Founder Of $3 Billion Total Wine & More Discusses His Career And His Future In Politics (Excerpt)
Source: Forbes
Peter High
June 12, 2017
David Trone has been on a mission for quite some time. First, that mission took the form of entrepreneurship, then philanthropy, and finally politics. He learned entrepreneurship at the knee of his father, who developed a variety of businesses related to the family farm in Pennsylvania. Trone developed his own egg-centric venture as an undergrad at Furman University to help pay for college. He then developed his first beer-centric business while getting his MBA from the Wharton School at the University of Pennsylvania, and then launched Total Wine & More soon thereafter with his brother, Robert Trone.
25 years later, Total Wine & More has grown into the largest alcohol-specific retailer, with roughly $3 billion in revenue with 172 stores in 22 states. Trone emphasizes that the future is more about clicks than bricks, however, and the company is investing heavily in e-commerce and digital experience capabilities. The company is also doubling down on customer experience, providing wine, beer, and spirit education, virtual experiences with people behind beloved brands, and a chance to meet the makers in the company’s stores. An educated buyer is someone who is likely to pursue and enjoy higher ticket items.
Over the years, Total Wine & More and Trone more specifically have donated millions of dollars to charities, often in the communities in which the company operates. It is a form of doing well by doing good ala Adam Grant’s book Give and Take – Why Helping Others Drives Our Success, which Trone indicates was an influential book for him. As he has gotten more immersed in healthcare, education reform, and prison reform through his charitable work, his third mission was sparked a couple of years ago, as David campaigned for the Democratic nomination in Maryland’s 8th Congressional District, hoping to fix what he believes to be a broken government. Although his run was not successful, he believes his future remains in politics as much as in business and in philanthropy. He covers all the above and more in this interview.