They were significant challenges, and stressful, but were also learning opportunities that rarely come up in a person's career. Over my career I've been involved with a number of companies that went through a sale or major restructuring. We prevailed, which was good for us, but also good for the industry as the ruling was published by the IRS paving the way for others to take a similar position with confidence. I believe we were the first to have the issue challenged. None of them were fun but one of the most memorable was an issue several years ago involving a fairly aggressive, but defensible position taken by us and a number of other wineries. I've been involved in a number interactions with the IRS. What is your most memorable business experience? It's a reminder of the importance of good recruiting and the tremendous value in finding the right person for the job. Hiring someone too quickly to fill a job and almost immediately regretting it. What is a decision you wish you hadn't made? What did you learn from it? If we are unable to make real progress with sensible immigration reform that reflects the importance of our immigrant work force, our agricultural industries and the California economy could be facing a real labor crisis. A big challenge ahead of us, and the industry, will be dealing with labor issues. I don't see any significant changes to our core business or goals. How do you think your business will change in the next five years?įive years is not very long in our business. Those relationships will prove critical to you and the company as you work through an unexpected downward turn in the market or other bumps in the road. Develop and maintain excellent relationships with your bankers and other key providers through ongoing and straightforward communication. Stay focused on your goals and be ready to take advantage of opportunities. The economic environment will always come with its opportunities and challenges. What's the best advice for weathering today's economic environment? Five keys don't sweat the small stuff, embrace a healthy work/life balance, laugh, make good choices, and always remember your ABCs. Recognize that the people you work with will be key to the company's success and also present some of your greatest challenges. This will allow you develop a meaningful plan with realistic goals and to then support your team in beating those goals. It's important to learn how your company operates at all levels sourcing, processing, IT, sales, human resources, facilities, the mail room, etc. What advice would you give to young emerging financial leaders? While more costly in the short-term than staffing with a seasonal crew, the long-term benefits to both the employee and the company are significant. Also, faced with ongoing challenges in attracting and retaining an experienced vineyard crew, critical to our success in so many ways, we have transitioned that team to full-time employment with the full package of important benefits. Among the most important has been our success in growing our retail business through our visitor center as well as an innovative and successful wine club. Tell us about the particular challenges and opportunities your organization has met in the recent past. We've also benefited from an expanding direct-to-consumer customer base with more states opening up to direct shipping of wine. Winery and distributor consolidation has been a constant since I've been in the wine industry creating both challenges and opportunities for wineries of all size. What are the biggest changes you've seen in your industry? Communicate those plans and goals across the company and become the go-to person to help all achieve those goals. It's critical to develop a clear definition of success as it applies to your business, supporting your mission, and to then develop goals and a long term plan that lead to that success. In our industry success can be defined in a number of ways. What do you see as the essential role of a financial leader in the current environment? Wine industry career includes positions of controller or CFO at three prestigious wineries including Frog's Leap Winery for the last 10 years.Įducation: Bachelor's degree in accounting from CSU Sacramento We moved to the Napa Valley in 2000 and transitioned to the wine industry in 2001. Professional background: Over 36 years as a financial professional with the first half of my career in Sacramento in banking. Doug DeMerritt of Frog's Leap Winery in Rutherford wins one of North Bay Business Journal's CFO awards.
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