In 1995, Paul Shipman, CEO of Redhook Ale Brewery, and his management team prepared to enter uncharted territory by taking their craft-brewing operation public in the United States. Although there already were massive large-batch breweries that were profitable, publicly traded firms, Redhook was different: it embodied the ethos and grassroots beginnings of the microbrew movement. Still, Shipman wondered about the potential of the craft-brewing industry segment.