“I’m as far from a risk-taker as one can imagine,” Indiana-born-and-bred and Southport High School alumnus Juliet Schmalz claims. Although, her life story and the trajectory of her brand would make it seem otherwise.
After a long, successful career as an anesthesiologist, true crises in the form of the COVID-19 pandemic made elective surgeries and, as a byproduct, Schmalz’s career obsolete. For the first time, she was left at home with nothing to do. While others nosedived into baking sourdough gardens and tending to their real ones, seeking solace in nature, she turned to whiskey. Specifically, the business of it.
“I first got introduced to whiskey in college and would mix Sam’s Club’s Maker’s Mark whiskey with Diet Coke, although I enjoyed the flavor and the experience of drinking whiskey, beer, and wine equally, to be honest. Frankly, I find all modes of alcohol production interesting, and especially in the case of wine and whiskey, the final product turns out months to years later—it’s fascinating how decisions that you make today can affect a product that won’t be bottled and consumed until many years later,” she said.
Always leaning towards delayed gratification, as displayed by the long haul of education Schmalz underwent to become an anesthesiologist, it’s no surprise that she entered the business of whiskey, knowing that the product she was aiming to produce may not come to fruition until months or, as it were, years later.
She enjoyed the aging process of whiskey, from the reactions to produce the finished product to lesser-known qualities, such as the impact of the wood on the whiskey itself. An avid drinker of Manhattans, Schmalz aimed to create a whiskey that could form the basis for her favorite go-to cocktail, something she hadn’t drunk before herself.
As she dipped into the whiskey barrel, so to speak, her passion for medicine began to wane almost instantly. Partnering with her husband, who was intent on figuring out something else to bring her joy, his finance and entrepreneurial background led to what is today known as Schmalz’s whiskey brand, Fortune’s Fool.
“I love to learn—I think that’s really what helped me feel motivated for what I call my ‘Second Act’ in life, whiskey-making. I was always the kind to be active—the more active, the better— so it was energizing to travel to Kentucky and take classes on a new subject,” she said.
Balancing that with the technicalities of running a business, Schmalz dove headfirst into learning what makes whiskey—well, good, and exploring the world of contract distilling.
“The quality of a whiskey comes down to its grains, yeast, distillation methods, and barrels. They are all important. The barrel is extremely important. It’s not just a vessel to house the whiskey for several years. Its quality has a huge impact on the chemical reactions occurring over those years and determines the final flavor of the product,” she said.
Schmalz describes contract distilling, or what she does, as “paying someone who owns a distillery to make your product for you on their equipment.” While she is in charge of the parameters, Schmalz pays distillers to distill her product, saving herself the hassle of what otherwise would require her to build a very expensive distillery. A “win-win situation,” she smiles. Of course, she could source whiskey and buy pre-made products aging in a warehouse already. However, the lack of craftsmanship would drain the source of passion Schmalz has felt all along, so contract distilling it is.
“I favor delayed gratification more than instantaneous gratification, so I find the whole process, which takes months to years on end, truly fascinating,” she shares, her face lighting up as she describes the process step-by-step.
Of course, building Fortune’s Fool hasn’t been a solo act, and it reaches the masses for more reasons than one, empowering women not only to start their businesses but also to embrace whiskey, a drink that has been “historically seen as a man’s drink.” Ask Schmalz, though, and she says that’s changed—she’s seen more and more women interacting with whiskey, both by making it and by drinking it.
Unsurprisingly, she hopes Fortune’s Fool, with its clean and sleek packaging, attractive charm, and smooth feel, can help turn the tide, inculcating more and more women into the industry. “It’s balanced and approachable—women feel like it’s meant for them, too,” she explains.
Of course, for those interested, there’s far more science behind it all.
For instance, Schmalz says, “All bourbons are whiskeys, but not all whiskeys are bourbon.” (Now, there’s a brain-teaser for you!) She tells us that to be a bourbon, a whiskey must meet several criteria, primarily focused on how much of each type of grain is used. She describes bourbon-whiskeys, rye-whiskeys, and wheated bourbons, where the rye has been replaced with wheat, resulting in a combination of corn, wheat, and malted barley.
“They each have their own flavor profile,” she tells us. “Rye is spicier. Wheat and corn are sweeter. Malted barley is nutty, toasty.” Alas, no two whiskies are alike, and perhaps that’s what makes it so fascinating for Schmalz and drinkers of the spirit alike.
Four years later, the brand’s The Overture, a straight rye whiskey aged for 39 months and bottled at 109.4 proof, was launched.
“There’s something about American whiskey’s flavor profiles, history, and allure that captured me a long time ago and continues to intrigue me. I think aging gives a lot of allure to the spirit,” she beams.
Fortune’s Fool is available at Crown Liquors, Big Red Liquors, and Noble Wine and Spirits. Schmalz also gives you the chance to try it on a big date night at some of the city’s finest dining spots, such as Bluebeard and Provision, but if those don’t fit the bill, check out spots to find the brand’s newest release here.
Celebrating her second lease on life has been nothing short of gratifying for Juliet Schmalz. Ask her for the secret to her success, and she keeps it simple:
“Perhaps it’s true that after all is said and done, good things come to those who wait.”
Lavanya Narayanan is an Indianapolis-based features journalist. With stints at BuzzFeed and Food Network Magazine under her belt, this Kitchn writer is always on the lookout for the next best bite. When she’s not out restaurant-hopping, she loves experimenting with friends in the kitchen and has a special affinity in her heart for Starbucks, Twizzlers, and Diet Coke.
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