Michigan’s craft beverage industry is facing a challenge with the economic fallout from the coronavirus pandemic that is unlike any other in its history.
Craft beverage companies have been rocked by an unprecedented crisis, one caused not by bad business decisions or fundamental industry shifts, but by widespread closures related to a sweeping public health concern.
A partner at accounting and consulting firm Plante Moran, Joel Mitchell has a front-line look into how manufacturers are faring. Mitchell, who heads the manufacturing and distribution industry service team in Grand Rapids, said companies are bracing for disruptions and closely watching how passage of the federal tax reform bill could affect their businesses.
As the craft brewing industry grows in Michigan and beyond, it has been met with a continual skepticism about whether the market can support even more producers. Every industry hiccup stirs talk of a craft beer bubble that’s on the verge of bursting. In separate interviews, MiBiz brought that discussion to three professional advisers to get their take on the state of the industry.
If ever there was a sign that the craft beer business has matured, it’s that the money has finally showed up and taken an interest in the industry.