there is also the possibility of loss.

Some really big, and really challenging news to share: Boisson’s Board of Directors has determined that entering into a restructuring process for the company to shift its operational focus is in the best interests of its creditors and other stakeholders. This and other difficult decisions have been made, including the decision to close all retail locations. While this is certainly disappointing, taking these actions will allow the company the opportunity to put forth a restructuring plan aimed to focus on the wholesale distribution and e-commerce divisions, which continue to operate, accepting and fulfilling orders without interruption. I’m taking some time to reflect, but wanted share initial thoughts: First, our failure is not the NA category’s failure. No one should consider this anything other than what it is: a failed venture-backed startup that grew too quickly, made mistakes, and wasn’t able to find capital fast enough to continue to build three businesses at the same time (bricks and mortar retail, ecommerce, and wholesale import/distribution), which in hindsight, proved to be impossibly hard to execute. Ultimately, my biggest disappointment is not delivering for our team—both current and former. From our dedicated and knowledgeable retail associates and tenacious warehouse team, to our wholesale, ecommerce, operations, and planning teams who dedicated every day to the magnitude of what we were trying to build. I am proud that we served more than 250,000 customers, of the deep and meaningful wholesale partners who embraced NA for their customers, and proud of the awareness and education we brought to consumers, introducing them to NA through partnerships we forged with brands and communities. Pioneering brands like Ghia, Pentire, Noughty, French Bloom, Kolonne Null, Cale?o, Little Saints, Athletic Brewing, Everleaf, Wilfred’s, and so many others along with their visionary founders and their teams are still forging ahead on their mission, and I plan to continue cheering each and every one on and helping in any way I can. It’s also important to acknowledge I’m sorry—not sorry we took such a big swing—but that we ultimately failed to execute. Personally, I’m now looking for what’s next. I'll continue my reflection, but ultimately I need to get back to work. I? have a family to support, a toddler who has likely only seen her dad pacing and with his phone in hand since she can remember, and a wife who has been so tremendously supportive, and has often shared the burden of supporting our family more than I've been able to. Message me if: - You’re interested in what we built at Boisson and think it could be a good fit to integrate into your business - You have open roles for our wholesale, retail, warehouse, and operations professionals - You’re open to working with a founder who has succeeded and failed, and understands the path to success is non-linear, who can see around corners, and transform making mistakes into magic.