EPISODE · Aug 1, 2019 · 1H 13M
212 - The Largest Bourbon Secondary Market with Owen Powell
from Bourbon Pursuit · host Bourbon Pursuit
Last week, CNN reported that Facebook and Instagram are shutting down all peer to peer sales of alcohol. This wasn’t a joke. In the span of 72 hours, all of the major bourbon groups were wiped out. The secondary market is synonymous with Facebook. The growth of bourbon’s popularity can be attributed to it as well by those that are in it to flip bottles. Owen Powell didn’t create the first group to buy, sell, and trade bourbon, but he certainly created the largest. The Bourbon Secondary Market group is no longer around on Facebook, but the story of how it was built, the ways discussions were moderated, and how it served as a data gold mine for valuations is told. We uncover the progression of the group from a few hundred members to reaching over 50,000, what leads to certain distilleries being banned on a black market, and if the secondary market will actually end if Facebook groups cease to exist. Show Notes: This week’s Above the Char with Fred Minnick talks about Parker's Heritage Collection. How did you get into bourbon? Talk about the growth of the group. Were there any growing pains? How many members are in the group? How many admins do you have? What do you look for in admins? Why do people have animosity towards admins in these groups? Let's talk about the rules in the group. How did the secondary raffle site become its own thing? How does a dispute come about? What do all the acronyms mean? What is the best way to handle a dispute? Have you ever had accusations of counterfeits? How do you handle that kind of situation? Why did you do an open group? Do you keep a log of all the transactions? You’ve banned a few distilleries. How are rules like that determined? Why do you run the group even though you don't get paid? What do you do when someone prices something too high? What about monthly dues? Do you think groups could end on Facebook? Learn more about your ad choices. Visit megaphone.fm/adchoices
What this episode covers
Last week, CNN reported that Facebook and Instagram are shutting down all peer to peer sales of alcohol. This wasn’t a joke. In the span of 72 hours, all of the major bourbon groups were wiped out. The secondary market is synonymous with Facebook. The growth of bourbon’s popularity can be attributed to it as well by those that are in it to flip bottles. Owen Powell didn’t create the first group to buy, sell, and trade bourbon, but he certainly created the largest. The Bourbon Secondary Market group is no longer around on Facebook, but the story of how it was built, the ways discussions were moderated, and how it served as a data gold mine for valuations is told. We uncover the progression of the group from a few hundred members to reaching over 50,000, what leads to certain distilleries being banned on a black market, and if the secondary market will actually end if Facebook groups cease to exist. Show Notes: This week’s Above the Char with Fred Minnick talks about Parker's Heritage Collection. How did you get into bourbon? Talk about the growth of the group. Were there any growing pains? How many members are in the group? How many admins do you have? What do you look for in admins? Why do people have animosity towards admins in these groups? Let's talk about the rules in the group. How did the secondary raffle site become its own thing? How does a dispute come about? What do all the acronyms mean? What is the best way to handle a dispute? Have you ever had accusations of counterfeits? How do you handle that kind of situation? Why did you do an open group? Do you keep a log of all the transactions? You’ve banned a few distilleries. How are rules like that determined? Why do you run the group even though you don't get paid? What do you do when someone prices something too high? What about monthly dues? Do you think groups could end on Facebook? Learn more about your ad choices. Visit megaphone.fm/adchoices
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212 - The Largest Bourbon Secondary Market with Owen Powell
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