Liquid Assets: A Beverage Industry Podcast

5.0 (126)
BUSINESS NEWS
UPDATED MONTHLY

Rabobank's global beverage team offers insights, analysis, and a bit of entertainment for your morning commute. Liquid Assets will help you tackle the latest trends, introduce you to industry leaders, and prepare you for what's next in the beverage world. Please read our disclaimer here: https://research.rabobank.com/far/en/footer/disclaimer.html

5D AGO

The new world for venture capital

Many investors have abandoned the world of early-stage alcohol startups, leaving a gaping hole in the market. There is less money available to fuel startup growth, and potential buyers are demanding both scale and profitability, extending the time to achieve an exit and reshaping the optimal strategy for building a brand. Over the last five years, Jason Sherman (Top Shelf) and Nick Papanicolaou (No Sleep Beverage) each helped found venture capital firms specializing in alcohol. In this episode we explore where they see opportunity, what they consider when making an investment, and what buyers of the future will ultimately be looking for. In this episode we discuss: The metrics that startups and investors should prioritize when measuring success. The current capital environment for early-stage startups and how to build a brand with way less money than before. Where the corporate VC model succeeded and why it ultimately failed to survive. Where innovation for large firms will come from in the future. Notable time stamps: 2:23 – Jason and Nick share their background and the investment thesis behind their firms. 17:11 – How to measure velocity: The key metric for potential investors. 20:30 – The impact of the general environment on investor sentiment and capital availability for independent brands. 41:00 - A corporate VC post‑mortem and the future of innovation at large alcohol suppliers. Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

1h 5m
MAR 19

Heaven Hill on how to thrive in a downturn

From 1970 to 1995, US per capita spirits consumption fell by nearly 50%. Yet some players, like Heaven Hill, emerged stronger and more diversified than when the downturn began. In this episode, Heaven Hill Chairman Max Shapira and President Kate Latts reflect on the company's 90‑year journey, offering first-person accounts of beverage alcohol's last major downturn, the subsequent revival in demand, and what lessons, if any, apply to the current marketplace. In this episode we discuss: The drivers behind the collapse of alcohol sales in the 1970s and 1980s and the segments (wine, vodka, etc.) that actually grew during the downturn. The consolidation of the US bourbon industry, with the number of Kentucky distillers falling from 70 to 10 in just two decades. The drivers of the current market and whether they share any similarities with the 1980s. The outlook for the current US bourbon supply, and the risk of a shortage in three to five years. The moderated impact of oversupply on the sales performance of well-established brands v. startups. Notable time stamps: 02:20 – History of Heaven Hill and building a diversified portfolio 09:21 – What caused alcohol sales to collapse from 1970 to 1995 12:39 – Parallels between the 1980s and today 19:17 – Drivers behind the current decline in alcohol demand and what is going on with millennials 32:13 – Why downturns and oversupply favor strong brands and what will happen to craft distillers 54:32 – Chaos in the distributor tier 01:02:28 – The post‑pandemic socialization reset Have a question, qualm, or story to tell? Reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

1h 10m
MAR 3

Are there any bright spots in wine and spirits? featuring Danny Brager and Dale Stratton

Fresh from their rather somber state-of-the-industry presentation, SipSource analysts Danny Brager and Dale Stratton help identify whether there are any areas of growth and promise in the wine and spirits business. Topics include: The performance of wine and spirits depletions in 2025 and the outlook for 2026. The surprising resilience of RTD growth rates. Prosecco's continuing strong performance. The wine industry trying more innovative marketing strategies. The importance of finding the right packaging formats. If consumers actually want low-alcohol products or if they want low-calorie and low-sugar products. Have a question, qualm, or story to tell? Reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

36 min
FEB 26

How to become the biggest wine brand in the Midwest… or at least Indiana

Oliver Winery is one of the largest wine businesses in the United States. It is located in Indiana. In this episode, CEO Pat Brown shares how the unusual origins of the business have helped the company capture consumers who would otherwise be overlooked by the wine business, as well as the advantages of operating a winery outside the West Coast. Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

32 min
FEB 23

Breakthru's Danny Wirtz on suppliers' shift to a "best athlete" strategy

Danny Wirtz, Co-Chairman of Breakthru Beverage Group, discusses how brands are rethinking national agreements and what success looks like when performance, not footprint, are the primary concern for suppliers' route-to-market strategy. Themes from the episode: How did Breakthru shift strategy after a planned merger with Republic National Distributing Company was terminated in 2019? What does geographic expansion look like in the current market? What is driving decisions about footprint? Are suppliers deprioritizing a national footprint? Are there still benefits from those national partnerships? How is the push from beer wholesalers and Reyes Beverage Group changing the strategies of wine and spirits wholesalers? What are Danny's thoughts, as CEO of the Chicago Blackhawks, about the boost his sport has received from the international phenomenon Heated Rivalry? Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

26 min
FEB 19

US wine and spirits wholesalers are all in on hemp and other updates from WSWA

We caught up with Francis Creighton, President and CEO of Wine & Spirits Wholesalers of America, on the floor at this year's Access Live conference in Las Vegas. In addition to helping its members navigate a very difficult business environment, the lobbying group representing US wine and spirits wholesalers in the US has a full advocacy agenda. Francis quickly brings us up to date on its legislative priorities and how wholesalers are dealing with the tough times. Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

41 min
FEB 10

What's next for US beer distribution? featuring Harry Schuhmacher and Jenn Litz-Kirk

The team from Beer Business Daily and Beernet Radio offer candid coverage of the tumult and upheaval in the US beer wholesaler business. In this episode, we touch on the following topics: How are big brands (AB InBev, Molson Coors, Constellation Brands) applying pressure differently to their wholesaler networks? What is the outlook for hemp beverages (né marijuana edibles)? Will they be legal in 2027, and are they actual profit drivers for wholesalers? Will wholesalers continue to diversify away from beer? Should this concern the biggest brands in their portfolio? Are wholesalers seeing a clear impact from the Trump administration's immigration crackdown? Should beer wholesalers move more aggressively into wine and spirits? Should those businesses be run separately from their beer business? Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

1h 16m
FEB 3

The 2026 economic outlook

Economics power duo Jane Foley and Christian Lawrence return to discuss the first 12 months of the Trump administration and the 2026 outlook for economies in the US and Europe. As always, the conversation is far-reaching, touching on: The AI boom and its impact on business operations and economic growth. Inflation and the legacy of higher food, housing, and healthcare prices. Interest rates, currencies, and the threats to an independent Federal Reserve. The waning predictive power of consumer confidence surveys. The incomplete and lasting impact of tariffs and Trump's challenge to the geopolitical order. The impact of immigration policies on population growth and economic activity. Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

1h 15m

See All (100)

5

out of 5

126 Ratings

Truly Enlightening

05/28/2025

Est.1969

“The capacity to learn is a gift, the ability to learn is a skill, the willingness to learn is a choice." - Albert Einstein Liquid Assets is a wonderful teacher and informant on the “TODAY” of Adult Beverage. The hosts are great and the episodes fly by. Truly enlightening.
Mandatory listening for Bev alc business professionals

04/02/2025

R. Hopkins

If you are serious about understanding the inside running on the biggest business drivers in Bev alcohol, this must be on your listening roster. Always insightful and balanced.
A Must for Alc Bev Professional

05/22/2023

Nikolai Zeinikov

I honestly haven’t heard of any C-suite Alc Bev Executive who’s NOT aware of this awesome and insightful podcast. Great variety of topics, thought-provoking, smart and sharp. If you’re in the industry (or want to get into Alc Bev) - follow and listen immediately.
Loved the podcast with Danny Wirtz

05/04/2023

Smiley5137

Super relatable podcast with Danny Wirtz really loved hearing about industry trends, and what’s on the horizon for Breakthru Beverage

Rabobank's global beverage team offers insights, analysis, and a bit of entertainment for your morning commute. Liquid Assets will help you tackle the latest trends, introduce you to industry leaders, and prepare you for what's next in the beverage world. Please read our disclaimer here: https://research.rabobank.com/far/en/footer/disclaimer.html