Andy Lamba is a great example of what this country is all about. His family came to the US from India with nothing, then found huge success here. Andy discovered soon after getting his CPA that being an accountant was not for him. He then decided to open Prime Wine and Liquor in Kings Park, NY.
Andy said that opening the store was actually an accident. Once he realized accounting was not for him, he resigned from the company he worked for to work in his dad’s cell phone business. In 2014, the opportunity to open the liquor store presented itself, so he took a risk and has been doing it ever since! He said it suits him because he gets to learn something new every day and new products keep it fresh and interesting.
You will want to hear this episode if you are interested in…
- Ways to test and authenticate to ensure your aged collector’s bottle is still good. [12:30]
- What the most popular liquor brands are right now. [13:05]
- Tips on what to look for when purchasing the “brown spirits.” [14:32]
- Andy’s gift suggestion for all budgets. [19:16]
Not your ordinary wine and liquor store
Prime Wine and Liquor carries the many traditional bottles and brands you would find in most liquor stores but Andy goes the extra mile to acquire some of the unique finds — what Andy calls “Behind the Counter” bottles. He focuses on the rare and unique liquors. Many store owners are afraid to invest in the rare bottles because it’s capital that is tied up at the end of the day. But Andy believes the adage that you have to have it to sell it and he sees this pricier stock as an investment.
Andy’s store has quite a big network of rare bottle collectors from Manhattan to the Hamptons. Part of Andy’s success is his commitment to phenomenal customer service. He makes a sincere effort to get as many interesting finds as he can — ones that these collectors have both asked about as well as ones he feels would be a good addition to the store.
Time is money
Andy loves the stories behind some of the bottles his collectors choose. One such story was when a dad purchased a rare bottle with the dream of sharing it with his son — then just an infant — on his 21st birthday. This is just giving that bottle even more time to age. Andy pointed out that with the rare whiskeys, you are essentially “paying for time.” They are aged for 50 or more years. If you run out, you can’t simply go back and make more.
Andy has seen lots of interest in the specialty market as well as growth in the “brown spirits” — whiskeys, bourbons, and scotches.
I asked Andy what to look for when making a purchase of one of these brown spirits.
Andy’s answer may surprise you. Listen in to hear his advice!
“If you do not know how to change and adapt a business with the time, you will get outdated.” -Andy Lamba
Many businesses have seen changes due to the pandemic. Andy believes you must know your threats AND your opportunities. Prior to the pandemic, his store already had a delivery service and had already launched their website and app as well. They were well-positioned when the pandemic hit by already having these tools in place. This allowed their business to continue almost without interruption and to flourish in the face of adversity. Ultimately, their customer base increased due to their ability to adapt and their flawless customer service. Listen as we talk about solid business advice that can see you through almost any situation!
Resources & People Mentioned
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Andy is a great example of what this country is all about. His family came to the US from India with nothing and he has been a huge success. He obtained his CPA and shortly realized that being an accountant was not for him. Andy then opened prime Wine & Liquor and has become a cornerstone of the community and is a consummate example of great customer service.
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Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative CWM, LLC. CWM, LLC is not responsible for the guest’s content linked on this site.
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Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative CWM, LLC. CWM, LLC is not responsible for the guest’s content linked on this site.
