The Lost Highway

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A Brian Kaplan Concept  •  Confidential

THE LOST HIGHWAY

Nashville's First Immersive Outlaw Country Experience

The Last Ballad - An Original Production

Printer's Alley  •  Nashville, Tennessee

$4.5M Equity Round  •  $10M Post-Money Valuation

The Gap

$11.2 Billion in Tourism.
Zero Immersive Venues.

16.9 million people visited Nashville in 2024. They spent $11.2 billion - both all-time records, up 42% since the pandemic. $30.7 million a day. Zero of it going to immersive entertainment. There is none.

0M
Visitors in 2024
$0B
Annual Spending
$0M
Per Day in Tourism
0
Immersive Venues

The #1 bachelorette destination. The #1 country music city. The fastest-growing tourism market in America. And zero immersive theater.

The Opportunity

Broadway Is Saturated. The Throne Is Empty.
Nashville Is Ready.

Broadway property taxes up 300%+. Locals don't go. Every bar plays the same 40 songs. Meanwhile, Sleep No More shut down January 2025 after 14 years and 2 million tickets. Nashville has no Meow Wolf. No immersive theater. No premium hidden venue. The #1 bachelorette destination in America — 13,000+ trips a year, $450-850/person — and they're all tired of pedal taverns.

VenueCityStatusAttendeesRevenue
Sleep No MoreNYC CLOSED Jan 2025 2M+ (14 yrs)$36M/yr peak
Sleep No MoreShanghai Active 500K+$86M cumulative
Meow WolfSanta Fe / Denver / Houston / LV Active 5M+ total$28M/yr per location
Then She FellNYC Closed 2023 15 guests/nightBoutique
The Last Ballad Nashville 2027 Launch 30K+/yr capacity $6.7M Year 2

No Meow Wolf

Nashville is not on the expansion list. The market is wide open for immersive entertainment.

No Immersive Theater

Zero narrative-driven immersive experiences in Nashville.

No Hidden Venue

No speakeasy-quality premium discovery experience anywhere in Nashville.

WHY NOW

Sleep No More closed - Jan 2025. The immersive crown is vacant.
Nashville tourism ATH - $11.2B and still accelerating post-pandemic.
209 Printers Alley available - 1888 building, 6 floors, turn-key bar. Active listing. Window is closing.

The Location

209 Printers Alley, Nashville

Not another bar on Broadway. The building that built Nashville nightlife.

The Building

Built in 1888 on the 41st deeded plot in the Original Town of Nashville. Six-story masonry building that has stood for 138 years. Boots Randolph ran his legendary club here from 1973 through the mid-1990s. During Prohibition, tunnel access connected the building to speakeasy networks across Printer's Alley.

Address209 Printers Alley
Built1888 • 6-Story Masonry
Ground Floor4,000 SF • Turn-Key Bar
Upper Floors~5,000 SF each • Vacant since 1950s
Total Available~9,000+ SF (2 floors)
RenovationFull ADA • 2017-2022
InfrastructureNew Kone Elevator • 1,600A Electrical
Prohibition TunnelsConfirmed Access
Documented HauntingsYes • Staff Reports
Historic Tax Credits20% Federal

The Story Writes Itself: Boots Randolph's ghost. Prohibition tunnels. A building that hasn't had anyone above the ground floor since the 1950s. This isn't set dressing — this is the real thing. The immersive experience starts before you even walk in.

The Lease

Lease StructureNNN + Option to Buy
Modeled Rent$80/SF NNN
Annual Rent (~7,000 SF)$560K/yr
Distance from Broadway1 Block
Rent vs. Broadway40-60% Lower
Listing StatusActive on LoopNet

Broadway Lease Benchmarks

VenueSizeLease$/SF
JBJ's Nashville37,000 SF$6.4M/yr NNN$173/SF
Broadway AverageVariesNNN$120-200/SF
Printer's Alley Est.~9,000 SFNNN$70-105/SF

Broadway bar sale prices: $2,870-$4,206/SF. Printer's Alley offers the same tourist corridor at a fraction of the cost — with real history Broadway can't manufacture.

Property Tax Advantage: Broadway bars saw 300-400% property tax hikes in 2025 (Acme: $129K→$589K). Printer's Alley carries lower assessed values — significantly reducing NNN exposure vs. Broadway.

Option to Buy Upside: Nashville downtown commercial real estate has appreciated 35%+ since 2020. Lock in current pricing with option to purchase — converting rent into equity.

FLOOR-BY-FLOOR: HOW IT COMES TO LIFE

GROUND FLOOR
The Lost Highway bar. Acts I & III. 4,000 SF turn-key. Hidden door behind jukebox leads up.
FLOOR 2
The Haunting. 4 immersive rooms. Act II. ~5,000 SF vacant since 1950s. Purpose-built.
FLOOR 3
Back-of-house. Tech control. Rain system mechanical. Cast staging.
FLOORS 4-6
Expansion. Currently STR revenue. Phase 2: new rooms, VIP, studio. Option to buy = equity.

Going up = going back in time. The stairwell IS the time travel. The building does the work.

The Concept

One Venue. Four Audiences.
Seven Days a Week.

Two brands. One roof. The Lost Highway is the bar — Nashville's only outlaw country bar, open 7 days a week. The Last Ballad is the show — a 2.5-hour immersive ghost story that runs Thursday through Sunday inside the same walls. The bar IS the set. You don't know you're in a show until it's too late. The bar keeps the lights on while the show fills seats. They feed each other.

The Lost Highway - Every Day

The Outlaw Country Bar

Nashville's only bar dedicated to the outlaws: Waylon, Willie, Merle, Hank, Cash, Kristofferson. No pop country. No cover bands. No "Wagon Wheel." Tennessee whiskey wall. Outlaw-curated vinyl spinning on turntables. Live outlaw acts 7 nights a week. A bar that feels like a time machine — and secretly, it is one.

F&B REVENUE • $6K/DAY AVG

The Last Ballad - Thu-Sun

The Immersive Show

The first immersive production where the bar IS the first act. You don't know you're in a show until the temperature drops and the ghosts appear. 2.5 hours. 40 guests per wave, 2 waves per night. Yondr pouches lock your phone. Poker chips determine your fate. 4 rooms. 7 characters. 2 endings. You make choices that change the story.

TICKETS + VIP + F&B + MERCH

Extended Revenue

15 Revenue Streams

Family matinees. Bachelorette packages. Corporate buyouts. Late-night bar. 52 vinyl releases/year. Whiskey club membership. Seasonal overlays. Photography packages. Tourism partnerships.

$6.7M YEAR 2 REVENUE

Hidden Entrance
A door behind the jukebox. The discovery IS the TikTok.
Yondr Pouches
Phones locked. Post-show unlock. 80 people post simultaneously.
1-on-1 Encounters
Every guest gets a private moment. The story they tell is unique.
Bachelorettes
13K+ trips/year. $450-850/person. They ARE the marketing.

The Story

The Ghost Isn't a Person.
The Ghost Is an Unfinished Song.

January 1, 1953. Hank Williams dies in the back seat of a powder-blue Cadillac on a dark highway between Knoxville and Oak Hill. His driver, Charles Carr, drove for hours with a dead man behind him. The car kept moving. The song Hank was writing never got finished.

Years later, Waylon Jennings gave up his seat on the plane that killed Buddy Holly. He carried that guilt like a stone. Somewhere in a building on Printer's Alley, Waylon made a different deal — not with the devil, but with the Music itself. The building gave him his legend. And the building never let go.

The building on Printer's Alley has been collecting artists for 70 years. It gives them their sound. And it takes something in return. An unfinished song lives in the walls — waiting for someone to play the last chord.

The Universal Truth: Everyone in the audience has their own unfinished song — a call they never made, a thing they never said, a version of themselves they left behind. The show doesn't just scare you. It makes you feel something you buried. That's why people cry at the end. That's why they come back.

Seven Characters. Three Layers. Two Endings.

CoraThe Bartender. Bound to the building since 1953. Guards the unfinished song. She is not what she appears to be.
JesseThe Mystery Singer. Hank's granddaughter. Carries the melody that finishes it. The audience doesn't know who she is until Act III.
The DriverCharles Carr. Soaking wet. Still driving. Needs someone to tell him the ride is over. Based on real history.
AudreyHank's first wife. Burned the last verse out of spite. Trapped in the mirror. Needs one guest to read aloud what she destroyed.
Midnight MikeThe DJ. Still broadcasting from 1953. The rotary phone rings — it's for you. Your confession changes the show.
Waylon's ShadowThe part of Waylon the building kept. Haunts the tour bus. If you play the missing note, he appears.
Hank's GhostThe Regular. Same seat. Same drink. Hums a melody no one can place. Never speaks. Holographic — not an actor.

LAYER 1: The ghost story — who haunts this building and why
LAYER 2: 47 hidden lyric fragments — piece together Hank's final verse
LAYER 3: The truth about Cora — she isn't the bartender. She's the song.

The Experience

2.5 Hours. Four Rooms. Two Endings.
You Don't Watch This Show. You're In It.

ACT I — THE OUTLAW BAR (45 min)

EMOTIONAL ARC: COMFORT → CURIOSITY → UNEASE

7:00 PM
Arrive at what appears to be a dark, moody outlaw country bar tucked in Printer's Alley. Waylon on the jukebox. Merle on the wall. Whiskey older than you. You don't know you're in a show yet.
7:15 PM
Cora serves you a drink. She's charming, warm, a little too knowing. Jesse takes the stage. Songs 1 and 2 are beautiful. You think this is just a great bar.
7:25 PM
Song 3: the lyrics shift. Something is wrong. ScentAir releases gunpowder. Cryo jets drop the temperature 15°F. A glass slides off the bar by itself. The hair on your arms stands up.
7:30 PM
The Yamaha Disklavier activates — the piano plays itself. A soaking wet man (The Driver) walks in from nowhere. A holographic figure flickers in the mirror behind the bar. Half the room sees it. Half doesn't. Both halves argue.
7:35 PM
A figure in white (Hank's Ghost) materializes at the end of the bar — Pepper's Ghost projection, not a person. He sits. He orders. He hums. He never speaks. The bartender doesn't flinch.
7:40 PM
Cora speaks: "Some of you came here for the music. But the music... came here for you." The room goes silent. This is the moment people remember for years.
7:45 PM
Poker chips distributed. 4 colors = 4 fates. Groups of 10 form. A hidden door opens behind the jukebox. No one saw the door before. The bar was the lobby and you didn't know it.

ACT II — THE HAUNTING (60 min)

EMOTIONAL ARC: FEAR → WONDER → INTIMACY

7:50 PM
Groups rotate through 4 immersive rooms. 15 minutes per scene. Each guest gets at least one 1-on-1 encounter — a character pulls you aside, looks you in the eye, and says something meant only for you.
7:50-
The Green Room: Audrey appears in the LG Transparent OLED mirror — in your reflection, but not in the room. She asks you to read aloud the verse she burned. You smell old perfume. The record player spins on its own.
8:05-
The Midnight Opry: Holosonics directional audio whispers your name — only you can hear it. The rotary phone rings. The voice asks about a regret you carry. Your confession changes which song plays and which clue you receive.
8:20-
The Lost Highway: Rain falls inside the room. You smell wet asphalt. The temperature drops. The Driver opens the Cadillac's back door. You decide: tell him his passenger is dead, or let him keep driving forever. Your choice changes the ending.
8:35-
The Rolling Curse: D-BOX seats vibrate with engine rumble. The Disklavier guitar plays an unfinished song and stops on the last chord. A pick appears. If you play the missing note, ScentAir shifts from diesel to rain, and Waylon's Shadow materializes.

ACT III — THE FINAL SONG (30 min)

EMOTIONAL ARC: AWE → GRIEF → CATHARSIS

8:55 PM
Everyone returns to the main bar. Everything has changed. The bottles are dusty. The photos on the wall are different — you're in them. The piano plays itself. The room smells like rain and old wood.
9:05 PM
Jesse returns to stage. She sings Hank's final song — the one nobody's heard. The audience decides: Ending A — finish the chord, free the ghosts, the building goes quiet for the first time in 70 years. Ending B — refuse to play, the ghosts stay, the music never stops. Both endings make people cry.
9:15 PM
3 seconds of absolute silence. Total blackout. No sound. No light. You feel your own heartbeat. Then — a single note. The bar reopens. Yondr pouches unlock. Every guest receives a ring, a guitar pick, and a lyric fragment. Nobody speaks for 10 seconds.
9:30 PM
Post-show cocktails. 80 people reach for their phones simultaneously. They compare lyric fragments. They argue about what they saw. They book their next visit before they leave. The after-show economy activates.

Act II — Floor 2: The Haunting

Four Doors. Four Ghosts.
Your Poker Chip Determines Your Fate.

The hidden door behind the jukebox opens. You climb the stairwell — walls shift from brick to wood to concrete, temperature drops 10°F, sound dies. By the time you reach Floor 2, you've left the present. Each room is a 15-minute scene. Each has its own ghost, its own secret. Groups of 10 rotate clockwise. No two visits are identical.

The Green Room

600 SF • Backstage Dressing Room

Audrey's dressing room, frozen since 1953. A record player spins on its own. She appears in the LG Transparent OLED mirror — in your reflection, but not in the room. She burned the last verse of Hank's final song out of spite. She needs one guest to step forward and read aloud what she destroyed. Lyric fragments are hidden in the walls, the vanity, the record sleeves.

TECH: LG Transparent OLED • ScentAir (old perfume) • Self-playing record player

YOU: Search the room. Find fragments. Read them aloud. She reacts to every word.

"He wrote that song for me. And then he wrote me out of the story."

The Midnight Opry

700 SF • 1953 Radio Station

Midnight Mike is still broadcasting. Holosonics directional audio whispers your name — only you can hear it. The person next to you hears nothing. The rotary phone rings. When you answer, a voice asks about a regret you carry. Your confession determines which song Mike dedicates to you — and which clue you receive about the unfinished song.

TECH: Holosonics Audio Spotlight • Practical rotary phone • Medialon show control

YOU: Answer the phone. Confess a regret. The show responds to what you say.

"You're listening to WGST, the Ghost Signal. And tonight's dedication goes out to... you."

The Lost Highway

800 SF • Rain System + 1952 Cadillac

Rain falls inside a room that shouldn't have weather. Cryo CO2 jets drop the temperature 15°F — you can see your breath. You smell wet asphalt and old leather. The Driver opens the Cadillac's back door and confesses what happened on that last drive — what Hank whispered before he went silent. You must decide: tell him his passenger is dead, or let him keep driving forever. Your choice changes the ending of the show.

TECH: HYDRA-TECH rain curtain • Cryo CO2 jets • ScentAir (rain, leather) • Floor transducers

YOU: Make a moral choice. Tell the truth or protect the lie. It changes Act III.

"I drove all night with a dead man in my backseat. And I swear... he was humming."

The Rolling Curse

500 SF • Tour Bus + Haptic Seats

Waylon's tour bus interior. The D-BOX seats vibrate with engine rumble — you feel the highway in your bones. The Yamaha Disklavier guitar plays an unfinished song and stops on the last chord. A guitar pick appears on the seat next to you. If you play the missing note, the bus shakes, ScentAir shifts from diesel to rain, and Waylon's Shadow materializes with the final clue.

TECH: D-BOX haptic seats • Yamaha Disklavier • ScentAir (diesel → rain) • HYPERVSN hologram

YOU: Pick up the guitar pick. Play the missing chord. Or don't — and live with it.

"The road doesn't take you somewhere. The road takes something from you."

The Revenue Engine

15 Revenue Streams. $6.7M Year 2.

The bar pays the rent. The show sells the tickets. The bachelorettes do the marketing for free. No single stream exceeds 33% of total revenue.

$6.7M
Year 2 Revenue

Revenue Breakdown - Year 2

Daily Bar F&B (7 days/week)$2,190,000
Immersive Show Tickets (160 shows)$1,664,000
Show Night F&B Uplift$576,000
Bachelorette Packages$315,000
Merchandise (on-site + online)$300,000
Vinyl Record Program (52/yr)$280,000
Late Night Bar (Fri-Sat)$260,000
Seasonal Premium Events$220,000
Corporate Buyouts (25/yr)$200,000
Live Music Cover & Tips$180,000
Private Events$150,000
Family Matinees (70 shows)$140,000
Whiskey Club (170 members)$120,000
Photography/Content Packages$65,000
Tourism Partnership Commissions$55,000
Total Revenue$6,715,000

F&B ALONE COVERS

$2.8M

Bar F&B + show night uplift covers rent, labor, and operating costs

REVENUE STREAMS

0

No single stream exceeds 33% of total

SHOW NIGHT MULTIPLIER

0x

Show nights generate 2.8x regular bar nights

Ticket Economics

Four Tiers. Premium Positioning.

$85
General Admission
Full 2.5-hour experience
1 welcome cocktail
Poker chip assignment
Physical takeaways (ring, pick, lyric)
$150
VIP
Priority room rotation
Whiskey flight included
Extended 1-on-1 encounter
Exclusive vinyl variant
$250
Inner Circle
All-room access
Cast dinner pre-show
Signed merch & lyric sheet
Secret 4th-wall scene
$8,500
Private Buyout
Full venue, up to 60 guests
Custom narrative overlay
Dedicated Cora & cast
Premium bar package

Per-Show-Night Economics

GA Tickets (40 × $85)$3,400
VIP Tickets (30 × $150)$4,500
Inner Circle (10 × $250)$2,500
Show Night F&B Uplift$3,600
Merch & Add-ons$1,800
Revenue Per Show Night$15,800

160 shows/year × 80 guests × $130 avg ticket = $1.664M in ticket revenue alone. F&B uplift and merch add another $864K on show nights.

0x
Show Night Revenue Multiplier

Show nights generate 2.8x the revenue of a standard bar night. Show nights don't just add ticket money - people drink more, buy more, stay longer.

Financial Projections

Five-Year P&L - Three Scenarios

Year 1 (Partial)Year 2Year 3Year 4Year 5
Base Case
Revenue$2.2M$6.7M$7.8M$8.7M$9.5M
EBITDA($250K)$1.47M$2.11M$2.52M$2.95M
EBITDA Margin-22%27%29%31%
Upside Case (+15%)
Revenue$2.5M$7.7M$9.0M$10.0M$10.9M
EBITDA($100K)$1.85M$2.7M$3.2M$3.7M
Downside Case (−20%)
Revenue$1.8M$5.4M$6.2M$7.0M$7.6M
EBITDA($450K)$750K$1.2M$1.6M$1.9M

Cost Structure - Year 2

COGS (22-28% blended)25%$1,679,000
Labor (actors + bar + ops)32%$2,149,000
Rent (7,000 SF @ $80/SF)-$560,000
Insurance-$48,000
Marketing (5%)5%$336,000
Tech Maintenance-$140,000
Utilities / Supplies3%$201,000
Licensing / Legal / Admin2%$134,000
Total Expenses$5,247,000
EBITDA22%$1,468,000
0%
EBITDA Margin Yr 2
0
EBITDA Margin Yr 5

Downside Protection: Even in the downside case, the daily outlaw bar generates $1.75M+ in F&B alone - enough to cover rent, labor, and all operating costs. The bar is the floor. The show is the ceiling.

Marketing at 5%: Higher in Y2 to build awareness. Yondr pouch unlocks create 80 simultaneous social posts per show. Bachelorette parties are the highest-ROI content creators in tourism. Marketing drops to 3% by Y4 as virality compounds.

Comparable Exits

Where Entertainment Venues
Trade Today

Entertainment venues with IP, recurring audiences, and strong unit economics command premium multiples. The Lost Highway combines hospitality cash flow with entertainment IP upside.

ComparableValuationEV/RevenueEV/EBITDARelevance
Ryman Hospitality (RYMAN) $6.47B Market Cap 2.73x 14.2x Nashville entertainment + venues
Meow Wolf $500M+ Valuation 5-6x - Immersive art, multi-city expansion
Live Nation (LYV) $31B Market Cap 1.5x 14.9x Live entertainment at scale
Sleep No More (Shanghai) $86M cumulative rev - - Single-venue immersive theater
Punch Bowl Social Acquired by Cracker Barrel 2.5x 8-10x Entertainment + F&B venues
Topgolf $2B (Callaway acquisition) 3.3x 12x+ Entertainment + F&B + IP
The Lost Highway (Year 5) $21-$27M implied 2.2-2.8x 7-9x Immersive + hospitality + IP
0-3.4x
MOIC (5-Year)
0-32%
IRR
Year 5
Full Payback at Exit
7-9x
Exit EBITDA Multiple

At Year 5 EBITDA of $2.95M and a 7-9x entertainment venue multiple, implied enterprise value is $21M-$27M. Multi-city expansion doubles it.

The Raise

$4.5M Equity Round

Deal Structure

Pre-Money Valuation$5,500,000
Raise Amount$4,500,000
Post-Money Valuation$10,000,000
Investor Ownership45%
Founder Ownership55%

Founder Contribution: Complete creative IP (show bible, brand, venue concept), Tim McGraw partnership, and Scott Siman's Nashville network. All intellectual property developed pre-raise.

Investor Terms: 8% preferred return. Pro-rata rights on future rounds. Board observer seat. Quarterly reporting. Revenue participation after preferred return.

IP & Licensing Strategy: Bar music covered by standard ASCAP/BMI blanket licenses. Immersive show requires right of publicity licenses from artist estates (Williams, Jennings, Cline) under Tennessee's Personal Rights Protection Act. Tim McGraw and Scott Siman have direct relationships with every estate involved. Exclusive estate partnerships become an unbreakable competitive moat — once locked, no competitor can tell these stories.

Uses of Capital

Build-Out & Construction$1,400,000
Technology & Immersive Systems (Tier 2)$1,200,000
Working Capital$600,000
Contingency (11%)$500,000
Marketing & Launch$400,000
Equipment & FF&E$400,000

Distribution Waterfall

1
Operating Reserve (3 months)
2
Preferred Return (8%)
3
Return of Capital
4
Profit Split (45% investors / 55% founders)
0-3.4x
MOIC
0-32%
IRR
Year 5
Full Payback at Exit
0
City Expansion

The Platform

One Venue. Infinite Stories.
Five Cities.

The Lost Highway is the permanent venue - Nashville's outlaw country bar, open every night. Inside it, a new immersive show premieres each season. Same walls, new ghosts. The format travels to any city with music in its bones.

Season 1 - 2027

The Last Ballad

Waylon & Hank. The ghost of outlaw country. A deal with the Music. An unfinished song. Two legends. One jukebox. Two possible endings.

Season 2 - 2028

Patsy's Last Flight

March 5, 1963. The plane never landed. But inside The Lost Highway, Patsy Cline still sings every night. New rooms. New mystery. Same haunted walls.

Season 3 - 2029

The Man in Black

Johnny Cash walks the line between heaven and hell. The fire ring burns. Folsom Prison comes to Printer's Alley.

5-City Expansion Roadmap

2027
Nashville - Flagship
2029
Austin - 6th Street Heritage
2030
Memphis - Beale Street Blues
2031
New Orleans - Jazz & Voodoo
2032
Savannah - Southern Gothic

The Estate Moat: Each season requires exclusive right of publicity licenses from artist estates. Once we lock Williams, Jennings, Cline, and Cash — no competitor can tell these stories. Every new season deepens the moat. The IP isn't just the show. It's the only legal right to bring these legends back to life.

Founders

The People Behind the Curtain

Nashville doesn't let outsiders build here. Good thing we're not outsiders.

BK

Brian Kaplan

FOUNDER / CREATOR

Wrote the show bible. Built the brand. Developed the full creative IP before raising a dollar. Entertainment, tech, and storytelling background.

TM

Tim McGraw

FOUNDER

90M+ records sold. 3x Grammy winner. Actor (Friday Night Lights, 1883). Nashville royalty with 30+ years of cultural authority.

SS

Scott Siman

FOUNDER

President, EM.co. Manager of Tim McGraw. 30+ years managing Nashville's biggest careers. Knows every handshake, every deal, every door worth walking through.

Operations Partner (Active Search):  Seeking a hospitality/entertainment operator with immersive venue experience to join as managing partner. Conversations active with Nashville and NYC operators.
Key Hires Post-Funding:  Technical Director (immersive tech) • Lead Actor/Director (show) • Marketing Director • Head of F&B

Traction

What's Already Done

This isn't an idea. The IP is written. The team is locked. The venue is identified. The tech is spec'd. We're raising to build - not to figure it out.

COMPLETED PRE-FUNDING

Complete Creative IP

Full show bible: 7 characters, 4 rooms, 3 acts, 2 endings, 47 hidden lyric fragments. Every scene scripted.

Tim McGraw - Founder

90M records. 3x Grammy winner. Committed as founding partner, not just a name on the door.

Scott Siman - Founder

President of EM.co. 30+ years managing Nashville's biggest careers. Every door is open.

Venue Identified

209 Printers Alley. 1888 building, 6 floors. Turn-key bar + upper floors for immersive rooms. Active LoopNet listing. Lease with option to buy.

$1.2M Tech Package Spec'd

Vendor quotes in hand. Pepper's Ghost, Holosonics, D-BOX, ScentAir, Yamaha Disklavier. All priced.

Brand Identity Complete

Full brand system, bar program designed, 52-week vinyl release calendar built.

Music Licensing (ASCAP/BMI)

Standard blanket licenses for bar performance. Covers all outlaw country catalog for live and recorded play.

POST-FUNDING MILESTONES

Q3 2026

Lease Signed + Permits Filed

Finalize venue, begin permitting process

Q3 2026

Estate Licensing Secured

Right of publicity licenses from Williams, Jennings, and Cline estates. TN Personal Rights Protection Act requires authorization. Tim McGraw + Scott Siman open every door.

Q3-Q4 2026

Key Hires + Ops Partner

Technical Director, Lead Director, Head of F&B, Marketing Director

Q4 2026

Construction + Tech Install

Build-out begins. 4-room layout, tech integration, bar fit-out

Q1 2027

Rehearsals + Marketing Launch

Cast rehearsals, tech testing, pre-sale campaign, VIP preview events

Q2 2027

Soft Launch + Grand Opening

Soft launch with VIP/press. Grand opening leveraging Tim McGraw media pull

Q4 2027

Profitability Milestone

Target: monthly EBITDA positive by month 6 of operations

Financial Deep Dive

The Numbers Behind the Numbers

UNIT ECONOMICS — PER SHOW NIGHT

Ticket Revenue (80 guests × $130 avg)$10,400
Show Night F&B Uplift$3,600
Merch + Add-ons$1,800
Gross Revenue / Show Night$15,800
COGS (25%)($3,950)
Show Night Labor (actors + crew + bar)($4,200)
Contribution Margin / Show Night$7,650 (48%)

SENSITIVITY ANALYSIS — YEAR 2 EBITDA

ScenarioRevenueEBITDAMargin
Base Case$6.7M$1.47M22%
Revenue -10%$6.0M$1.07M18%
Revenue -20%$5.4M$750K14%
Revenue -30%$4.7M$310K7%
Bar-Only Floor$2.19M($180K)-

Even at -30%, the venue is EBITDA positive. Bar-only scenario covers rent + utilities; show revenue is pure upside.

CASH FLOW WATERFALL — MONTHS 1-24

PhaseMonthsCash Flow
Build-Out + Pre-Opening1-9($3.9M) burn
Soft Launch / Ramp10-12($120K/mo) avg
Break-Even Month13-14$0
Steady State (Year 2)15-24+$122K/mo avg

$600K working capital reserve covers 9 months of pre-opening burn + 3-month operating cushion post-launch.

KEY ASSUMPTIONS

Bar Revenue$6K/day avg (3,500 SF, 3 turns/night)
Show Capacity80 guests/night (2 waves × 40)
Shows/Year160 (Thu-Sun, 40 weeks)
Avg Ticket$130 (40 GA + 30 VIP + 10 IC)
Occupancy Ramp60% M1-3, 80% M4-6, 95%+ M7+
COGS25% (whiskey-heavy, high margin)
Labor32% (15-25 staff, show + bar crews)
SeasonalityPeak 32% above avg (Jun-Aug, Oct, Dec)
CAC<$15 (organic viral + bachelorette WOM)
LTV$390+ (3-layer mystery = 3x visits)

THE LOST HIGHWAY

The song was never finished. Until now.

The Last Ballad - Coming 2027

$4.5M EQUITY ROUND • $10M POST-MONEY • 45% OWNERSHIP

Brian Kaplan  •  Tim McGraw  •  Scott Siman

1.
Partner meeting
with Brian + Tim's team
2.
Venue walk-through
209 Printers Alley
3.
Data room access
+ term sheet

Printer's Alley, Nashville  •  CONFIDENTIAL