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Client Spotlight: Price’s Wines

In 2009, Nick and Mandy Price purchased a vineyard in McLaren Vale, SA – and today, Price’s Wines has six annually released varieties. How did they do it? Here’s a look at their story.

The journey

Nick Price grew up on a farm on the Eyre Peninsula, and he had a dream to one day get back to the land and bring together his love of farming and his passion for wine. In 2009, he and his wife Mandy bought a vineyard and started learning as much as they could about grape growing.

In the beginning, all of the grapes were under contract, but in 2012, Nick decided to hand-pick a section of Cabernet Sauvignon grapes for the first Price’s Wines vintage. In subsequent years, the Block 5 Cabernet Sauvignon has become popular, along with other varieties including a Block 1 Malbec and a Block 2 Alicante Bouschet. All the wines produced – Malbec, Shiraz and Cabernet – are limited release selections from 50-year-old vines on their 40-acre vineyard.

“We make wines that we enjoy and that we believe are approachable for a range of customers,” says Nick.

As a relatively new wine brand in a very competitive and saturated industry, their biggest challenges have been brand recognition and building wine sales, but they’ve definitely developed a following.

“We’ve found that once people try our wines, they inevitably come back for more,” Nick says. “We’ve tried to be creative in building our customer base, too, from local letter box drops to onsite office corporate tastings, wine festivals and markets.”

Building a great business

Nick notes that for him, building a great business centres around quality.

“Price’s has an absolute focus on quality, and we aim to be the best that we can be,” he states. “Our motto is ‘The Season’s Best’. It all starts in the vineyard and is followed through every stage of production, from winemaking and packaging, to delivery to the customer.”

He adds that other important parts of Price’s Wines’ success include listening to good advice from the right people, having a thirst for knowledge about the wine industry (pun intended!) and being willing to try new ideas.

Accru Harris Orchard Director Ainsley Coggins adds, “Nick and Mandy’s dedication to doing their best at every venture they tackle has seen them build Price’s Wines to where it is today.  They have big dreams and are very driven to achieve them.”

 

Accru Harris Orchard’s role

Through various business ventures, Nick and Mandy have been clients of Accru Harris Orchard for more than 25 years. Accru Harris Orchard has helped structure their winery business from the start to help them gain the best tax outcome and future growth opportunities. They also assisted with online software implementation, which has helped Price’s reach as wide a customer base as possible.

“The Accru Harris Orchard team has assisted us in helping navigate the Wine Equalisation Tax and ensuring our best interests always come first,” says Nick. “They are a long-term, high-value partner that’s been essential to the successful running of our various enterprises.”

“We are now set up for a very promising future,” Nick adds. “With the right business structures in place, an SMSF and a Discretionary Trust setup, we’ll remain viable and tax-efficient.”

 

The future

In the short term, Price’s Wines will be looking to host bespoke tasting events onsite at their vineyard in McLaren Vale. In the future, a cellar door is on the cards, and the couple hopes that one day, their three kids – Lukas, Tayler and Sam – will continue the business. We’ll certainly drink to that!

Visit the Price’s Wines website here.

Want to learn more about how Accru Harris Orchard can help you build a great business? Contact our team today.