Dr Pepper Company donated the historic building to the nonprofit organization in 1988. Renovation began in the summer of 1990. The building formally opened to the public on May 11, 1991. At that time, only a small portion of the ground level was open to the public. During the next six years, the Museum embarked on three additional construction phases until the entire building was restored and opened in May 1997.
The Museum is home to the W. W. Clements Free Enterprise Institute. The Institute was created in 1997 for the purpose of educating school children as well as adults about the economic system that underlies American life. The program uses the soft drink industry as a model to teach students about developing, producing, and marketing products. An exhibit about the life of W.W. Clements and his philosophy of life, free enterprise, and business ethics opened in 2008 on the third floor of the Museum.
The Museum employs a staff of museum professionals and educators that work with the Board of Directors to fulfill the Museum’s mission. The Museum has an annual operating budget of approximately $500,000 that it derives from contributions, memberships, admissions, and the sale of merchandise through its for profit subsidiary, DP Museum Enterprises.