Vino Maestro Ltd.
Vino Maestro will be a Boston retailer of fine wines and spirits. The company will be formed as a closely held C corporation in which business partners Cris Martin and Bob Williams will own 80% interest.
2.1 Company Ownership
The following table outlines the start-up expenses, assets, funding, and liabilities.
|Pre-opening Staff and Training||$10,000|
|Total Start-up Expenses||$75,000|
|Other Current Assets||$0|
|Start-up Expenses to Fund||$75,000|
|Start-up Assets to Fund||$400,000|
|Total Funding Required||$475,000|
|Non-cash Assets from Start-up||$330,000|
|Cash Requirements from Start-up||$70,000|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$70,000|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$0|
|Other Current Liabilities (interest-free)||$0|
|Additional Investment Requirement||$0|
|Total Planned Investment||$235,000|
|Loss at Start-up (Start-up Expenses)||($75,000)|
|Total Capital and Liabilities||$400,000|
2.2 Company Locations and Facilities
Vino Maestro will be located in the newly developing Southside Towers residential hi-rise project in Boston. The site is one of the densest and wealthiest markets in the nation. When fully completed (in approximately seven years), it will be comprised of 16 residential towers, 17,000 residents and 19 acres of new harbor front manicured park land.
Our storefront will be prime retail space in the southeast corner of the 247 Mainline Avenue building, facing Excelsior Place, a main artery for vehicles and city buses coming and going from the complex. The store is centered within a cluster of eight phase-one residential towers, three fully completed and five more planned for consecutive construction as the residences are sold or rented.
The next building to be constructed at 249 Mainline Avenue is the flagship residential tower of the Southside development, with 440 condominiums currently offered for sales at prices ranging from $350k for a studio, to $3.5 million for a four bedroom home. So far, about 150 of these units have been sold already, prior to construction, which is expected to be completed next year.
XYZ Realty, the agent for the landlord, has advised us that minimum household annual incomes of $100k are required to be eligible for rental residences within Southside Towers. Minimum income requirements are calculated at 95 times monthly rents. One-bedroom apartment rentals average in the $3,000 per month range.
Vino Maestro will be located in one of two currently existing, fully-rented residential towers.