Bending Rules -Chris and Jeremy, founders of 10 Barrel Brewing Co, which they built and guided to a successful exit to Anheuser-Busch in 2014, share the ups and downs of that journey and what followed
Intro: I have had the pleasure of interviewing several individuals who have built great companies (Hydro Flask, G5, Cairn, Walker Tracker, etc.) in my hometown (I still see it as a town, despite the significant growth), Bend, OR. Most recently, I sat down with two other well-known businessbuilders, Chris and Jeremy Cox, the brothers best known for starting the brewing company 10 Barrel Brewing Co. With a lucrative exit to Anheuser-Busch in 2014, which could have allowed them to sail off into the sunset, the Cox brothers continued to invest in and give back to the communitythat supported their efforts for over a decade. They created a restaurant group, invested in other beverage businesses, and support a handful of angel investments that they continue to nurture today.
As I visited with the brothers, I learned that their story is much more than what has been one of Bend’s most visible business sales. The seeds of their entrepreneurial spirit were formed much earlier in life, and 10 Barrel represented a culmination of their passion for doing work they enjoyed, leaving lucrative corporate jobs—like so many entrepreneurs have to decide to do in order to follow their dreams. The company they built was by no means an overnight success; like many successful businesses, it was achieved throughyears of hard work, sacrifice, and tough lessons. Even after the sale in 2014, it wasn’t until 2024 that the brothers resigned from the parent company, working in tandem, of course, as they continued to refine their knowledge witha much larger operator.
Every entrepreneur's outcome offers a unique opportunity to learn and be inspired. While aspects of the Cox brothers' efforts are similar to those of other company builders (hard work, timing, etc.), there were some key inflection points I found interesting, such as their ability to quickly integrate lessons learned from their mistakes and clearly understand each other’s strengths as they ventured into an industry in which they initially had little experience. As Chris Cox stated in 2014, recalling their first investment in a local bar in 2003, “The bar was super reasonable. We had never worked in bars before or anything. We just wanted to get to Bend; we couldn’t find any other way to get there for jobs, so we bought a bar.” A few years later, in 2007, the idea for 10 Barrel Brewing was born.
I’d argue that passion for an industry is often the first step to taking the proverbial leap of faith to embark on one’s own path. However, it was clear to me after our conversation that these brothers are shrewd businesspeople. While they enjoy the task of building a brand and the team they work with, they understand market dynamics. Drawing on tough lessons from their past, they were able to position 10 Barrel for a successful exit while continuing to do the community work they love.
2:51 -- Early influences and family background
7:47 -- First venture and learning experience
10:51 -- Transitioning from corporate world to entrepreneurship, start-up capital (boot-strap)
14:42 -- The birth of 10 Barrel Brewing
23:02 -- The breakthrough! Hiring key talent
32:23 -- Importance of mentors and learning to accept rejection from prospective investors
37:05 -- A "chip" on the shoulder helps. "Losers think about winners, and winners think about winning"
40:07 -- Recession seeded a strategy to grow outside the region: the "taking of their first handle"
50:08 -- The decision to sell the company, past mistakes inform them "timing matters"
56:14 -- After the acquisition, the amazing partnership with Anheuser-Busch (note, it doesn't always go this way:)).
1:00:59 -- Transitioning to new ventures -- what now? Current projections and future directions.
