It’s been an exciting week here at Bogus. There’s a lot of updates, but I’ll start off with the second-most important one. I’m sorry to tease you, but you’re just going to have to wait until Wednesday to hear our big news.
Our second-biggest news is that we’ve lowered the minimum investment on our IPO to $1,000, which is pretty damn exciting. It had been $4,000, mostly because we’d capped the total number of investors at 60. I didn’t like having a minimum investment so high, and I didn’t like capping the total number of investors. After all, this is supposed to be community ownership, affordable for your average craft beer drinker. It’s supposed to be power to the people, not power to some of the people! So we’ve got a more affordable entry price and plan on several hundred community owners. Which is of course, both the exciting and the scary part. Conventional wisdom is that one should try to keep the number of investors down, or risk spending all your time taking care of your investors. We’re not exactly conventional, though, and what better time for shareholder relations than our shareholder meetings? And this is a much better fit with the Bogus culture of inclusion and community participation. Of course, it helps that most of our investors to-date have been investing more than the previous minimum of $4,000, too.
I have had a few folks ask why we don’t round up our financing like a normal company. Why not make it easy on ourselves and just go to the bank, or find a couple of well-heeled investors? Well, that’s just it. We don’t want to be a normal company. And yes, my attorney might tease me that we usually find the most difficult way to do things. But it’s the right way. We want to be an integral part of the community and we want the community to share in our successes. If that means doing it the hard way, then so be it. And in reality, I haven’t found that we’re doing it the hard way. It’s just unconventional. It also means that I am severely over-caffeinated after so many coffee meetings.
We’ve got one more update for you coming shortly and then keep your eye out for us on Wednesday! And if you want to be one of our community owners, wander over to the ownership page to learn a little more.