Members in Industry and Commerce Conference Taps Area Brewery for Financial Insight

By Kim Patterson, Member Relations Coordinator

The New York State Society of CPAs Third Annual Western Regional Members in Industry and Commerce Conference featured a variety of noteworthy topics, ranging from the Empire Zones Program Act, designed to stimulate growth in employment and investment in economic development zones throughout New York state, to an update on employee benefit plan strategies.

Held on May 22 in Rochester and presented by the Members in Industry and Commerce Committees of the Buffalo and Rochester chapters, the event included an interesting discussion by John Henderson, executive vice president and chief operating officer of High Falls Brewing Company, LLC. In a session titled "Brewing a Turnaround," Henderson discussed how the Genesee Brewing Company, parent company to High Falls, developed and carried out a successful management-led buyout and turnaround plan.

In addition to explaining the business plan to salvage the company that makes Smirnoff Ice and Mike's Hard Lemonade, among other products, Henderson also focused on some of the nonfinancial reasons that saved the Rochester brewery. Chief among those presumably is the fact that the company has long been part of the community's history and fabric and is an employer of many of its residents.

A reception sponsored by High Falls Brewing Company followed the conference, in which attendees were able to sample the brewery's products.