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Boomtown

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Posts posted by Boomtown

    Equity Structure

    in Beginners

    Posted

    $20,000 seems crazy expensive to me for a startup to raise money.

    I wouldn't pay that. I have had lawyers involved in fundraising ask for that also. They are also claiming they will put you in touch with other investors. But they want their $20,000 upfront before they do anything. Then their promises are really just, "best efforts". But your $20,000 retainer is already in their bank account. No thanks. Most lawyers are worthless scammers.

    We found it much easier and less complicated overall to just deal with angel investors and local wealthy people that want to be involved in the local distillery. Our documents for the subscription agreement are very boilerplate. We have not had any problems.

    We have also turned down a few investors that seemed like they might be troublesome.

    Thanks for the reflections. We've turned away from the $20K offer for help too. Just didn't make a lot of sense. And, while turning away, we suggested to the lawyer that if he'd bring a demonstration of interest from the prospective investors he mentioned, we gladly revisit the decision to have him do the PPM. Seems we sort of trapped him in his pitch, on the one hand he's supposed to be telling others about our great business opportunity, then he'd have to hand off a PPM that reveals all our warts, and weaknesses. Haven't heard any more from him on the matter.

    Did get a 'Blue Sky' assessment of the needs, and requirements for selling securities in the immediate 4 state area, from a different firm, and discovered the the rules for filing a PPM with each state vary somewhat. But the requirements of the PPM are basically stipulated by the SEC, and, while not a simple task, an adequate job can be done with a lot of elbow grease and plenty of outside reviewers.

    Bottom line is, we now have a PPM, which we will use as the 3rd step in our invester-document presentation package. Our first level of interaction, beyond conversation, is an NDA. If that flies, we'll pass along our Biz Plan, and an investor qualifier document. If that flies, and the prospect qualifies, we'll send along the PPM, and register it with the appropriate authorities. If that flies, we'll consider an offer, and if not, at least we'll have made a token effort to protect our flank from someone trying to hijack our strategy.

    BTW, I love the Teton valley, spent many years camping, hunting, skiing, fishing, and chasing girls around the valley between the 60's and the 80's. Sometimes I miss it, alway's will love it, Especially now, it's spring time.

    Regards,

    Boom

    Equity Structure

    in Beginners

    Posted

    Reading through this thread, I did not see any mention of the Private Placement Memo. Has anyone had any experience with that document/instrument, and or advice relating to it? We've been advised to have a PPM for distribution to investors, and 2 attorneys have offered to craft on for us for the mere sum of $20,000. What is the PPM all about?

    Boom

    Help wanted in PA for new Distillery

    in Help Wanted

    Posted

    We are accepting resumes for the following positions:

    Master Distiller (relocation package for highly qualified individuals included)
    Head of Operations (relocation package for highly qualified individuals included)
    Distillery workers (local workers preferred)
    Director of PR, Marketing and Sales (relocation not required)
    Regional Sales Representative (relocation not required)
    H.R. Director and Office Manager. (local applicants given precidence)

    Positions will be at a new distillery in the vicinity of State College, PA. Applicants must be willing to relocate. Compensation will be in accordance with experience and ability. All positions will be filled in the 2nd and 3rd Quarter of 2015.

    Interested parties are encouraged to PM me for details, or send resume and detailed cover letter to dad@griffinwhiskey.com.

    Regards,

    Boom

    Howdy all,

    in Welcome & Introduce Yourself

    Posted

    Good morning folks. Having become an avid fan of the ADI, I've been watching this forum for several months.

    We are in process to develop our distillery in Aaronsburg PA. We hope to find kindred spirits here that will offer advise and services as we thread the many hurdles and obstacles we anticipate. We will be seeking services from consultants, engineers, attorneys, and product suppliers for at least the next several months, and probably years.

    Thanks to the ADI community for centralizing the access to so many of these people through this forum.

    Respectfully,

    Dick Griffin

    Griffin Whiskey, CEO

    PS, the pun wasn't intentional, but I liked it so much, I left it.

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