Episode 122

Behind many popular drink brands—Mike’s Hard Lemonade, Celsius Energy Drinks, Pabst Blue Ribbon—is BevSource, a St. Paul based company that provides beverage development, sourcing, and production—everything from providing the can that holds your beer to helping develop and test an entirely new drink idea. Today BevSource is one of the largest packing and ingredient distributors in North America, with $250 million in annual revenue. Janet Johanson started the company in 2002 when she was just 24 years old, with three years of experience in the industry. “I just said yes,” she says.

Johanson talks timing: from knowing when to take on private equity and start a board to knowing when it was time to step away from the day-to-day operations. “As CEO, I got stuck in detail,” she says. “By cutting my hands off, it made me think differently about who we partner with…and how I can make an impact.”

Takeaways

Following our conversation with Johansen, we go Back to the Classroom with the University of St. Thomas Opus College of Business. Tera Galloway is an associate professor in the Department of Management who studies the craft brewing industry. She explains the idea of “coopetition,” where companies realize is better for their industry to work together than to compete. She talks about the importance of building a network and the critical moment for entrepreneurs, when they realize their out of their depth. “It doesn’t mean you have to leave; you need to get more help.”