Jim Koch’s recently released book called “Quench Your Own Thirst” is divided into 42 bite-sized chapters averaging less than 6 pages per, each with a business lesson, pithily expressed in the title of the chapter. Along the way, it contains lotsa sound advice for any entrepreneur, a wealth of detail on Jim’s formative experiences, and much useful historical info from largest US craft brewer.  The book also chronicles more than a few controversies over the years.  While some may disagree with the way these are characterized, Jim is always direct, to the point. And he cheerfully/ruefully admits to many errors.  It’s a breezy, fun read.  

Jim’s Longterm Goal: Pass Heineken  In chapter called “You Don’t Climb a Mountain to get to the Middle,” Jim reveals his “one central goal”: to pass Heineken. In 1985, Jim developed longterm goal to pass Heineken by 2005 (it was then the best-selling high-end beer) and if not by then by 2025. “To make that goal stick I hung a sign over my desk that read simply ‘2005’.”  This still “remains our organizing objective. Everyone who joins the company is told from day one about this goal.  It continues to galvanize us.  We’ve made progress: Our sales have risen to over half of Heineken’s.  I know we’ll get there one day.”  

Going Public With the Public; Surviving AB’s “War” Against SAM One of the most interesting chapters details Boston’s innovative and against-the-grain IPO (“Make Your Public Offering Public”). Jim defied Wall St’s model of offering shares only to insiders and successfully made shares available to consumers as 130,000 “drinkers mailed in their checks for $495 each, amounting to $65 million.”  Another called “Learn to Take a Punch” details the many moves Anheuser Busch made to halt Boston’s momentum way back in 1996.  “My goal was to survive the war, not win it,” Jim sez bluntly.  And he did, tho his stock price cratered.  It was cut in half within 1 mo of infamous NBC Dateline piece (attacking contract brewing generally and Jim specifically) and then cut in half again.  But eventually “a bunch of very smart Brazilians” took over AB, “kicking out the entire Busch family.”  And Jim has a parting shot for former AB ceo August Busch III: “August Busch, once the king of American brewing, was forced into retirement on the family farm.  And I’m still here.”  

Rhonda Kallman and Joe Owades Get Their Props There’s much, much more.  For both longtime Boston Beer watchers and newbies, gotta note:  Jim absolutely gives props to his original partner, Rhonda Kallman, described as “smart as a whip,” “very determined” “confident and self-possessed....  We owe much of Boston Beer’s success over the years to Rhonda’s energy, drive and general smarts.” He also details painful chapter where Rhonda left the co when Martin Roper slated to become ceo.  “Jim, you only had two people to manage and you screwed it up,” Rhonda is quoted as telling Jim. “In this, she was 100% right,” adds Jim. But Rhonda left and sold a half mil shares for less than $4 mil (at peak, would have been worth close to $200 mil).  Meanwhile, Martin “has done a more than excellent job as CEO.”  More recently, Jim and Rhonda (who started a craft distillery) “are collaborating and having fun.  If you can endure the endings, you might eventually find that they’re not endings at all, but rather the start of something new.”  

In the beginning of the book, Jim also details, perhaps too much, how his father (a 5th generation brewmaster) gave him family’s “best recipe” to start with “if you’re going to do this crazy thing,” which became Samuel Adams Boston Lager.  But in a chapter called “Find Your Yoda,” Jim also gives props to renowned brewmaster Joe Owades, who had “invented the original light beer,” and as a consultant, helped bring Sam Adams to life. “I don’t know if we would have been successful producing Samuel Adams if it weren’t for Joe.  Not only was he a perfectionist, he had the brewing chops to deliver perfection.”  Tho Jim only paid Joe what he could, he “gave him 2 percent of the company,” worth about $40 mil today, if family still owns. 

“Long Period of Stagnation”; Twisted Tea $200 Mil Biz; Successes “Started as Failures”  Finally, Boston Beer going thru a rough patch right now,  but Jim reminds he’s had rough patches before.  Between 1996-2003, Boston Beer endured “long period of stagnation” when its sales stayed at roughly $200 million.  But it kept plugging away, tried “to grow even when you’re not growing” (thru improved productivity, etc) and “just keep trying new things.”  Eventually sales took off again; over $900 mil last yr, with Twisted Tea alone “a solid $200 million business,” sez Jim.  And Angry Orchard cider sold over 10 mil cases within 2 yrs when it took Sam Adams 16 yrs to get to that level.  Each of those and indeed “all our successes started as failures.”  So Boston keeps trying.  “Craft beer incubator,” Alchemy & Science is helmed by Magic Hat founder Alan Newman  (“The Man With the Gold Painted Toenails”).  Jim sez: “I told Alan I wanted him to create  five beer projects, each of which could grow to 100,000 barrels a year” and Boston “willing to lose $25 million.”   Jim’s book details many other successes and lotsa errors and failures too and it’s well worth your time.