Anchor Brewing Company employees launch GoFundMe to explore worker ownership

Discussion in 'Beer News' started by Todd, Sep 7, 2023.

  1. Todd

    Todd Founder (13,244) Aug 23, 1996 Finland
    Staff Super Mod Pooh-Bah Society Trader

    As of this post, Anchor Brewing Company employees have raised $59,711 of their $50,000 goal to help cover costs related to exploring worker ownership.
    https://sfist.com/2023/09/05/anchor...-campaign-makes-half-of-its-goal-in-two-days/

    From the GoFundMe:
    https://www.gofundme.com/f/rbx7b-help-workers-save-anchor-brewing
     
  2. ChicagoJ

    ChicagoJ Grand Pooh-Bah (4,001) Feb 2, 2015 Illinois
    Pooh-Bah Society Trader

    Nice to see. Sad that Saparo continues to withhold financial information which would assist this campaign.

    [​IMG]

    Per the OG linked article:

     
  3. Bitterbill

    Bitterbill Grand High Pooh-Bah (6,772) Sep 14, 2002 Wyoming
    Pooh-Bah Society

    I donated. Even though I will not see their beers locally if this works out.
     
    micada, azorie, AlcahueteJ and 14 others like this.
  4. carolinabeerguy

    carolinabeerguy Pooh-Bah (1,931) Oct 10, 2005 North Carolina
    Pooh-Bah Society Trader

    I donated the cost of a 6 pack of Steam. Best of luck to them.
     
    azorie, AlcahueteJ, Scotchboy and 7 others like this.
  5. Roguer

    Roguer Grand High Pooh-Bah (7,465) Mar 25, 2013 Connecticut
    Super Mod Pooh-Bah Society Trader

  6. TrojanRB

    TrojanRB Grand Pooh-Bah (3,185) Jul 27, 2013 Texas
    Pooh-Bah Society Trader

    Fantasyland

    The beer is nostalgic for me but this has no chance of success
     
  7. Resistance88

    Resistance88 Pooh-Bah (2,686) Apr 9, 2015 California
    Pooh-Bah

    not with that attitude
     
    micada, sulldaddy, AZgman and 12 others like this.
  8. GuyFawkes

    GuyFawkes Grand Pooh-Bah (5,364) Apr 7, 2011 Illinois
    Pooh-Bah Society Trader

    Let's get a 3rd Anchor thread started! /s
     
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  9. BBThunderbolt

    BBThunderbolt Grand High Pooh-Bah (7,232) Sep 24, 2007 Kiribati
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  10. Todd

    Todd Founder (13,244) Aug 23, 1996 Finland
    Staff Super Mod Pooh-Bah Society Trader

    They've now raised $78,689.
     
    AlcahueteJ, Bitterbill, Rug and 9 others like this.
  11. unlikelyspiderperson

    unlikelyspiderperson Grand Pooh-Bah (3,800) Mar 12, 2013 California
    Pooh-Bah Trader

    Unfortunately none of this fundraising will matter if the group can't find investors quickly. In their notice of assignment for Anchor, Sapporo listed Anchor's total assets as 67 million and stated that they plan to have the company liquidated and cleared by July 2024.

    I'd love to see this effort succeed, but I'm not sure a crowd funded employee Coop is going to appeal to the assignee tasked with liquidating Anchor more than a hypothetical deep pocketed investor that wants to buy it as is or the potential sale of the assets piecemeal.
     
    hopley, chrisjws, Pacioli1445 and 2 others like this.
  12. moodenba

    moodenba Pooh-Bah (1,781) Feb 2, 2015 New York
    Pooh-Bah Society

    I assume a big chunk of Anchor value is represented by the real estate. There is probably not much value in the brewing equipment or goodwill assets at this time. Having an investor own the building with a lease-back of some kind might work. A local non-commercial FM station's existence was saved when a citizen with ample assets purchased the rights to the FM signal when the station was put on sale. The investor probably recovered his investment (and more?) when the station was sold again. Of course a real estate investment is a bit more complicated, but might offer some tax advantages. And the viability would depend on sales covering fixed costs, including upkeep, taxes, and rent.
     
  13. Troy-Hawaii

    Troy-Hawaii Maven (1,471) Jun 15, 2015 Hawaii

    Are these workers willing to take big pay cuts in exchange for profit sharing so if it fails they lose out too? It's great to be an owner of a successful business, but you also have to take on the risk if it doesn't succeed.
     
    AZgman, lucius10, TrojanRB and 3 others like this.
  14. elNopalero

    elNopalero Grand Pooh-Bah (4,358) Oct 14, 2009 California
    Pooh-Bah Society Trader

    Ufff. The reality check here is finding that $67 million (or negotiating some way to account for it down the road).
     
  15. unlikelyspiderperson

    unlikelyspiderperson Grand Pooh-Bah (3,800) Mar 12, 2013 California
    Pooh-Bah Trader

    The good news is the real estate hasn't been put up for sale, which would seem to indicate that the assignee is still pursuing the sale of the whole package as the best way to recoup value for the creditors.
     
  16. HouseofWortship

    HouseofWortship Pooh-Bah (2,569) May 3, 2016 Illinois
    Pooh-Bah Trader

    I don’t see how this would be feasible unless they were to move the brewery to a new location. Rent or mortgage on that place with the current sky high interest rates would kill any new businesses’ margins in that space making it pointless. Wouldn’t be surprised if Anchor’s parent company had a variable loan on the property coming due as part of the decision to offload the business.
     
    lucius10, cdenrco, TrojanRB and 2 others like this.
  17. JackHorzempa

    JackHorzempa Grand Pooh-Bah (3,169) Dec 15, 2005 Pennsylvania
    Pooh-Bah Society

    To springboard off of the @HouseofWortship post above, if financing (i.e., loans) will be needed to purchase the Anchor Brewery then this would be challenging in today's environment of higher interest rates.

    Cheers!
     
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  18. jesskidden

    jesskidden Pooh-Bah (2,981) Aug 10, 2005 New Jersey
    Pooh-Bah Society Trader

    Well, I guess I'll ask "How high is the sky?":
    [​IMG]

    Late 70s - early 80s, of course, is coincidentally when the craft brewing era began and when Maytag bought and eventually moved into the former Chase & Sandborn coffee roasting plant (although he probably paid cash* with some of that washing machine inheritance).

    It's also around the time when my SO and I decided there was no way we could afford to buy that little 4 room house we were renting - they wanted something like $35k - or was it $65k:astonished:? - and we both had good jobs, I was making something like $12/hour (plus 5% night shift differential and time and half for those eight mandatory Saturdays)!

    Looks like Maytag paid $870,000 for the building in 1977-78. Sounds like a bargain, but that's $4.25M in 2023 dollars.
     
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  19. moodenba

    moodenba Pooh-Bah (1,781) Feb 2, 2015 New York
    Pooh-Bah Society

    Anchor Steam Beer and Northern Exposure. I had pangs of regret when two cases of Anchor Steam Beer were brought to the bar at the "Brick" in Cicely, Alaska. The Northern Exposure episode is Series 3 #15, "Democracy in America". Oh for the good old days (just 30 years ago).
     
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  20. cdenrco

    cdenrco Initiate (75) Jul 22, 2023 Colorado
    Society Trader

    #20 cdenrco, Sep 17, 2023
    Last edited by a moderator: Sep 17, 2023
    ChicagoJ likes this.