The Lost Highway

Confidential Investor Materials

 

Authorized Access Only

01 / 21

Created by Brian Kaplan  •  Confidential

THE LOST HIGHWAY

Nashville's First Immersive Outlaw Country Experience

The Last Ballad - An Original Production

Printer's Alley  •  Nashville, Tennessee

$6.5M Equity Round  •  $14.5M Post-Money Valuation

What It Feels Like

You Walk Into a Bar.
You Leave Knowing a Dead Man's Last Words.

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

$11.2 Billion in Tourism.
Zero Immersive Venues.

All-time records. Up 42% since the pandemic. And zero of it going to immersive entertainment.

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.

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.

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 25K+/yr capacity $7.3M Year 2

No Meow Wolf

Not on the expansion list.

No Immersive Theater

Zero narrative-driven experiences.

No Hidden Venue

No speakeasy or premium hidden venue.

WHY NOW

Sleep No More closed - Jan 2025. The immersive crown is vacant.
Nashville tourism ATH - $11.2B and accelerating.
209 Printers Alley - 1888 building, 6 floors, active listing. Window closing.

The Location

209 Printers Alley, Nashville

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

The Building

1888 masonry building. Boots Randolph's legendary club. Prohibition tunnel access confirmed. Upper floors vacant since the 1950s.

Address209 Printers Alley
Built1888 • 6-Story Masonry
Ground Floor4,000 SF • Turn-Key Bar
Floor 4The Speakeasy • 30-Seat Hidden Bar
Floors 5-6The Haunted Hotel • Immersive Suites
Total Available~9,000+ SF (3 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: Prohibition tunnels. Documented hauntings. No set dressing needed.

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

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.

FLOOR-BY-FLOOR: HOW IT COMES TO LIFE

GROUND FLOOR
The bar. Acts I & III. 4,000 SF turn-key.
FLOOR 2
4 immersive rooms. Act II. ~5,000 SF.
FLOOR 3
Back-of-house. Tech control. Rain system mechanical. Cast staging.
FLOORS 4-6
Floor 4: The Speakeasy, hidden cocktail bar, 30 seats, 7 nights. Floors 5-6: The Haunted Hotel, immersive overnight suites, $400-600/night.

Going up = going back in time.

The Concept

One Venue. Four Audiences.
Seven Days a Week.

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

The Outlaw Country Bar

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

The Immersive Show

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

17 Revenue Streams

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

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 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.

Seven Characters. Three Layers. Two Endings.

CoraThe Bartender. Lost her son to the building. Every singer on that stage is him. Not what she appears.
JesseMystery Singer. The building recreates him nightly so Cora will stay.
The DriverCharles Carr, age 17. "I just want to get some sleep." He never woke him.
AudreyThe mastermind who built Hank. Turned Cold, Cold Heart into 30M people singing her worst night.
Midnight MikeThe DJ. Broadcasting since 1955. The phone rings. It's for you.
Waylon's ShadowSix words to Buddy Holly. A plane crash. A guilt so heavy the building smelled it from Nashville.
Hank's GhostSame 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

2.5 Hours. Three Acts. Two Endings.

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

The Outlaw Bar

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

The Haunting

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

The Final Song

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

40
Guests Per Wave
4
Immersive Rooms
1-on-1
Every Guest Gets One
3-4x
Visits to See It All

Act II - Floor 2: The Haunting

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

Hidden door behind the jukebox. Four rooms. Four ghosts. 15 minutes each. Groups of 10 rotate clockwise.

The Green Room

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."

The Midnight Opry

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."

The Lost Highway

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."

The Rolling Curse

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

Six Stories. One Experience.
Every Floor Earns.

An 1888 building where every floor serves the story and the P&L.

BUILT 1888 • 209 PRINTERS ALLEY Floor 6: The Haunted Hotel Immersive Suites • The Bridal Suite • $600/night $300K/YR REVENUE Floor 5: The Haunted Hotel Songwriter's Room • Radio Booth • Dressing Room THE SHOW DOESN'T END Floor 4: The Speakeasy Hidden Bar • Prohibition Tunnels • 30 Seats • $50 Cover 7 NIGHTS • THE DISCOVERY FUNNEL Floor 3: Back of House Tech Control • Rain Mechanical • Cast Staging GREEN OPRY HIGHWAY CURSE Floor 2: The Haunting 4 Immersive Rooms • Act II • 60 Minutes RAIN • HOLOGRAMS • HAPTICS • SCENT Ground Floor: The Lost Highway Outlaw Country Bar • Acts I & III • 4,000 SF STAGE JB $2M F&B BASE • HIDDEN DOOR • 7 NIGHTS/WEEK KONE ELEVATOR ENTRY 6 5 4 3 2 1

The Guest Journey

150 Minutes. One Path.
No One Leaves the Same.

Ground Floor: The Lost Highway Bar BAR STAGE JB HIDDEN DOOR STAIRS Floor 2: The Haunting GREEN ROOM Audrey • The Ring 1 MIDNIGHT OPRY Mike • The Phone Call 2 LOST HIGHWAY Rain • Cadillac • Last Words 3 ROLLING CURSE Waylon • Tour Bus • Haptics 4 0:00 Enter the bar. Order a drink. 0:30 Something is wrong. Glass slides. 0:45 Phones lock. Jukebox opens. 0:50 4 rooms. Rain. Ghosts. 1-on-1s. 1:50 Descend. The vote. The final song. 2:20 Blackout. Unlock. 80 people post. 3-4 VISITS TO SEE EVERYTHING EVERY NIGHT IS DIFFERENT

The Revenue Engine

17 Revenue Streams. $7.3M Year 2.

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.

$7.3M
Year 2 Revenue

Revenue Breakdown - Year 2

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

$2M+

Covers rent and direct bar operating costs

SHOW NIGHTS / WEEK

0

Wed-Sun. Mon-Tue = private events + maintenance

TOTAL SHOWS / YEAR

0

240 evening + 96 matinee + 192 late night

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 (at capacity)

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.

0
Total Shows Per Year

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

Five-Year P&L - Three Scenarios

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 2Year 3Year 4Year 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

Full Cost Structure - Year 2

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 EBITDA11%$824,000
Year 3 EBITDA (at 85% occ.)19%$1,700,000
0%
EBITDA Margin Yr 3
0
EBITDA Margin Yr 5

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

Where Entertainment Venues
Trade Today

Entertainment venues with IP and recurring audiences command premium multiples.

ComparableValuationEV/RevenueEV/EBITDARelevance
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

SINGLE VENUE (FLOOR)

2.5-2.9x
MOIC
20-24%
IRR

PLATFORM (CEILING)

0-5.5x
MOIC
0-27%
IRR

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

$6.5M Equity Round

Deal Structure

Pre-Money Valuation$8,000,000
Raise Amount$6,500,000
Post-Money Valuation$14,500,000
Investor Ownership45%
Founder Ownership55%

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.

Uses of Capital

Build-Out & Construction ($310/SF)$2,800,000
Technology & Immersive Systems$1,200,000
Working Capital & Operating Reserve$1,000,000
Contingency (15% of build+tech)$600,000
Marketing & Launch$500,000
Equipment & FF&E$400,000

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.

Distribution Waterfall

1
Operating Reserve (3 months)
2
Preferred Return (10% cumulative, simple. Accrues in Year 1 build period, first payable from Year 2 operating cash flow)
3
Return of Capital (1x liquidation pref)
4
Profit Split (55% founders / 45% investors)
0-5.5x
MOIC (Platform)
0-27%
IRR (Platform)
Year 4
Exit Payback
0
City Expansion

The Platform

This Is a Platform.
Not a Bar.

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

The Last Ballad

Waylon & Hank. An unfinished song. Two endings.

Season 2 - 2028

Patsy's Last Flight

The plane never landed. Patsy still sings. New rooms, new mystery.

Season 3 - 2029

The Man in Black

Cash walks the line. The fire ring burns. Folsom comes to Printer's Alley.

5-City Expansion Roadmap

2027
Nashville: Flagship (Outlaw Country)
2029
Austin: 6th Street (Texas Outlaw)
2030
Memphis: Beale Street (Blues & Soul)
2031
New Orleans: Frenchmen St (Jazz & Voodoo)
2032
Savannah: Southern Gothic

Platform Economics

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

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. Full creative IP developed pre-raise.

TM

Tim McGraw

FOUNDER

90M+ records. 3x Grammy. Actor (1883, Friday Night Lights). Nashville royalty.

SS

Scott Siman

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

What's Already Done

IP written. Team locked. Venue identified. Tech spec'd. Raising to build.

COMPLETED PRE-FUNDING

Complete Creative IP

7 characters, 4 rooms, 3 acts, 2 endings. Every scene scripted.

Tim McGraw - Founder

90M records. 3x Grammy. Founding partner.

Scott Siman - Founder

President of EM.co. 30+ years. Every door is open.

Venue Identified

209 Printers Alley. 1888. 6 floors. Active listing. Option to buy.

$1.2M Tech Package Spec'd

Vendor quotes in hand. All systems priced.

Brand Identity Complete

Brand system, bar program, 52-week vinyl calendar.

Music Licensing (ASCAP/BMI)

Blanket licenses secured for bar performance.

POST-FUNDING MILESTONES

Q3 2026

Lease Signed + Permits Filed

Finalize venue, begin permitting process

Q3 2026

Estate Licensing Secured

Williams, Jennings, Cline estates. McGraw + 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

4-room layout, tech integration, bar fit-out

Q1 2027

Rehearsals + Marketing

Cast rehearsals, tech testing, pre-sale campaign

Q2 2027

Grand Opening

VIP/press soft launch. Tim McGraw media pull.

Q4 2027

Profitability

EBITDA positive by month 6

Financial Deep Dive

The Numbers Behind the Numbers

UNIT ECONOMICS - PER SHOW NIGHT (AT CAPACITY)

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%)

SENSITIVITY ANALYSIS - YEAR 2 EBITDA

ScenarioRevenueEBITDAMargin
Base Case (80% occ)$7.3M$825K11%
Revenue -10%$6.6M$400K6%
Revenue -20%$5.8M$150K3%
Year 3 (85% occ)$8.8M$1.7M19%
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.

CASH FLOW WATERFALL - MONTHS 1-24

PhaseMonthsCash Flow
Build-Out + Pre-Opening1-9($5.5M) burn
Soft Launch / Ramp (60% occ)10-12($40K/mo) avg
Break-Even Month14-15$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.

KEY ASSUMPTIONS (CONSERVATIVE)

Bar Revenue$5.5K/day avg (Nashville strong 7 nights)
Show Capacity80 guests/night (2 waves × 40)
Evening Shows/Year240 (Wed-Sun, 48 weeks)
Avg Ticket$121 (48 GA + 24 VIP + 8 IC)
Occupancy Ramp60% M1-3, 75% M4-6, 80% M7-12
COGS26% (whiskey-heavy + show consumables)
Labor34% (expanded staff for 5-night schedule)
Insurance$150K/yr (venue + liquor + immersive)
Estate Licensing$100K/yr (Williams, Jennings, Cline)
Matinee Capacity80 guests, $95 avg ticket, 96 shows/year (Sat-Sun, 48 weeks)
Late Night Capacity30 guests, $70 avg ticket, 192 shows/year (Wed-Sat, 48 weeks)
Speakeasy & Haunted HotelFloor 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 LOST HIGHWAY

The song was never finished. Until now.

The Last Ballad - Coming 2027

$6.5M EQUITY ROUND • $14.5M POST-MONEY • 55/45 PARTNERSHIP

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