Millstream's Strategic Growth: Crafting a New Plan for Craft Brewery
Teresa Albert, Owner/Amana, Iowa/www.millstreambrewing.com
Though she was a teacher for nearly two decades, Teresa Albert always wanted to own her own business. When opportunity arose in 2001 to purchase Millstream Brewing Co., originally founded in 1985, she and her husband Tom and two other partners, including current partner, Chris Priebe, jumped at it.
The first thing they did was spend a couple of years getting the beer to the high-quality standards they felt were required to be successful. “Once we felt the product was stable, and we had seen some growth, we really wanted to take that next step, but didn’t know where to begin. That’s when we came to the EDC. They gave us some great advice,” said Teresa Albert, Owner of Millstream.
“We were ready to go, but wondered how far we should take things—regionally or nationally,” continued Albert. “But the EDC asked us if we were everywhere we wanted to be in Iowa, and we reluctantly said no. I remember Curt Nelson, President of the EDC, saying, ‘Why don’t you start there?’”
“In addition to helping us strategically with our expansion plans, the EDC has helped us through some tough situations,” said Albert. “When we were facing the issue of one of our partners wanting to exit, we didn’t know how to handle it, so we asked the EDC for help. They not only gave us some solid advice, but introduced us to a great business attorney, who helped us figure out how to buy the partner out. She is still our business attorney today, helping us with contracts and agreements,” she added.
Over time, the EDC has helped Millstream navigate growth opportunities. “We were recently approached by a company in the industry who wanted to partner, and we turned to the EDC once again. EDC helped us craft a term sheet and an overhead analysis spreadsheet, which was phenomenal,” said Albert.
Today, Millstream has initiated taking things to the next level, with EDC’s encouragement. The brewing company now better serves Iowa, has expanded state-wide into Wisconsin and has most recently expanded into South Dakota. In fact, Teresa’s last day teaching high school was in May, so now she will be able to focus 100% of her time on the sales and marketing of the Millstream brand next year.
“I have been amazed at the professionalism at the EDC. There is someone there who knows something about everything. If I need answers to marketing questions, I know who to call. If I need answers to financial questions, I know who to call. It is such a great resource for anyone starting a new business or growing an existing one.”
