Ron Shea provides an update for planned R. Shea production facility at Canal Place: Binding Commitment Letter from Financing Bank imminent

Ron Shea of R. Shea Brewing in the Merriman Valley provided an update on his R. Shea Brewing Universe Facebook page this afternoon. The text from that post follows:


“The Loan: Today I spent a half hour on the phone getting grilled by the underwriter of our, hopefully, financing bank. This had me super stressed all week. This is pretty much the final decision maker. This was one of the final steps towards getting a ‘binding’ commitment letter where nobody can back out of the deal. This binding letter will be an important component for the remaining equity portion. Anyways, I got asked every type of question including stuff like, “Why was credit card ‘X’ paid late in September of 2016?” I got grilled on the business plan and my calculations for scaleup. Nothing was left unturned. It was like buckshot…just a bunch of questions spread out coming at me. It was all good though, the questions were all necessary on their part, just more due diligence. I had every document open on my computer ready for reference, but I found out that working on these numbers for almost a year, I had them all memorized! I have to send over a few clarifying documents and I may get that binding letter next week…

“Canal Place: I’ve been at the site a lot. I spent a good few hours looking at old plans back to the early 1900’s to locate storm and sanitary drains. I also found plans for Canal Market in the late 80’s that were helpful in identifying some electric.

“Seating Plan: I spent a day working out a seating plan for the taproom. We need the ability to put tables together for large groups, though keeping plenty of smaller tables for couples to the half-circle shapes booths. Essentially a seating plan for flexibility with large groups but that can easily be broken up for smaller groups.

“Company Meeting: We actually had our first company meeting at Canal Place. Even though it technically isn’t 100% yet, we are far enough along that we need to optimize a few procedures in the Valley to replicate at CP. To do this, my awesome crew needed to see the ‘big picture’, what positions will open and “what hurdles we have coming up to solve at both locations.”

If you are interested in some of the more detailed minutiae of Building a Brewery, Ron provides semi-regular updates at R. Shea Brewing Universe, a separate Facebook group from his main page.  It is a public group and anyone can join. Click the hyperlink to follow.

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