Bert Beveridge Net Worth & Biography
Bert Beveridge Net Worth & Biography
|Popular Name:||Tito Beveridge|
|Real Name:||Bert Butler “Tito” Beveridge II|
San Antonio, Texas, United States
|Net Worth:||$9 Billion|
After completing his studies at the highly respected University of Texas at Austin which has produced several wealthy people we have written about in the previous articles on this blog, Bert “Tito” Beveridge started his career in environmental engineering before switching to the oil business, while also dabbling into mortgage. It wasn’t long before Beveridge’s adventurous and entrepreneurial spirit took hold and steered him down an uncharted business path: Craft Spirit Distiller. Except there was a problem. At the time, distilleries were considered illegal in Texas where he was based. Despite this law in place, Beveridge was determined to accomplish his goals. He consulted the Texas Alcoholic Beverage Commission and was deferred to the state who eventually deferred him to the feds. He finally had his breakthrough as he obtained an official authorization for a microdistillery in the state of Texas. But that was only the beginning for Bert Beveridge, who then needed to get funding for his business. And so he did –by summing up to $90,000 over 19 credit cards. That was just enough to enable him to buy 13 acres for his distillery in Travis County, Texas. But even his official authorization (the first of its kind in the state since the prohibition era) was not enough to put his business on the map. However, just like every successful businessman today, things turned around positively for Tito and his business blossomed to great heights even beyond his expectation. His brand is very popular in the United States and in various parts of the world today, and this article sheds some light on the story of his life and career accomplishments.
Early Life: Childhood, Education
Bert Butler “Tito” Beveridge II was born and raised in San Antonio, Texas, in the United States. During his childhood, his Latino caregivers gave him the nickname “Bertito”, shortened to “Tito”
For his education and academic qualifications, Tito holds a bachelor’s degree which he obtained from the University of Texas. As an undergraduate, he was a member of the Kappa Sigma Fraternity.
Professional Life: Business Career
Bert Beveridge is best known as the man behind the origin of Tito’s Vodka. He is a professional distiller by profession. He also experienced the careers of an environmental engineer and mortgager at certain points in his life.
After obtaining a license to run his business, Tito worked tirelessly at his “one-man show” distillery, he would distill it, bottle his products, load a truck, and head out to sell his goods, all by himself. He did all the financing and marketing by himself as well and often he slept on a makeshift bed in the warehouse. The early days were tough for him, but building his brand was much tougher. Once in a while his supportive friend in the mortgage business would throw him a job so as to help him get some extra cash. It wouldn’t be until several years later, in 2001, that Tito would receive the phone call that changed his life. He received an invitation to attend the World Spirits Competition in San Francisco — one of the oldest and most esteemed of its kind. There, a panel of judges blindly test spirits and give medals to the deserving brands. Any medal won at this competition is considered an impressive achievement, and Tito didn’t just win any award. He went back home with the double gold medal for “best vodka”, outshining several major brands such as Belvedere, Grey Goose, and 70 others. Getting a double gold means he received a Gold medal assessment by all judges present at the competition. Spirits that receive two gold medals are considered to be among the finest in the world.
More than half of the top thirty vodka brands in the United States were either stagnant or diminishing in volume last year (according to stats collected by Shaken News Daily). Consumers are increasingly settling for more domestic brands. And within the domestic segment, sales of vodka have been held afloat mainly by the success of Tito’s. Five of those top vodka brands are seriously declining including two top market-share holders, How is this possible? Many insiders in the industry have concluded on one primary driver: Tito is killing the game with his affordable pricing. Unlike many of Tito’s rivals who have shelled out tons of flavors over the past decade, Tito’s Vodka has kept it simple. Its no-frills bottle hasn’t even changed since Tito made the label himself in 1994. In fact, the company prides itself on the fact that it’d rather invest its money into the liquor instead of the label.
With the brand eating up a large part of the market, other companies have been forced to cut costs. Diageo, a member of the top ten producers, lowered the prices of its drinks after sales started falling dramatically in response to the rapid growth of the Tito brand. Recently analyzed data showed that Tito Vodka holds a market share of 13.3 percent of all spirits sold through Provi with an increasing average of 19.5 percent month over month.
Today, Tito’s Vodka touts itself as the original craft distilled vodka of the United States and is produced the same way it was in 1994. The spirit is batch distilled with the use of old-fashioned pot-stills, unlike the more generally used column style. The process has been revealed to be less efficient and far more time-consuming, but that’s just part of Tito’s appeal. The spirit isn’t made from wheat but from corn instead, giving it the bonus of being gluten-free.
The Company, Tito’s Handmade Vodka, is best described as a brand vodka founded by Bert Beveridge in 1994 in Austin, Texas. It specializes in vodka made from corn rather than wheat or potatoes. It is distilled six times and unaged. Texas’ first legal distillery is owned by Mr. Beveridge. By 2001, his company was no longer a micro-distillery as it has surpassed the industry standard of forty thousand cases for a craft distillery. Now produced with equipment capable of bottling 500 cases an hour in a facility with ten-floor-to-ceiling stills, Tito’s Vodka recorded a sales volume of roughly 3.8 million 9-liter cases in America as of 2016 and a market share of 7.1 percent of America’s Vodka market as of 2017.
Bert Beveridge Net Worth: Salary, Income Sources, Investments
Although not so much is known about his family and personal life, the American businessman and entrepreneur, Bert Beveridge, has made his business dealings and finances transparent enough. We know that he has a wealth of $9 billion and most of his wealth has come from his famous Tito’s Vodka. He started producing spirits as a hobby and eventually established his company, Fifth Generation, Inc., and erected the Mockingbird Distillery in 1997. It wasn’t easy for him in the beginning, as he slept on floors and couches after borrowing $90,000 using 19 credit cards with which he started his company. And by beating 72 other vodkas in the World Spirits Competition in 2001, Tito had his breakthrough and shot to fame and success within the next few years that followed.
Tito’s Vodka is, as of today, one of the fastest-growing spirit makers in the United States. It sold 44 million bottles in 2016 and almost double that figure in 2020. Bert Beveridge donates 100% of his online store net profits to nonprofit organizations. His life and success story is an inspiration to many people. Whether you’re interested in the business or looking to establish your own craft distillery, remember that all the sleepless nights and hard work will be worth it in the end.