Hi Y’all,
Happy Thanksgiving to you! We’re in Seattle doing some recon on good craft beer. We’ve been to several choice restaurants and the numbers of local brews that are available is really impressive. Perhaps one day, Louisiana and NOLA will have as many offerings.
We’re chugging along on the business plan. We head to New Orleans on December 29th and we want to meet with our banker at First Bank and Trust to discuss financing. We found some great help at score.org. It’s a website dedicated to free small business advice. One of our larger challenges is figuring out the profitability and company worth. We have a few gaps – we need quotes for insurance – business interruption, worker’s compensation, inventory, etc. We hope to get those by the end of next week. The other challenge is developing the pro forma without a piece of real estate. And, speaking of real estate – the $500k question is do we lease or buy? Again, we’re huge fans of buying but that will lock up some cash.
As soon as the pro forma is complete, we’ll meet with our legal team in New Orleans; they’re going to help us put together a term sheet so we can go out and raise money through a Private Placement Offering (PPO) or a Private Placement Memorandum (PPM). They’re the same. We need to figure out where we want to price the offering. We’re hoping the legal team can help with this.
Our logo is almost finished, our designer Jennifer Carbuto has been doing a great job. When the logo is complete we’ll get Secondlinebrewing.com up and running.
Cheers for now y’all,
Karen
No comments:
Post a Comment