Full of Bologna
The restaurant will be an LLC corporation, owned by its founders (Misters Gorgonzola, Parmigiano, and Sardo), and an as yet undetermined investor (major).
Tsoutsouros Graviera and Gimli Kefalotiri will have a minor stake in stock issue, which will be non-voting, non-binding and non-determinative to resolutions.
2.1 Start-up Summary
The founder of the company is Fluno Gorgonzola. Mr. Gorgonzola works the entire restaurant from kitchen to managing personnel, handling accounts, algorithms, and computerized functions. Gorganzola focuses on the financial, service standards and food quality issues. Tsoutsouros Graviera and Vasto Parmigiano, Jr. will be the Restaurant Managers. Gimli Kefalotiri will be the overall Bar Manager.
Our restaurant space is the old bank building shown as Building #7 at The Greensward located at Water and 12th streets (on the corner). The space is approximately 4,500 square feet of usable space (main floor), a proposed, refurbished mini -mezzanine of 500 square feet (upstairs), a proposed bar/dining and dance floor downstairs and approximately 1,000 square feet of outdoor patio dining space at the front and left sides of the building (umbrellas – tables and shrubbery).
We will begin construction of Full of Bologna, A Taste of North Italy on January 2, 2005 and open April 2, 2005. We are seeking an investor to start up the company.
Our start-up costs are mostly expensed equipment, furniture, painting, reconstruction, rent, start-up labor, liquor license, six months operating cash, and legal and consulting costs associated with opening the restaurant. These are the start-up requirements to the best of our knowledge and experience in the industry. Our bidding conference fixes prices with typed bids and solidifies costs.
A number of items are self-explanatory. Of specific note are:
- Stationery, Menus, and Guest Checks – We know the exact costs of these items from day-to-day experience and purchasing across the three state region, firsthand. Our stationery will be simple with the Full of Bologna logo on it (invoices, letterhead, envelopes, catering and event contracts). As many items that can be made in-house will be controlled by our own Microsoft Registered Developers (Gorgonzola and Graviera) to save thousands of dollars. Our menu’s will be designed, typed, developed and revised in-house to further save money. Final printing will also be done in-house to further control costs. Guest checks will be custom designed and serial numbered.
- Property Insurance and Workmans Compensation Insurance – These evaluations have recently been conducted with the our insurance agents. Our estimate for Property Insurance is based on 250k of equipment protection (and 26 other line item protections) with a $1,000,000 and $2,000,000 protection for general liability. This policy most likely will be carried via Sirius America. Workers Compensation will most likely be handled by Amerihealth.
- Rent, or lease payments – Loess Cairn Commons, LLC has agreed to abstain from any form of rent until opening day of The Greensward, due to the sheer amount of work that needs to be done to the interior, associated and extraneous costs, opening during the winter months with related poor numbers of guests and little or no traffic in a dead end area that is dilapidated, rampant and torn down. Upon opening day, a ramp-up to traffic of 12,000 visitors daily is expected and therefore rent will engage at the cost of $3,000 per month for the first three months and thereafter at the full rate of $6,000 per month. This is based on the computation of pre-lease letter of intent rate at $16.00 per square foot x 4,500 square feet.
- Office Supplies and General Roll-out/Set-up – This includes all forms of general usage items like staplers for the waiter station, host station, kitchen and office. Pens, paper cutter, paper, pads and pencils, shredder and file cabinets are just a few examples of this category. Full roll-out will occur with complete set-up in one day.
- Exterior and Interior Signage – This will include a sand blasted sign for the front as well as directional and informational signs for the parking area. Some critical signage inside is required by Stasistate and Federal law and these will be completed as well (injury, Workers Comp, Material Safety Data Sheets, Workers Right to Know, etc…). Of important note is the flow and ebb of daily work processes which are streamlined and standardized via signs inside. Team members who know what to do, what not to do and how to do, via signs and instructions everywhere, assimilate into the force much faster and with greater emotional understanding. Becoming a full and contributing member of the team in a rapid manner brings satisfaction as a complete and ready helper.
- Computers, Printers and Fax Setup – Microsoft XP Professional will be the guiding force behind all of our hardware related choices.
- Micros Wireless Waiter PDA Installation – The Micros system computerization of cash registers, printers, PDA wireless transmittal, flat screens (in the kitchen, waiter area, office and host station) and hardware solutions will be expensive, but worth the investment. Waiters take orders and the wireless system transmits immediately to the kitchen while the order is duplicated in the waiter area for tracking and expediting. Simultaneously and quietly the office and host station monitors and tracks the entire restaurant floor. Waiters submit Form 1244 data nightly for IRS tip tracking compliance thus avoiding the ever increasing problem of investigations into restaurants. Likewise, hours worked are recorded digitally and overtime laws are monitored more effectively with simple printout or data blend into QuickBooks or into PayCycle of Blisstate, our certified Stasistate and Federal payment processor. Of specific note is our capability to process all payment via phone or Internet for dealers bills. Our employees will be on direct deposit for pay checks. Our means of dealing with high intensity traditional paper processes are to streamline them and advance them into the extremist digital divide of electronic means.
- Serving Staff Uniforms – We utilize some modern, inexpensive resources such as Vol-de-Mart and Zeers while paying higher prices for must-have items only.
- Mezzanine Building and Extension – Working with our Master Architect, Borgia Romano of GaGG, we will extend the present mezzanine out to create approximately 1,500 square feet of space for upstairs dining.
- Mechanicals, Tearout and New Installation – A complete installation of heat and air conditioning will be needed as well as hot water piping and electrical wiring.& A low voltage alarm and fire detection system will be installed.
- Start-up Labor Costs for four Months – This sector is for Gimli Kefalotiri at $3,000 per month, Tsoutsouros Graviera at $4,000 per month, Vasto Parmigiano at $5,000 per month and Fluno Gorgonzola at $5,800 per month.
|Legal Representation w/Paperwork Evaluation||$4,240|
|Stationery, Menus, Guest Checks||$4,942|
|Consulting Fees – Investment Banker||$45,000|
|Property & Workers Comp Policies||$9,233|
|Office Supplies & General Roll-out/Set-up||$2,410|
|Pest Control and Spraying||$800|
|Serving Staff Theme Uniforms||$8,245|
|Modern Kitchen Staff Uniforms||$3,748|
|Outside Building & Landscaping||$854|
|Visa, Discover, AMEX, MC Items||$922|
|Mezzanine Rollout & Sharpening||$1,900|
|Chamber of Commerce/Other Memberships||$1,200|
|Initial Job Hiring Related Advertising||$540|
|Initial, Kick-start, Teaser Advertising||$5,000|
|Associated Painting Needed||$1,600|
|Phone, Electric, Cable and Gas Deposits||$1,480|
|Food and Liquor Setup||$2,000|
|Opening Celebration w/Music||$4,000|
|Start-up Labor Costs for Four Months||$71,200|
|Expense Account for Food, Fuel, Bills||$2,300|
|Pre-funding Costs to Fluno Gorgonzola||$3,400|
|Fire and Burglar Alarm Installation||$6,700|
|Commercial Pre-Inspection of Building||$800|
|Total Start-up Expenses||$315,431|
|Other Current Assets||$0|