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About Foreshot

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  1. Here's an interesting new one, the Norlan glass:
  2. Thanks ACDC & Odin. Ralfy's Glass review: I like the Ardbeg glass with the cover (Odin's Grappa glass), pint and cognac glasses. I want to be able to get the full array of aromas. The pint glass peaks my interest. It might be bad for drinking but nosing I think it has potential. Ardbeg glass, not bad at £5 each with cover:
  3. Thanks Odin. I probably will order these: It's set of 6. I need that as my wife like to point out, I break everything.
  4. Tangential to your topic - Read about Six Sigma or Lean manufacturing. It's about eliminating waste in your processes. Two heavy hitters: Lean's "TIM WOODS" - Lean's 5S - The idea is to reduce the amount of time you're doing things that don't make you money. An example - if you use a specific tool all the time put it in a place that's easy to get to it instead of mixing it in with a drawer full of other things. (5s) That reduces the time you're looking for it. Fastcap has some great videos showing real examples:
  5. Aside from Glencairn, what do you use for a nosing glass? I've use several different non-whiskey specific glasses (wine, old fashion, etc). I'm trying to build my nosing palate up and figure I could get something that would help. Thanks in advance.
  6. Nothing technical, but enjoyable Episode 1: Episode 2: Episode 3:
  7. The biggest question is the ROI - How much money is implementing the system likely to save you in lost downtime? I would think if you're in an urban area 2-3 days and you would be able to get most simpler stuff fixed. If you're more rural then if might take longer. (Repair Days) * (Number of failures yearly) * (Labor lost) = basic yearly "Downtime" cost. - How often do you think the Chiller is going to break down? - How long do you think it would take to get something simple fixed? (Repair guy local? Parts? Common brand/size of cooler vs exotic/odd size?) - Is the emergency system itself likely to cause failures? (It appears to be getting complicated. The more complicated something is the more likely it is going to break.) - Are you going to test it? How often? - If the system is activated will it affect the glycol system and will you have to do maintenance on it after? At what cost? - Will the system be able to cover workflow 100% while the chiller is down?
  8. Like SCD said there isn't a great book on distilling. I'm up to 24+ and I still wouldn't say there is a single one that covers everything. It's best to start reading and keep a notebook. Jot down the key ideas you run across. I started a private blog to keep track of posts and links from here and other websites with searchable notes.
  9. Welcome! Let us know when you're going to open. I'm in the Pgh area so it would make a fun trip to visit you and Hedgebird and sample some of your work. Hopefully your paperwork goes though without any trouble.
  10. Tell them your answer is {confidential}. That kind of answer is BS. I can understand if they want some NDA, but totally confidential is crap. It seems like an answer a company that is faking it until they make it. They could be awesome but too many warning signs.
  11. Thanks Odin. I really like the part on ester formation and the exploration of the Maillard reaction. You're contributing a lot to knowledge of distillers everywhere.
  12. I've been to Huffy2K's distillery several times. He's put a ton of work into it and it shows. It's really a great example of a tasting room/event space.
  13. > Of course if your only ambition is to run a successful distillery-giftshop-cocktail lounge in your hometown, your valuation will likely be less dependent on your case volume and growth potential, and more dependent on your profitability and potential to generate dividends in a limited size market. It would probably be valued more closely with that of a successful local restaurant or bar. Spot on, I totally agree with this.
  14. >Something like 6X gross revenue might be worth considering as a starting point for negotiations, i.e. $1M in sales translating to a $6M valuation. When I see gross revenue valuations most are between 1x and 3x. Starting at 6x might be a hard sell to someone. Most people want a 3-5 year return of their investment not including stock price increases, at 6x gross revenue that will be tough to do. I'm not saying it's not a place to start, but I would not expect to close near there.
  15. From personal experience: Keen investors will make up their own numbers, other people will be in it to help out with profit as a secondary motive. With less than 3-5 years of sales history it will be hard to build any kind of model that a savvy investor will follow. Since you're newer you have a lot of startup costs in your numbers that will throw off a valuation. Go to a lawyer or business broker and see if they can help looking at pier company sales. If you look at it sans the alcohol piece, you're a manufacturer. The below article below states 4x margins. To go above that you would need to prove you're either low risk (valuable patents, brand names) or very high profit margin. The other piece is are you or other people in the company taking a salary or living off stock options/distributions? Most investors want to see the company able to stand on its own with everyone taking a salary. They may add in the cost of a person doing those jobs and look at the margins then. For a larger investor they might look at convertible debt to protect the investment. If you're not trying to raise a huge amount then I would go for smaller Mom and Pop people like you said. The coolness factor should be enough if you give them an good deal.