How Dreams and Money Didn’t Mix at a Texas Distillery

chiptate
It was February 2013, and Chip Tate, the 39-year-old founder and president of Balcones, one of the country’s most successful artisanal distilleries, was desperate for money. From almost the day Mr. Tate opened the distillery — in Waco, Tex., in 2008 — Balcones grew like a weed, with sales of its corn and malt whiskey doubling each year. But making whiskey is a capital-intensive business, and expanding to meet skyrocketing demand takes significant money — money that Mr. Tate and his two investors did not have. Full story

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