It’s excellent news for Dane and Travis Boersma that people take their coffee extremely seriously. The brothers, who were seeking for a side job in 1992, are third-generation dairy farmers from Oregon. They decided to open their own coffee shop for a variety of reasons, but one of the main one was the ability to listen to music while hanging out with friends.
The brothers combined their savings and bought a coffee cart and espresso machine and set up business in downtown Grants Pass, Oregon. Their business was known as Dutch Bros.
Their coffee business grew quickly over time.
Dane Boersma tragically passed away in 2009 following a two-year fight with Lou Gehrig’s disease. As of this writing, Dutch Bros. has 471 coffee shops throughout Oregon, Washington, California, Idaho, Nevada, Arizona, Utah, Colorado, New Mexico, Texas, and Oklahoma. In 2000, the first Dutch Bros. franchise opened for business. The business had a net income of $6.5 million on $414.5 million in revenues during the twelve months that ended June 30. Revenue in 2018 was $186 million, thus this is an increase.
On September 15, Dutch Bros. went public on the New York Stock Exchange. The value of the shares had increased by 60% by the conclusion of the first trading day. At that point, Dutch Bros. was valued at $5.6 billion, making Travis Boersma, 50, a billionaire with a net worth of $2.3 billion.
The Dutch Bros. IPO was the first by a company based in Oregon since 2004 and it was the largest in the state’s history.
Starbucks, Coffee Bean & Tea Leaf, Peet’s, and Dunkin’ are the top competitors in the U.S. coffee market, making it quite fierce. Dutch Bros. distinguished itself from the competition by developing distinctive drinks. The business actually sells more cold beverages than hot ones and champions the “Dutch Luv” culture. In the coffee industry, there is typically a higher than 100% turnover rate. At Dutch Bros., the percentage is 40%. The “broistas” at Dutch Bros. actually launched a Venmo campaign in 2019 to gather money for one of the employees to attend college. The way Dutch Bros manages its franchisees is another characteristic that sets it apart from its rivals. Franchises aren’t sold to outsiders by the corporation; instead, it gives them to employees who advance through the ranks and win over Boersma. Only those who have worked with Dutch Bros. for at least three years are eligible to purchase a franchise, and Boersma will buy back any franchise that falls short of his expectations.
Boersma relinquished the CEO job at Dutch Bros in February and installed beverage-industry veteran Joth Ricci (Jones Soda Co, First Beverage Group, Stumptown Coffee Roasters, and Adelsheim Vineyards) in his place. The position of executive chairman was kept by Boersma.
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