Confidential Investor Materials
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Created by Brian Kaplan • Confidential
Nashville's First Immersive Outlaw Country Experience
Printer's Alley • Nashville, Tennessee
$6.5M Equity Round • $14.5M Post-Money Valuation
What It Feels Like
Somewhere between your second whiskey and the moment rain falls on your skin indoors, you realize this isn't a bar. It never was.
The singer on stage changes a lyric mid-song. A glass slides six inches on its own. The bartender calls you by a name she shouldn't know. And then the jukebox opens. Behind it is a door that wasn't there before.
ACT I: THE BAR
Four rooms. Real rain. A 1952 Cadillac you sit inside while a 17-year-old tells you Hank Williams' actual last words. A shadow behind a curtain confesses to killing Buddy Holly. Audrey gives you Hank's ring. And it's yours to keep.
ACT II: THE HAUNTING
80 phones unlock at once. 80 people post at once. The 3 seconds of silence before the lights return is the most profitable silence in Nashville.
ACT III: THE FINAL SONG
The Gap
All-time records. Up 42% since the pandemic. And zero of it going to immersive entertainment.
The #1 bachelorette destination. The #1 country music city. The fastest-growing tourism market in America. And zero immersive theater.
The Opportunity
Sleep No More closed January 2025. Nashville has no Meow Wolf. No immersive theater. The #1 bachelorette destination in America and they're all tired of pedal taverns.
| Venue | City | Status | Attendees | Revenue |
|---|---|---|---|---|
| Sleep No More | NYC | CLOSED Jan 2025 | 2M+ (14 yrs) | $36M/yr peak |
| Sleep No More | Shanghai | Active | 500K+ | $86M cumulative |
| Meow Wolf | Santa Fe / Denver / Houston / LV | Active | 5M+ total | $28M/yr per location |
| Then She Fell | NYC | Closed 2023 | 15 guests/night | Boutique |
| The Last Ballad | Nashville | 2027 Launch | 25K+/yr capacity | $7.3M Year 2 |
Not on the expansion list.
Zero narrative-driven experiences.
No speakeasy or premium hidden venue.
The Location
Not another bar on Broadway. The building that built Nashville nightlife.
1888 masonry building. Boots Randolph's legendary club. Prohibition tunnel access confirmed. Upper floors vacant since the 1950s.
| Address | 209 Printers Alley |
| Built | 1888 • 6-Story Masonry |
| Ground Floor | 4,000 SF • Turn-Key Bar |
| Floor 4 | The Speakeasy • 30-Seat Hidden Bar |
| Floors 5-6 | The Haunted Hotel • Immersive Suites |
| Total Available | ~9,000+ SF (3 floors) |
| Renovation | Full ADA • 2017-2022 |
| Infrastructure | New Kone Elevator • 1,600A Electrical |
| Prohibition Tunnels | Confirmed Access |
| Documented Hauntings | Yes • Staff Reports |
| Historic Tax Credits | 20% Federal |
The story writes itself: Prohibition tunnels. Documented hauntings. No set dressing needed.
| Lease Structure | NNN + Option to Buy |
| Modeled Rent | $80/SF NNN |
| Annual Rent (~7,000 SF) | $560K/yr |
| Distance from Broadway | 1 Block |
| Rent vs. Broadway | 40-60% Lower |
| Listing Status | Active on LoopNet |
| Venue | Size | Lease | $/SF |
|---|---|---|---|
| JBJ's Nashville | 37,000 SF | $6.4M/yr NNN | $173/SF |
| Broadway Average | Varies | NNN | $120-200/SF |
| Printer's Alley Est. | ~9,000 SF | NNN | $70-105/SF |
Same tourist corridor at a fraction of the cost. Real history Broadway can't manufacture.
Property Tax Advantage: Broadway bars saw 300-400% hikes in 2025. Printer's Alley carries lower assessed values.
Option to Buy: Nashville downtown up 35%+ since 2020. Convert rent into equity.
Going up = going back in time.
The Concept
The Lost Highway is the bar - open 7 nights. The Last Ballad is the show - Wed-Sun inside the same walls. The bar IS the set. They feed each other.
The Lost Highway - Every Day
Waylon, Willie, Merle, Hank, Cash. No pop country. No cover bands. Whiskey wall, vinyl turntables, live outlaw acts every night.
F&B REVENUE • $5.5K/DAY AVG
The Last Ballad - Wed-Sun
2.5 hours. 40 guests per wave, 2 waves per night. Yondr pouches lock phones. Poker chips determine your fate. 4 rooms. 7 characters. 2 endings. Plus weekend matinees and late-night experiences.
TICKETS + VIP + F&B + MERCH
Extended Revenue
Bachelorette packages. Corporate buyouts (Mon-Tue). Vinyl releases. Whiskey club. Seasonal overlays. Weekend matinees, late-night shows, speakeasy bar, haunted hotel suites, and branded spirits. No single stream > 28%.
$7.3M YEAR 2 REVENUE
The Story
January 1, 1953. Hank Williams says "I just want to get some sleep, son" to his seventeen-year-old driver. He never wakes up. The song he was writing dies with him.
In 1959, Waylon Jennings tells Buddy Holly "I hope your ol' plane crashes". A joke that becomes a curse. The guilt eats a hole in him. The building on Printer's Alley smells that hole. It fills it with music. And then it owns you.
Real history. Real guilt. Real ghosts. Every detail is based on documented history: Hank's actual last words, Waylon's actual curse, Audrey's role as the mastermind who built Hank and watched him die. The fiction is that the building trapped them. The truth is we did.
| Cora | The Bartender. Lost her son to the building. Every singer on that stage is him. Not what she appears. |
| Jesse | Mystery Singer. The building recreates him nightly so Cora will stay. |
| The Driver | Charles Carr, age 17. "I just want to get some sleep." He never woke him. |
| Audrey | The mastermind who built Hank. Turned Cold, Cold Heart into 30M people singing her worst night. |
| Midnight Mike | The DJ. Broadcasting since 1955. The phone rings. It's for you. |
| Waylon's Shadow | Six words to Buddy Holly. A plane crash. A guilt so heavy the building smelled it from Nashville. |
| Hank's Ghost | Same seat. Same drink. Says one line to one guest per night. The rest is silence. |
LAYER 1: The ghost story. Real history, real deaths, real guilt.
LAYER 2: 52 hidden lyric fragments. Piece together Hank's final verse.
LAYER 3: Cora isn't the bartender. She's the building.
LAYER 4: The city becomes the final room. Nashville itself holds the last clue.
The Experience
You walk into a bar for a drink. You leave knowing Hank Williams' last words. Somewhere in between, rain fell on your skin indoors and a dead man's wife gave you his ring.
Act I
45 MIN • GROUND FLOOR
You think you're in a honky-tonk. The singer's lyrics start changing mid-song. A man at the end of the bar has been dead for 70 years. A hidden door opens behind the jukebox.
COMFORT → CURIOSITY → UNEASE
Act II
60 MIN • FLOOR 2 • 4 ROOMS
Groups of 10. Four rooms. Rain falls indoors. A 17-year-old driver tells you Hank's last words. Waylon confesses to killing Buddy Holly. A corridor mirror shows you in a white suit. Every guest gets a 1-on-1.
FEAR → WONDER → INTIMACY
Act III
30 MIN • GROUND FLOOR
Everyone returns. The bartender breaks. She reveals the singer is her dead son. Jesse plays the unfinished song. The audience chooses: finish it or let the ghosts play forever. 3 seconds of absolute silence. Phones unlock. 80 people post at once.
AWE → GRIEF → CATHARSIS
Act II - Floor 2: The Haunting
Hidden door behind the jukebox. Four rooms. Four ghosts. 15 minutes each. Groups of 10 rotate clockwise.
500 SF • Backstage Dressing Room
Audrey tells you how "Cold, Cold Heart" was written about her worst night. 30 million people sang it back to her. She picks a guest for a 1-on-1. The ring she gives you was Hank's.
LG Transparent OLED • ScentAir • Self-playing record player
"That's what the music does. It takes your pain and makes it beautiful. And you're supposed to be grateful."
550 SF • 1953 Radio Station
Mike's been broadcasting since 1955. The rotary phone rings. You answer. It's Waylon, calling from a bus that won't stop. He gives you instructions only you hear.
Holosonics Audio Spotlight • Rotary phone • Medialon show control
"Tonight's dedication goes out to... you."
700 SF • Rain System + 1952 Cadillac
Rain falls on your skin. 15°F colder. A 17-year-old driver tells you Hank's real last words: "I just want to get some sleep." He said "go ahead." He never woke him up. The most devastating monologue you'll ever hear.
Rain curtain • Cryo CO2 • ScentAir • Floor transducers
"He IS resting. He's been resting for seventy years. And I'm the one who can't sleep."
450 SF • Tour Bus + Haptic Seats
The engine rumbles through your seat. A shadow behind the curtain confesses: "I hope your ol' plane crashes." Six words to Buddy Holly. The bus goes silent for 3 seconds. The hand that emerges is shaking.
D-BOX haptic seats • Yamaha Disklavier • ScentAir • HYPERVSN hologram
"I said that. To my friend. As a joke. And the plane went down in a cornfield and killed everyone on it."
The Building
An 1888 building where every floor serves the story and the P&L.
The Guest Journey
The Revenue Engine
The bar pays the rent. The show sells the tickets. The bachelorettes do the marketing for free. No single stream exceeds 28% of total revenue. Conservative model. Nashville runs strong 7 nights a week.
| Daily Bar F&B (7 nights/week) | $2,010,000 |
| Immersive Show Tickets (240 shows) | $1,860,000 |
| Show Night F&B Uplift | $540,000 |
| Bachelorette Packages | $250,000 |
| Corporate & Private Events (Mon-Tue) | $250,000 |
| Late Night Bar (Wed-Sat) | $240,000 |
| Merchandise (on-site + online) | $200,000 |
| Seasonal Premium Events | $200,000 |
| Vinyl Program (4-6 limited releases) | $100,000 |
| Live Music Tips | $80,000 |
| Whiskey Club (100 founding members) | $75,000 |
| Photography/Content Packages | $40,000 |
| Tourism Partnership Commissions | $40,000 |
| Weekend Matinees (96 shows, Sat-Sun) | $600,000 |
| Late Night Experience (192 shows, Wed-Sat, 75 min) | $380,000 |
| The Speakeasy & Haunted Hotel (Floors 4-6) | $300,000 |
| Lost Highway Spirits (branded whiskey) | $150,000 |
| Total Revenue | $7,315,000 |
F&B REVENUE BASE
Covers rent and direct bar operating costs
SHOW NIGHTS / WEEK
Wed-Sun. Mon-Tue = private events + maintenance
TOTAL SHOWS / YEAR
240 evening + 96 matinee + 192 late night
Ticket Economics
| GA Tickets (48 × $85) | $4,080 |
| VIP Tickets (24 × $150) | $3,600 |
| Inner Circle (8 × $250) | $2,000 |
| Show Night F&B (80 × $35) | $2,800 |
| Merch & Add-ons (80 × $12) | $960 |
| Revenue Per Show Night | $13,440 |
| COGS (26%) | ($3,494) |
| Show Night Labor (cast + crew + bar) | ($5,200) |
| Contribution Margin | $4,746 (35%) |
240 evening shows (Wed-Sun) + 96 matinees (Sat-Sun) + 192 late night (Wed-Sat) = 528 total. Evening: 80 guests, $121 avg ticket, 80% Year 2 occupancy. Matinee: 80 guests, $95 avg, 75% occ. Late Night: 30 guests, $70 avg, 70% occ.
240 evening (Wed-Sun) + 96 matinee (Sat-Sun) + 192 late night (Wed-Sat). Mon-Tue dark for maintenance, rehearsal, and corporate buyouts.
Weekend Matinees: 80 guests capacity, $95 avg ticket, ~$10,000 gross per show. 96 shows/year (Sat-Sun, 48 weeks).
Late Night Experience: 30 guests capacity, $70 avg ticket, ~$3,800 gross per show. 192 shows/year (Wed-Sat, 48 weeks). 75-minute condensed format.
Year 3 at 85% occupancy: $13,440 × 85% × 240 = $2.4M in evening show revenue alone. The bar is the floor. The show is the ceiling.
Financial Projections
Year 1 reflects partial-year operations (Q2-Q4 2027 launch, 6 months of revenue). Year 2 is the first full calendar year at 80% occupancy.
| Year 1 (Partial) | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Base Case: Brand Building → Acceleration | |||||
| Revenue | $2.8M | $7.3M | $8.8M | $10.2M | $11.0M |
| EBITDA | ($250K) | $825K | $1.7M | $2.5M | $3.0M |
| EBITDA Margin | - | 11% | 19% | 25% | 27% |
| Upside Case (+15%): Fast Ramp + Premium Pricing Power | |||||
| Revenue | $3.2M | $8.4M | $10.1M | $11.7M | $12.7M |
| EBITDA | ($100K) | $1.3M | $2.3M | $3.2M | $3.9M |
| Downside Case (−20%): Still Breakeven Year 2 | |||||
| Revenue | $2.2M | $5.8M | $7.0M | $8.2M | $8.8M |
| EBITDA | ($400K) | $150K | $1.0M | $1.6M | $2.0M |
| COGS (incl. show consumables + spirits) | 27% | $1,975,000 |
| Labor (actors + bar + ops) | 34% | $2,487,000 |
| Rent (7,000 SF @ $80/SF NNN) | - | $560,000 |
| Insurance (venue + liquor + immersive) | - | $165,000 |
| Marketing (5%) | 5% | $366,000 |
| Tech Maintenance | - | $180,000 |
| Utilities / Supplies | - | $200,000 |
| Estate Licensing Fees | - | $100,000 |
| Legal / Admin / Accounting | - | $130,000 |
| CC Processing (2.5%) | - | $183,000 |
| Property Tax (NNN pass-through) | - | $65,000 |
| Show Maintenance (sets, costumes, props) | - | $80,000 |
| Total Expenses | $6,491,000 | |
| Year 2 EBITDA | 11% | $824,000 |
| Year 3 EBITDA (at 85% occ.) | 19% | $1,700,000 |
The Strategy: Year 2 builds the brand at 80% occupancy. Year 3: $8.8M revenue, $1.7M EBITDA, 19% margin at 85% occ. Year 3+ is where the math compounds. Premium pricing power and operating leverage on fixed costs.
Downside Protection: Bar F&B provides a $2M+ revenue foundation. Breakeven requires just 65% show occupancy, well below the 80% base case. The bar absorbs the majority of fixed costs, so the venue never starts from zero. The show is what drives profitability.
Comparable Exits
Entertainment venues with IP and recurring audiences command premium multiples.
| Comparable | Valuation | EV/Revenue | EV/EBITDA | Relevance |
|---|---|---|---|---|
| Punch Bowl Social | Acquired by Cracker Barrel | 2.5x | 8-10x | Entertainment + F&B venues (closest comp) |
| Topgolf | $2B (Callaway acq.) | 3.3x | 12x+ | Entertainment + F&B + IP, multi-unit |
| Meow Wolf | $500M+ Valuation | 5-6x | - | Immersive art, multi-city expansion |
| Sleep No More NYC | $36M/yr peak rev | - | - | Single-venue immersive theater benchmark |
| Then She Fell | 15 guests, sold out 8 yrs | - | - | Intimate immersive, closest format comp |
| The Lost Highway (Year 5, single) | $24-$30M implied | 2.2-2.7x | 8-10x | Immersive + hospitality + IP |
| Platform (Year 5-7, multi-city) | $52-$62M implied | 2.4-2.9x | 10-12x | Proven format × 3 cities |
Nashville proves the model. Austin and Memphis multiply it. Year 5 single-venue EBITDA of $3.0M at 8-10x = $24-$30M enterprise value. Through the distribution waterfall, investors receive ~$18.9M on a $30M single-venue exit (preferred + capital + 45% of remainder). With 3 cities operational by Year 7: $52-$62M enterprise value. You're investing in a platform, not a bar.
The Raise
| Pre-Money Valuation | $8,000,000 |
| Raise Amount | $6,500,000 |
| Post-Money Valuation | $14,500,000 |
| Investor Ownership | 45% |
| Founder Ownership | 55% |
Investor Terms: 10% annual, cumulative simple (non-compounding) preferred return. 1x liquidation preference. Pro-rata rights. Board seat (not observer). Quarterly reporting. Key-hire approval rights.
Milestone Funding: $3.5M at close. $3.0M released upon: (a) signed lease, (b) operations partner hired, (c) at least one estate license in binding LOI. Protects capital until foundations are locked.
Founder Contribution: Complete creative IP, Tim McGraw partnership, Scott Siman's network, show bible, production design. All developed pre-raise.
Construction budget based on $310/SF for 9,000 SF historic entertainment build-out, in line with Nashville GC estimates for STC 50+ acoustic isolation, rain system, HVAC zoning, and specialty theatrical construction.
The Platform
Nashville proves the model. New seasons refresh the IP. New cities multiply the revenue. Every city with music in its bones is an expansion market. The format travels because the format is universal: every city has ghosts it hasn't reckoned with.
Season 1 - 2027
Waylon & Hank. An unfinished song. Two endings.
Season 2 - 2028
The plane never landed. Patsy still sings. New rooms, new mystery.
Season 3 - 2029
Cash walks the line. The fire ring burns. Folsom comes to Printer's Alley.
| Nashville alone (Year 5) | $11.0M rev / $3.0M EBITDA |
| + Austin (Year 5) | +$6.0M rev / +$1.3M EBITDA |
| + Memphis (Year 6) | +$4.5M rev / +$0.9M EBITDA |
| 3-City Platform (Year 7) | $21.5M+ rev / $5.2M+ EBITDA |
Each new city costs less (playbook exists), ramps faster (brand exists), and compounds IP value. City 2 build-out: ~$5.5M with proven unit economics. City 3+: franchise model available. Expansion funded through Nashville operating cash flow and separate project-level raises. Original investors hold pro-rata rights on all future rounds.
Franchise Option (Year 5+): $500K franchise fee + 6% of gross. 10 franchise locations at $6M avg revenue = $3.6M/year in fees alone. The IP is the asset.
The Estate Moat: Exclusive right of publicity licenses from Williams, Jennings, and Cline estates. Once locked, no competitor can tell these stories. Every new season and city deepens the moat. The first credible player in immersive Nashville sets the standard. Everyone after is an imitator.
Founders
Nashville doesn't let outsiders build here. Good thing we're not outsiders.
FOUNDER / CREATOR
Wrote the show bible. Built the brand. Full creative IP developed pre-raise.
FOUNDER
90M+ records. 3x Grammy. Actor (1883, Friday Night Lights). Nashville royalty.
FOUNDER
President, EM.co. 30+ years managing Nashville's biggest careers. Every door is open.
Operations Partner: Active search. Nashville and NYC conversations underway. Required milestone: must be in place before second tranche releases. Seeking verified P&L experience in Nashville hospitality/entertainment.
Key Hires (Pre-Opening): Technical Director (themed entertainment) • Lead Director • Head of F&B • GM • Marketing Director
Traction
IP written. Team locked. Venue identified. Tech spec'd. Raising to build.
7 characters, 4 rooms, 3 acts, 2 endings. Every scene scripted.
90M records. 3x Grammy. Founding partner.
President of EM.co. 30+ years. Every door is open.
209 Printers Alley. 1888. 6 floors. Active listing. Option to buy.
Vendor quotes in hand. All systems priced.
Brand system, bar program, 52-week vinyl calendar.
Blanket licenses secured for bar performance.
Q3 2026
Finalize venue, begin permitting process
Q3 2026
Williams, Jennings, Cline estates. McGraw + Siman open every door.
Q3-Q4 2026
Technical Director, Lead Director, Head of F&B, Marketing Director
Q4 2026
4-room layout, tech integration, bar fit-out
Q1 2027
Cast rehearsals, tech testing, pre-sale campaign
Q2 2027
VIP/press soft launch. Tim McGraw media pull.
Q4 2027
EBITDA positive by month 6
Financial Deep Dive
| Ticket Revenue (80 guests × $121 avg) | $9,680 |
| Show Night F&B (80 × $35) | $2,800 |
| Merch + Add-ons (80 × $12) | $960 |
| Gross Revenue / Show Night | $13,440 |
| COGS (26%) | ($3,494) |
| Show Night Labor (cast + crew + bar) | ($5,200) |
| Contribution Margin / Show Night | $4,746 (35%) |
| Scenario | Revenue | EBITDA | Margin |
|---|---|---|---|
| Base Case (80% occ) | $7.3M | $825K | 11% |
| Revenue -10% | $6.6M | $400K | 6% |
| Revenue -20% | $5.8M | $150K | 3% |
| Year 3 (85% occ) | $8.8M | $1.7M | 19% |
| Bar-Only Floor | $2.01M | ($350K) | - |
Year 2 builds the brand. Even at -20%, the venue is profitable. Year 3+ is where operating leverage and 85%+ occupancy drive 19%+ EBITDA margins. The bar absorbs the majority of fixed costs. The show is what drives profitability.
| Phase | Months | Cash Flow |
|---|---|---|
| Build-Out + Pre-Opening | 1-9 | ($5.5M) burn |
| Soft Launch / Ramp (60% occ) | 10-12 | ($40K/mo) avg |
| Break-Even Month | 14-15 | $0 |
| Steady State (Year 2) | 16-24 | +$69K/mo avg |
| Year 3 (85% occ) | 25-36 | +$142K/mo avg |
$1M working capital covers 9-month build + 6-month operating cushion post-launch. $600K contingency (15% of build+tech) for historic building unknowns.
| Bar Revenue | $5.5K/day avg (Nashville strong 7 nights) |
| Show Capacity | 80 guests/night (2 waves × 40) |
| Evening Shows/Year | 240 (Wed-Sun, 48 weeks) |
| Avg Ticket | $121 (48 GA + 24 VIP + 8 IC) |
| Occupancy Ramp | 60% M1-3, 75% M4-6, 80% M7-12 |
| COGS | 26% (whiskey-heavy + show consumables) |
| Labor | 34% (expanded staff for 5-night schedule) |
| Insurance | $150K/yr (venue + liquor + immersive) |
| Estate Licensing | $100K/yr (Williams, Jennings, Cline) |
| Matinee Capacity | 80 guests, $95 avg ticket, 96 shows/year (Sat-Sun, 48 weeks) |
| Late Night Capacity | 30 guests, $70 avg ticket, 192 shows/year (Wed-Sat, 48 weeks) |
| Speakeasy & Haunted Hotel | Floor 4: 30-seat bar, $50 cover + F&B, 7 nights. Floors 5-6: 4 suites, $450/night avg, 55% occupancy |
| Construction | $310/SF (Nashville GC-grade for historic) |
The song was never finished. Until now.
$6.5M EQUITY ROUND • $14.5M POST-MONEY • 55/45 PARTNERSHIP
Brian Kaplan • Tim McGraw • Scott Siman
Printer's Alley, Nashville • CONFIDENTIAL