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<ul class="summary-list"><li>Investors agree: Short-term rentals are more lucrative but require more time than long-term rentals.</li><li>Some are shifting to offering mid-term rentals, which are typically defined as 30- to 90-day stays.</li></ul><p><span>When Business Insider caught up with Amberly Grant in October 2024, she admitted that it had been "a total s--- week and a half."</span></p><p><span>The 36-year-old is </span><a target="_blank" href="https://www.businessinsider.com/millennial-coast-fire-saved-over-half-her-income-financial-independence-2024-10"><span>on track to retire early</span></a><span> thanks to smart investments, including real estate, but her short-term rentals were causing her extra stress at the time of the interview.</span></p><p><span>"I had someone trash my unit, steal the TV. I had a cleaner not show up," she told BI. "This week, for whatever reason, is like every five seconds I'm turning around and I'm losing money and having to deal with a problem. And then I could go a whole month and everything's OK and on autopilot. That's the problem with short-term rentals: It just blows up from time to time."</span></p><p><span>Grant puts up with the occasional blow-up because her Airbnb units bring in a lot more money than her long-term rentals. Comparatively, those properties are "simple," said the Colorado-based investor. "You have one person you're dealing with."</span></p><p><span>That's the consensus among real-estate investors: Hosting shorter stays throughout the year is more lucrative than having tenants sign a 12-month lease.</span></p><p><span>Especially with higher interest rates, which increase your monthly mortgage payment, "long-term rentals are just hard," said </span><a target="_blank" href="https://www.businessinsider.com/real-estate-investing-strategy-how-to-operate-mid-term-rentals-2023-8"><span>seasoned real-estate investor Zeona McIntyre</span></a><span>. "In a lot of places with high home prices, and with the higher interest rates, often the mortgage is going to be more than what you could even charge for rent."</span></p><p><span>In her experience, the same property that may produce $200 in cash flow a month from a long-term tenant could earn up to $1,000 a month from tenants doing shorter stays.</span></p><p><span>The trade-off is time and effort. You're managing bookings and multiple guests a month, constantly optimizing your listing, keeping up with local regulations, and coordinating with cleaners.</span></p><div type="image" title="amberly grant" height="878" width="814" msid="114592789" hostid="261" sizebytes="64512"></div><p><span>Full-time real-estate investor Avery Heilbron categorizes short-term and long-term rentals as "two completely different things."</span></p><p><span>He manages a mixture of both. Two of Heilbron's 14 total units are Airbnbs. He focuses on unique stays — he has a cabin with a fire pit and hot tub, and a tiny home with a sauna — and says he brings in close to $5,000 a month from each.</span></p><p><span>"The Airbnb is definitely more work, definitely not what I would consider a passive activity. You're actively thinking about it — how to make it better — and checking pricing and all that stuff, whereas the long-term, you just sign a tenant and might have a couple of maintenance issues or requests throughout the year," he said.</span></p><p><span>It also requires a separate skillet. He considers the short-term rental business "more of a hospitality business than real-estate investing."</span></p><h2 id="ce4b9c86-ec50-4ce8-a290-363f0134dcd4"><span>The 'sweet spot' of real-estate investing: Mid-term rentals</span></h2><p><span>Short- and long-term rentals aren't the only options for real-estate investors. There's an in-between — mid-term rentals, which are typically defined as 30- to 90-day stays — and it could offer the best of both worlds: generous cash flow for relatively passive work.</span></p><p><span>McIntyre is convinced that mid-term rentals are the "sweet spot" in real-estate investing.</span></p><p><span>The strategy didn't come on her radar until 2020 when the COVID-19 pandemic hit and sent her Airbnb business into a tailspin.</span></p><p><span>"I was ramping up for a busy summer season. Some of my places were booked all the way through May. But when Covid came around in March, Airbnb said, 'We're going to let everyone cancel for free,'" said McIntyre. "I saw one or two cancellations at first, and then it was everything — all of my bookings canceled at once."</span></p><div type="image" title="zeona mcintyre" height="864" width="1152" msid="114592793" hostid="261" sizebytes="41374"></div><p><span>That's what led her to experiment with mid-term rentals, which she'd heard about through one of her friends who was having success catering specifically to travel nurses.</span></p><p><span>She listed her properties on Furnished Finder, which helps traveling professionals find temporary housing, and was surprised with the result: "I realized there are tons of people looking all the time for longer stays — and longer stays are kind of awesome because people don't need as much from you. They're OK to go buy their own toilet paper and change the batteries because they're living there. It was a whole different vibe from short-term rentals and way less stressful."</span></p><p><span>Today, more than three years after the pandemic hit, "it's my preferred method," said McIntyre, who wrote "</span><a target="_blank" href="https://affiliate.insider.com?h=371f5fc4fda0515bca1bdc6966e3d3b81bd82f1e2b8fb49b5500260e3c044d7f&amp;postID=671a7818e5b5408300689ea1&amp;postSlug=real-estate-investors-shifting-investing-strategy-offering-mid-term-rentals-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2F30-Day-Stay-Investors-Mastering-Medium-Term%2Fdp%2F1947200828"><span>30-Day Stay</span></a><span>," to help other investors find and operate mid-term rentals. "I want a longer tenant in there, and I don't want to have to think about it for three months."</span></p><p><span>Heilbron is interested in adding some mid-term rentals to his portfolio. He's converting a 750-square-foot detached garage on his primary home's property into a rental that will help offset his current mortgage. He plans to list the garage for "30 plus days stays," he said.</span></p><p><span>Seattle-based investor Peter Keane-Rivera says he's changing his strategy heading into 2025 and "hybridizing" his Airbnb unit, a 70s-themed "</span><a target="_blank" href="https://www.businessinsider.com/real-estate-investor-setting-up-successful-airbnb-short-term-rental-2023-3"><span>Groovy Guest House</span></a><span>," which he's operated as a short-term vacation rental for about two years. He also rents two single-family homes by the room to long-term tenants.</span></p><div type="image" title="peter keane rivera" height="3024" width="4032" msid="114592786" hostid="261" sizebytes="1614002"></div><p><span>He enjoys the work that goes into managing a short-term rental. "It does allow you to provide a unique service and really to have control over the quality of that service," he said, explaining that he is more interested in offering 30-plus day stays to create more consistent revenue during the slow season.</span></p><p><span>"In the summertime, it pulls in a lot — in June and July, I made almost $5,000 on a one-bedroom in the outskirts of Seattle, so I'm fairly satisfied with that — but in the wintertime, there are lower margins," said Keane-Rivera. "I'd rather get something closer to market rent rates, not have to worry about it for four to five months during the slowest seasons, and then spin it back up for spring, summer, and fall to maximize the return."</span></p><p><span>He believes the ability to toggle between short- and mid-term rentals "is a real asset," he said, adding that if he expands to a second Airbnb unit, he'd use the same strategy: "For eight months out of the year I'd run it as an Airbnb and then during the low season, run it as a mid-term rental."</span></p>

Real-estate investors agree: Short-term rentals bring in more money but cause headaches. Here's the 'sweet spot' some are shifting to.

<p><em>Hello, and welcome to this week's edition of the <keyword id="11040852" type="UNKNOWN" weightage="60" keywordseo="insider-tech">Insider Tech</keyword> <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>, where we break down the biggest news in tech, including:</em></p><ul><li><a href="https://www.businessinsider.com/salesforce-nightmare-scenarios-analysts-acquisitions-cloud-2021-8">The 3 Salesforce "nightmares" that should keep Marc Benioff up at night</a><br /><a href="https://www.businessinsider.com/larry-page-google-bought-fiji-island-pandemic-hiding-tavarua-namotu-2021-7"></a></li><li><a href="https://www.businessinsider.com/gopuff-cuts-driver-pay-philadelphia-warehouses-drivers-mull-protest-union-2021-8">GoPuff raised $1 billion then slashed worker pay</a></li><li><a href="https://www.businessinsider.com/blue-origin-salty-graphics-trash-spacex-and-virgin-galactic-2021-8">Elon Musk vs Jeff Bezos vs Richard Branson: space race or space follies</a></li></ul><p>I'm Insider Tech Features Editor Alexei Oreskovic, and I'm always eager to hear your thoughts, feedback and tips, so hit me up at aoreskovic@insider.com.</p><h4><a href="http://newsletter.businessinsider.com/join/4np/insider-tech">Did someone forward this newsletter to you? Sign up here.</a></h4><h3>This week: <a href="https://www.businessinsider.com/salesforce-nightmare-scenarios-analysts-acquisitions-cloud-2021-8">The Salesforce Nightmares </a></h3><p><a href="https://www.businessinsider.com/salesforce-nightmare-scenarios-analysts-acquisitions-cloud-2021-8"></a></p><p><keyword id="155484" type="COMPANY" weightage="60" keywordseo="Salesforce">Salesforce</keyword> made the tech world do a double-take this week when it announced plans to <a href="https://www.axios.com/salesforce-streaming-service-professionals-30a58e49-77fc-469d-9ff7-99f866678a98.html">launch Salesforce+, a video streaming service</a> with original content. The videos on Salesforce+ will likely be aimed at an office-worker audience, and designed to promote the company's tools rather than to win Emmys.</p><p>But since we're on the subject of plots, <a href="https://www.businessinsider.com/salesforce-nightmare-scenarios-analysts-acquisitions-cloud-2021-8">let's consider some "nightmare" scenarios relating to Salesforce's business</a>. As Salesforce pushes forward on a mission to <a href="https://www.businessinsider.com/salesforce-execs-marc-benioff-q4-earnings-revenue-goal-2021-2">ring up $50 billion in revenue by 2025</a>, and as it expands into new markets with its <a href="https://www.businessinsider.com/salesforce-slack-deal-closed-bret-taylor-stewart-butterfield-learnings-2021-7">acquisition of Slack</a>, the company will need to execute flawlessly on its gameplan - and be prepared for unexpected challenges. Here's how things could go wrong.</p><h3>Read the full story here:</h3><h3><a href="https://www.businessinsider.com/salesforce-nightmare-scenarios-analysts-acquisitions-cloud-2021-8">Experts say these are the 3 nightmare scenarios for Salesforce</a></h3><h3><a href="https://www.businessinsider.com/gopuff-cuts-driver-pay-philadelphia-warehouses-drivers-mull-protest-union-2021-8">GoPuff scores an own goal</a></h3><p>Don't be surprised if <keyword id="10988599" type="UNKNOWN" weightage="60" keywordseo="gopuff">GoPuff</keyword>, the convenience store delivery startup, becomes the next hot spot in the gig economy worker fight.</p><p>On July 30, <a href="https://www.businessinsider.com/gopuffs-valuation-reaches-15-billion-with-1-billion-funding-round-2021-7">GoPuff raised a hefty $1 billion of fresh funding</a>. One week later it cut hourly pay for workers at its Philadelphia home base, in at least one case, by 30%. As you might expect that didn't go over well. <a href="https://www.businessinsider.com/gopuff-cuts-driver-pay-philadelphia-warehouses-drivers-mull-protest-union-2021-8">Employees have started meeting with worker advocacy groups and there's talk of a work stoppage. </a></p><h3><a href="https://www.businessinsider.com/how-startup-superhuman-raised-75-million-from-tiger-global-ivp-2021-8">Venture Capitalists vs Hedge Funds</a></h3><p><a href="https://www.businessinsider.com/how-startup-superhuman-raised-75-million-from-tiger-global-ivp-2021-8"><div type="image" title="Rahul Vohra CEO of Superhuman" height="2382" width="3176" msid="85328831" hostid="261"></div></a></p><p><keyword id="6357097" type="DEFINITION" weightage="60" keywordseo="Venture-Capital">Venture capital</keyword> firms and hedge funds have very different approaches to startup investing. There's no better illustration than Superhuman's recent $75 million funding round, in which the email startup raised cash from IVP, an elite Silicon Valley VC firm, and <a href="https://www.businessinsider.com/tiger-global-hedge-fund-startup-investments-2021-5">Tiger Global, the New York hedge fund that's plowing money into tech.</a></p><p>How different were the two investors? <a href="https://www.businessinsider.com/how-startup-superhuman-raised-75-million-from-tiger-global-ivp-2021-8">One of the investors committed to the deal in two months, the other did it in two days.</a></p><h3>Bezos, Branson, and Musk - the space follies</h3><p><a href="https://www.businessinsider.com/spacex-hires-spaceport-mixologist-bartender-cocktails-texas-rocket-2021-8"><div type="image" title="star wars celebration cantina" height="2329" width="3500" msid="85328833" hostid="261"></div></a></p><p>Disney is getting closer to opening the doors to its <a href="https://www.insider.com/star-wars-hotel-disney-world-photos-2019-8">very-cool looking Star Wars-themed hotel in Florida.</a> But the company wants to avoid any misunderstandings - while the hotel is called the Galactic Starcruiser, <a href="https://www.businessinsider.com/disney-star-wars-galactic-starcruiser-hotel-doesnt-go-to-space-2021-8">Disney stresses that it's not an actual spaceship and guests will not be leaving the planet Earth. </a></p><p>Meanwhile, Elon Musk's <a href="https://www.businessinsider.com/elon-musk-starbase-city-spacex-texas-launch-site-2021-3?r=US&amp;IR=TIR=T">SpaceX launch site in Texas</a>, which really does send rockets into the skies, has <a href="https://www.businessinsider.com/spacex-hires-spaceport-mixologist-bartender-cocktails-texas-rocket-2021-8">a unique job opening: spaceport mixologist.</a></p><ul><li>According to a job posting, SpaceX is looking for an experienced bartender who can pair drinks with a themed menu. The notion of a spaceport bar <a href="https://www.businessinsider.com/star-wars-cantina-scene-2015-9">conjures visions of the famous Star Wars Cantina</a>, where a seedy cast of characters imbibed glowing elixirs, listened to groovy music, and got into arm-severing fights - If Musk's saloon is anywhere near as cool, the mixologist job should be an exciting gig. </li><li><a href="https://www.businessinsider.com/blue-origin-salty-graphics-trash-spacex-and-virgin-galactic-2021-8">And we might not be too far off from a bar brawl among Musk, Jeff Bezos, and Richard Branson </a>the three billionaire space moguls.</li><li>With big rockets and big egos on the line, the trio are locked in an escalating war of words with each other that's left them blinded to what may be a more important issue: that the very notion of space tourism is <a href="https://www.businessinsider.com/emissions-from-space-tourism-could-quickly-add-up-2021-7">an unnecessary producer of climate-warming emissions</a> that will only make it harder to avert the<a href="https://www.businessinsider.com/climate-change-impacts-to-last-millennia-ipcc-report-2021-8"> environmental catastrophe outlined in this week's UN report.</a></li></ul><p>And finally, something strange is afoot on the planet Mars. The <a href="https://www.businessinsider.com/nasa-perseverance-rover-self-autonomous-drive-mars-autonav-system-2021-7">NASA Perseverance rover</a> drilled into the red planet's surface for the first time this month, carrying out a mission to collect rock samples for future analysis. <a href="https://www.businessinsider.com/nasa-perseverance-rover-first-mars-sample-mysteriously-missing-2021-8">But for reasons unclear, the sample of Martian soil has vanished</a>. </p><p>There's probably <a href="https://www.businessinsider.com/mystery-solved-nasa-to-try-perseverance-rover-sample-collection-again-2021-8">a perfectly reasonable explanation</a>, even if it sounds like the premise for a sci-fi thriller.</p><h3>Recommended readings: </h3><p><a href="https://www.businessinsider.com/cisco-employees-brace-for-layoffs-expected-in-coming-months-2021-8">Cisco employees are bracing for layoffs, which have become a dreaded summer tradition at the company</a></p><p><a href="https://www.businessinsider.com/53-startups-became-unicorns-july-busy-vc-summer-2021-8">53 startups hit $1 billion valuations in July as 'hot unicorn summer' rages. Here are all of them.</a></p><p><a href="https://www.businessinsider.com/fraudulent-trademarks-china-swamping-uspto-amazon-businesses-2021-7">Sellers on Amazon and Etsy can have their businesses shut down instantly by ruthless rivals and scammers using a clever loophole</a></p><p><a href="https://www.businessinsider.com/fair-investors-blame-softbank-bankruptcy-startup-greensill-debt-car-leasing-2021-8">Fair Financial investors say SoftBank drove the startup into the ground so it could gain full control through bankruptcy</a></p><p><a href="https://www.businessinsider.com/why-sequoia-others-bet-40-million-on-an-anonymous-crypto-founder-2021-8">How an anonymous crypto founder convinced heavyweights like Andreessen Horowitz and Sequoia to invest over $40 million into his startup</a></p><p><a href="https://www.businessinsider.com/fighting-burnout-in-cybersecurity-industry-turnover-jobs-mental-health-2021-8">Cybersecurity pros are burning out faster than ever as threats rise. Here's how experts say firms should cope.</a></p><p><a href="https://www.businessinsider.com/amazon-aws-new-cloud-partner-sales-rules-of-engagement-2021-8">Leaked documents reveal Amazon's new 'Rules of Engagement' to address rising tension with AWS cloud partners</a></p><h3>Not necessarily in tech:</h3><p><a href="https://www.businessinsider.com/federal-appointees-supported-trumps-election-lies-2021-8">The Insurrectionists in the Boardroom - Dozens of people who publicly supported radical right-wing efforts to overturn the 2020 election hold roles as federal appointees at places like the Kennedy Center and the Holocaust Memorial Council</a></p><p>Thanks for reading, and if you like this newsletter,<strong> <a href="http://newsletter.businessinsider.com/join/4np/insider-tech">tell your friends and colleagues they can sign up here to receive it</a>.</strong></p><p>- Alexei</p>

3 nightmares to keep Salesforce's Marc Benioff up at night

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Do you love sharing groovy web features with your network and colleagues? Do you collect mobile apps like charms? Do clunky eCommerce experiences drive you nuts? Then we want to hear from you!</p><p><a href="http://www.businessinsider.com/blackboard/business-insider">Business Insider</a> is looking for a Senior Product Manager to join the team in building the fastest-growing business news site on the web. We face exciting challenges every day due to the demands of our growing audience and the 24/7 news cycle. Your work will reach millions of people-60+ million every month around the globe. Business Insider is a dynamic company reaching the new generation of business leaders. </p><p>As Senior Product Manager, you will oversee the development of new products with a focus on revenue-generation, digital subscriptions and advertising technology. This role will work closely with the engineering team, editors, and all business groups in the company.</p><p>Sound like the right fit for you? The key responsibilities of the role are:</p><ul><li><p>Deploy products that drive revenue through subscriptions and ad innovation across devices, editions and geographies</p></li><li><p>Manage the entire life-cycle of features, from initial specs through implementation</p></li><li><p>Champion the user experience in everything you do</p></li><li><p>Work with business owners and ad strategy to determine the optimal approach to drive audience</p></li><li><p>Engage closely with the engineering team to determine best technical implementations</p></li><li><p>Build and maintain product roadmaps, requirements, and user flows</p></li><li><p>Integrate UX, business goals, and technology capabilities into successful products</p></li><li><p>Define and analyze metrics to inform the success of products</p></li></ul><p><span style="text-decoration: underline;">Requirements:</span></p><ul><li><p>7+ years of product management experience in the digital arena with a focus on digital subscription products and ad tech</p></li><li><p>Working understanding of DFP and related ad technology</p></li><li><p>Crystal-clear communication skills</p></li><li><p>Experience working in Agile environments with common tool-sets (JIRA, etc.)</p></li><li><p>A "user-first" mentality to advocate for the best possible site and mobile experiences that drive consumption and revenue</p></li><li><p>Ability to identify and improve key features across platforms</p></li><li><p>News junkie status is a plus</p></li></ul><p>If this sounds like the right gig for you, please <a href="http://jobsco.re/1AAlxPX" target="_blank">apply online</a> and share a few sentences about why you're a good fit for the role. Thanks in advance.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-much-sex-happy-couples-have-every-month-relationships-science-2015-3">Here's how much sex happy couples have every month</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="kzam9yczoRday4iMwxqmAYMJtrg2etNb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Business Insider is hiring a Senior Product Manager

<p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="Porsche" title_caption="Porsche 911." class="zoomin" href="https://static-ssl.businessinsider.com/image/56e3061c910584e73c8b5b88-960/72206por-r.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Porsche</span></p><p class="caption">Porsche 911.</p></div><p></p></div></div>On Friday, Porsche reported the best financial and sales numbers in company history.</p><p>But although revenue and profits both surged 25% in 2015, profit margins have been in a steady decline.</p><p>In 2013, Porsche reported 19% margins. That number fell to 18% in 2014 and to just 16% in 2015.</p><p>Although Porsche still has some of the best margins in the business, this trend is a direct effect of the company's strategy that has made it so successful in recent years.</p><p>Porsche is best known for its iconic sports cars, but the company's two best selling models are, in fact, the Cayenne and Macan crossover SUVs.</p><p>And the company's financial success is built squarely upon the ability to move many examples of those two models.</p><p>The two SUVs accounted for 68% of the company's worldwide sales last year. Of the 225,000 cars Porsche sold in 2015, 80,000 were Macans while 73,000 were Cayennes.</p><p>Porsche's success with SUV shouldn't surprise anyone.</p><p>The Cayenne has been a sales wonder for more than a decade. However, it was the arrival of the lower-priced Macan in March of 2014 that launched the company into the SUV stratosphere. In a matter of months, the Macan went from mysterious new model to the best selling car in the Porsche's stable.</p><p>Selling tons of SUVs is a double-edged sword for Porsche. For most premium automakers, luxury SUVs are a reliable source of high transaction prices and high-margin sales.</p><p>That's not necessarily the case for Porsche because the Macan and the Cayenne generally carry lower price tags than the company's next two best selling models - the Panamera sedan and the 911 sports car.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Porsche" title_caption="Porsche Macan." class="zoomin" href="https://static-ssl.businessinsider.com/image/55e7089e9dd7cc11008b7984-960/porsche macan .jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Porsche</span></p><p class="caption">Porsche Macan.</p></div><p></p></div></div>Generally, the cheaper the car, the less it costs to build and sell. This applies to Porsche as well, but to a lesser extent. Traditionally, when a brand is part of a larger conglomerate, it's able to find cost savings and synergy by adapting technology from sister companies. But Porsche doesn't really do that.</p><p>That's because Porsche is more or less an honorary member of the VW Group family. Take the Macan for instance. Although it shares a platform with the rival Audi Q5 crossover, 70% of the Macan's parts are different from the Q5. Pricey Porsche-only sections of the Macan include the twin-turbo V6 engines, the dual clutch PDK transmission and the infotainment system. (The 2017 Macan will be available with a 2.0-liter turbocharged four-cylinder engine sourced from VW Group. However it was tuned by Porsche to produce more power.)</p><p>As a result, the cheaper Macan is more than likely not that much cheaper to build and sell than the pricier Cayenne.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Porsche" title_caption="Porsche Cayenne." class="zoomin" href="https://static-ssl.businessinsider.com/image/560d90669dd7cc16008be905-960/p14_0599_a4_rgb_crop.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Porsche</span></p><p class="caption">Porsche Cayenne.</p></div><p></p></div></div>In the US, the current base Macan S starts at $52,600. Although Business Insider's highly optioned Macan S test car left the showroom with a price tag of just over $70,000, most cars sell in the low to mid $60,000 range.  Most car companies in the world would consider selling a compact luxury SUV for that price a big win. For Porsche, that number is less impressive.</p><p>The Cayenne, Porsche's previous volume leader, starts at a reasonable $58,300. However, most Cayennes don't exit dealer lots for less $70-$75,000.</p><p>In addition, generously optioned versions of the top-of-the-line Cayenne Turbo S comes perilously close to the $200,000 mark.</p><p>The Panamera sedan starts at $78,100 in the US, but most base models aren't leaving showrooms for less than $85,000-$100,000. The ultra-premium Panamera Exclusive Series opens at a whopping $263,900.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Porsche" title_caption="Porsche Panamera." class="zoomin" href="https://static-ssl.businessinsider.com/image/56e316da9105844e018b5e1d-960/porsche panamera 4s executive.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Porsche</span></p><p class="caption">Porsche Panamera.</p></div><p></p></div></div>And then you have the 911. Although the base 911 starts at $89,400, even low-end version of the car rarely carry a price tag of less than $100,000. And top end cars such as the 911 Turbo S Cabriolet carry a starting price of $200,400.</p><p>As a result, Porsche had been able to maintain an average transaction price of between $90,000 to $100,000 for its entire lineup of cars. However, with the after the arrival of the Macan that range has slipped to roughly $85,000 to $95,000.</p><p>Don't get me wrong. Porsche is doing great right now. But sacrificing margin for volume has its potential pitfalls. Since they are now making less money per car, Porsche has to sell more cars to make money. </p><p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Porsche</span></p></div><p></p></div></div>As long as there's growth, things are groovy. But any sort of economy downturn could put the company in a precarious state. In the past, Porsche may have needed to find customers to buy two 911's to generate $250,000. Under its currently strategy, it would need to sell three Cayennes or four Macans to make that same amount.</p><p>Granted, the market for crossovers is significantly larger than sports cars. But that's still three or four deals as opposed to just two. </p><p>It's a dangerous game. But for now, Porsche is probably happy to play it.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-50-cent-made-lost-money-bankruptcy-court-2016-2">This is how rapper 50 Cent made millions and then lost it</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlbnI2djrZXIh9tIkLc68cC984sL8GSb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Porsche is playing a dangerous game

<p></p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>New Belgium Brewing Company</span></p><p class="caption">Kim Jordan, cofounder and longtime CEO of New Belgium Brewing Company.</p></div><p></p></div></div>Twenty-five years after founding <a href="http://www.newbelgium.com/">New Belgium Brewing Company</a>, Kim Jordan still has pinch-me moments.</p><p>From 1991 to 2015, Jordan (No. 12 on <a href="http://www.businessinsider.com/bi-100-the-creators-business-visionaries-creating-value-for-the-world-2016-6">the BI 100: The Creators</a>) was CEO of New Belgium, which she built into one of the US's largest craft breweries, with $225 million in annual revenue.</p><p>The company's success isn't uniquely Jordan's. Since 2013, New Belgium has been 100% employee-owned, which helped solidify Jordan's intent to engage her coworkers in each facet of the business.</p><p>In an interview with Business Insider, Jordan, who's now executive chair, discussed the road to employee ownership and how sustainability has been a crucial building block of New Belgium's success.</p><h2>From basement to brewery</h2><p>As <a href="http://www.newbelgium.com/brewery/company/history">the story</a> goes, the creation of New Belgium stemmed from a trip Jordan's then husband, Jeff Lebesch, took to Belgium in 1988. As he cruised through the streets on a fat-tire bike and stopped to taste local beers, Lebesch yearned to bring the flavors of Belgian beer back to the US.</p><p>Three years later, Jordan, a social worker, and Lebesch, an electrical engineer, installed brewing equipment in the basement of their home in Fort Collins, Colorado. By the summer of 1991, they were selling their two flagship Belgian-style brews, <a href="http://www.newbelgium.com/beer/abbey">Abbey</a> and <a href="http://www.newbelgium.com/beer/fat-tire">Fat Tire</a>, at local beer festivals on the weekends.</p><p>At the outset, consumer interest in New Belgium was driven by a void in the market, Jordan said.</p><p>"When we started, there was no one in Fort Collins making packaged beer," Jordan said. You couldn't go to a store and buy craft beer to take home. They decided to specialize in 22-ounce bottles of beer, and the cash flow followed.</p><p>In their first year of home brewing, New Belgium earned $150,000 in revenue.</p><p>Despite the early signs of success, neither Jordan nor Lebesch had quit their day jobs yet. In October 1992, after more than a year of home brewing, the pair finally moved New Belgium from their basement into its first official location in Old Town Fort Collins and took the company on full time.</p><h2>Introducing employee ownership</h2><p>In February 1992, months before relocating to the first brewery location, New Belgium hired Brian Callahan - now the company's longest-serving employee aside from Jordan - and gave him a "10% pot of sweat equity" in the company.</p><p>By the end of the year, New Belgium was growing fast and hiring bottlers, brewers, and engineers.</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image"><p class="source"><span>New Belgium Brewing Company</span></p><p class="caption">New Belgium employees have owned 100% of the company since 2013.</p></div><p></p></div></div></p><p>With a growing team and a booming new business, Jordan said she wanted to create a plan for the succession of the company.</p><p>After reading "<a href="http://www.amazon.com/Great-Game-Business-Expanded-Updated/dp/0385348339/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1465246266&amp;sr=1-1&amp;keywords=The+Great+Game+of+Business">The Great Game of Business</a>," a book by management expert Jack Stack, Jordan felt inspired by Stack's urge to apply <a href="http://greatgame.com/about/the-origin-of-open-book-management/">open-book management</a>, the practice of full financial and business transparency within the company.</p><p>"It spoke to my desire to have broadly shared awareness of the business and of running the business," Jordan said. "The inclination to have as flat a hierarchy as we could manage and a really trusting, transparent, engaged group of coworkers was really important to me."</p><p>In 1995, Jordan began teaching employees about financial statements and enlisting their input for annual planning and long-term strategy. "It was a very collaborative process with a lot of consensus," she said. But she quickly realized that if employees had a say in the company, they should also have a stake in it, and the first iteration of New Belgium employee ownership was born.</p><p>Going forward, every employee was formally awarded stock in New Belgium upon their first anniversary at the company.</p><h2>Becoming 100% employee-owned</h2><p>In 2000, with a workforce of 90 employees, New Belgium officially transitioned to an <a href="https://www.sec.gov/answers/esops.htm">employee stock ownership plan</a> (ESOP), a type of retirement plan that awards employees stock in the company to be distributed upon their exit. The new ESOP purchased Callahan's 10% slice, as well as a portion of Jordan's and Lebesch's shares, bringing employee-ownership to 32%.</p><p>A year later, Lebesch left New Belgium to pursue other interests, but it wasn't until 2009 when the couple divorced that New Belgium's board of directors urged Jordan to keep control of the company in the hands of those directly involved with it. New Belgium purchased Lebesch's remaining shares and retired them, bringing the ESOP total to 41%.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div></div></p><p>The employee-ownership saga culminated in late 2012, when Jordan and the board of directors decided the best next step for the company would be to place it fully in the hands of employees.</p><p>Jordan <a href="http://www.newbelgium.com/community/Blog/new-belgium-brewing/2013/01/16/We-are-100-Employee-Owned">sold the remaining 59% of the company</a> - her shares, her two sons' shares, and the management's shares - to the ESOP, making New Belgium officially 100% employee-owned.</p><p>She announced the sale to more than 450 "thrilled" employees at New Belgium's annual company retreat in January 2013.</p><p>Though the sale signified a huge shift on paper, Jordan said, "nothing changed, because we had this culture that we call 'high-involvement culture' deeply embedded within the organization for a very, very long time."</p><p>That sets New Belgium apart from other iconic craft breweries, such as <a href="http://www.businessinsider.com/a-beloved-craft-beer-has-found-a-backer-2015-9">Dogfish Head</a> and <a href="http://www.wsj.com/articles/heineken-buys-50-stake-in-lagunitas-brewing-1441744398">Lagunitas</a>, which have sold stakes to outside investors. Jordan's sale to the ESOP represents a conscious effort to fight the wealth gap, avoid cuts and layoffs <a href="http://www.forbes.com/sites/forbestreptalks/2015/05/05/kim-jordan-on-why-employee-owned-new-belgium-brewing-isnt-worried-about-a-craft-beer-bubble/2/#221505ee1fcd">a buyer might have demanded</a>, and keep her employees involved in the future of the company.</p><p>"We still expect our coworkers to give us input, rather than feedback, on where the company should be going, both annually and in a longer term," Jordan said. "I think we display a lot of trust by being very open about what we're up to strategically."</p><h2>B Corporation status</h2><p>It's typical to associate mass production with unsustainable practices, but the opposite is true at New Belgium. The craft brewery is one of the largest in America and is <a href="https://www.pastemagazine.com/articles/2015/07/explore-some-of-the-most-sustainable-breweries-in.html">widely</a> <a href="http://www.thecultureist.com/2015/03/04/american-craft-breweries-list/">considered</a> the leader in sustainability.</p><p>While hiking in Rocky Mountain National Park shortly after founding the brewery, Jordan and Lebesch determined New Belgium's four core values and beliefs (the company <a href="http://www.newbelgium.com/brewery/company/history">now has 10</a>). One value that persists today, Jordan said, is environmental stewardship.</p><p>"I love beer, I love drinking beer, I love the beer industry and the people in it, but I wanted our business to be about more than just that," she said.</p><p>In 2013, New Belgium codified its commitment to act sustainably when it became a <a href="http://www.newbelgium.com/Sustainability/Community/BCorp">certified B Corporation</a>, a legal status that pushes the company to meet rigorous environmental and social standards. Whether it's the equipment Lebesch engineered to recover reusable heat from the brewing process, a recent investment of $12 million in a water-treatment plant, or installing solar panels at the brewery, every decision New Belgium makes takes into account its mission to conserve resources.</p><p>But as hard as Jordan and her coworkers work to make environmental sustainability an integral part of the business, there's another aspect of sustainability that's incredibly important, Jordan said, and that's earning profits.</p><p>"We can all be as groovy as we want to be, but the ultimate form of sustainability is being able to keep the doors open," Jordan said. "Having that vision that has a deeply embedded purpose to it helps to ground you, and having that commitment to making sure that the literal sustainability of the company goes forward - you need that combination."</p><h2>Change is vital to success</h2><p>In the past 25 years, Jordan has learned a number of important lessons - some of them difficult - about sustaining a business. Chief among them is the willingness to evolve.</p><p><div class="KonaFilter image-container float_right"><div class="image"><p class="source"><span>New Belgium Brewing Company</span></p><p class="caption">New Belgium's flagship brew, Fat Tire, celebrates 25 years in 2016.</p></div><p></p></div></p><p>"One of the things that vibrant organizations have to do is change," she said.</p><p>In October 2015, Jordan stepped down as CEO and New Belgium president and COO <a href="http://www.newbelgium.com/community/Blog/new-belgium-brewing/2015/08/10/New-Belgium-President-and-COO-Christine-Perich-to-assume-CEO-position">Christine Perich</a>, who's been at the company since 2000, took over.</p><p>Jordan is now executive chair and is focusing on New Belgium's brand and portfolio, as well as strategy.</p><p>"The pace of change in the world - more specifically, in craft brewing - has been at a pretty steady clip," she said. "You have to figure out where the right places to make change are, and what are the big bets to put your energy behind. And that's an art form."</p><h2><strong>National expansion</strong></h2><p>In May, New Belgium opened its highly anticipated <a href="http://www.newbelgium.com/community/asheville-brewery/site-stories/new-belgium-asheville/2016/03/23/asheville-liquid-center-tasting-room-opens-may-2">second production location</a> and "Liquid Center" tasting room in Asheville, North Carolina, the heart of the craft-beer movement in the South. The new location significantly increases distribution opportunity on the East Coast, and last week New Belgium rolled out in New York.</p><p>"We definitely have our eye on becoming a national brewery - a national craft brewery - and building out our whole US footprint and then building a long-term strategy for international growth," Jordan said. "I'm excited for New Belgium. I can't wait to see what happens next."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/open-beer-without-bottle-opener-2016-5">8 ways to open a beer without a bottle opener</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BqZzU3dzrWlb70hB4DuTriPpFR3BKCwv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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