We caught up with the brilliant and insightful Morgan Salsman a few weeks ago and have shared our conversation below.
Hi Morgan, so excited to talk about all sorts of important topics with you today. The first one we want to jump into is about being the only one in the room – for some that’s being the only person of color or the only non-native English speaker or the only non-MBA, etc Can you talk to us about how you have managed to be successful even when you were the only one in the room that looked like you?
I have always been a part of male dominated industries between my engineering and real estate background and my current experience in the bourbon industry. I get asked this question a lot, but this is not something I ever saw as a disadvantage–or even put much thought into previously (being a woman in a male dominated industry). Typically, men are very direct communicators, and this is a skill that I acquired over time through my relationship with mentors, peers, and other influences around me. I had several strong male influences growing up, including my father who is a great businessman and has taught me a lot of what I know today. I was also very fortunate to grow up with a group of young men who were all very business and entrepreneurially minded. We were having thoughtful and impactful conversations from a young age. I was able to understand the natural differences in our perspectives and use that to create a better, wholistic approach to solutions and communication style. The relationships that I’ve built with these people have truly pushed me toward reaching my fullest potential.
I believe that it is an advantage to be a young female in male dominated industries because it is an automatic distinguishing factor. In addition to that, I’m able to bring a different perspective to the table. This natural opposing view, partnered with the strong male influences I have had in my life contribute to my ability to think through solutions from multiple angles and consider the best path forward. I have always felt I am able to hold my own no matter the room that I am in.
As the youngest of 4 girls with quite social parents, I became very comfortable interacting with people quite a bit older than myself from a young age as well. It has always been well received and I have often been complimented on my ability to connect to people of different ages, genders, and backgrounds. Being on the younger side of the industry also provides me with an opportunity to give a fresh, new, unique perspective. It allows me to expose a whole new wave of young people to the bourbon industry.
Thanks for sharing that. So, before we get any further into our conversation, can you tell our readers a bit about yourself and what you’re working on?
My Story:
Growing up in Bardstown, KY, surrounded by bourbon, I always felt a deep connection to my heritage. While studying engineering at the University of Alabama, I was offered the opportunity to invest in bourbon barrels back home. When the original program’s founders decided to step back, I saw a chance to continue the opportunity and forge my own path. Thus, LQD Assets was born, a venture that quickly gained momentum, attracting investors and raising millions for barrel purchases and forging key partnerships with distilleries. Balancing this growing business with my engineering career was a challenge, but when faced with a pivotal moment to choose between the two, I bet on myself, leaving engineering behind to pursue my dream of entrepreneurship, a decision that has propelled LQD Assets to new heights.
In just two years, what began as a passion project has blossomed into a thriving enterprise, fueled by dedication, innovation, and a steadfast belief in the potential of bourbon. As I reflect on the journey from investor to business owner, I’m reminded that sometimes the greatest opportunities arise from the courage to take a leap of faith.
What my business does:
Our company buys, ages, and sells bourbon barrels. We offer an investment program for accredited investors to diversify and grow their portfolio with a tangible appreciating asset. It is a way to hedge against other typical or alternative investments. We buy the barrels as new fill barrels (0 days old), moved them to our own warehouses where they will be aged for 3 to 5 years, and then sell them to sourcing brands. We anticipate 20-30% annualized return on investment. This program allows investors to diversify their portfolio with an investment that is uncorrelated to typical stock market, interest rate, and real estate indicators.
We also provide partnership to sourcing brands so they are able to scale their business. We hold the financial responsibility of the aging process, so that brands have cash flow to market their products, grow their brand, and generate consumer excitement. The majority of brands do not have hundreds of thousands of dollars to park in inventory that needs to age for 3 to 5 years before they can even put it in a bottle to see a return on their investment through product sales. We offer consistent mash bills (or recipes) from consistent distillery, partners that allow a brand to confidently plan out their production and inventory for years to come. We offer flexible, sales terms as well as futures contracts to allow brands the confidence to grow. We also offer consulting services for these brands to subsidize any gaps in their teams. This includes barrel storage, brand development, new and used oak barrel sourcing, bottling partnerships, compliance, dry good sourcing and more.
There is so much advice out there about all the different skills and qualities folks need to develop in order to succeed in today’s highly competitive environment and often it can feel overwhelming. So, if we had to break it down to just the three that matter most, which three skills or qualities would you focus on?
Life Long Commitment to Learning
I’ve always had a curiosity for learning and I think this has really gotten me far in life. A curious nature and drive to learn are indispensable qualities for entrepreneurs navigating the complex and ever-changing landscape of business. By embracing a mindset of lifelong learning, I can remain agile and adaptable, capable of seizing opportunities and overcoming challenges with confidence and insight. Continual learning not only expands my knowledge base but also equips me with the critical thinking skills necessary to make informed decisions and stay ahead of the curve in an increasingly competitive environment.
Mentorship is another thing that is a vital part of lifelong learning. I have always sought out successful professionals in my industry to provide me with guidance and lessons learned to propel me forward. Is important to understand what you do not know and to utilize your resources to become the expert in the room. The ability to ask for help is something that is overlooked. There’s no need to reinvent the wheel.
Ultimately, curiosity and a commitment to learning empower all entrepreneurs to uncover new possibilities, cultivate resilience, and drive sustainable growth in their ventures.
Risk Taking
My comfort level with risk is something I think was pivotal in my ability to build this business. I had the expectation of not making a single dollar for ten months when I started this business. That was a huge risk. I was leaving my consistent paycheck at my corporate job in a very stable career in engineering. Entrepreneurship inherently involves taking risks, whether it’s financial, personal, or professional. Successful entrepreneurs are comfortable with uncertainty and are willing to take calculated risks to pursue their goals and ambitions. The fear of failure is something you really have to get out of your mind in order to freely pursue a career in such a challenging field as entrepreneurship.
Self-Discipline and Time Management
These are two skills I am tested with on a daily basis. As a current solopreneur, I’m very limited by the amount of time that I have in a day or a week. I do not have time to not be on my A game, be sick, or be inefficiently scheduling my time. Time blocking and religiously using a calendar is what gets me through my weeks. Motivation is often mentioned when talking about building a business or making a change in your life, but really self-discipline supersedes motivation. It takes a lot of self-discipline to get things done in the times you may lack motivation. A consistent routine really supports self-discipline.
Alright so to wrap up, who deserves credit for helping you overcome challenges or build some of the essential skills you’ve needed?
The first that comes to mind is my dad. He’s a phenomenal business owner, entrepreneur, mentor and dad. He is a built-in sounding board and has taught me a lot of what I know about engineering, the bourbon industry, running a business, building relationships negotiations, and so much more. On top of that there are many people who have been impactful in my ability to grow as an entrepreneur, and as a bourbon industry professional. I am a firm believer in the statement, “your network is your net worth,” and make sure that I am providing equal or greater value to all of those who have provided me with mentorship and resources over the years. I am thankful to all of them.
Contact Info:
- Website: https://lqdassets.co/
- Instagram: https://www.instagram.com/lqdassets/
- Facebook: https://www.facebook.com/profile.php?id=61556752067498
- Linkedin: https://www.linkedin.com/in/morgan-salsman-82046a178/
Image Credits
Just me!
