Craft spirts are on the rise even though almost half of distilleries reported a 25% decrease in on-site sales. Industry growth at the moment is coming via online, shelf and canned cocktail transactions. This can be a challenge as the extensive manufacturing process of a spirit – and the collection of payments – takes a substantial amount of time, often upwards of 250 days. Additionally, Days of Sale (DSO) in the spirits market lies between 90-120 days, placing restrictions on a company’s ability to fulfill orders.
This is why The Acceleration Group (TAG), a financial technology and specialty lending platform, thinks it can help. TAG is targeting craft spirit companies with its range of financial vehicles such as lending, cash flow management, back office solutions, contract consulting, accounting support, and overall business health consulting.
TAG alleviates the DSO burden by providing back-end financial and technological support so companies can focus their resources on the product rather than the day-to-day. The TAG team also provides a wealth of experience:
- TAG CEO Ryan Tripp brings over a decade of experience in finance and operations, having served as CFO and financial executive for multiple billion-dollar operations.
- President Adam McDaniel is a successful entrepreneur who has served as CEO of multiple platforms and a proven track record of growing tech-enabled platforms in antiquated industries.
- Chairman Bryan Bradford is the executive director of JC Bradford Family Office and founder and chairman of Austin Capital Bank SSB, an entity with a focus on financial services and financial technology.
Together, they are well-positioned to lead TAG in its mission to provide innovative lending solutions to the craft cocktail industry.
“At TAG, we have one mission: to allow each craft spirit business/brand owner to sleep better at night knowing they will be able to fund valuable production runs and increased volume size of purchase orders from wholesalers and distributors alike,” says Ryan Tripp, TAG’s CEO. “With TAG’s assistance, craft spirit companies can focus on production runs for larger purchase orders and let TAG take care of the rest.”
TAG is sponsoring the 2023 Access LIVE, formerly known as WSWA’s Convention & Exposition, which will take place in Orlando, Fla., from April 2-5, 2023. As a sponsor of this annual beverage alcohol event, TAG will showcase its innovative lending solutions for craft spirit companies.