Back to the Future(s)
In my experience, if you want to stay ahead of the competition, in whatever business you find yourself in, you want to take the time to invest in some "continuing education," and the Hospitality industry is no exception to that rule. Now, now, I know what you're thinking... "is this woman insane or what?" Most of us don't even have the time to do the things that absolutely need doing, never mind considering spending what precious waking hours, energy and finances we have to avail ourselves of some of those "golden opportunities" out there. This is where I might be able to help...
In my case, being a restaurant business consultant, up to this point, has not included what recipes or wines get selected for the menu or wine list because it has been my job to critique how the menu or wine list looks from a customer's standpoint and the price point structure, etc., At this point in my career, I felt compelled to take my own advice and learn more about the wine industry and how this learning might be advantageous to my clients. Before I got very far along in the process, I learned something quite unexpected...ever hear anything about WINE FUTURES????
I'm sure that those of you out there that are serious collectors or wine connoisseurs already know what I am talking about, but it sure was news to me. Because I wanted an impartial perspective and timely information I sought out the best of the best: Aabalat Fine & Rare Wines located in Petaluma, CA. I spent time with Bob & Karen Orlandi, proprietors of this well established import/export/sales business and I sure went to the right place...
You may be asking yourself how buying wine futures is relevant to you, and that's a good question. The answer is simple: PROFITABILITY. Not to be too flippant here, but buying low and selling high can seriously enhance your bottom line profits (what a concept)! Wine, like any precious commodity, can be a very wise investment, for wholesale/retail buyers, as well as for the savvy private collector. It's a great way to buy quality wines (from some of the bigger name Chateaus like Petrus, Ausone, Lafite, or Latour) at pre-release prices. If you are not interested in one of these bigger houses, there are many other Chateaus at all price points, and you can always consider buying local CA wine futures as well. Many producers offer 15%-40% discounts for buying several months prior to the release. Admittedly, there is a risk factor involved, just like investing in the stock market, and just like the stock market you won't see the return on your investment for several months or even years, but if you do your homework before buying into your future(s) and have the financial resources and wherewithal to let your investment sit until it is ripe for selling, your potential for profit can be well worth the risk involved. Bob encourages attendance at local barrel tastings whenever possible. It can give you a pretty good idea of where the wine will be in a few months. If you don't care for the taste now, then there is no sense in adding that to the wine list, even with the additional discount. However, if you like what you taste in the barrel, you can take the chance that it will continue to evolve for a few more months in the barrel and in the bottle prior to it hitting the wine list. In my opinion, realistically, in the end even if your wine does not make the 95+ range, you still have product that you can sell, and that you bought at a great price.
If you have any interest in gambling just a little while having some fun watching as your wine choices develop, this is a good time of the year to do it since the futures for 2007 will be making their debut soon. Also, if you are interested there are still 2006 Futures available as well, which you can researched and purchased through Aabalat as well. (They also have a free newsletter you can sign up for.)
Donna J. Perreault is Principal of CVA Consultants, a hospitality industry consulting firm.