Business Model
The business practices and quality standards of Stumptown Coffee Roasters have led to them being recognized as having "revolutionized the coffee business" and helped "refine coffee drinkers' palates" in Portland. Founder Duane Sorenson and Stumptown Coffee Roasters have been credited as being part of the so-called "Third Wave" of the coffee movement.
Sorenson, and his employees, in pursuit of the best quality coffee spends considerable time visiting farms in person and is willing to pay high prices for coffee he deems worthy—occasionally three or four times the fair trade price. He once set the record for highest price ever paid for coffee beans. Sorenson is known for forming lasting relationships with coffee producers.
The owner has offered atypical perks to his employees such as paying for a compilation album to be produced of their various bands, and hiring a full-time on-staff massage therapist. They have received numerous awards, including Roaster of the Year 2006.
In 2011 Stumptown took on a large investment from private equity fund TSG Consumer Partners in New York, including re-registering the business under TSG in the state of Oregon. Due to tax reasons Stumptown is now fiscally based in Delaware. This led many to declare that Stumptown had sold out, despite confirmation that Sorenson was technically still running the company. As of February 2013, Joth Ricci of Jones Soda Co. is now the acting President.
Read more about this topic: Stumptown Coffee Roasters
Famous quotes containing the words business and/or model:
“...we shall never be the people we should and might be until we have learned that it is the first and most important business of a nation to protect its women, not by any puling sentimentality of queenship, chivalry or angelhood, but by making it possible for them to earn an honest living.”
—Katharine Pearson Woods (1853–1923)
“The playing adult steps sideward into another reality; the playing child advances forward to new stages of mastery....Child’s play is the infantile form of the human ability to deal with experience by creating model situations and to master reality by experiment and planning.”
—Erik H. Erikson (20th century)