Q&A with Jenn Toyzer, Founder of UME Plum Liqueur

Jenn Toyzer is the founder of UME Plum Liqueur, a unique plum-flavored spirit. Jenn worked at Goldman Sachs from 2012 to 2020 in Global Banking & Markets and Asset & Wealth Management in New York.

1. How did you start your career at Goldman Sachs and what was your path at the firm? What did you learn during your time here that helped you in the next phase(s) of your career?
After college, my first job in finance was in a quant role at another firm. I quickly realized I wanted to be closer to deal flow and began exploring traditional Investment Banking opportunities. In April 2012, I joined GS’s Public Sector & Infrastructure banking group. Working on sports and transportation financings was a blast, but over time I wanted to explore investing. In 2015, I moved to Merchant Banking where I invested in private equity and private credit opportunities until I left the firm in 2020.

A career at GS requires working through situations with little or no prior experience, from developing new financing structures to evaluating new businesses. Learning to be adaptable and resourceful are essential qualities of any entrepreneur. I knew very little about the alcohol industry before starting UME, but working at GS taught me how to seek out and leverage resources to fill knowledge gaps. I left the firm feeling confident that I could find solutions to almost any challenge and that if I couldn’t find the answer, I had a robust network of highly experienced and talented mentors to reach out to for help. 

2. How did you come up with the idea for UME? What made you decide to break into the alcohol industry?
I’ve always been one of those irritating people who walks up to a bar and stares blankly trying to think of what to order. Despite being a devoted fan of New York’s iconic dining and nightlife scene, I struggled to identify a go-to drink. Something of a “goldilocks” drinker, I find most products too sweet, too bitter, or too boozy. 

In August 2020, I discovered a plum spirit that was so delicious, I felt like I’d been struck by lightning. It made me wonder, if I had never found a spirit or cocktail that felt ‘just right’– this “goldilocks” problem – maybe there were other consumers who felt something was missing too. From this spark of inspiration, I fell straight down the rabbit hole. As I began to learn more about the spirits industry and plum liqueurs from around the world, it started to seem obvious, even essential, that a U.S.-produced plum spirit was just what the industry was missing. 

3. Tell us about your product. How do you differentiate UME from other liqueurs in the market? What is your strategy for building a strong customer base? 
UME is a delightfully tart and lightly sweet plum spirit. At 17% ABV, UME is delicious on its own, or can be used as a mixer in an endless array of cocktails. UME is 40-60% lower in sugar than traditional liqueurs and aperitifs and its showstopping royal purple hue adds an element of fun and beauty to any drink.

We launched UME in NYC in June 2021. While the industry was only beginning to return since COVID restrictions, we decided to initially focus on selling to restaurants and bars. The thesis behind this was two-fold: 1) we were introducing a new product and wanted the validation of industry experts (i.e., mixologists), and 2) we believed consumers would quickly return to bars and restaurants once restrictions were lifted.

The biggest hurdle in this business is building brand awareness which requires getting products into the hands of consumers - known in the industry as “liquid-to-lips”. We combine digital and social marketing with in-person events. UME’s stunning color and unique packaging engages consumers and has helped us build a following online. 

4. What is the meaning behind the name ‘UME’?
The name ‘UME’ has two meanings. Ume, which means plum in Japanese, is a nod to the original product (a Japanese ume-shu) that inspired me to build the brand. The letters U & ME reference the feeling of togetherness - a feeling associated with drinking occasions, and a feeling so many of us were desperately missing when I had the idea for UME in late 2020.

5. What has been the biggest lesson you have learned while building your own business and what has been the most rewarding aspect so far?
The biggest lesson has been an extension of everything I learned at GS – trust your gut, question everything, and have faith that with perseverance, you can find the right resources to solve just about any problem.

The most rewarding aspect has been taking something from an idea, literally a dream in my head, to real life. When I walk into my favorite restaurants and see UME on the menu, or when I receive photos of UME on shelves, it’s a surreal feeling unlike anything I’ve ever experienced. UME has now been sold in over 1,000 locations, and the list grows by the day. 

6. Have you leveraged your GS network since leaving the firm? If so, how?
Absolutely! The GS network has been invaluable since I left the firm. I count GS employees, current and former, among my investors, advisors and closest friends. Through the network, I have been introduced to key customers and major players across the spirits industry. 

Starting a company can be an isolating and lonely experience. My GS family has not only been a great resource for the company, but also has helped me weather the emotional ups and downs throughout the journey. 

7. What advice would you give others who are interested in pivoting in their careers?
Just get started! It’s so cliche, but the hardest part about taking a risk or making a change is the first step. If you’re interested in a new role, or have an idea for a business, start by doing basic research and having conversations. Leverage your network to gather as much information as possible.  

There is a point where you will need to commit to moving forward. That was the scariest part for me. After running through all of the scenarios and what-ifs, I finally determined that if the worst should happen and this dream didn’t pan out, the lessons and knowledge gained would open up a world of new and exciting opportunities.

You can check us out on our website and Instagram @drinkume.