Good time for wineries to cash in
So, I’m not sure if it’s a good idea to sell, because some guy wants to buy up all the wineries he can, or if it’s a good time to sell because there aren’t family members willing to take on running family-run wineries…
Thinking of selling the family winery? A man with $100 million to spend thinks now’s a pretty good time.
With hundreds of family-owned wineries likely to hit the market in the coming decade, financier Bill Price, a vineyard owner and co-founder of Texas Pacific Group, says winery owners might want to think about heading for the exits.
“If you’re one of the people planning to sell, now might be a good time,” Price told a wine conference in Santa Rosa on Wednesday.
Between 500 and 1,000 family-owned wineries in California, Oregon and Washington could be sold in coming years because the next generation is either unprepared or unwilling to follow in the footsteps of their pioneering winemaking parents, Price said, citing a recent study.