Restaurant Feasibility Study Boston Restaurant Group 170314 FINAL PDF

FEASIBILITY STUDY
Proposal to open a full service restaurant, with an All Alcoholic

Beverages License, at the following location:
JOSIAH SMITH TAVERN

358 Boston Post Road
Weston, Massachusetts 02193
DATE OF REPORT FINAL VERSION

February 1, 2017 MARCH 14, 2017
PREPARED FOR: Josiah Smith Tavern

And Old Library
Working Group
358 Boston Post Road
Weston, MA 02193
PREPARED BY: Charles M. Perkins

Dennis Maher
The Boston Restaurant Group, Inc.
P.O. Box 327
Boxford, Massachusetts 01921
EXECUTIVE SUMMARY
The Boston Restaurant Group (“BRG) has been engaged by the Town of Weston,
Massachusetts (“Landlord”) to evaluate the proposed development and use of a portion of
the Josiah Smith Tavern and Barn (“Property”) for a full-service restaurant to be operated
by the Webber Restaurant Group (“Tenant”).
It is BRG’s opinion that the restaurant concept as described by the Tenant will be a viable
and successful operation for the Property. The Tenant is uniquely qualified with a very
respectable operational history in similar settings and represent that they have the financial
wherewithal to meet the financial obligations of the development.
Tenant Concept:
While not fully defined, the Tenant believes they can develop the appropriate menu and
concept for the trade area and Property with Josh Webber making a preliminary estimate of
sales projected in a range of from $3 Million to $4 Million a year. Based upon our
experience, understanding of the demographics of the site and competition in the trade area,
we believe a more accurate estimate would be in a range of between $2 Million and $3
Million. They have a proven track record with above-average sales volumes in their other
destination-oriented operations in Groton and Hingham ($5.6 to $6.6M, albeit in much larger
facilities) as well as their Burlington-Bancroft operation in a more traditional retail location
($8.5M).
Their vision for a polished-casual dining experience at reasonable prices is well-grounded

and supported by their success at their other locations and the performance of other
restaurants in the trade area. They recognize the low population density of the trade area,
the atypical nature of the Property and see its unique architecture and “quiet” Main Street
location as an amenity and integral to their vision for the operation. A major consideration
for the Tenant achieving maximum sales volume is securing the 100 seat capacity on the
ground floor along with shared use of the Community Room.
Tenant Investment:
The tenant estimates a capital investment of $1.0 million for provision of its soft costs,
signage, furniture, fixtures and equipment. BRG believes that $1M for the Tenant’s
investment, as represented by the Tenant, should be adequate to cover these items.
Tenant Occupancy Cost:

Annual occupancy costs of approximately $100,000, or $25 per square foot, on a gross basis,
are on the lower end of the rent spectrum as compared to trade area restaurants with
occupancy costs of from ($35-$60 per square foot). The Tenant’s occupancy costs should
allow the Tenant to operate profitably even at lower sales volumes than the projected $3M
sales. Industry target ratios for Occupancy Cost to Sales of 6-7% can be achieved at low
annual sales of $1.5M to $1.7M. The Tenant’s $3M sales estimate equates to $30,000 per
seat per year (assumes 100 seats) and $750 per square foot (assumes 4,000 square feet), both
on the upper end of restaurant sales volumes in suburban Boston but achievable given their
performance at their other locations and other restaurant volumes in the immediate trade
area. BRG forecasts a more conservative $2-$2.5M due to size constraints of the Property
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and low trade area population. The percentage rent break-points favor the Tenant, with
additional rent payable when sales exceed $2,850,000.
Tenant Financial Returns

BRG has not been provided financial
or other financial information from the Tenant and can only speculate as to the Tenant’s
return on investment at varying sales volumes. Assuming Tenant manages its cost of goods,
labor expenses and other operating costs to industry margins and standards; BRG estimates
Tenant should be capable of achieving a 15% to 20% EBITDA return on $3M in sales.
Landlord should review Tenant’s proforma directly with Tenant.
Location Risks:
BRG also believes that the subject location presents higher risks than typical restaurant sites.
The trade area has low population densities and the Boston Post Road, through Weston, is
very quiet in the evening and has no history of full-service restaurants. Therefore, the pool
of qualified operators for the location may be more limited and would likely be an
independent or regional (as opposed to a national) tenant
The trade area to the west in Wayland does have a limited number of “finer-dining options”
with above-average sales volumes and concepts more befitting the consumer profile than
chains located in Waltham and Framingham, indicating that higher sales volumes can be
achieved in a low population trade area. We do not foresee competition from chain
restaurants in Waltham and Framingham having significant impact on the proposed concept.
Benefit to Town:
A successful full-service restaurant would be the highest and best retail use for generating
activity at the Property, providing the community with access to the historic building in a
social setting – consistent with its history.
#1
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LETTER OF INTENT REVIEW
LETTER OF INTENT REVIEW

Friends of Josiah Smith Tavern and Webber Restaurant Group
The following are comments to the Letter of Intent dated July 29, 2016 between the Friends of Josiah Smith Tavern as
sub-landlord (the “Friends” and “Landlord”) and The Webber Restaurant Group as sub-tenant (the “WRG” and
“Tenant”).
1. Space: lease should include the approximate size of the leased Premises and the approximate size of the total
gross leasable area of the Building of which the Premises are a part. Parties to re-measure the Premises after
Delivery.
The Premises should include the specific area for any proposed outdoor seating.
2. Sub-Lease Term: The Term should commence upon the Rent Commencement Date.
The Term should include any lease renewal options as they may be exercised.
3. Rent: separate Base Rent from Additional Rent and Percentage Rent provisions.
Include Base Rent for any renewal options.
Resolve Base Rent for use of Community Room.
Gross Sales to include all sales generated from the Premises subject to the noted exceptions. Sales from
Community Room should be included in Gross Sales.
Base Rent is very reasonable for Tenant and break-point for percentage rent in Tenant’s favor, both allowing for
Tenant to operate profitably at lower sales.
4. Community Room: should address any Additional Rent attributable to use of the Community Room and if the
size of the Community Room is included in determination of Tenant’s pro-rata share for Additional Rent.
5. Security: Subject to how Lease is guaranteed and financial strength of the Guarantor. For independent retail
tenants, it’s not untypical for Landlord’s to seek security deposit equal to (tbd) months Base Rent, with Tenant
likely to limit to specific period of the initial Base Term. Example: Security Deposit equal to 3 months Base
Rent with amount reduced by 1/3 annually provided Tenant is not in default of Lease beyond any applicable cure
period. Expect Tenant to push back as Deposit ties up capital that Tenant prefers to use to grow its business.
6. Maintenance Obligations: need to be very specific about each party’s responsibilities.

Landlord typically responsible for all repairs to common areas, the exterior of Building, roof, structural walls,
foundation, landscaping, parking lot and common area utilities, with Tenant reimbursing their pro-rata share of
specific costs for Landlord’s common area expenses.
Tenant should be responsible for all interior repairs of a non-structural nature.
Any Tenant obligations for repairs to the exterior of the Building need to be specified as typical retail leases
require tenant to be responsible for storefront glass, doors and windows.
Tenant should be responsible for utilities from point of entry into Premises and as distributed within the
Premises.
Tenant should be obligated to maintain service contracts for grease-trap cleaning (monthly); HVAC (quarterly);
kitchen hood (monthly); pest control (monthly).
Tenant should be responsible for the provision and maintenance / replacement of all furniture, fixtures and
equipment.
7. Sub-Lease and Rent Commencement: Sub-lease should commence upon Delivery of Premises to Tenant.
Delivery should be defined as date Premises are delivered to Tenant with all of Landlord’s work substantially
complete as per approved base building plans incorporating Tenant’s design. It is important that Tenant has all
required building permits at Delivery in order for Tenant to commence its improvements. To avoid delays in
Tenant’s construction, Tenant should be obligated to submit its application for Building Permit within ten (10)
days of Landlord’s approval of Tenant’s plans (see Tenant’s Plans below).
Rent Commencement should be the earlier of Tenant’s opening or ____days from Delivery of Premises to
Tenant. Tenant should be provided with appropriate period for completion of its improvements and at least two
(2) weeks for pre-opening training before rent commences.
8. Capacity: include any outdoor patio seating and work with Tenant and Town to maximize their seating in order
to increase their sales and operational stability.
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9. Operation: establish minimum hours of operation, for example, Tenant obligated to continuously operate at least
six (6) days per week for dinner from 5:00 pm to at 9:00 pm. Any obligation for Tenant to operate during lunch
hours should address conditions where Tenant can close for lunch without default as it’s possible that lunch
demand doesn’t support costs for Tenant to operate.
Tenant should have right to cease operations for casualty; condemnation; force majeure; renovations (limited to
30 days every five (5) years); New Year’s Day; Easter; Thanksgiving and Christmas Day and for any approved
assignment or sub-let.
If Tenant rejects continuous operations obligations and demands a Go Dark right, as compromise, limit
continuous operations to a specific period (initial 3 years) and provide for Landlord to have recapture right in the
event Tenant ceases its operations.
10. Liquor Service: Assume Lease will be conditioned on Tenant securing its liquor license at terms acceptable to
Tenant. Lease should require Tenant to satisfy the license contingency as quickly as possible by requiring
Tenant to apply for its license within ten (10) days from Landlord’s approval of Tenant’s Preliminary Plans
[plans required for license application]. The license approval process from local approval to MA ABCC
approval can take as long as 5 months. Lease should have drop-dead date for Tenant to secure its liquor license,
waive contingency or terminate the Lease - suggest six (6) months from license application.
11. Signage: should resolve Tenant signage as soon as possible as Tenant may require approval of its signage as
contingency to Lease. Specific signage criteria should be exhibit to Lease. Tenant should have twenty-one (21)
days from receipt of signage criteria to prepare its signage package for Landlord and Town approval.
12. Parking: should be exclusive to tenants of the building and no other party. See Maintenance for parties’
obligations for maintaining the parking lot.
13. Insurance: no comment
14. Construction: Landlord Work requires specific Workletter as exhibit to Lease, with said work to include specific
Tenant finishes per approved Tenant plans.
15. Additional Understanding: Timeframe for Landlord to secure consent from Historic New England and Town
should be specified and ideally secured prior to the parties incurring design and legal costs.
16. Cooperation: no comment
Additional Provisions
17. Radius: given Landlord’s investment in base building improvements, a radius restriction for Tenant to operate
other restaurants with menu and concept similar to the Tavern within a defined radius is recommended.
Restriction should be specific to substantially similar operations in trade name, design, menu offerings and price
points. Any violation would include sales of offending restaurant in Gross Sales of Tavern lease.
Suggest minimum of 8 miles.
18. Use: Lease needs to specify what type of use is acceptable to Landlord. Suggest a limited use only as full-
service restaurant as specific to the initially-approved concept as possible, with sale of alcoholic beverages as
incidental to total sales, functions, private parties and for no other use. Any broad change of use as initially
approved by Landlord is subject to Landlord’s approval in Landlord’s sole discretion. Any change in Tenant’s
use as a full-service restaurant that is significantly different from the initial concept approved by Landlord
requires Landlord consent, not to be unreasonably withheld.
19. Exclusive Use: would be reasonable for Tenant to request protection from other food uses in the Building,
operated by Landlord or others.
20. Trade Name: would be reasonable for Tenant to request right to change its trade name with any Landlord
consent not to be unreasonably withheld.
21. Assignment & Sublet: reasonable to assume Tenant will require right to assign or sublease the Lease to another
party.
Sensitive provision where Landlord needs approval rights, typically subject to specific conditions of the
proposed assignment / sublet such as use; rent; operating qualifications of assignee; net worth (specify minimum
net worth). An assignment or sublease to an affiliated entity thru merger, consolidation or acquisition of parent
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company typically does not require Landlord consent. Lease should not allow sublease of only a portion of
Premises.
Any surplus rent received by Tenant under assignment or sublet should be retained by Landlord or as fallback,
shared with Tenant. Tenant to remain primarily liable for the Lease.
Landlord may want right to recapture Premises in the event of assignment request to unaffiliated party where
Landlord consent is required.
22. Tenant’s Plans: Recommend a specific timeframe for Tenant to prepare its plans for Landlord review and
approval and for filing application for Building Permits.
Suggest that Preliminary Plans shall be provided by Tenant within forty-five (45) days from Tenant’s receipt of
Landlord’s base building plans. Preliminary Plans to include floor plan, equipment plan, interior finishes
material samples and signage plans.
Final Plans to be provided by Tenant within forty-five (45) days from receipt of Landlord’s approval of
Preliminary Plans.
Tenant shall be required to file for its Building Permit within ten (10) days from Landlord’s approval of Final
Plans.
23. Condition of Premises: Assumed that Tenant will require Premises to be in structurally sound condition, code
and ADA compliant and free of all hazardous materials.
24. Pro-rata Share: define Tenant’s pro-rata share for reimbursement of any Landlord’s common area maintenance
costs (CAM). Pro-rata determined as the ratio of Premises divided by total square feet of the Building. Pro-rata
would exclude outdoor seating area.
25. Additional Rent: specify what Tenant’s obligations are for reimbursing Landlord for costs incurred by Landlord
for maintaining the Property and Building (the “CAM costs”). CAM costs are typically limited to repairs of a
non-structural nature and would exclude costs for code compliance, hazardous materials removal and
remediation and possibly costs of a capital nature, unless capital costs are amortized over their maximum useful
life in accordance with GAAP standards. Other CAM exclusions are leasing fees; legal fees; contributions for
other tenant’s improvements, costs reimbursed by insurance; charitable or political contributions; income taxes;
costs for underlying ground leases and costs for the initial construction of base building improvements or
additional buildings on the Property.
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#1A
PROJECTED CONSTRUCTION BUDGET
PROJECTED CONSTRUCTION BUDGET

At a meeting with Josh Webber at The Bancroft Restaurant in Burlington, Ma, on January 20, 2017, Mr. Webber
indicated that their initial investment to open the restaurant in Weston would be approximately $1,000,000:
Kitchen $300,000
A New Bar $100,000
Other $600,000
Total $1,000,000
EXAMPLE
This was the approximate cost to open a restaurant of similar size, to that of the subject in a suburban location. The
project has many points of similarity with that of the Weston site.
The Restaurant
Concept: Full Service restaurant
Location: Metro West (upscale community)
Facility Former Firehouse
Condition: Total renovation (Similar to Weston)
Size Space: 4,000+/- square feet
Seating: 100+
Hours: Lunch & Dinner
Sales: $1,800,000
Cost to Open
Construction / Leasehold Improvements $962,000
Kitchen / Bar / POS $94,000
Kitchen Equipment $108,000
Furniture, Fixtures and Equipment $51,000
Total $1,215,000
Approximate Cost per square foot @ 4,000 sf

Construction $240 sq. ft.
Kitchen $50 sq. ft.
Furniture, Fixtures & Equipment $13 sq. ft.
Total $303 sq. ft.
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#1B
FLOOR PLANS
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#1B
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#1B
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#2
SITE VISIT
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Josiah Smith Tavern
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#3
MEETING WITH JOSHUA WEBBER,
Date: January 20, 2017
Location: The Bancroft, Burlington, MA
COMPANY HISTORY:
Date Company Founded: In 2004 with the opening in Groton of Gibbet Hill Grill
Form of Organization: LLC
Principals: Joshua Webber

Jeremy Webber
Asia Webber
Opening Chronology: Groton Gibbet Hill Grill 2004 $5,600,000

Hingham Scarlet Oak Tavern 2007 6,700,000
Unknown Catering Business 2009
Burlington Bancroft 2014 $8,600,000
Peabody Bancroft 2017 Not open yet
BUSINESS PLAN (Weston)

Concept: Tavern concept. Relaxed atmosphere with “Great food” and moderate price points.
Average check $20 - $30. Not too formal. Able to get a beer and a burger. Very
approachable.
Renovations: The Webbers will hire architect Peter Neimitz. He is very well regarded. They
estimate their investment to be approximately $1 million in furnishings, fixtures,
equipment, soft costs, computer system, smallwares, china, etc.
Marketing: Mostly in-house and word of mouth. They have high name recognition between
Groton and Burlington.
Customer Profile: Local residents, young professionals, families, etc. The restaurant will offer good
value and a good experience.
Revenue: Target revenue, once established, is $3,000,000:

Lunch $400,000
Dinner $2,200,000
Functions: $400,000
Sales Ratio Food Sales 65% Beverage Sales 35%
Seating: 101 in Barn plus shared use of 49 in the Community Room.
Menus: To be drafted
Employees: Total of 25 to 30:

Kitchen 10+/- Front of House 18+/- Managers 2-3
Initial Investment This will be financed internally. Approximately $1,000,000:
Kitchen $300,000+/-, Bar $100,000 + Other $600,000
He understood the town needs to have two meetings. He will start with his
architect if first meeting goes well.
PROPOSAL TO LEASE QUESTIONS

1. Space He needs the accurate square footage of each section of the building
2. Sub Lease He understood
3. Rent The rent for the use of the Community Room needs to be determined
4. Community Room See above
5. Lease Guaranty Understood. Parent company guaranty for one year
6. #6 - #16 Did not appear to be any major issues that could not be worked out
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#4
WEBBER RESTAURANT GROUP
COMPANY CULTURE
"The Webber Restaurant Group is an independent, family-owned restaurant group that is dedicated to furthering the local
food movement and running its businesses in a sustainable, responsible, and professional manner." (1.)
"In 2000 the Webber family purchased the 500-acre Gibbet Hill Farm in their hometown of Groton, MA in order to save it
from massive residential development. The farm has long been home to a renowned Black Angus cattle breeding operation
but was changing hands upon the death of its owner. Over the next two years the family worked with state and local agencies
to place the land into permanent conservation. Brothers Josh and Jed, along with sister Kate and Jed's wife Asia, worked
to transform the barns on the property into Gibbet Hill Grill and the Barn at Gibbet Hill event facility." (1.)
FORM OF ORGANIZATION
Limited Liability Corporation (LLC)
COMPANY PRINCIPLES
Joshua Webber, MBA General Manager
Jeremy(Jed) Webber, MBA General Manager
Asia Webber Restaurant Design
RESTAURANT OPENING CHRONOLOGY

Groton, MA Gibbet Hill Grill 2004 $5,600,000
Hingham, MA Scarlet Oak Tavern 2007 $6,700,000
Groton, MA Catering Business 2009
Burlington, MA The Bancroft 2014 $8,100,000
Peabody, MA The Bancroft 2017 Not Open Yet
SAMPLE RESTAURANT REVIEWS

GIBBET HILL GRILL
"Take a 'lovely scenic drive' to this 'gourmet' Groton 'oasis' where the 'rural' environs and 'beautiful', 'cozy', converted-
barn space set a 'down-to-earth' but still 'upbeat' scene for 'magnificent' New England fare and Black Angus steaks that
are bolstered by produce' just picked' from the farm out back; 'knowledgeable' staffers ensure a 'special-occasion' –
level experience 'well worth' its moderate price" (2.)
SCARLET OAK TAVERN

"Make a reservation, because this 'cozy', 'inviting', 'formal' tavern in Hingham is 'typically packed' with scenesters at the
'hopping' bar or 'by the fireplace' on a cold night', where they chow down on 'incredible' steakhouse fare from staffers
who 'don't just serve, they spoil'; some feel it's 'a little pricey' but still find it 'worth the trip'" (3.)
COMMENTS
The Webbers should be asked to provide the following:
• Personal resumes
• Financial Proforma
• Business Plan
• The scope of the work
• Submit plans for approval
1.) Source: http://webberrestaurantgroup.com

2.) Source: http://webberrestaurantgroup.com
3.) Source: Zagat Boston 2014
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#5
SWOT
STRENGTHS
1. Upscale suburban community
2. Visible location in the center of town
3. Experienced operators with the financial resources
4. The restaurant will be an amenity to the community
5. The building will have a fully renovated restaurant with updated services
6. Should the Webbers not extend their lease, the town will have a nice facility
7. The restaurant in Weston being a good alternative to the numerous chain restaurants nearby
WEAKNESSES
1.) A destination location
2.) Strong competition from Waltham, Wellesley, Wayland, Concord, etc.
3.) The absence of any activity generators – shopping centers, colleges, movie theater, etc.
4.) Limited potential for lunch business
5.) The restaurant may have difficulty getting staff – no public transportation
6.) Neighborhood communities tend to "close down" by 10:00 PM, especially on week nights.
7.) A limited number of seats (100+) could cap sales growth
8.) The restaurant being dependent upon the economy and consumers’ discretionary income.
9.) This represents a major investment for the town
OPPORTUNITIES
The town will have an attractive facility that can serve as a local gathering place for lunch and dinner, birthday parties,
business meetings, social functions, rehearsal dinners, etc.
THREATS
No major threats as both parties are well capitalized
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5A
DEMOGRAPHICS
JOSIAH SMITH TAVERN – WESTON, MA

DEMOGRAPHIC REVIEW
It is assumed that the primary customer base for suburban, full-service restaurants is typically drawn from a 10-15 minute
drive-time / 5 mile radius from the restaurant’s location. Most national full-service restaurants require a population of
approximately 125,000 to 150,000 people within a 10-15 minute drive-time / 5 mile radius.
Weston Center’s unadjusted 10 minute drive time population is 180,649, its 5 mile population is 162,573 and includes
areas as far east as Watertown, south to Wellesley Center, north to Concord and west to Sudbury.
It is our opinion that Rte. 128 / I-95 creates a natural barrier where the bulk of customer traffic to the Site would be drawn
from the west side of Rte. 128 / I-95 with the adjusted trade area polygon including all of Weston, Wayland, Lincoln and
to a lesser degree Wellesley, Sudbury, Framingham and Concord. The adjusted trade area reduces the general and
employee populations by more than 75% of the full 5 mile radius as a result of the significantly lower development
densities to the west of Rte. 128 / I-95, with 5 mile population reduced to 53,580 and 10 minute drive time reduced to
35,073, demographically analogous to Concord.
The majority of the adjusted trade area is comprised of low density, single-family residential housing. Lower residential
densities are compounded by farms and the extensive conservation watershed areas along the Sudbury River to the west
of Wayland.
Incomes within the adjusted trade areas are the highest in metro Boston, with Median Household Income of over
$175,000 with over 26% with Median Household Income in excess of $200,000.
It is not expected that the Weston Center commercial district will generate meaningful traffic to the Site.
Commercial development within the adjusted trade area is concentrated along Rte. 20 west of the Site in Wayland and
Sudbury and is comprised of typical open-air strip centers with neighborhood service uses such as grocers, drug stores,
banks and light office uses.
The Weston trade area is bordered to the southwest by the Natick / Framingham regional retail market and to the
southeast by the Chestnut Hill retail market. Both of these regional retail markets service large trade areas and include a
multitude of national retailers and dining options, with dining options being primarily national and regional restaurant
chains. The Site benefits from its close proximity to the Biogen - Monster office park at Rte. 20 and Rte. 128 / I-95 and to
a lesser degree the office parks spread along Rte. 128 / I-95.
WRG takes a contrarian view of the Weston Center trade area in that they recognize the destination nature of the Site and
see the absence of typical retail development working to the Site’s advantage as it enhances the unique and historic
character of the Tavern’s undeveloped setting.
There are no analogous restaurants in Weston Center; however, The Local and Coach Grill restaurants located to west on
Rte. 20 perform well with above average sales for their respective price-points and concepts, suggesting that demand is
strong for a well-run and conceived restaurant operations despite the trade area’s low population density relative to the
bordering trade areas in Wellesley, Framingham and Chestnut Hill. (See Demographic Tables)
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DEMOGRAPHIC TABLES
3 miles 5 miles 10 minute drive-time
WESTON
Population 39,099 162,573 180,649
Households 14,040 60,615 69,649
Median Household Income $130,561 $125,947 $114,534
Employees 36,944 105,715 122,041
WESTON-adjusted
Population 16,793 53,580 35,073
Households 5,878 18,798 12,002
Employees 18,627 38,481 36,621
WELLESLEY
Population 57,065 143,390 165,703
Households 19,488 51,453 60,605
Employees 33,067 101,865 116,620
CONCORD
Population 18,685 56,384 46,952
Households 6,948 20,650 17,474
Employees 11,764 34,996 29,602
FRAMINGHAM
Population 86,921 147,413 148,568
Households 33,531 55,796 56,145
Employees 60,722 89,380 90,858
CHESTNUT HILL
Population 188,352 650,841 591,456
Households 76,122 257,332 240,192
Employees 82,007 351,633 502,809
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#5B
COMPETITION
WESTON, MA – COMPETITION-TRADE AREA OVERVIEW

The Tavern is surrounded by submarkets in all directions with more retail and food oriented options than Weston Center
offers the consumer.
With the exception of Wellesley and Concord, where retail is concentrated in a downtown Main Street setting, the
competing submarkets are comprised of typical suburban shopping centers with ample surface parking and multiple
traffic generators.
Existing restaurants in the surrounding submarkets offer a wide variety of menu offerings and price options and are mix
of independent, regional and national operators.
The two (2) largest competitive submarkets are Natick / Framingham and Chestnut Hill, both Regional markets serving
larger trade areas, located on the outer edge of the Tavern’s trade area at 8-10 miles from the Tavern.
There are over 27 full service restaurants in the Natick / Framingham and Chestnut Hill submarkets.
The two (2) closest competitive submarkets are Wayland and Waltham, Wayland being the more established and local
market and Waltham with new regional and national restaurant concepts.
There are over 17 full service restaurants in the Wayland, Sudbury and Waltham submarkets.
There are over 22 full service restaurants in the core trade area of the Tavern, core trade area including Wayland,
Sudbury, Waltham and Wellesley.
It is our opinion that market is close to saturation for additional full-service restaurants.
The key competitors to Tavern are The Local and Coach Grill, both strong performers with Coach Grill open only for
diner and The Local open for both lunch and dinner.
Restaurant Address Lunch / Dinner Distance to Sales –

Tavern – Miles estimated
Wayland / Sudbury – West of Tavern
Coach Grill 55 Boston Post Rd Dinner 2.3 $4.5m
Prime 131 Grill 131 Boston Post Rd Dinner 2.8 $2.75m
Spice and Pepper Thai 236 Boston Post Rd Lunch and Dinner 3.8
Water Lily 309 Boston Post Rd Lunch and Dinner 3.9
The Local 400 Boston Post Rd Lunch and Dinner 4.3 $4.0m
Takara 400 Boston Post Rd Lunch and Dinner 4.3
Bertucci’s 400 Boston Post Rd Lunch and Dinner 4.3 $2.0m
Conrad’s 120 Boston Post Rd Lunch and Dinner 5.5
Wayside Inn 72 Wayside Inn Lunch and Dinner 9.3
Waltham – East of Tavern

Not Your Average Joe’s 1265 Main St Lunch and Dinner 2.3 $3.5m
Jake and Joe’s 1265 Main St Lunch and Dinner 2.3 $4.0m
Flank Steak House 1265 Main St Lunch and Dinner 2.3 $3.0m
Bonefish Grill 99 Third Ave Lunch and Dinner 3.6 $2.75m
Posto Osteria 99 Third Ave Lunch and Dinner 3.6 $3.75m
Ruth’s Chris (pending) 3’rd Ave & Totten Lunch and Dinner 3.5
Copper House Tavern 380 Winter St Lunch and Dinner 3.5 $3.0m
Naked Fish 455 Totten Pond Lunch and Dinner 3.5 $4.0m
Red Bird 361 Moody St Dinner 3.8
Flank 74 Tower Street Lunch and Dinner 3.8
Il Capriccio 888 Main St Dinner 2.9
La Campania 504 Main St. Dinner 3.7
Osteria Posto 99 3rd St Lunch and Dinner 3.8
Moody’s/Provisions 468 Moody St Lunch and Dinner 3.7
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Wellesley – South of Tavern
Papa Razzi 16 Washington St Lunch and Dinner 4.5 $5.0m
Alta Strada 92 Central St Lunch and Dinner 6.2 $3.0m
Blue Ginger 583 Washington St Lunch and Dinner 6.4 $4.0m
CPK 183 Linden St Lunch and Dinner 6.8 $3.0m
The Cottage 190 Linden St Lunch and Dinner 6.8 $3.25m
Natick / Framingham-Southwest of Tavern

Margarita’s 725 Cochituate Rd Lunch and Dinner 6.8 $4.0m
Cheesecake Factory Natick Mall Lunch and Dinner 8.3 $10.0m
CPK Natick Mall Lunch and Dinner 8.3 $3.0m
Met Grill Natick Mall Lunch and Dinner 8.3 $3.0m
PF Chang Natick Mall Lunch and Dinner 8.3 $3.75m
Legal Seafood 50 Worcester Rd Lunch and Dinner 8.5 $8.0m
Outback Steakhouse 30 Worcester Rd Lunch and Dinner 8.5 $4.0m
Uno 70 Worcester Rd Lunch and Dinner 8.0 $3.0m
Papa Razzi 155 Worcester Rd Lunch and Dinner 8.4 $3.3m
British Beer 120 Worcester Rd Lunch and Dinner 8.0 $2.75m
Framingham Beerworks 345 Cochituate Rd Lunch and Dinner 7.8 $3.75m
Olive Garden Shoppers World Lunch and Dinner 7.5 $4.5m
TGI Friday’s Shoppers World Lunch and Dinner 7.5 $3.5m
Joe’s American Shoppers World Lunch and Dinner 7.5 $3.0m
John Harvard’s Brew Shoppers World Lunch and Dinner 7.5 $3.5m
Chestnut Hill-Southeast of Tavern

Cheesecake Factory Chestnut Hill Mall Lunch and Dinner 10.1 $10.5m
Besito Chestnut Hill Mall Lunch and Dinner 10.1 $2.75m
Frank Pepe Chestnut Hill Mall Lunch and Dinner 10.1 $4.5m
Daikanyama Chestnut Hill Mall Lunch and Dinner 10.1
Tokyo Steakhouse Chestnut Hill Mall Lunch and Dinner 10.1
Legal Seafood The Street Lunch and Dinner 10.1 $9.0m
Davio’s The Street Lunch and Dinner 10.1 $3.0m
The Cottage The Street Lunch and Dinner 10.1 $3.0m
Del Frisco Grill The Street Lunch and Dinner 10.1 $3.25m
Capital Grill 200 Boylston Lunch and Dinner 10.2 $6.0m
Brio 200 Boylston Lunch and Dinner 10.2 $2.8m
Season’s 52 200 Boylston Lunch and Dinner 10.2 $4.5m
Lincoln / Concord-North of Tavern

80 Thoreau 80 Thoreau Dinner 8.4
Bondir 24 Walden Lunch and Dinner 8.2 $2.0m
Helen’s 17 Main St Lunch and Dinner 8.3
Merchant’s Row 48 Monument Lunch and Dinner 8.3
Comella’s 33 Main St Lunch and Dinner 8.3
Papa Razzi 768 Elm St Lunch and Dinner 10.2 $4.5m
Wood Hill Table 24 Commonwealth Dinner 13.6
20
21
22
#6
ECONOMIC FEASIBILTY
INITIAL INVESTMENT (Cost)

See Projected Construction Budget #1A, page 6
ECONOMIC FEASIBILITY
A. Restaurant Brokerage
The Boston Restaurant Group, Inc. has negotiated the sale of the following restaurants
in the designated trade area:
City / Town Name
Waltham Red Bird Cafe
Waltham Former Piccadilly Pub
Waltham Cooper House Tavern
Waltham Naked Fish
Sudbury Sky / Conrad's
Sudbury Lavender
Wellesley Alta Strada
Chestnut Hill Rosie's
Concord Bondir
Concord Different Drummer / 80 Thoreau
Needham Not Your Average Joe's ( Under Agreement)
COMMENT:
In the marketing and sale of these restaurants, there was a great deal of buyer
activity and the properties were not on the market for a long period. All of the
locations have been well received and have generated strong reviews.
B. Bondir / Concord, Ma
The Boston Restaurant Group, Inc. represented the landlord, John Boynton, in marketing this location. Bondir
opened in 2014; however, this was a high end, chef owned and operated bistro and the acceptance by the town
was tepid. The food was too "fancy" and the prices were too aggressive – a burger for $26. The restaurant has
gone under agreement with Fiorella's, a high volume Italian concept from Newton. The sale is pending.
C. The AKA Bistro / Lincoln, MA

Our company was asked to meet with the town officials to answer questions regarding their efforts to acquire a
Beer and Wine License for the purpose of renting space to a restaurant operator near the train station. We met
with the town officials and interested parties on two occasions.
The restaurant opened as a French / Japanese concept with two menus. The concept started strong; however, their
sales tapered off. There was a flood and the restaurant was closed for about a year. It reopened for a short while;
however, it closed in December of 2014.
I spoke with the co-owner, Chris Chung, and he had the following comments:
1.) Transportation was a problem for help, even though there was train service.
2.) There were busy the first two years; however, the roof on Donelan's Market collapsed under the
weight of the snow in the winter of 2015 and people d did not come to shop anymore and he traffic
flow diminished.
3.) When Bondir, 80 Thoreau and Wood Hill Table opened in Concord, the competition hurt them.
4.) Many of their customers came from Concord and Weston.
5.) Sales trend for lunch and dinner
Lunch 30-40
Dinner Weekdays 50-60
Dinner Fri /Sat 150 - 160
6.) Getting help (employees was a real challenge.
23
#6
D. Webber Restaurant Group
Customers are very demanding today. They want good food, good service, a casual atmosphere and good value.
The Webbers should do well, given their level of investment and their experience.
24
#7
MARKET RENT
BASE RENT
For commercial properties, such as office buildings, retail stores, etc., the landlord charges a tenant a certain dollar amount
for each square foot that is included in the space. The square foot charge is based upon comparable rents in the market, the
desirability of the location and the strength of the tenant. Rents of $150 per square foot on Newbury Street are not too high
as these are tenants willing to pay that amount. The issue is that the business needs to have a concept that can generate sales
that are great enough to cover the rent.
Restaurants, on the other hand, think of rent as a percentage of sales, rather than as a cost per square foot. The reason being
that restaurant owners have a considerable capital investment in the improvement of the space. Today, the cost to open a
full service restaurant that meets all Local, State and Federal code requirements, is between $300 to $400 per square foot:
the differential being dependent upon the concept, the quality of the leasehold improvements, the furniture, fixtures and
equipment, etc. and whether or not it is a Union project.
TOTAL OCCUPANCY
From our experience, a target for base rent and all NNN charges (Real Estate Taxes, Condominium fees, Common Area
Maintenance) should not exceed from 7% to 8% of sales. This is what would be anticipated for a location in Boston,
Cambridge or a new development in the Suburbs (Westwood Station, Legacy Place, etc.). For the Josiah Smith Tavern
location in Weston, a prudent operator would try to keep the total occupancy cost at no greater than 5 to 6 percent of sales:
the reason being that this is a destination location and any savings in rent will need to be applied to marketing and
advertising.
COMPARABLE RENTS
Comparable rents from other restaurants are not meaningful as this is such a unique location. In addition, you cannot put a
cost per square foot in the use of the Community Room. Charge them a flat fee for each time it is used. If the Webbers do
$2 Million in sales, at $80,000 rent, they will be paying 4% of revenue. They are getting a very fair rent package.
PERCENTAGE RENT
I would not anticipate that the landlord will receive a percentage rent with the $2,850,000 threshold. For the next tenant I
would encourage you to request a base of $80,000 vs. 5% of revenue, whichever is greater.
25
#8
REPRESENTATIVE
INCOME & EXPENSE STATEMENT
For Discussion Purposes Only
$2,000,000 $3,000,000 $4,000,000
Sales
Food 1,500,000 75.0% 2,250,000 75.0% 3,000,000 75.0%
Beverage 500,000 25.0% 750,000 25.0% 1,000,000 25.0%
Total sales 2,000,000 100.0% 3,000,000 100.0% 4,000,000 100.0%
Cos of Sales
Food 495,000 33.0% 742,500 33.0% 990,000 33.0%
Beverage 140,000 28.0% 210,000 28.0% 280,000 28.0%
Total cost of sales 635,000 31.7% 952,500 31.7% 1,270,000 31.7%
Employee Costs
Salaries and Wages 560,000 28.0% 840,000 28.0% 1,120,000 28.0%
Employee Benefits 112,000 5.6% 168,000 5.6% 224,000 5.6%
Total employee costs 672,000 33.6% 1,008,000 33.6% 1,344,000 33.6%
Total Prime Costs 1,307,000 65.3% 1,960,000 65.3% 2,612,000 65.3%
Total Gross Margin 693,000 34.7% 1,041,000 34.7% 1,388,000 34.7%
Controllable Expenses
Direct operating expenses 120,000 6.0% 180,000 6.0% 240,000 6.0%
Utilities 60,000 3.0% 90,000 3.0% 120,000 3.0%
Repairs and Maintenance 20,000 1.0% 30,000 1.0% 40,000 1.0%
Marketing 40,000 2.0% 60,000 2.0% 80,000 2.0%
General and Administrative 120,000 6.0% 180,000 6.0% 240,000 6.0%
Other (income) Expense 40,000 2.0% 60,000 2.0% 80,000 2.0%
Total 400,000 20.0% 600,000 20.0% 800,000 20.0%
Income Before Depreciation '

and Occupancy 293,000 14.6% 441,000 14.7% 588,000 14.7%
Occupancy
Rent 80,000 80,000 80,000
Percentage Rent 15,000 69,000
Total 80,000 4.0% 95,000 3.1% 149,000 3.7%
Operating Income 213,000 10.6% 346,000 11.5% 439,000 10.9%
26
CHARLES M. PERKINS
The Boston Restaurant Group, Inc.
32 Lawrence Road
Boxford, MA 01921
Phone: (978) 887-9895

Fax: (978) 887-0219
Email cperkins@bostonrestaurantgroup.com
CURRICULUM VITAE
PROFESSIONAL EXPERIENCE
Professional experience includes being actively involved in the restaurant business for 35 years in the following
capacities: regional manager, multi-unit franchise owner and commercial real estate broker specializing in the selling,
leasing and appraising of restaurant businesses and properties.
The Boston Restaurant Group, Inc. Owner/President

Restaurant Brokers of America, Inc. Executive Vice President
Dunkin Donuts Multi-unit Owner/Operator
Friendly Ice Cream Corporation Regional Manager
PROFESSIONAL DESIGNATION
Awarded Fellow of the IBBA designation by the International Business Brokers Association
PROFESSIONAL AFFILIATIONS
Northeast Association of Realtors
Massachusetts Association of Realtors
National Association of Realtors
Massachusetts Restaurant Association
ARTICLES/INTERVIEWS PUBLISHED
The Boston Globe 2012, 2013, 2015
BVR Industry Transactions 2011 Edition
The Boston Globe 2011
The Improper Bostonian 2011
Boston Herald 2011
Food Service East 2011
The Boston Globe 2010
Boston Business Journal 2010
New England Real Estate Journal 2009
Boston Business Journal 2008
The Boston Globe, 2008
Boston Magazine, 2007
Banker & Tradesmen, 2007
Nation’s Restaurant News, 2007
Valuing Eating Places, Pratt, Shannon, John Wiley & Sons, 2004
Valuing Drinking Places, Pratt, Shannon, John Wiley & Sons 2004
The Business Reference Guide, West, Tom, Business Brokerage Press, 2015-2016
Handbook of Business Valuation, John Wiley & Sons, 1992, 1999
The Business Reference Guide, West, Tom, Business Brokerage Press, 1999
Business Valuation Update, Pratt, Shannon, Volume 5, No. 2, February, 1999
The Business Reference Guide, West, Tom, Business Brokerage Press, 1997, 1998
P.O. Box 327 Boxford, MA 01921 (978) 887-9895 Fax (978) 887-0219
RECENT VALUATION SPEAKING ENGAGEMENTS
Northeast Foodservice Conference Boston 2016
Boston University Boston 2015
Senior Core of Retired Executives (SCORE Danvers 2015
Restaurant Trends Seminar Boston 2015
IFest-IPG - Boston Boston 2014
Tri Mark United East Warwick 2014
Radio Entrepreneurs Boston 2013
Le Cordon Bleu – College of Culinary Arts Boston 2012
Senior Core of Retired Executives (SCORE) Danvers 2012
Massachusetts Restaurant Association Boston 2010
International Business Brokers Association Dallas 2007
Restaurant Trends Boston 2007
International Business Brokers Association Hartford 2006
Business Brokers of Florida Tampa 2006
Boston College Boston 2006
International Business Brokers Association Phoenix 2005
New England Foodservice & Lodging Boston 2005
Florida Business Brokers Association Ft. Myers 2005
Massachusetts Restaurant Association Boston 2004
New England Business Brokers Association Boston 2004
International Business Brokers Association Philadelphia 2004
Institute of Business Appraisers Orlando 2003
International Business Brokers Association Orlando 2003
ICBC Conference Boston 2002
International Business Brokers Association Los Angeles 2002
International Business Brokers Association New Orleans 2002
International Business Brokers Association Palm Springs 2001
Restaurant Hospitality Chicago 2001
New York Society of CPA's New York 2001
Fulcrum Restaurant Seminar New York 2001
Small Business Admin. SBA/Score Boston 2001
International Business Brokers Association Denver 2000
Mass Board of Assessors Hyannis 2000
VALUATION EDUCATION
Valuation related specialized courses, seminars and conferences sponsored by the Institute of Business Appraisers, Inc.,
the Appraisal Institute, the American Institute of Certified Public Accountants and the International Business Brokers
Association.
• RD & DC Current Market Valuations, November 2012
• NACVA/IA Financial Litigation Support, May 2011
• IBBA National Conference, November 2007
• IBBA National Conference, June 2006
• IBBA National Conference, November 2005, 2007
• IBBA National Conference, June 2003, 2004
• IBA National Conference, June 1994, 1996, 2003
• IBBA National Conference, November 2002
• IBBA National Conference, June 2002
• IBBA National Conference, 2001
• IBBA National Conference, 1997, 1998, 1999, 2000
• IBA Litigation Support and Expert Witness Training, 2000
• AICPA National Conference, 1995, 1999
• IBBA Accounting Basics Training, 1998
• IBBA & AI Business Valuation Training, 1998
• IBA Valuing Small Businesses Training, 1997
QUALIFIED EXPERT WITNESS TESTIMONY
Qualified as an expert witness in business valuation:

• Trial: Boston, MA 2015 (Tecce vs. MTA)
• Trial: Boston, MA 2010 (Sayeh vs. Hiromoto)
• Trial: Probate Court, Cambridge, MA, 2008 (Omoyeni vs. Omoyeni)
• Deposition – Boston, MA, 2002 (Lee v. Soble)
• Boston Arbitration - Boston, MA, 1995 (Slesar v Kadish)
• Worcester Superior Court - Worcester, MA, 1989 (O'Toole v Rizoli and Cataldo)
CONTINUING EDUCATION SEMINARS
11/11/12 Restaurant Finance & Development Conference Las Vegas

05/19/11 Expert Witness Training Westborough
11/15/07 IBBA Conference Dallas
06/07/06 IBBA Conference Hartford
11/10/05 IBBA Conference Phoenix
06/10/04 IBBA Conference Philadelphia
06/10/03 IBBA Conference Orlando
11/06/02 IBBA Conference Los Angeles
06/14/02 IBBA Conference New Orleans
11/01/01 Restaurant Finance & Development Conference Chicago
COLLEGE EDUCATION
University of Virginia
Dickinson College, BA
REPRESENTATIVE CLIENTS
The Boston Restaurant Group, Inc., is a commercial real estate firm that specializes in the sale of
restaurants, the leasing of restaurant space and restaurant appraisals. Founded in 1990, the company has
negotiated either the sale or lease of over 600 restaurants and has had the privilege of representing many
of the most successful owners, operators and investors in the Greater Boston market.
HOTELS NATIONAL CHAINS

Sheraton Braintree Ruth's Chris
Garrison Inn Newburyport Starbucks
Lenox Boston Del Frisco’s
Copley Square Boston Dunkin Donuts
Midtown Boston Taco Bell
Comfort Inn Revere Johnny Rockets
Best Western Cambridge Red Lobster
Best Western Waltham Ben & Jerry
Hampton Inn Norwood Applebee's
Home Suites Inn Waltham Outback Steakhouse
INSTITUTIONS CHEFS
SBA/SCORE Gordon Hamersley - Hamersley’s Bistro
Boston College Chris Schlesinger - East Coast Grill
Boston University Marc Orfaly - Pigalle
American Institute of CPAs Michael Schlow - Via Matta
Institute of Business Appraisers Anthony Maws - Craigie on Main
University of Massachusetts Mark Allen - Le Soir
Citizen’s Bank Steve Johnson - Rendezvous
Lesley College Paul O’Connell - Chez Henri
Boston Society of CPA’s Jeremy Sewall - Lineage
Boston Center of Adult Education Chris Douglas - Icarus
Cambridge School of Culinary Arts Jacky Robert - Petit Robert Bistro
Isabella Stewart Gardner Museum Frank McClelland - L ’Espalier
Middlesex Community College Jason Bond - Bondir
Massachusetts Restaurant Association Joe Cassinelli - Painted Burro
Todd English - Olives
REGIONAL CHAINS Andy Husbands - Rouge
Boloco Vicki Lee Boyajian - Vicki Lee Boyajian’ s
The Olive Group
One World Cuisine ARTICLES & BOOKS
Vinny Testas Zagat Boston
The Briar Group The Boston Globe
Tavern on the Square Food Service East
Au Bon Pain Restaurant Hospitality
Not Your Average Joe’s Boston Magazine
Polcari’s Nation’s Restaurant News
Souper Salad Business Reference Guide 1996-2016
Ninety-Nine Handbook of Business Valuation
Jae’s Café Shannon Pratt /Valuing Restaurants
Boston Chowda Boston Business Journal
b-good
Au Bon Pain RECENT SPEAKING ENGAGEMENTS
Rustic Kitchen Restaurant Trends Seminar 1990-2016
Petit Robert Bistro Radio Entrepreneurs 2013 & 2016
Pho Pasteur Boston University 2012 - 2015
Acapulco's Le Cordon Bleu College of Culinary Arts 2014
Rebecca’s Cafes Massachusetts Restaurant Association 2013
Boston Beer Works Northeast Foodservice Conference 1990-2013
Desmond O’Malley Senior Corps of Retired Executives 1990-2012
Tommy Doyle's International Business Brokers Association 1990-2009
Margaritas Florida Business Brokers Association 2005
Finagle a Bagel Institute of Business Appraisers 2003
Piccadilly Pubs Restaurant Hospitality 2002
Glynn Hospitality New York Society of CPA’s 2001
Eat Laugh, Drink Massachusetts Board of Assessors 2000
DENNIS MAHER
210 BAY VIEW AVENUE
WARWICK, RI 02818
Home: (401) 886-9590

Cell: (774) 929-0219
djmaher210@gmail.com
Assets 30+ years’ experience in retail store leasing and restaurant

development, including
 Tenant Representation
 Strategic Planning
 Site Selection
 Lease Negotiations
 Project Planning
 Lease Portfolio Management
 Extensive Landlord and Broker relationships
Professional History
January 2012 to Present

February 2007 to November 2008 Not Your Average Joe's Restaurants-Milton, MA
Vice President Real Estate
Responsible for new store development in metro Boston,

Washington DC and Philadelphia, PA for 26 unit full-service
restaurant organization.
• Developed strategic store expansion plan for 3 markets;
managed market analysis; site selection; lease
negotiations; design coordination; permits;
development budgets and construction oversight
• Integral role in re-branding the store design
• Landlord – Tenant issue reconciliation
• Lease renewals, relocations and dispositions
January 2009 to December 2011 Jones Lang LaSalle – Chicago, IL

Vice President – Corporate Real Estate Services
Responsible for retail portfolio management and new store

development for multiple national retail clients.
• New store development for T-Mobile and Bar Louie
Restaurants in New England markets
• Portfolio management for lease renewals and
modifications for T-Mobile, Akzo Nobel and FedEx
across the US
September 1994 to January 2007 Starbucks Coffee Company – Boston, MA Regional Office
Real Estate Development Manager / Asset Manager
Development Manager 1994 to 2003 Developed and implemented the initial store penetration strategy
and development plan for Starbucks entry into the New England
and Westchester County, NY markets.
Responsibilities included market penetration analysis; site
selection; lease negotiations; design coordination; permits;
development budgets and construction oversight.
• Developed the initial 90 units.

• Secured flagship locations in multiple markets that
helped establish Starbucks as the premier coffee
retailer in New England market.
• Managed 20+ projects at any given time
Asset Manager 2003 to 2007 Participant in creation of new corporate-level Asset

Management Department responsible for managing an existing
store portfolio of over 9,000 retail locations in US. Efforts
included lease analysis; economic performance review; lease
renewals; store renovation budgeting, closure and relocation
analysis.
• Managed a lease portfolio of over 500 stores.
• Portfolio optimization through coordination of
strategies for existing stores and planned development
of new stores
August 1992 to September 1994 Atlantic Retail Properties – Boston, MA

Commercial Real Estate Broker
Retail real estate broker working in the metro Boston market.

Emphasis on representing specialty food retailers and national
retail tenants including Starbucks Coffee, Capital Grill
Restaurants, John Harvard’s Brew House, Darden Restaurants;
Au Bon Pain and Vinny Testa’s Restaurants.
October 1988 to August 1992 Peter Elliot Real Estate Services-Boston, MA

Concentration on retail real estate working as representative for

both landlords and retail tenants in Boston metro area.
Clients represented included: National Bank of Ireland; Fleet
Bank; Bank of Boston; CVS; City Sports; Southwestern Bell;
The Druker Co.; Gerald Hines; Rouse Company and London-
Leeds Development.
August 1984 to October 1988 RBA, Inc. –Boston, MA

Concentration on sale and leasing of restaurant properties for

consulting and real estate services firm serving the hospitality
industry in metro Boston.
Education Loyola University-New Orleans, LA

Bachelor of Arts –1976
Professional Affiliations International Council of Shopping Centers

Massachusetts Real Estate Broker License

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FEASIBILITY STUDY

Proposal to open a full service restaurant, with an All Alcoholic

JOSIAH SMITH TAVERN

DATE OF REPORT FINAL VERSION

PREPARED FOR: Josiah Smith Tavern

PREPARED BY: Charles M. Perkins

Their vision for a polished-casual dining experience at reasonable prices is well-grounded

Tenant Occupancy Cost:

Tenant Financial Returns

LETTER OF INTENT REVIEW

6. Maintenance Obligations: need to be very specific about each party’s responsibilities.

13. Insurance: no comment

16. Cooperation: no comment

PROJECTED CONSTRUCTION BUDGET

Approximate Cost per square foot @ 4,000 sf

Form of Organization: LLC

Principals: Joshua Webber

Opening Chronology: Groton Gibbet Hill Grill 2004 $5,600,000

BUSINESS PLAN (Weston)

Revenue: Target revenue, once established, is $3,000,000:

Seating: 101 in Barn plus shared use of 49 in the Community Room.

Employees: Total of 25 to 30:

PROPOSAL TO LEASE QUESTIONS

2. Sub Lease He understood

4. Community Room See above

5. Lease Guaranty Understood. Parent company guaranty for one year

RESTAURANT OPENING CHRONOLOGY

SAMPLE RESTAURANT REVIEWS

SCARLET OAK TAVERN

1.) Source: http://webberrestaurantgroup.com

JOSIAH SMITH TAVERN – WESTON, MA

WESTON, MA – COMPETITION-TRADE AREA OVERVIEW

Restaurant Address Lunch / Dinner Distance to Sales –

Waltham – East of Tavern

Natick / Framingham-Southwest of Tavern

Chestnut Hill-Southeast of Tavern

Lincoln / Concord-North of Tavern

INITIAL INVESTMENT (Cost)

C. The AKA Bistro / Lincoln, MA

6.) Getting help (employees was a real challenge.

For Discussion Purposes Only

$2,000,000 $3,000,000 $4,000,000

Total Prime Costs 1,307,000 65.3% 1,960,000 65.3% 2,612,000 65.3%

Total Gross Margin 693,000 34.7% 1,041,000 34.7% 1,388,000 34.7%

Income Before Depreciation '

Operating Income 213,000 10.6% 346,000 11.5% 439,000 10.9%

Phone: (978) 887-9895

The Boston Restaurant Group, Inc. Owner/President

QUALIFIED EXPERT WITNESS TESTIMONY

Qualified as an expert witness in business valuation:

CONTINUING EDUCATION SEMINARS

11/11/12 Restaurant Finance & Development Conference Las Vegas

HOTELS NATIONAL CHAINS

Home: (401) 886-9590

Assets 30+ years’ experience in retail store leasing and restaurant

January 2012 to Present

Responsible for new store development in metro Boston,

January 2009 to December 2011 Jones Lang LaSalle – Chicago, IL

Responsible for retail portfolio management and new store

• Developed the initial 90 units.

Asset Manager 2003 to 2007 Participant in creation of new corporate-level Asset

August 1992 to September 1994 Atlantic Retail Properties – Boston, MA

Retail real estate broker working in the metro Boston market.