Executive Summary
The Vision
The vision was born when one of the founders had an unmet need. Although he made his living in software development, he trained as a musician and was involved in amateur music making all his life. He looked for an Active Adult Retirement Community for musicians who want to keep playing and performing, but there was not one in the United States. If he wanted it to exist, he would have to make it happen.
The Company and Management
Mark Lutton, the musician, has spent the last four years studying accounting and business administration to prepare for the project. Nicholas Leach brings construction and project management experience, including site selection. Matthew Leger is the expert in facility maintenance, business operations and sales.
THe Mission
We believe that making music is a key to a long, healthy, and satisfying life. Also, we had rather let someone else mow the lawn and shovel snow while we spend our time practicing our instruments. Our mission is to bring musicians together for a better quality of life.
Benefits
- Economical apartment living with access to practice rooms and rehearsal spaces
- Maintenance provided
- Culturally-rich area
- Concert hall / function room on premises
- Dining room with meal service
- Vans and buses for attending concerts or bringing music to others
Market
The intersection of two large markets: active retired adults, a very large and growing market, and amateur and professional musicians.
We will market primarily in the New England area, but our potential market includes the entire United States.
Competition
No direct competition in the United States. We are the first, and we hope we inspire more.
Financial Highlights
Estimated costs for the first two years are $30,000 for market research and detailed planning.
This funding will be provided by the founders and is entirely at risk if the project is found to be non-viable.
The third year will see construction of the building as a fairly standard condominium development. Estimated costs are $12,000,000
including salaries for founders, and estimated proceeds from unit sales will be $15,000,000. The two major sources of funding:
(a) stockholder equity which can later be applied toward purchase of a unit, and (b) construction loans. Profits will be turned over
to the Condominium Trust for operating and reserve funds.
After the sale of units, the condominium will be self-managed by a Board of Trustees for the benefit of the unit owners.
Income will come from monthly condo fees and from rental of performance space. Net income will be used for reserve funds and may be used to reduce unit owners’ monthly fees.