Friday, June 16, 2017

Tom Bulleit, Great Guy, But Not an Entrepreneur

Under the "Icons of Entrepreneurship" banner, the INC.COM headline says this: "The Unsung Hero Behind Bulleit Bourbon."

It is about Betsy Bulleit, her marriage to Tom, and their "third and fourth children," Bulleit Bourbon and Bulleit Rye. It is a fluff piece, written by the brand's PR agency.

I like Bulleit Bourbon (a product of Four Roses) and Bulleit Rye (a product of MGP of Indiana). They are excellent whiskeys. And I love Tom Bulleit. I always enjoy visiting with him. He is a great guy. I don't know Betsy, but the happy marriage angle is great too. I'm totally happy for them.

But Tom Bulleit is not an entrepreneur.

In 1995, Bulleit, a lawyer in Frankfort, Kentucky who had some business in Japan, created two new bourbon brands, 'Bulleit' and 'Thoroughbred,' for the booming Japanese market. He sold Bulleit to Seagrams in 1997. They reformulated the whiskey and redesigned the package. Mostly, they liked the name, which is pronounced 'bullet.' Thoroughbred fell by the wayside.

Tom was an entrepreneur for two years.

Selling your company after two years is surely one measure of entrepreneurial success, but you stop being an entrepreneur when you stop entrepreneuring. For the last 20 years he has been a brand ambassador. Brand ambassador is a noble calling and Tom is a very good brand ambassador but he is an employee, like Fred Noe is at Beam. It is not his company.

The brand owner is Diageo, world's largest drinks company, which never can resist gilding the lily.

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