Summit Brewing Founder and President Mark Stutrud shares during this week’s episode of One Take CEO Interviews how his company adjusted and is still moving forward with a new brand after losing a considerable amount of business due to Covid-19.
It “literally wiped out 40 percent of our business, which is restaurants and bars,” he says. “The fact that I have a very strong leadership team at this point in time means we were able to redesign the budget for this year about five times during mid-March to mid-April. We got to a place where we felt very comfortable and confident that we would execute that plan and today we’re a little bit ahead of it.” He anticipates revenues from bars and restaurants will come back, but that it will be slow and different at first.
Launched in 1986, Summit Brewing is one of the nation’s first craft brewing businesses and remains Minnesota’s most significant player in this sector. This includes with its development of a good-tasting IPA that is low in calories and carbs—a first in this region. Called ‘Triumphant,’ the new brand was to be rolled out with a full marketing campaign this spring. Stutrud discusses how Covid-19 stopped that, and how his team has adjusted to still bring the beer to market this summer.
One Take CEO Interviews are independently produced by former Twin Cities Business Editor in Chief Dale Kurschner to provide viewers and listeners with unscripted, unedited discussions on how Minnesota CEOs are leading during the Covid-19 pandemic and its unprecedented impact on their operations, and the economy. The first episodes are recorded home-to-home via Zoom, due to then-required “work from home” rules.
The CEO interview series is sponsored by Platinum Group, Minnesota’s most experienced advisory group helping business owners and leaders with extreme challenges including financial setbacks, lender and landlord re-negotiations, turnarounds and bankruptcies. Kurschner is one of its consultants.
Complimenting this series are interviews with key members of Platinum Group. This week’s is with
Pat Brennan, a seasoned business executive with a strong track record of success working in a diversity of environments, including distribution, manufacturing and banking. He leads financial restructurings and excels in rapidly transitioning environments where cash insufficiency is the key issue that must be overcome.
The number one area business leaders should focus on today is ensuring they have a 90-day cash flow plan properly updated with current market factors, Brennan says. “Companies are artificially propped up [due to government stimulus funding]. They have they filled their coffers and when that money runs out there is really going to be a day of reckoning. So, for your business, ask what is it going to look like for you in 90 days and get ready. And, make decisions today that you may wish you had made 90 days from now.”
Catch up on recent episodes:
- May 22, Faribault Woolen Mill Chairman and CEO Paul Grangaard video or podcast
- May 29, Self Esteem Brands Co-Founder and CEO Chuck Runyon video or podcast
- June 3, Maud Borup owner and CEO Christine Lantinen video or podcast
- June 10, Restaurant Technologies CEO Jeff Kiesel video or podcast.
Catch up on recent episodes:
- May 22, Founder and Chairman Dean Bachelor (perspective and strategy) video or podcast
- May 28, Partner Robert Lehmann (real estate law, early stage financing) video or podcast
- June 4, Partner Randy Kroll (leadership and accounting) video or podcast
- June 11, Partner Bob Stewart, (how to be decisive despite uncertainty) videoor podcast