Hi Y’all, it’s been a while. We are rapidly pulling the business plan together to present to our banker when we arrive in New Orleans at the end of December. We’ve also hired a lawyer to help us finalize our Operating Agreement and develop our term sheet for potential investors. We’re following the Private Placement Offering (PPO) sometimes referred to as the Private Placement Memorandum (PPM). Unfortunately, we’ll need to file with the Securities and Exchange Commission and we need to ensure we’re in compliance with state Blue Sky Laws. The legalese is complicated but certainly manageable.
We have found the perfect property and it’s located in Mid City. We’re working with the property owner to negotiate a deal that will give us some relief on the terms of the lease agreement should we not be able to get our Alcohol and Tobacco, Trade and Tax Bureau (TTB) permit and our non-conforming use permit from the City of New Orleans. Manufacturing alcohol is capital intensive on the front end. Basically, you can’t apply for any of your permits until you have a signed lease agreement or you own the property where your brewery will be located. There is no way around this.
Our current plan is to present our business plan to our banker and lawyer at the end of January. Have our lawyer finalize our Operating Agreement and develop our investor Term Sheet and then start raising capital. In conjunction with this, we are hoping to sign the lease agreement on the great piece of property we’ve found. Once the lease is signed, we’ll file the TTB papers and start the NOLA permitting process. If the stars align, Mark will head to New Orleans in June to receive our brewery and we’ll have our brewery and tap room up and operating by January 1, 2015. Happy New Year’s Y’all.
We’re planning on selling a lot of draft and “bombers”. We’re also looking at a canning line.
Well, I’d better get back to finalizing the business plan.
Cheers Y’all!
Karen
