On The Perils Of Management Access & Straying From Process: Our Adventure With Jones Soda

On The Perils Of Management Access & Straying From Process: Our Adventure With Jones Soda by Jordan S. Terry, Stone Street Advisors

Summary

• We initially were skeptical about Jones Soda (JSDA) due to declining and generally weak financials, questionable strategy, and uncertainty surrounding its turnaround plan.
• After the annual meeting and a one-on-one with the CEO (& CFO), we became convinced the company was in capable hands, and the turnaround would go well.
• Turnarounds are hard, particularly for severely resource-constrained firms. We now believe Jones Soda should put itself up for sale rather than wait/hope for a small miracle.

Introduction

In late May 2013, we started working for a client who was interested in knowing what we thought about Jones Soda (OTCQB:JSDA). It...