Friday, July 7, 2017

Modern Times Sells Out - To Its Employees

Modern Times Beer, in big press release this morning, announced that it is now employee owned.  Its Employee Stock Option Plan owns 30% of its stock, with a goal of 100% ownership.  Modern Times has been buying back its shares from its outside investors.  This is good news, as a great brewery is laying plans to remain independent and solidify its future.  MarketWatch has a good article on the employee purchase and an interview with Jacob McKean, Modern Times' CEO and majority owner.  

Modern Times is celebrating its fourth anniversary this weekend.  In 2016, it was the fourth largest craft brewery in San Diego based on barrels produced, behind only Stone Brewing, Green Flash, and Karl Strauss, according to this Peter Rowe Union Tribune article from February.  This puts Modern Times ahead of Coronado Brewing, AleSmith, and Pizza Port.  Yeah, I did not know that either. 

The mega breweries, led by Anheuser-Busch, are buying craft brands and obscuring the difference between an independent enterprise and a division of a beverage conglomerate.  Modern Times is staking its future on remaining distinct and independent, and I plan to spend my beer money at independent brewers like Modern Times.  In fact, I may have to stop by Modern Times this evening.

Make sure to read the comments in the Modern Times' press release linked to above.  The strong words of encouragement will put you in a good mood.

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