starter - FaB Wisconsin€¦ · Food Safety Plan Food Safety Plan and Team Hazard Analysis...
Transcript of starter - FaB Wisconsin€¦ · Food Safety Plan Food Safety Plan and Team Hazard Analysis...
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starterWelcome to the FaBcap Program
FaBcap_starterHow to start a food or beverage business
FaBsafeHow to develop a FSMA-compliant safety plan
FaBcap_scalerHow to profitably scale your food business
FaBcap AcceleratorHow to build an investible food business
Innovation conference, 1-1 coaching, SME mentoring, 4 cohort
meetings, investor pitches & graduation ceremony
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starterThanks to our FaBcap Sponsors
PRESENTING SPONSORS PROGRAM SPONSORS
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starterFaBcap_starter Agenda
3:15 – 3:45 pm
Expectations of a food or beverage business
3:45 – 4:45 pm
Food and beverage business start-up planning
4:45 – 5:15 pm
Break, dinner, and networking
5:15 – 6:15 pm
Food and beverage business start-up planning, continued
6:15 – 7:00 pm
Q&A and next steps to business development and resources
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starterKey Takeaways
Critical elements to be addressed when starting a food or beverage company
• Macro business expectations (time, $, key considerations)
• Process to develop a defensible & fundable business
→ Utilizing the “Lean Business Model Canvas” approach
→ Structured approach to develop the key elements and activities
to build a food & beverage business
Networking/Resources
• Peer businesses
• Professional & technical products and service providers
• Educational
• Small business development support
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starterBuilding a New Business
The masterpiece is in there…all you have to do is remove the excess stone.
- Michelangelo
“
”
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starterBuilding a New Business
Building a new business can just happen...
Building a new business can take on a life of its own...
Building a new business can drive you to
success or bankruptcy...
It’s really quite simple, it’s just not easy!
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TERA JOHNSONDirector, Food Finance Institute
Founder of teraswhey™
What to Expect When Starting a Food and Beverage Business
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So you want to start a food business?
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starterBeginning with the End in Mind
Get clear about
your vision!
What do you want to create?
Where do you want to end up?
Get real about what kind of
food or beverage company will
get you there…
If you don’t know where you’re
going, any road will get you
there.
“
”
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starterThe Bar is Getting Higher
3,100 80,000exhibitors attendees
600 $10,000first-time
attendees
minimum
booth cost─ 2017 ─
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starterAre We Reaching Saturation?
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starterBe Defensibly Unique or Die
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Great entrepreneurs guide their businesses through
this transition and do it as quickly as possible!
Fail Fast Forward: Systematize What Works
Startups That Make It
Fail Fast Forward
Mature Businesses That Thrive
Do Things Systematically
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starterThree Business Model Paths
One of the best ways to
accelerate your success is by picking a proven business
model path for food enterprise
and work it until you succeed.
One of the best ways to burn
through a lot of cash and
never reach success is by trying several paths simultaneously.
1 Local direct to consumer
2 Regional brand
3 National brand
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starterThree Examples – What it Took
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BRAD ROSTOWFSKEDirector of Industry Growth
FaB Wisconsin
What to Consider When Developing
a Financially-Viable New Business
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starterFaB Business Model Canvas
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FaB Business Model Canvas
Value Proposition
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FaB Business Model Canvas
Customer/Consumer Segments
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FaB Business Model Canvas
Sales Channels
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FaB Business Model Canvas
Customer/Consumer Relationships
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FaB Business Model Canvas
Sales/Projected Revenue Streams
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FaB Business Model Canvas
Key Operations/Business Resources
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FaB Business Model Canvas
Key Partners
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FaB Business Model Canvas
Business Development Activities
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FaB Business Model Canvas
Finances/Projected Cost & Profitability
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MARY PELLETTIERICo-Owner, Top Note Tonic
FaBcap_one Participant
Value Proposition and Customer
and Consumer Validation
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FaBcap Business Model Canvas
Example: Top Note Tonic
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Exciting, Unique Beverages in All Formats• Changing the landscape of mixed drinks by providing high quality mixers in
3 key formats; handcrafted syrups, bag-in-box, and ready to drink
• Add to the consumer interest in RTD premium mixers
• Bring flavor and quality to the customer from the soda gun to added skus
in retail
Value Proposition Development
A Passion for Flavor• American craft mixers with
European heritage
• The renaissance of tonic
• #timefortonic; change the
occasion for when tonic is poured
Highest Quality• Natural ingredients, real sugars
• Respected & responsible suppliers
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Target Behaviors, Uses and Attitudes
• At-home cocktail enthusiast
• Simple hi-ball fans
(Gin and tonic, Vodka tonic, Moscow Mule)
• Simple quality drinks at home
• Adventuresome beverage choices
• Likes an upscale NA option
• Bartenders seeking quality, consistency and speed
Customers & Consumers Segments
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Research/Customer & Consumer Insights
• Farmers markets and direct to consumer markets
• Demos at early adopting retailers
• Speaking directly to bars, restaurants and end-users
• Watching how people shop while at demo
• Asking vodka and gin buyers to try a tonic syrup
• Asking how people heard of us
• Blogging and white papers – read and submit
Customers & Consumers Segments
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On-Premise
• Building brand and relationships, and occasion (including breweries, and coffee shops)
Natural/Specialty Retail
• Building customer pull and interest by demoing and
engaging customer. Using strategic partners with spirits
makers
Grocery Beverage (RTD only)
• Expanding brand into mainstream
Sales Channels: Top Note Tonic
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Beverage Distributors (liquor)
• On premise and liquor channel focus
Specialty Food Wholesalers
• Regional / national wholesalers and sales brokers
• Retail focus, execution in grocery/liquor
Grocery Beverage Distributors
• Execution in grocery with liquor end-caps
On-Premise Gas Distributors or Soft Drink Bag-in-Box Distributors
• Support accounts with service
• Support distributors/Top Note connection
Customer Relationship Management: Top Note Tonic
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SCOT TROJANOWSKIPresident
Z.T. Distribution
Sales Channels, Customer Relationships &
Sales/Projected Revenue Streams
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starterSales Channels: Path to Market
Target channels and merchandising location • Traditional retail grocery, mass merchandisers/club, c-store, d-
store, limited assortment, specialty, liquor, online (Amazon,
direct), food service, business & industry and ingredients
• Produce, bakery, meat, dairy, frozen, liquor, center store, etc…
Sales Execution Requirements• Who is the consumer? Who is the customer?
• Appointments/presentations/CRM
• New item and customer set-up
Pricing• Direct to Retail
• Distributor – add 15-30+% distribution margin
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starterSales Channels: Path to Market
Merchandising/Plan-o-Gram Recommendation• Who is leaving so that your product can go in?
Awareness/Trial/Repeat Promotional Programs
Management• Business goals, objectives, reporting
• Direct sales vs brokers and/or distributors
→ Direct - all or targeted accounts
→ Brokers; Commissions vs. retainers
• Distributors
• Roles & responsibilities
→ Brokers/Distributors
→ Owner
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Customer Relationships Management:
Key Customer Expectations
Product logistics
• Specifications (product, package, pallet, holding temperatures,
etc.)
• Shipping
Merchandising
Promotional Support
Customer service
• Ordering
• Shipping
• Invoicing
• Payments
• Deductions
• Complaints
• Returns
• Food Safety Requirements (SQF)
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starterSales/Projected Revenue Streams
Net Payment Terms/Cashflow
• Net 30 – 45 – 60 – 90. Early Payment discounts?
• Deductions
• Returns
• Other market entry expenses: slotting, promotional program, third
party item hosting and promotional management
Channels
• Retail storefront
• Online direct to consumer
• Direct store distribution (DSD) to retailers
• Wholesaler/Distributor to retailers
• Direct retailer warehouse distribution
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4:45 pm to 5:15 pmBreak, Dinner, and Networking
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Key Considerations to Developing a
Financially Viable New Business
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Key Considerations to Developing a
Financially Viable New Business
OPERATIONS FOOD SAFETY MARKETING SALES
ACCOUNTING LEGAL FINANCING OTHER
Manufacturing
Supply chain
Quality
Licensing
Labeling
Tracking
Branding
Promotions
IP: branding,
trademarks
Brokers
Distributors
Customers
Processes
Documentation
Reporting
Systems
Biz formation
IP
Insurance
Friends & family
Banks
Angel
Early venture
Personnel
Advisors
Etc.
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Key Considerations to Developing a
Financially Viable New Business
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ANDY GEHLPresident
Contract Comestibles
Manufacturing and Production
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Traditional Avenues for Manufacturing
• Home
• Shared Use Kitchen
• Dedicated Manufacturing
• Co-Packing (Dedicated Manufacturers)
Manufacturing and Production
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Key Manufacturing/Production Activities
• Storage (incoming and outgoing)
• Labor
• Equipment/Building
• Quality and Consistency
• Compliance
• Growth
Manufacturing and Production
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Manufacturing Setup: Why People Manufacture Themselves
• Manufacturing is extremely specialized
→ Product Type (Butcher, Baker, Dairy)
→ Sub Type
→ Volume (100 lbs., 100 million lbs.)
→ Package Design (Glass, Plastic, Pouch, Tub)
→ Production Technique (Hot Fill, Retort, Aseptic)
→ Label Claim (Organic, Gluten Free, Peanut Free)
• Often, there is only one
Manufacturing and Production
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Compliance: Why People Use Co-Packers
• FDA vs. USDA
• GMPs
• HACCP
• FSMA
• GFSI (SQF or BRC)
• Audits and Auditors
Manufacturing and Production
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PAT WERNERDirector of Food Safety
FaB Wisconsin
Regulatory and Food Safety
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Regulatory and Food Safety
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Licensing
• Product Based
• US, State, Local Requirements
Labeling Ingredients, Finished Products
• FDA, USDA Regulations
• Claims
Product Specifications
• Ingredient Breakdown, Label
• Quality and Food Safety Specifications
• Regulatory Compliance
Regulatory and Food Safety:
Compliance
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Food Safety Plan
• Preventive Controls
→ Allergen, Sanitation, Environmental Controls
→ Supplier Management (FSVP)
→ GMPs
→ Employee Training
→ Recall Contingency/Mock Recall
• Documentation
→ Validation, Verification
→ Production Records
→ Corrective Actions, Trends
→ Training, PCQI
Regulatory and Food Safety: FSMA (Food Safety Modernization Act)
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Regulatory and Food Safety:
Food Safety Plan
Food
Safety
Plan
and
Team
HazardAnalysis
PreventiveControls
SupplierProgram
RecallProgram
Monitoring
Procedures
Corrective
Action
Procedures
Verification
Procedures
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starterUpcoming Event
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JODEE GEORGEAccount Group Leader, Food & Beverage
Bader Rutter
Marketing and Branding
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Be people-focused, not product-focused.
Tell your target’s story, not yours.
Focus first on inputs, second on outputs.
Marketing and Branding
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Marketing and Branding
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Brand Look: Before
Marketing and Branding
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— Creative Alchemy
Marketing and Branding
We never seem to have enough time
to do it right, but we always seem to
find enough time to do it over.
“
”
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Marketing and Branding
Brand Look: After
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Marketing and Branding:
Understand Your Target
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Marketing and Branding:
Target Persona Template
DEMOGRAPHICS
Age:
Gender:
Marital
Status:
Tenure:
Other:
Activities:
Description of mindset in the target’s voice…
I Need: I Want:
I Listen To: This Gets My Attention:
Example Target Photo
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Understand Your
Target’s Desired Journey
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What resources are available?
Take the time to listen to your target. It’s not about playing back what they said, it’s about bringing to life what they meant.
Fill in the category gaps with…Trade Publications, Investor/Analyst Communication
Marketing and Branding
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Sales/Brokers Team Development & Management
• Pick the right broker. Relationships in your channel/category
• Determine optimal path to market (distributor, direct, or both)
• Meet to discuss launch plan (customer specific)
→ Pricing
→ Promotional Calendar (6 to 12 months)
→ Introductory offer (discounts, slotting, demos)
• 30/60/90 plan following initial purchase
→ Retailer review cycle
→ Shelf resets (timing and resources)
Sales and Distribution
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Distributors/Warehouses Development & Management
• Pick distribution resources that your customers recommend
and trust
• Distributors margin requirement
• Types of services offered by distributor
• Find out about the cost of retailer promotions
→ Ask your broker about prior experience with costs
Sales and Distribution
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Customer Relationship Management (CRM)
Development & Management
• Rely on the relationships of your brokers and distributors for customer
insights
• Accompany brokers and or distributors on appointments with
customers
→ No one will display more passion about your product than you will
• Keep the team aligned and goal oriented
→ Even if a buyer loves your product, the answer will always be “no” if
there is no confidence in your distribution model
• Your team needs to make working with your brand “easy”
Sales and Distribution
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MARK ALBRECHTPartner
Chortek LLP
Accounting
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Accounting Recommendations:
Why Does Accounting Matter?
• You need to keep score, or you don’t know
whether you are winning or losing.
• You need to keep track, so you can comply with
laws, rules and regulations.
Accounting
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Recording Business Transactions
You need simple, reliable methods of recording:
• Checks written
• Deposits made
• Sales
• Purchases
• Payroll
Accounting
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Organizing Business Transactions
You need a system that organizes the transactions
recorded to:
• Manage the business
• Meet your compliance requirements
• Meet requirements on time
• Meet requirements accurately
Accounting
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Software Programs
• Excel: Great starting point but limiting
• Account software programs at a reasonable cost
→ Quickbooks or Sage 50: Reasonable cost, moderately
user friendly
→ Benefits:
Accounting
• Greater accuracy
• Less time-intensive
• Easier to share
information
• Scales with business
growth
• Integrates with other
business software such
as Quigistic’s Inventory
Management & FSMA
Tracking
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Accounting – The Key
Seek help to start the right way, saving
time and money in the future:• Setup Chart of Accounts
• Setup Reports needed for management
• Setup Reports needed for compliance
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ROBERT HEINRICHBusiness Lawyer; Chair of Food &
Beverage Practice Group
Reinhart Boerner Van Deuren
Legal and Risk Management
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Types of Organizations
• Sole Proprietorship
• Partnership
• Limited Liability Company
→ Limited liability to members
→ Income and loss is reported by members
• Corporations
Legal and Risk Management
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C-Corporation
• Subject to "double tax"
S-Corporation
• Avoids the "double tax"
• Restrictions on capital structure, including:
→ No more than 100 stockholders
→ With certain exceptions, stockholders must be
individuals or certain trusts/estates
Legal and Risk Management
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Organizational Considerations
• Do investors care what entity form?
• Do banks care what entity form?
• Simple Agreement for Future Equity ("SAFE")
• Online forms / self-help providers
• Sign contracts on behalf of the company, NOT as an individual
• What type of insurance do I need?
Legal and Risk Management
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Intellectual Property
• Review all IP to ensure validity of status
→ Federal vs state trademarks
• Knockout searches
• Recipes = trade secrets
→ Confidentiality agreements
• Work-for-hire agreements: Ensure that IP developed by an employee belongs to the company (not the employee/creator)
Legal and Risk Management
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Regulatory
• Food can kill people
• Making food can kill people
• Not labeling food correctly can kill people
• Label approval is not the same as trademark approval
→ Some labels have special meanings (e.g., “Organic”)
→ Key product or health claims typically need FDA approval (Ex. -“Will help you lose weight”)
• DATCP representatives are (usually) pretty friendly
• You need to have a relatively detailed recall plan
→ This requires having and keeping good business records to trace your suppliers for each batch you produce
Legal and Risk Management
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TERA JOHNSONDirector, Food Finance Institute
Founder of teraswhey™
Finances, Cost Structure & Profitability
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Direct Sales Local Brand
• High percentage of direct to consumer sales
• Shared use facility
• Often little or no other labor cost
• High cost of goods sold
• Inventory high % of sales
• AR low (direct model)
• F & F, Kickstarter, Microloans
Finances, Cost Structure & Profitability
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Regional Brand
• Scale up by targeting most promising markets
• Co-packer with full labor allocation
• Distributor sales drives margins down & volume up
• High promotional plans needed in new markets
• High AR in new distributors
• COGS improve with volume
• Kickstarter and Microloans not large enough
• SBA 7a, F & F Investors, Other Investors may be needed
Finances, Cost Structure & Profitability
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National Brand• Investor grade fast growth to exit
business model
• $10M target sales level at exit
• Steadily improving COGS
• High sales & marketing expenses
• Other expense growth slowing as a
% of sales
• Inventory, AR decline relative to
sales as volume increases
• Accredited investor equity offering
and conventional lender required
Finances, Cost Structure & Profitability
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Key Business Development
Activities Schedule
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starterQ&A
What questions do you have?
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