Brown-Forman is the family-controlled spirits company behind Jack Daniel's, headquartered in Louisville, Kentucky. Where Diageo and Pernod Ricard spread across hundreds of brands, Brown-Forman concentrates on a short list: the Jack Daniel's family, Woodford Reserve and Old Forester in American whiskey; Herradura, el Jimador and New Mix in tequila; The GlenDronach, Benriach and Glenglassaugh in Scotch; plus Diplomático, Gin Mare, Fords Gin, Chambord and Slane. That focus produces high margins and strong cash flow, and it also leaves the company exposed when American whiskey demand cools, as it has in recent years.