“Independent” is a word with a definition, a certification, and a surprising number of exceptions. The brewery on the corner may be owned by the family whose name is on the sign, or by a holding company in another time zone that also owns a seltzer brand and a chain of pizza shops.
None of this is inherently bad. Outside money can fund a canning line, a second location, or a pension plan. But readers deserve to know who is paying for the beer they are drinking, especially when the marketing leans hard on a story about a garage.
How to read a cap table
Start with the state liquor license registry, then the company’s annual report if it has one. Look for management companies, holding LLCs, and out-of-state addresses. Ask the brewery directly; most will tell you.
The answer is rarely a scandal. It is usually a small group of investors who like beer and want a return. That is a different story than the one on the label, and it is worth telling plainly.