Funny how things change in just a few weeks. Two weeks ago, I couldn't stop wearing pantyhose and now I want nothing to do with them! No wait, that's not what changed! I mean, yes it did. No, no...oh never mind!
What's really changed is that my glacial pace, as mentioned here, has become more of a missile-like pace! A high speed bullet train-like pace! A Millennium Falcon-like pace! Some other analogy regarding something really quite fast-like pace! One reason for this change is that with the increased rate of global warming, glacier references won't be very meaningful to people who should happen on this blog in a couple of years. Another reason is, well, I'm in my zone and it's time to finish this up. I have beer to brew and people who want to drink it! At least I hope people want to drink it.
First, let me explain that even though I'm not blogging every day or even every week or even every year (it seems), I am constantly writing quick status updates on the
Panic Alarmist Brewing Facebook page. So if anyone is interested in very up to date news, that's the place to be. If you're not interested in reading what I had for breakfast or why Panic Alarmist will not be brewing any beer with turnips, well, I can't say I blame you.
Now, onto the news....
Here's what I've done since the last brewery related blog post (not the post about correspondence, that one is boring):
- Worked with my attorney to finish up the operating agreement. It is now 99% completed. There will be amendments once the financial picture becomes clearer, but the hard part is almost complete.
- Hired a CPA to review the financial statements in my business plan for accounting accuracy (balance sheet, profit and loss statement). I will also be hiring her for all general accounting and tax issues for
PanicAlarmist as well. She has my latest business plan in her possession and I should have that wrapped up next week.
- Received feedback from my CPA and made lots of tweaks and changes to my financial analyses. Most changes were simply accounting related, but I want to ensure that any would be lender or investor is confident in my business plan, and that confidence is directly proportional to the accuracy of the business plan finances.
- Requested and received an updated quote from DME, one of the brewing equipment manufacturers I'm strongly considering. They are the manufacturer of choice by no less than three brand new breweries here in Chicago and all three breweries have told me nothing but good things about them. I also have a lead time from DME as of yesterday. That lead time is 18-20 weeks, meaning the amount of time from the date I order to the time it arrives. Pretty typical timeline and not as long as some other manufacturers.
- Started the real estate search. That's right, you heard me. Real estate. The location of
PanicAlarmist Brewing. The answer to the most oft asked question about PanicAlarmist will soon be answered. I am searching for a space to lease somewhere on the North/Far North/Northwest/Far Northwest side of Chicago. Nothing fancy, just your standard commercially zoned area. I have a commercial real estate agent looking for me. We'll be doing our first tour tomorrow. I'm very excited.
- Decided that
PanicAlarmist will definitely have a retail store before a tap room. Eventually both, but due to probable capital limitations (the bane of all start ups) at the outset, I will only be able to do one or the other. After talking to Gabriel and Matt, owners of Half Acre Beer Company, which has both, it became obvious that the retail store was the way to go. I think when they said, "Retail store, not even close" was probably what won me over. Why a retail store first? Revenue. Money. Cash inflow. I'm going to be a nervous wreck until this brewery is cash flow positive and then profitable. Until that time, I will be focusing on figuring out how to maximize revenues. Based on Half Acre's experience, a retail store generates much more revenue than a tap room because of sheer volume. Fear not, there absolutely will be a PanicAlarmist tap room, but first I gotta make sure the business is healthy.
- Decided to begin a new fast recipe prototyping process with 1 or 2 gallon batches using "brew in a bag". I spent a couple hours working out the water calculations in my fancy brewing spreadsheet that I've been using for a couple of years. Now I simply click the "Brew in a Bag" check box and all volumes convert automagically. This involves using a single brew pot for both the mash tun and kettle. No sparging, no pumping. I'll ferment in growlers which will allow me to try different yeast strains, fermentation temperatures, and/or dry hop schedules. I'll then bottle/carbonate the finished beer in 22 oz bombers. I thought of doing this months ago and finally getting around to doing it. Should be interesting.
- Received the first draft of the
PanicAlarmist Brewing PPM (Private Placement Memorandum) from my attorney. This is the second of three documents required to execute the LLC member interest offering. That's the correct legal term for "investors" in an LLC.
Lots of big stuff happening all at once. Yes, it's stressful, yes I'm busy, but I love it and this train isn't stopping until the beer is brewing. There is oh so much more to share and I will when I can. Again, for quick updates, check out the
Panic Alarmist Brewing Facebook page.