Enhancing the Enjoyment of Wine Collecting w/ Elton Potts, Vine Vault

Catching the wine bug from the nudge of a physical trainer, Elton Potts, Founder & Managing Partner of Vine Vault, has built a business focused on enhancing the enjoyment of wine and wine collecting. From full-service wine storage to refrigerated shipping to hosting wine events, Vine Vault has grown rapidly and serves six markets in the US.  Detailed Show Notes: Elton’s backgroundA 27-year career in finance & ops ran a global storage and logistics businessA physical trainer said beer would undo the impacts of training and to substitute it with red wineFrustrated with storage and delivery options that existed, he started Vine VaultVine Vault1st two facilities launched in Q4 of 201570% annual revenue growth, doubled in 2021Six markets (Napa, LA, Austin, Atlanta, Miami, Philadelphia), >50 team members (incl ~12 sommeliers)>75% of wine stored in a full-service storage programMission: to enhance the enjoyment of wine and wine collecting (beyond storage)Additional services Fully refrigerated, door-to-door delivery services Fulfillment service for high-end wineries, incl pick & pack, hand labeling, wax dippingMoving cellarsWine eventsSommelier servicesStorage basicsClimate control with low temp fluctuationHumidity - too dry dries corks; too humid creates moldSecurity - feel safe and have ease of accessAccess wine - want availability, but doesn’t risk securityClean facility - no chemical smells that can damage wine or rodents that might eat labels and packagingLocation access - ease of drop off / pick up (e.g., ramps)No vibrationLifestyle requirements - staff to receive shipments, inventory winesPricing varies by locationSelf storage - ~$3-4/case/monthConcierge / full service - ~$4.5-8/case/monthScale is not that important for only storageScale supports logistics and eventsPlans to expand into more markets Arranges pickup & delivery of wines bought from wineries for consumersSchedules delivery, refrigerated, no styrofoam Winery avoids breakage, returns, and damageWinery knows customers get the best experience of the wineInflation and supply chain impacts - price not keeping up with cost increasesAdded a fuel surchargeThe most significant issues are supply chain, e.g., a truck offline for 4 months waiting for a door latchDeveloped boxes for storage & shippingCardboard lays bottles flat, sturdy for stacking, and bottles don’t touch each other40-60% recycled material, no styrofoamWhite color to show confidence in the process, won’t get dirty or damagedTraveling road show for wineries - organize and plan eventsBusiness breakdown - all segments growingWine delivery 40%, storage 30%, wine moving 20%, events 10%The biggest opportunity is delivering wineTrendsMore women collecting winePost-baby boomers collecting wineThe storage business is still growing, and people are becoming aware of it Get access to library episodes Hosted on Acast. See acast.com/privacy for more information.