Building an Exit-Ready Brand in Beverage Alcohol 🍸 | Insights from Nick Papanicolaou

Nick Papanicolaou—founder, investor, operator, and former Head of M&A at Pernod Ricard.

1. Empathy as a Strategic Edge

Nick’s unique “founder-to-corporate-and-back” journey taught him to see deals from both sides of the table. Want to sell your business someday? Put yourself in the buyer’s shoes—including thinking through post-acquisition challenges and laying out integration plans as part of your exit prep.

“If you were going to buy… Here’s the questions I would ask, here’s the more things that I would do.” – Nick Papaniklau

2. The Power (and Limit) of Scale in Beverage Alcohol

Unlike other CPGs, beverage alcohol’s distribution is choked by a bottleneck of regulation and gatekeepers. Nick’s solution? Portfolio scale—having several brands at the right size to get noticed, but not so bloated you can’t deliver personal attention or breakthrough at retail.

Key takeaway: Scale helps, but only when it’s right-sized for your goals and partners. Six to ten brands is Nick’s magic number for a portfolio before “big company” issues creep in.

3. Retention Over Vanity Metrics

Forget “grow at all costs.” Nick’s team digs into retention rates—how many accounts come back for more. If you’re losing 50% of accounts each year, your growth isn’t sustainable (no matter what your top-line says).

4. Deepen Before You Broaden

Patience matters. Rather than chasing new markets endlessly, master your core geographies and accounts first. As Nick summed up: “Deepen before you broaden.” Expand only when your foundation is truly solid.

5. Authentic Brand > Flashy Branding

Great packaging is table stakes—but what buyers and consumers latch onto is consistency, an emotional hook, and a story that sticks. Don’t chase the next Casamigos; build your brand world with discipline and heart.

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