Confidential Investor Materials
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A Brian Kaplan Concept • Confidential
Nashville's First Immersive Outlaw Country Experience
Printer's Alley • Nashville, Tennessee
$4.5M Equity Round • $10M Post-Money Valuation
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 | 30K+/yr capacity | $6.7M 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 |
| Upper Floors | ~5,000 SF each • Vacant since 1950s |
| Total Available | ~9,000+ SF (2 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 - Thu-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 • $6K/DAY AVG
The Last Ballad - Thu-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.
TICKETS + VIP + F&B + MERCH
Extended Revenue
Bachelorette packages. Corporate buyouts. Vinyl releases. Whiskey club. Seasonal overlays. Family matinees. No single stream > 33%.
$6.7M YEAR 2 REVENUE
The Story
January 1, 1953. Hank Williams dies in the back seat of a Cadillac. His driver doesn't realize for hours. The song Hank was writing never got finished.
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.
The audience's unfinished song: Everyone has a call they never made, a thing they never said. The show makes you feel something you buried. That's why they come back.
| Cora | The Bartender. Guards the unfinished song. Not what she appears. |
| Jesse | Mystery Singer. Carries the melody that finishes it. |
| The Driver | Charles Carr. Soaking wet. Still driving. Based on real history. |
| Audrey | Hank's wife. Burned the last verse. Trapped in the mirror. |
| Midnight Mike | The DJ. Still broadcasting. The phone rings - it's for you. |
| Waylon's Shadow | Haunts the tour bus. Play the missing note, he appears. |
| Hank's Ghost | Same seat. Same drink. 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
You walk into a bar. You leave a haunted building. Somewhere in between, the show started and you didn't notice.
Act I
45 MIN • GROUND FLOOR
You think you're in a honky-tonk. Then the temperature drops, a glass slides off the bar, and a ghost flickers in the mirror. A hidden door opens behind the jukebox.
COMFORT → CURIOSITY → UNEASE
Act II
60 MIN • FLOOR 2 • 4 ROOMS
Groups of 10 rotate through four rooms. Rain falls indoors. Audio whispers your name. Every guest gets a 1-on-1 encounter. Your choices change the story.
FEAR → WONDER → INTIMACY
Act III
30 MIN • GROUND FLOOR
Everyone returns to the bar. Jesse sings Hank's final song. The audience votes: finish the chord or let the music play forever. Blackout. 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.
600 SF • Backstage Dressing Room
Audrey's dressing room. A record player spins on its own. She appears in your reflection but not in the room. Find hidden lyric fragments and read them aloud.
LG Transparent OLED • ScentAir • Self-playing record player
"He wrote that song for me. And then he wrote me out of the story."
700 SF • 1953 Radio Station
Directional audio whispers your name. Only you can hear it. The rotary phone rings. Your confession determines which clue you receive.
Holosonics Audio Spotlight • Rotary phone • Medialon show control
"Tonight's dedication goes out to... you."
800 SF • Rain System + 1952 Cadillac
Rain falls indoors. Cryo CO2 drops the temp 15°F. The Driver confesses what happened on that last drive. You decide: tell him or let him keep driving. Your choice changes Act III.
Rain curtain • Cryo CO2 • ScentAir • Floor transducers
"I drove all night with a dead man in my backseat. And I swear... he was humming."
500 SF • Tour Bus + Haptic Seats
Waylon's tour bus. Haptic seats vibrate with engine rumble. A guitar plays an unfinished song and stops. A pick appears. Play the missing chord and Waylon's Shadow materializes.
D-BOX haptic seats • Yamaha Disklavier • ScentAir • HYPERVSN hologram
"The road doesn't take you somewhere. The road takes something from you."
The Revenue Engine
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.
| 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
Covers rent + labor + ops alone
REVENUE STREAMS
No single stream exceeds 33% of total
SHOW NIGHT MULTIPLIER
Show vs. regular bar night
Ticket 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 tickets + $864K F&B/merch.
People drink more, buy more, stay longer on show nights.
Financial Projections
| Year 1 (Partial) | Year 2 | Year 3 | Year 4 | Year 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 |
| 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 / Supplies | 3% | $201,000 |
| Licensing / Legal / Admin | 2% | $134,000 |
| Total Expenses | $5,247,000 | |
| EBITDA | 22% | $1,468,000 |
Downside Protection: Bar alone generates $1.75M+ F&B - covers rent, labor, ops. The bar is the floor. The show is the ceiling.
Marketing at 5%: Yondr unlocks = 80 simultaneous posts/show. Bachelorettes are free marketing. Drops to 3% by Y4.
Comparable Exits
Entertainment venues with IP and recurring audiences command premium multiples.
| Comparable | Valuation | EV/Revenue | EV/EBITDA | Relevance |
|---|---|---|---|---|
| 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 |
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
| Pre-Money Valuation | $5,500,000 |
| Raise Amount | $4,500,000 |
| Post-Money Valuation | $10,000,000 |
| Investor Ownership | 45% |
| Founder Ownership | 55% |
Founder Contribution: Complete creative IP, Tim McGraw partnership, Scott Siman's network. All IP developed pre-raise.
Investor Terms: 8% preferred return. Pro-rata rights. Board observer. Quarterly reporting.
Estate Licensing: Right of publicity licenses from Williams, Jennings, Cline estates. McGraw + Siman have direct relationships. Once locked, no competitor can tell these stories.
The Platform
Same venue. New show each season. Same walls, new ghosts. The format travels to any city with music in its bones.
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.
The Estate Moat: Exclusive right of publicity licenses. Once locked, no competitor can tell these stories. Every season deepens the moat.
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.
Key Hires: Technical Director • Lead Director • Head of F&B • 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 × $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%) |
| Scenario | Revenue | EBITDA | Margin |
|---|---|---|---|
| Base Case | $6.7M | $1.47M | 22% |
| Revenue -10% | $6.0M | $1.07M | 18% |
| Revenue -20% | $5.4M | $750K | 14% |
| Revenue -30% | $4.7M | $310K | 7% |
| 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.
| Phase | Months | Cash Flow |
|---|---|---|
| Build-Out + Pre-Opening | 1-9 | ($3.9M) burn |
| Soft Launch / Ramp | 10-12 | ($120K/mo) avg |
| Break-Even Month | 13-14 | $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.
| Bar Revenue | $6K/day avg (3,500 SF, 3 turns/night) |
| Show Capacity | 80 guests/night (2 waves × 40) |
| Shows/Year | 160 (Thu-Sun, 40 weeks) |
| Avg Ticket | $130 (40 GA + 30 VIP + 10 IC) |
| Occupancy Ramp | 60% M1-3, 80% M4-6, 95%+ M7+ |
| COGS | 25% (whiskey-heavy, high margin) |
| Labor | 32% (15-25 staff, show + bar crews) |
| Seasonality | Peak 32% above avg (Jun-Aug, Oct, Dec) |
| CAC | <$15 (organic viral + bachelorette WOM) |
| LTV | $390+ (3-layer mystery = 3x visits) |
The song was never finished. Until now.
$4.5M EQUITY ROUND • $10M POST-MONEY • 45% OWNERSHIP
Brian Kaplan • Tim McGraw • Scott Siman
Printer's Alley, Nashville • CONFIDENTIAL