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Andrea Meredith May 9, 2013

Table of Contents 1. Cover Page 2. Table of Contents 3. Executive Summary 4. Business Concept 5. Products and Services 6. External Analysis 6.1) Market 6.2) Target Customer 6.3) Suppliers 6.4) Economy 6.5) Direct Competitors 6.6) Indirect Competitors 6.7) Community 6.8) Government 7. Internal Analysis 7.1) Organizational Structure 7.2) Management 7.3) Skill Sets 7.4) Culture 7.5) Niche 8. Marketing and Sales 9. Financial Requirements 10. Financial Projections 11. Risk Management 12. References 13. Appendix p. 17 p. 19 p. 20 p. 22 p. 23 p. 24 p. 14 p. 1 p. 2 p. 3 p. 4 p. 6 p. 8

3. Executive Summary Teds Beach Bar plans to be a huge success on the beaches of the Florida Keys.

Our business concept revolves around a fun and relaxed idea. Beach bars are everyones favorite spot to drop in and hangout from the tourists to the locals. Our concept revolves around the idea of attitude and atmosphere, rather than the product. Our product is simply a bar, but we plan to enhance the normal bar experience. The bar will be overstaffed because we want to meet the needs of every customer at any given time. It will take some adjustment through time to find the right balance of servers but it is necessary to provide our customers with the best service. Teds Beach Bar is still in the beginning stages of development. The two owners, Andrea Meredith and Joseph Calitri have both recently graduated and are working to fully research all possibilities before an opening timeframe is committed too. We plan to focus on the 21+ crowds and advertise our wide variety of alcoholic beverages. We will serve everything from mixed and frozen drinks to wine and beer. We plan to have a rotating schedule of drink specials and weekly drinks created by our bartenders. We will have a simple bar menu as well. We want a very open layout to emphasize the relaxed and free atmosphere. Key West, Florida does have other beach bars but all of them have a different style than us. Our biggest risk will be competition and the possibility that others do not feel the great atmosphere we have created. However, we will continue to manipulate our service until all of our customers are happy.

4. Business Concept 4.1 Overview Teds Beach Bar is a simplistic idea with a lot of potential. Our core strategy is a very simple approach to a local beach bar. It was have a simple set up focusing mainly on customer service and providing the people with what they want! Both entrepreneurs enjoyed a beach bar in college and decided to pursue their own oasis for others to enjoy. 4.2 Company History The company has not yet started so there is no history to date. 4.3 Mission Statement

The Mission Statement is To sell heaven in a glass by the sea. We strive to make the Teds Beach experience the best it can be. 4.4 Products and Services The Bar will have a full drink menu and highly trained bartenders that will create a weekly special drink. There will be a bar menu but no extravagant meals, just quick foods. Menus are still being consulted and decided on, but our temporary ideas appear later. We are also contemplating the idea of a theme in the bar or a rotating theme depending on a rotating drink schedule. 4.5 Current Status We are still in the very beginning stages of development. We have decided on a name Teds Beach Bar, and a location Key West, Florida. 4.6 Legal Status and Ownership We are starting with a small staff. Andrea Meredith will be the CEO and part owner along with Joseph Calitri the CFO. Andrea will run the bar and manage the

advertising, while Joe is the finance and accounting side of the operation. The rest of the staff will be made up of Front of the House staff including a few chefs and many bar tenders. We believe we will start with four chefs and 8 bartenders but fluctuate our numbers based on how busy we are. We hope to do most of our business during the day opening at 10am and we will probably stay open in the summer as the days are longer and it is still light out. During peak tourist season we will stay open until 2am. If necessary we will hire more staff to stay open later to serve our customers. We would rather be overstaffed than understaffed as our main focus is making every customer happy and to do that we need as many servers available as possible.

5. Products and Services 5.1 Development Status and Tasks

As stated, we are still in the beginning stages of the development process. We are starting a new business completely from scratch. We are hoping to keep the plan for the Beach Bar very simple. The bar will be on a beach in the Florida Keys simply offering exceptional service of food, but mainly drinks. Drinks will consist mainly of Island Drinks but we will have small amounts of everything. This includes: mixed drinks, frozen drinks, beer, hard alcohol and wine. We plan to have a rotating schedule of a Drink of the Week created by our bartenders. Food will consist of mainly basic bar food. This includes appetizers, sandwiches and sides. Appetizers being considered are mozzarella sticks, spinach and artichoke dip, onion rings, nachos, definitely wings, and other possible common, popular bar appetizers. Continuing along with the simplistic idea, our sandwiches will essentially be build your own. We will provide a list of all possible ingredients and then the customers will decide what they want. We will have everything from basic deli meats to buffalo and barbeque chicken. We will have a variety of vegetables, different sauces and condiments. 5.2 Challenges and Risks Our basis for differentiation is going to be the atmosphere. The only thing most people want on a beach is a sunny day and a cold drink served to them by sunny people. We know that our product is realistically not any different from any other beach bar in the Keys, but our attitude and service is what will bring people back. Our selling point will be our friendly atmosphere and impeccable service.

The biggest risk with this is that essentially we still have the same product as everyone else. We really have to sell the atmosphere and customer service for our business to be a success. If we continue to focus on the island approach we hope to

pursue beach bonfires and live music. This will give our customers more of a traditional island feel, like being in the Caribbean. 5.3 Intellectual Property N/A

6. External Analysis 6.1 Market Our market is a large and popular one. We are mainly focusing on the beverage industry but Teds Beach Bar will serve basic bar food as well. The following chart shows some United States market size statistics for establishments serving alcohol:

This shows a lot of nationwide competition but also a lot of promise with the industry annual sales being over $14 billion. The demographics of Key West and Florida are listed in the chart below, determined by the US census: People Quick Facts Population, 2011 estimate Population, 2010 (April 1) estimates base Population, 2012 Persons under 5 years, percent, 2012 Persons under 18 years, percent, 2010 Persons 65 years and over, percent, 2010 Female persons, percent, 2010 Key West 24,909 24,649 24,649 4.9% 14.5% 12.8% 44.6% Florida 19,082,262 18,802,690 18,801,310 5.7% 21.3% 17.3% 51.1%

The average income of a person within a 5-mile radius of Teds Beach Bar is $56,744. This shows that we are located in an area with a younger demographic.

The following chart shows the sales growth trend of the bar industry over the past 5 years:

This shows that there was a rise after 2010 and we are currently in a decline, but we hope our location will promote better business. 6.2 Target Customer Our target customer is anyone that enjoys the beach! We mainly pertain to the 21+ crowd but we will have non-alcoholic beverages and food for those underage. This applies to men and woman, singles and families! We will cater to any income level. The alcoholic beverages will compare to the local averages rates and the food will be priced at the same relative cost.

6.3 Suppliers Business Owned by: Andrea Meredith and Joseph Calitri My type of business: Bar and Restaurant Industry: Food and Drink

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1) Gordon Food Service- Primary priority, Supplies, Food product, Competitive and 2-week lead-time 2) Southern Wine and Spirits - Primary priority, Supplies, Alcohol, Competitive, and 2-week lead-time 6.4 Economy Fixed and Variable Costs: Fixed: Insurance We are taking the insurance policy from the previous owner that is $1166 a year. Rent/lease - Buying from current owner while he holds the mortgage. We will pay $2,000 a month, with an expectancy to pay it off in 10 years then he will turn the title over to Andrea. This will be at aan interest rate of 2%. Phone Under utilities listed below Internet Under utilities listed below Salary - No salary for CEO or CFO the first 2 years as the business tries to make it off the ground. Liquor license - Comes with the current building, title will be transferred from current owner. Is a full service liquor license, which

can only be transferred in Florida, not purchased unless the establishment is 51% sales in food, which Teds Beach Bar is not. Therefore transferring the license from the current owner is the best option. The annual renewal fee is $1820 a year. As long as no complaints are filed throughout the year, the license should be automatically renewed. Variable Sales tax Currently 7.5% in Key West

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Hourly labor Minimum wage in Florida for servers in $4.77 an hour. Utilities companies listed below o Cost Electric current owner says electric comes in around $1000 a month Internet bundled with phone for $80 a month Phone bundled with phone for $80 a month Water current owner says water fluxuates monthly anywhere from $1000+ Garbage Weekly pick up is $30

o All utilities on average cost between $2,000-$3,000 a month.

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Start up costs:

6.5 Direct Competitors - Salute! 1000 Atlantic Blvd, Key West, FL called a casual and friendly place that is directly on the beach. However they are more of a sit-down restaurant instead of a walk up beach bar. - Southernmost Beach Caf 1405 Duval Street, Key West, FL Strengths include that they are open from 8am-10pm with an open atmosphere. However, they are not located on the beach, but by a pool. - Sloppy Joes Bar

13 201 Duval St, Key West, FL They are considered a very laid back bar but they

have a low-end appearance. Their property is a few blocks from the beach. They are however only open during the day, which is the same main time that we will be open. Competitive analysis grid: 6.6 Indirect Competitors A huge indirect competitor is simply the people who bring their drinks from home. All public beaches allow coolers. This allows the consumer to bring his or her own food and beverage from home and not need to utilize our product. 6.7 Community Our community is the Florida Keys! We hope to gain the support of the locals and have them continuously coming back. We also hope to become a popular tourist attraction through word of mouth and social media. 6.8 Government The government affects us with our need for a liquor license. This is something the government requires for any business selling alcohol. We also will have to pay taxes on the property. We are looking into have to pay taxes for being on the beachfront. It also seems like a good idea to look into liability insurance as we have people drinking near the water. For the liquor license, see above. We will be overtaking the current liquor license.

7. Internal Analysis 7.1 Organizational Structure President and CEO General Manager CFO Staff

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The President and CEO will reside at the top of the management chain. Below are the CFO with an option to later add an accountant/bookkeeper as the business grows. The other side is the General Manage who controls front and back of the house staff. This includes bartenders, servers, cooks, and cleaners. The system gives authority and main responsibility to President and CEO. Until a bookkeeper is hired, the CFO is fully responsible and accountable for books. The General Manage should be able to delegate to the staff beneath him. 7.2 Management - The outline of the management team is listed above. The founding members of CEO and CFO have worked together in the past, which is a bonus. They also both come from different background one focusing on finance and the other on communications and business. - Board of directors/board of advisors N/A. 7.3 Skill Sets - Management skills - President/CEO requirement are previous management experience. Business degree required along with good leadership skills responsible, accountable and

dependable.

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- CFO requirements include minimum 5 years experience. Financial degree. Must be a hard worker and a trustworthy person responsible, accountable and dependable. - General Manager needs to have management experience, at least 5 years. They will be proficient in the restaurant and bar industry. Great communication and customer service skills are necessary. - Non-management skills - Servers minimum 1-year experience. Outgoing, friendly, excellent communication and customer service skills. Willing to serve, hard worker. Works well with a team. - Bartenders minimum 1-year experience. Must be certified by the state of Florida. Outgoing, friendly, excellent communication and customer service skills. Willing to serve, hard worker. Works well with a team - Cooks minimum 1-year experience. Have a lot of knowledge of appetizer and sandwich foods. Be a hard worker and good team player. - Cleaners must be a hard worker willing to clean after 2am. 7.4 Culture Our culture is currently defined on the basis of our mission statement. The priority of Teds is the customer and having a simple business. The goal is to have a happy, carefree, island environment that our patrons can enjoy year round. Being on a beach in Key West is a great area because people are happy and relaxed to begin with. We will expand on that by always being available and having the best drinks, food and service for them.

7.5 Niche

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- Prices will be listed at about 2x whatever we pay for it. Buying alcohol and food in bulk will help us cut down on our costs and turn them for profits. We are going to keep our prices relatively similar to other beach bars around because going too much higher may result in a profit but will eventually lose us more customers. - Quality based on our qualified employees. Good food and beverage distributor as well leads to high quality food and drink and a relatively fair price. - Customer Service This is the pride of our bar that we have excellent customer service. We will be open whatever hours our clients enjoy most and plan to be very flexible in accommodating them. - Ambiance will be a typical beach bar but with a flair or island and culture life. We want the experience to be more than a beach in Florida but an actual Caribbean island experience. The bar will be an open plan with a large bar and a few tables inside, but mostly opening up to the beach with seating outside, looking at the ocean.

8. Marketing and Sales

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We want our market segmentation to be the atmosphere. We understand that the bar business is popular but we are going to sell the whole experience. Other establishments do not focus on that; they focus on things like product type and price points. Our price and product will be relative to everyone else but our customer service and atmosphere will be tremendous. From personal, past experience, I do not want to focus heavily on marketing and advertising. I know that it is necessary for a new business to be advertised so locals and tourists know to visit, but a lot of money is wasted in advertising when word of mouth and free opportunities constantly arise. I worked in a restaurant for six years that could not afford advertising but broke even in 3 years because they knew how to market themselves for free. Local radio programs and local newspapers will often write up or report on new businesses opening. Our biggest asset is going to be the Internet and social media. Social media can make or break a business. If there is a Facebook page with many positive reviews then we are in luck. Internet sites such as Tripadvisor and others like it can be beneficial to our business as well. Many tourists who travel look up information on local places to go so that will be our main goal to thrive in social media and on the Internet. Our marketing and brand will not be traditional. As stated, the real opportunity for this business is in the customer service and the carefree atmosphere. That is something that our customers will have to experience to understand. The main product is alcoholic beverage. For a beach bar, alcohol is what will make the business. Food will also be served, focusing on bar appetizers, which are

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always popular. Our price will be competitive to the other popular tourist and local spots. A new promotion that we want to offer is Drink of the Week. Our bartenders will create this on a rotating schedule. It is something that is interesting for the staff to partake in and for the locals or tourists to try. It is a potential incentive to get them to come back each week and try the new drink. Our distribution will be direct sale. We will have food and beverages at the bar and customers can come directly to us to purchase whatever they would like.

9. Financial Requirements

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- Review start-up expenses. Everything is listed in amounts needed. We have funding of $300,000 to start and we do not currently have any investments.

10. Financial Projections - Historical financial data N/A business not started so there is no past data. - Prospective financial data Most financial information is in the beginning stages and tentative.

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Cash flow not complete because actual spending has not occurred

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Personnel

11. Risk Management Our biggest concerns with risk management are short term and long-term financial obligations. Short term includes keeping up with our monthly payments and hourly

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employees. If we were unable to pay a monthly utility such as electricity the bar would not be able to operate. Or if we do not pay our employees they may not come to work. Long-term includes being able to meet yearly financial requirements. Such as the mortgage payment or the liquor fee renewal license. Competition is not currently a big risk. Our bar is located on the beach like many others but we are counting on developing loyal customers and a large tourist base. Everyone is always going to need to eat and drink, which should help us in such a popular drinking area. The economic problems listed in section 6.1 are possible but not probable.

12. References

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Benkoski, C. (2008). Nightclub (Sample). In Master Plans. Retrieved Febraury 21, 2013, from http://www.masterplans.com/sample-plans/Nightclub/.

Bplans. (1996-2013). National-Level Free Business Industry Report. In Drinking Places. Retrieved February 20, 2013, from http://www.bplans.com/industry_reports/report/drinking_places/5813.

Butler Consultants. (2012). Financial Statement. In Butler Consultants. Retrieved May 8, 2013, from http://tools.financial-projections.com/FreeTemplate.html.

Key West Chamber of Commerce. (2010). Utilities. In Communitiy Information. Retrieved May 2, 2013, from http://www.keywestchamber.org/community_info/utilities.aspx.

Schrader, A. (2013). How to Apply for a Liquor License in Florida. In E How. Retrieved February 22, 2013, from http://www.ehow.com/how_6584885_applyliquor-license-florida.html.

U.S. Department of Commerce. (2013). State and Country Quickfacts. In U.S. Census. Retrieved February 15, 2013, from http://quickfacts.census.gov/qfd/states/12/1236550.html.

Wage Indicator Network. (2013). Minimum Wage Florida 2013. In Paywizard. Retrieved May 5, 2013, from http://www.paywizard.org/main/minimumwage/florida.

13. Appendix Resumes

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Andrea Meredith
ajmeredith10@hotmail.com 1 Lupine Lane, South Burlington, VT, 05403 (802) 238-2875 EDUCATION
University of Connecticut, Storrs, CT Bachelor of Arts, Communication Sciences, December 2013 Business Minor

WORK EXPERIENCE
Pulcinellas Italian Restaurant, South Burlington, VT, Hostess and Bus Person, 2007 - 8/2012 - Greet and seat customers, plan the dining room, control the flow of the restaurant, bus and reset tables Kids Town, South Burlington, VT, Sales Associate and Customer Service, 2011 - 2/2012 - Greet customers and use register, stock shelves, design and stock displays, customer service. - Store closed in February 2012. Perrywinkles Fine Jewelry, Burlington, VT, 12/2009 Present (Seasonal) - Customer service and gift wrapper during the Holidays. Childcare, 2004 - Present - Caring for children of all ages. CPR-certified

ACTIVITIES
Gamma Phi Beta Founding Sister - Charter member at the University of Connecticut - Education Vice President: Elected position. Head of Education department, which plans and coordinates all chapter events. Husky WOW Leader, August 2011 - Leadership and development program leading to the university Weekend of Welcome for incoming students Member of Fletcher Allen Auxiliary, 2008 - Present

COMMUNITY SERVICE
Fletcher Allen Health Care Two Bronze Presidential Service Awards, 6/2007 - 2011 - Junior Volunteer- Patient Guide, Pediatrics, Medical Intensive Care Unit Liaison, Flower Delivery to patient rooms, Proctor, Clerical work, Bushels of Baskets - 350+ hours

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Various Organizations, 6/2006 - 5/2008 - VT City Marathon; Philos Gems Live & Silent Auction; IBM United Way Food Drive; IBM United Way Backpack Campaign; ECHO at the Leahy Center for Lake Champlain; Relay for Life - 100 hours

Joseph A. Calitri
Joseph.Calitri@UConn.edu v 32 Heather Drive, Westford, Massachusetts, 01886 v 978-846-4163 EDUCATION University of Connecticut, Storrs, CT BS Business, Major: Finance, May 2014 Westford Academy, Westford, MA, June 2010 Graduated with GPA 3.6/4.0
RELEVANT EXPERIENCE PUMA North America, Westford, MA Controlling Analyst Intern, June 2012 August 2012 Remodeled monthly report templates and database logic to reflect a new customer hierarchy Consolidated and analyzed sales information for presentation on costs of goods sold Compiled weekly and monthly sales data for sales estimate, budget and results presentations Virtual Computer, Westford, MA Financial Intern, March 2010 January 2012 Employed under Director of Finance during annual audits; preparing financial documents Assisted sales team in creation of new webinars and customer demonstrations of product User Tester of cutting edge NxTop virtualization software both in the office and in the field iTeam, Westford, MA Assistant Service Advisor, May 2011 August 2011 Worked with revolutionary Service-As-A-Product and iPlatform technologies Coordinated purchase orders with customers and technicians Served as customer service representative and ensured successful performance of technicians Utilized SalesForce.com to update customer files with new sales and customer service survey results WORK EXPERIENCE University of Connecticut Dining Services, Storrs, CT Ice Cream Server, January 2011 November 2011 Served ice cream, confections and other candies to customers in the Student Union ACTIVITIES Kappa Sigma, University of Connecticut, Brother/Scholarship Chair/Fundraising Chair Special Olympics, Westford, MA, Partner, 2007 - 2011 DECA, Westford Academy Member, 2007 - 2010 Winter and Spring Track & Field, Westford Academy, Varsity Captain, 2007 - 2010 Varsity Soccer, Westford Academy, 2008 - 2009 SKILLS Microsoft Office (Excel, Word and PowerPoint), ShowCase Query, IBM Lotus Notes, Salesforce.com


- Licenses, permits or patents

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- http://www.myfloridalicense.com/dbpr/abt/documents/fee_chart.pdf - Link to PDF of liquor license pricing. - Legal documents - Copies of leases - Contracts - List of business consultants, including attorney and accountant