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CONFIDENTIAL - EXECUTIVE DEAL MEMO
Nashville's First Immersive Outlaw Country Experience
$4.5M Equity Round • $10M Post-Money Valuation
February 2026 • Brian Kaplan • Tim McGraw • Scott Siman
The Lost Highway is Nashville's only outlaw country bar, open 7 nights a week at 209 Printers Alley. Inside it, The Last Ballad runs Thursday through Sunday - a 2.5-hour immersive ghost show where 40 guests enter what they think is a bar, then discover they're inside a haunted story about Hank Williams' unfinished song. The bar IS the set. You don't know you're in a show until it's too late.
Nashville attracts 16.9 million visitors spending $11.2 billion annually. It is the #1 bachelorette destination in America (13,000+ trips/year). There are zero immersive entertainment venues in the city. Sleep No More closed January 2025 after 14 years and $36M/yr peak revenue. The throne is empty. This is the only concept purpose-built to claim it.
| Pre-Money Valuation | $5,500,000 |
| Investor Ownership | 45% |
| Preferred Return | 8% annual |
| Liquidation Preference | 1x |
| Pro-Rata Rights | Yes |
| Board Seat | Observer |
| Reporting | Quarterly financials |
| Entity | LLC (Tennessee) |
| Category | Amount | % of Raise |
|---|---|---|
| Build-Out & Construction | $1,400,000 | 31% |
| Technology & Immersive Systems | $1,200,000 | 27% |
| Working Capital | $600,000 | 13% |
| Contingency | $500,000 | 11% |
| Equipment & FF&E | $400,000 | 9% |
| Marketing & Launch | $400,000 | 9% |
| Total | $4,500,000 | 100% |
| Year 1 (Partial) | Year 2 | Year 3 | Year 5 | |
|---|---|---|---|---|
| Revenue | $2.2M | $6.7M | $7.8M | $9.5M |
| EBITDA | ($250K) | $1.47M | $2.11M | $2.95M |
| EBITDA Margin | - | 22% | 27% | 31% |
15 Revenue Streams. No single stream exceeds 33%. Daily bar F&B ($2.19M/yr), immersive show tickets ($1.66M), bachelorette packages ($315K), merch ($225K), corporate buyouts ($180K), vinyl releases ($130K), and 9 more.
Downside Protection. Even without the show, the daily outlaw bar generates $1.75M+ in F&B alone - enough to cover rent, labor, and operating costs. The bar is the floor. The show is the ceiling.
Exit comparables: Ryman Hospitality trades at 14.2x EBITDA ($6.47B market cap). Meow Wolf valued at $500M+ (4 locations). Year 5 EBITDA of $2.95M at 10x = $29.5M enterprise value. Investor 45% share = $13.3M on $4.5M invested = 2.95x MOIC. Multi-city expansion accelerates this further.
| Address | 209 Printers Alley, Nashville |
| Built | 1888 • 6-Story Masonry |
| Ground Floor | 4,000 SF • Turn-Key Bar |
| Floor 2 | ~5,000 SF • 4 Immersive Rooms |
| Floor 3 | Back-of-House • Tech Control |
| Floors 4-6 | Expansion (currently STR revenue) |
| Infrastructure | Kone Elevator • 1,600A Electrical • ADA |
| Lease | NNN + Option to Buy @ $80/SF |
Why this building: Boots Randolph ran his legendary club here. Prohibition tunnels confirmed. Documented hauntings on file. The upper floors have been vacant since the 1950s. Broadway is one block away but Printer's Alley lease rates are 40-60% lower ($80/SF vs $120-200/SF on Broadway). The option to buy converts rent into equity as Nashville real estate appreciates.
Brian Kaplan
Founder / Creator. Wrote the show bible. Built the brand. Developed the full creative IP pre-raise. Entertainment, tech, and storytelling background.
Tim McGraw
Founder. 90M+ records sold. 3x Grammy winner. Actor (Friday Night Lights, 1883). Nashville royalty. Not a spokesperson - a committed founding partner.
Scott Siman
Founder. President of EM.co. 30+ years managing Nashville's biggest careers. Direct relationships with every artist estate involved. Every door is open.
Estate Licensing Moat
Exclusive right-of-publicity licenses from Williams, Jennings, and Cline estates under Tennessee's Personal Rights Protection Act. Once locked, no competitor can tell these stories. Tim McGraw and Scott Siman have direct relationships with every estate.
Real Historic Building
You can't replicate an 1888 building with Prohibition tunnels and documented hauntings. The building is a character in the show. It feels haunted because it is.
| Risk | Mitigant |
|---|---|
| Execution complexity | Full show bible complete pre-raise. Tim McGraw media pull for launch. Proven immersive theater playbook. |
| Construction cost overruns | $500K contingency (11%). 2017-2022 ADA renovation reduces unknowns. Phased build approach. |
| Consumer demand uncertainty | Bar generates $1.75M+ standalone. Show revenue is upside. Nashville tourism at all-time highs. |
| Estate licensing failure | Tim McGraw + Scott Siman have direct estate relationships. Characters can be fictionalized as fallback. |
| Trademark conflict ("Lost Highway") | Trademark search underway. Multiple alternative names in reserve. |
1
Partner Meeting
with Brian Kaplan + Tim McGraw's team
2
Venue Walk-Through
209 Printers Alley, Nashville
3
Data Room Access
+ Term Sheet