Elgin winery in search of investors
The Red Bar Winery has maintained a fragile grip on its livelihood through a saga of business woes. Now co-owners Jim and Doris Canfield will host an event for potential investors Sunday, hoping to entice someone to help them keep the business afloat.
Wine enthusiasts with money to spend are invited to cover the cost of producing a unique wine branded in their name or even in the name of a charity.
“The initial cost is $10,000 and you recover that cost, with the possibility of an added return, when “your” wine is sold,” said Eric Jareczek, a managing partner in Aspire Business Brokers, the firm hired to assist Red Bar in its search for investors.
Canfield said the wine proposal is just one possibility as he is looking for any type of partnership, including sale, to keep the business alive.
“Whatever is going to float this ship is what we’re looking for,” Canfield said.
The event will be held at 3 p.m. Sunday at the Red Bar Winery and Bistro, 74 S. Grove Ave., Elgin.
In the agreement designed by Aspire Business Brokers, 1,200 bottles of private label wine or a combination of private and retail labels will be made for the investors. Investors will get to work with Red Bar on special touches or label design and then sit back and let the winery do the work of marketing and selling until the last bottle is purchased.
Anyone interested in attending Sunday’s event, which will include a wine tasting, should RSVP to (224) 698-2777.