Michael Houlihan and Bonnie Harvey discuss how they built Barefoot Wines and what they learned about growing a business. They also explain how storytelling and strategic alliances can help companies share their values and reach people.
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About the guest
Michael Houlihan and Bonnie Harvey. Michael Houlihan and Bonnie Harvey co-founded Barefoot Wines, which they built from a business opportunity involving bulk wine and bottling services. After selling the business, they wrote The Barefoot Spirit and developed Business Audio Theater to share founders' stories, values and principles.
Key takeaways
- They took over $300,000 worth of bulk wine and bottling services after a client could not take on the business, and it took 20 years to find an acquirer.
- For consumer products, distribution and physical delivery are essential: a product idea must make it into stores and reach customers.
- They advise business owners to understand every job in the process and be ready to step in when responsibilities are at risk of being missed.
- Ask people close to the work what is missing and what could improve; Houlihan describes learning from warehouse, truck and store workers.
- Set growth goals using benchmarks from comparable businesses that sold, including sales, geographic reach and year-over-year growth.
- Stories can help communicate a company's principles and history to employees, investors, suppliers and future generations.
- Their Business Audio Theater uses actors, sound effects and music to present company stories in an audio format.
- They describe strategic allies as people or organizations that benefit when your business succeeds, including key customers and suppliers.
- Harvey says community fundraisers and retailer partnerships helped spread the Barefoot name through word of mouth without paid advertising.
- They argue that passing on values alongside family wealth can help the next generation understand the history and principles behind it.
Best quotes
"we were not wine drinkers when we started we didn't come from a family uh that were growing grapes or producing wine and what we got us into the industry was an opportunity that we really couldn't pass up"
"they don't remember the list on the wall they remember stories and we can do this for other Founders and we can tell their principles their ethics the hardships that they went through and the trials and tribulations"
"who's going down the same road you are who gets Rich if you get rich who wins if you win who benefits When you solve a problem go talk to them those are your friends"
"we never had paid advertising even after we did become profitable and we could afford paid advertising we continued to work with the communities around the markets where our product was sold"
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