Greetings!
On behalf of the small ownership group for Voodoo Brewing Co. – St. Pete, I appreciate your participation in AskForFunding.com. Thank for your time in considering our story…
About Us: Voodoo Brewing Co. - St. Pete is a 3-person, Woman- and Veteran Owned C-Corp founded in May 2021. We have a singular purpose: bring award-winning beer with a global cult following to eager and sophisticated pallets on the eastern side of Tampa Bay.
I am our majority shareholder, Jennifer Vickrey, and had known the Voodoo label since its humble beginnings earlier in the 2010’s when I worked as a retail beverage Director. In 2021, we were one of the earliest franchises to sign-on with Voodoo Brewing Co. Our small start-up believed in the brand and now held the enviable position to be their ‘first in Florida’. The Meadville, PA-based company has since signed 50 franchises nation-wide.
The Situation: The initial estimate for buildout was in the ballpark of $750k. The building is perfectly situated on a main thoroughfare in the red hot market of Downtown St. Pete, FL. However, it dates back to 1925 and needed a lot of essential TLC to bring it up to today’s codes. The Voodoo concept also includes a creative and eclectic menu. In particular, the on-site kitchen needed much more work than our experts projected, including a new 16’ hood and walk-in.
We self-funded the company with $650k of our own funds, largely using the IRS ROBS program. The author (me) owns 59.4% of the company. My other 2 business partners, a married couple, own the remainder.
In addition, we took out a SBA loan (via Rebuild Florida and FFCFC) in the amount of $430k once we saw that the initial construction estimate was going to be grossly inaccurate. Our lease includes $75k in Tenant Improvement funds once we are awarded the Certificate of Occupancy. We have already been awarded our permanent liquor license.
The project is now $375k and 2 months to complete. Construction overruns, post-COVID supply chain issues, and 20%+ compounded inflation since May 2021 account for the deficit. Efforts to secure private funding by onboarding an additional Owner have not borne fruit.
Our Plans & Prospect Search: Our 2-year projections have been reviewed and validated by both National and Local Hospitality Experts. Year 1 Gross Revenue is projected to be $2.1M with loan maintenance and reinvestment to establish 3-months’ Emergency Resiliency Savings being the top priorities. Even still, one of the terms we have offered prospective Investors or a new Team Owner has been to assume more than or equal to my holdings, if desired. We are honest brokers, but also know enough to provide the newcomer with an immediate ability to positively impact and influence our bottom line.
Great People + Great Community: As a Voodoo Owner, we fully embrace a funky, not quite punk team culture and customer experience. We also become proud and active Community participants. Initially, we will employ 40 staff, including multiple bar staff with the top-most craft beer credential: Cicerone. Before we needed to shut the project down, I was able to recruit and train 2 fantastic key staff: our General Manager and our Chef. A Sous Chef, several cooks, and 10+ Bartenders have also been selected and eagerly await a start date. Though we have build a solid base of followers on Facebook and Instagram, recruiting required relatively little marketing. No doubt, our new Community has embraced us, too!
Most exciting are the offers of unearned media from I 💜 Radio and I 💜 The Burg. At no cost, these two media outlets give us free access to tens of thousands of local customers. We’re still amazed by the ways the local community has stepped out to embrace our modest mission to offer the best darn pub experience around! Our dining area follows a European Beer Hall Concept. Long tables of casual seating (plus the bar) offer friends and families a great chance to commune over food and bev. Upstairs, we have rentable space, a small arcade and large-group seating for Home Brewing Clubs and others looking to chill, gab, or take in our evening live music and other events.
Our Ask: My company is now seeking an Angel Investment in the amount of $375k to open our doors. The funds bring us current with the Landlord, the General Contractor, and the Lender. In addition, it will fund a new Construction Escrow Account to complete the buildout. Finally, the investment would fund standard operating expenses, initial staff salaries, and opening inventory which must be paid COD for the first deliveries.
I am available to discuss our effort and prospects in more detail at your convenience. Despite our financial shortfall, we are a talented, genuine, and passionate team. We welcome your interest and thank you again for your time in considering our request.
Respectfully,
Jennifer
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