GVRE will be a limited liability partnership registered in the state of Delaware for tax purposes. Its founder is Mrs. Susan Egan, a former agent for RE/MAX real estate company, where she worked for 23 years.
The company plans to be leveraged through private investment and a limited number of loans. Mrs. Egan is establishing this firm as a "lifestyle" oriented endeavor in order to supplement her retirement. The company has its main offices in Tucson, AZ. The facilities include a conference room and office spaces. The company expects to begin offering its services in June of 2003.
The company's main clients will be retirement age couples looking for a community that can offer significant services for their age group and income levels. Since Mrs. Egan is within this demographic group and knows and understands this market's needs, she believes that she can appeal to such clients far more than most other competitors.
The company will be jointly owned by Mrs. Susan Egan and her husband Daniel, who will be putting up equal amounts of equity. All other financing will come from loans.
Start-up expenses and funding required are shown in the table below. This includes expenses and the rest in cash needed to support operations until revenues reach an acceptable level. Most of the company's liabilities will come from outside private investors and management investment, however, we have obtained current borrowing from Bank of America Commercial Investments, the principal to be paid off in two years. A long-term loan through Valley National Bank will be paid off in ten years.
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