Project Ozark - Investment Memo

Asset	7 Lapel's Laundromat Franchise Locations (Greater Boston)
Sponsor	Richard Vazza (Lead), TOC-23 (Co-Sponsor)
Market	Greater Boston, MA — Franchise Development
Sector	Laundromat / Laundry Services
Investment Type	Ground-Up Development (Equity)
Total CAPEX (7 Locations)	$11.2M
Equity	$7.8M
Debt (30.0% LTV)	$3.4M
Cost Per Location	$1.6M
Store Size	3,558 sqft per location (24,906 sqft total)
Target Hold Period	0 Years
Exit EBITDA Multiple	7.00x
TOC-23 Investor Net IRR	15.3%
TOC-23 Investor Net MoM	2.89x
Capital Raise Deadline	March 31, 2026
Funding Target	Q2 2026

Financial Highlights

Levered IRR
15.8%
10-Year Hold
Levered MoM
3.02x
Total Return
Net Investor MoM
2.89x
After Sponsor Carry
Total CAPEX
$11.2M
7 Locations

Year 1 Revenue / Location
$838,116
At Stabilization
Year 1 NOI / Location
$191,098
22.8% Margin
Cash-on-Cash
17.1%
Year 1 Stabilized
Net Exit Proceeds
$13.7M
Year 0 at 7.00x EBITDA

The transaction's 15.3% net levered IRR and 2.89x MoM compares favorably to typical franchise development deals, which generally target 12-15% IRRs, positioning this opportunity in the upper quartile of comparable investments. These returns exceed current risk-free rates by approximately 1,100 basis points and offer attractive risk-adjusted returns relative to core real estate (8-10% IRRs) and comparable private equity strategies. The levered return enhancement of 180 basis points over the unlevered 13.5% IRR demonstrates efficient capital structure optimization, with leverage amplifying returns without excessive risk given the stable, recurring revenue nature of laundromat operations. The 2.89x multiple of money provides meaningful capital appreciation beyond current high-yield bond alternatives while maintaining defensive characteristics typical of essential service businesses.

Executive Summary

TOC-23 is pleased to present Project Ozark, a direct investment opportunity to develop, manage, and operate up to seven (7) technology-enabled Lapel's franchise laundromat locations across the Greater Boston metropolitan area. The total capital requirement is $11.2M, with a target capital raise completion by March 31, 2026 and funding in Q2 2026.

The lead sponsor of the deal is Richard Vazza, an experienced real estate developer with deep roots in the Greater Boston market. TOC-23 has the opportunity to partner with Mr. Vazza following the unexpected passing of his longtime financial partner, John Sullivan of Sullivan Auto Group, in December 2025. Mr. Sullivan served as Mr. Vazza's financier, college roommate, and close friend, creating an opening for a new capital partner.

The first location in East Boston is already operational, with its first cash-out in May 2025 and first cash flow in July 2025. The remaining six locations—Quincy, Dorchester, Roslindale, Waltham, Somerville, and Everett—are templated for development over the next three years, each following the proven East Boston model.

Investment Highlights

• Proven Model: East Boston location operational and generating cash flow since July 2025
• Experienced Sponsor: Richard Vazza brings extensive real estate development experience in Greater Boston
• Established Brand: Lapel's franchise provides technology-enabled equipment, brand recognition, and operational support
• Attractive Returns: 15.8% levered IRR, 2.89x net MoM over 10-year hold
• Recession-Resistant: Laundry services are a necessity-based business with stable demand
• Templated Rollout: Standardized approach reduces execution risk across 7 locations
• Conservative Underwriting: 3.5 turns/day base case with no leverage assumed

This investment opportunity centers on a systematic expansion of laundromat operations across Greater Boston through a proven franchisee partnership model with differentiated value-adds including dry cleaning and wash-dry-fold services. Our investment thesis rests on three key pillars: (1) defensive recession-resistant cash flows from an essential service business, (2) operational scalability leveraging an experienced franchisee partner with deep local market knowledge, and (3) multiple revenue stream diversification beyond traditional coin-operated laundry. The phased deployment strategy mitigates execution risk by scaling from the operational East Boston location (achieving positive cash flow by July 2025) across six additional high-density urban markets, allowing for operational refinement and market validation before full capital deployment. This approach provides optionality to accelerate expansion upon successful proof-of-concept while maintaining disciplined capital allocation across the portfolio rollout.

Lapel’s Brand & Franchise Partnership

Lapel's Dry Cleaning is an established franchise system offering technology-enabled laundromat and dry cleaning services. The franchise partnership provides several key advantages for Project Ozark:

• Brand Recognition: Established presence in the New England market with a reputation for quality service
• Technology Platform: Card-based and mobile payment systems, remote monitoring, and data analytics
• Operational Playbook: Proven standard operating procedures for staffing, equipment maintenance, and customer service
• Purchasing Power: Negotiated equipment and supply pricing through franchise network

Franchise Fee Structure

Fee Type	Rate	Basis
Up-Front Franchise Fee	$30,000	One-time per location
Royalty Fee	6.0%	Gross Revenue
National Advertising	2.0%	Gross Revenue
Store Advertising	2.0%	Gross Revenue
Total Ongoing Fees	10.0%	Gross Revenue

**Lapels Brand Assessment:** The Lapels franchise structure presents a reasonable cost-benefit proposition, with the $30K franchise fee representing only 0.3% of total project costs ($11.2MM across 7 locations) while providing access to proven operational systems and brand recognition. The 6% royalty fee is offset by centralized marketing support (2% national advertising fee) and established vendor relationships that should drive operational efficiencies and customer acquisition. However, the combined 10% ongoing fee burden (6% royalty + 2% national ad + 2% local ad spend requirement) represents a meaningful drag on unit-level economics that must be justified through demonstrably superior performance metrics versus independent operators. The franchise model's value will ultimately depend on Lapels' ability to deliver measurable customer traffic and operational support that exceeds this 10% fee structure.

Value Proposition: Laundromat Business

The coin-operated and technology-enabled laundromat industry offers compelling investment characteristics that differentiate it from other small business and real estate investment opportunities:

• Necessity-Based Demand: Laundry is a non-discretionary expense, providing stability through economic cycles
• High Barriers to Entry: Significant capital requirements ($1.6M+ per location), limited suitable real estate, and zoning restrictions
• Predictable Cash Flows: Revenue driven by consistent, repeat customer behavior with minimal accounts receivable
• Low Technology Disruption Risk: Core washing/drying function has remained fundamentally unchanged
• Semi-Passive Operations: Technology-enabled monitoring reduces labor requirements versus traditional retail
• Multiple Revenue Streams: Washers, dryers, wash-dry-fold service, dry cleaning, vending, and soap products

Revenue Mix (Per Location, Year 1 Stabilized)

Revenue Stream	Annual Revenue	% of Total	Type
Washers	$435,708	52.0%	Core
Dryers	$58,604	7.0%	Core
Wash-Dry-Fold	$75,781	9.0%	Core
Dry Cleaning / Ancillary	$225,000	26.8%	Value-Add
Soap Products	$17,301	2.1%	Value-Add
Cycle Upgrades	$10,893	1.3%	Value-Add
Vending	$14,829	1.8%	Value-Add
Total Revenue	$838,116	100%

**Value Proposition** The laundromat business model provides exceptional revenue diversification beyond traditional coin-operated washing machines, with seven distinct revenue streams including wash-dry-fold services (15% premium), dry cleaning partnerships ($225K annual revenue), vending operations (3% of revenue), soap sales (3.5% markup), and equipment cycle upgrades (2.5% annual growth). This multi-faceted approach significantly reduces dependence on core laundry operations while capturing higher-margin ancillary services that traditional operators often overlook. The integration of delivery services and premium wash-dry-fold offerings positions the portfolio to capitalize on the growing convenience economy, particularly appealing to time-constrained urban professionals willing to pay premiums for service. Additionally, the franchise model's built-in royalty structure (6%) and national advertising fees (2%) create scalable, asset-light income streams that enhance overall portfolio stability and cash flow predictability.

East Boston Flagship — State of the Art Facility

The Lapel's Laundromat at Liberty Plaza in East Boston represents a paradigm shift from the traditional coin-operated laundromat model. This is not a dimly-lit, self-service coin laundry — it is a modern, fully-attended, technology-enabled facility with premium finishes, institutional-grade equipment, and multiple revenue streams including self-service, wash-dry-fold, dry cleaning, alterations, and pick-up & delivery via Uber.

State-of-the-Art Facility: Customer Service Counter, Product Sales, Vending & Card Access

Full-Service Offerings: Wash-Dry-Fold, Cashless Payment, Pick Up & Delivery, Alterations

Advanced Equipment & Technology: Cents POS System, Delivery Fleet, Commercial Washers

East Boston Operating Highlights

5-Star Reviews (First 5 Months)

300+

New Customers / Month

The East Boston flagship opened September 2025 and serves as the operational blueprint and training facility for all future Lapel's Laundromat locations nationwide.

East Boston Revenue Ramp

Lapel's vs. Traditional Laundromats: Fast energy-efficient machines (wash+dry < 1 hour), cashless contactless payments, pick-up & delivery via app, multiple revenue streams (WDF, dry cleaning, alterations, product sales), franchisee training & support, and national SEO/marketing dominance. Traditional competitors offer slow machines, cash-only, no delivery, single-dimension income, no branding, and no support infrastructure.

Demographic Analysis

The demographic analysis focuses on the East Boston pilot location at 220 Border Street. Industry statistics indicate the average household that uses a coin laundromat spends approximately $46 per month. For urban locations, it is recommended that no more than 10% of renter-occupied households within a one-mile radius are required at breakeven.

East Boston Demographic Summary (2024 Data)

Metric	1-Mile Radius	2-Mile Radius	3-Mile Radius
Total Population	46,100	144,708	349,557
Total Households	19,932	66,138	154,048
Renter-Occupied HH	14,357	47,972	104,631
Renter %	72.0%	72.5%	67.9%
HH Under $75K Income	8,660	24,402	55,811
Avg. Household Size	2.34	2.16	2.22
Median Household Income	$87,372	$106,996	$108,871

Target Locations

Location	Status	First Cash Out	First Cash Flow	CAPEX
East Boston	Operational	May 2025	July 2025	$1.6M
Quincy	Planned	TBD	TBD	$1.6M
Dorchester	Planned	TBD	TBD	$1.6M
Roslindale	Planned	TBD	TBD	$1.6M
Waltham	Planned	TBD	TBD	$1.6M
Somerville	Planned	TBD	TBD	$1.6M
Everett	Planned	TBD	TBD	$1.6M
Total (7 Locations)				$11.2M

Local Competition (East Boston)

Competitor	Distance	Parking	Hours	W/D/F Price
Super Laundry Two	1 Mile	Limited	6-10 (24hr MTW)	$1.50/lb
Neptune Saratoga	0.2 Miles	None	5:30-12	$1.50/lb
Tiny Bubbles	0.7 Miles	None	6-10	None
Neptune Bennington	2 Miles	Yes	5:30-12	$1.50/lb

The targeted trade areas across greater Boston demonstrate strong demographic fundamentals that support elevated demand-capture ratios, with dense urban neighborhoods like Dorchester, Somerville, and East Boston characterized by high concentrations of renters (70%+) lacking in-unit laundry access. The population density of 8,000-15,000 residents per square mile within each trade area's primary catchment significantly exceeds the 3,000-5,000 threshold typically required to support the projected 3.5 daily turns assumption. Additionally, the mix of young professionals, immigrant communities, and multi-generational households creates diverse usage patterns that reduce seasonal volatility and support premium services like wash-dry-fold and dry cleaning revenue streams.

Financial Model Summary

The financial model projects a 10-year hold period with a 7-location portfolio ramping from 1 operational store (East Boston) to full deployment by 2028. Key assumptions include 3.5 turns per day, quarterly revenue growth of 1.2% in years 2-4 and 0.8% in years 5-10, and an all-equity capital structure (no debt).

Up-Front Cost Per Location

Cost Category	Amount
Laundry Equipment Package	$748,000
Leasehold Improvements / Build-Out	$550,000
Working Capital	$75,000
Design, Permits & Signage	$85,000
Franchise Fee & Training	$37,000
Legal, Finance & Licensing	$24,500
Other (Security, Insurance, Misc)	$79,139
Total Per Location	$1.6M

10-Year Consolidated Proforma

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Total Revenue	$908,449	$4.0M	$5.2M	$5.5M	$5.8M	$6.0M	$6.2M	$6.3M	$6.5M	$6.7M	$6.9M
Total Expenses	$685,613	$2.9M	$3.8M	$3.9M	$4.1M	$4.2M	$4.3M	$4.5M	$4.6M	$4.7M	$4.9M
Net Income	$222,836	$1.1M	$1.5M	$1.6M	$1.7M	$1.8M	$1.8M	$1.9M	$1.9M	$2.0M	$2.1M
Net Margin	24.5%	26.4%	28.0%	28.8%	29.4%	29.7%	29.7%	29.7%	29.7%	29.7%	29.7%

Cash-on-Cash Return by Year

The financial model demonstrates favorable operating leverage characteristics, with revenue growing at 1.25% quarterly (years 2-4) versus expense growth of just 0.75% quarterly, creating a 200bps spread that drives meaningful EBITDA margin expansion over time. The expense structure benefits from significant fixed cost components including maintenance ($5K annually), insurance (0.4% of revenue), and occupancy costs (~$156K annually per location), which compress as a percentage of revenue as throughput increases. The model's growth assumptions appear conservative given the 3.5 daily turn assumption and 15% wash-dry-fold penetration rate, suggesting potential upside if operational execution drives higher utilization or ancillary service adoption. Revenue diversification through vending (3% of revenue) and dry cleaning ($225K annually) provides additional stability, though the 3.5% soap cost and 3% credit card processing fees represent the primary variable cost drags on incremental revenue flow-through.

Sensitivity Analysis

The following sensitivity analysis examines how key variables impact project returns. The base case assumes 3.5 turns per day, a 0-year hold, and exit at 7.00x EBITDA.

Turn Rate Sensitivity

Scenario	Turns/Day	Levered IRR	Net MoM	Assessment
Downside	2.5	~8-10%	~1.6-1.9x	Capital preservation with modest return
Conservative	3.0	~11-13%	~2.1-2.3x	Below target but acceptable
Base Case	3.5	15.8%	2.89x	Target return achieved
Upside	4.0	~17-19%	~3.0-3.3x	Outperformance with higher utilization

Exit Multiple Sensitivity

Exit Multiple	Exit Cap Rate	Est. Disposition	Est. MoM Impact
5x EBITDA	20.0%	~$9.4M	~2.2x
6x EBITDA	16.7%	~$11.3M	~2.6x
7x EBITDA (Base)	14.3%	$13.7M	3.02x
8x EBITDA	12.5%	~$15.0M	~3.2x

Leverage Sensitivity

Scenario	LTV	Equity Required	Est. Levered IRR	Est. Net MoM	Assessment
Base Case (No Debt)	0%	$11.2M	15.8%	2.89x	Maximum downside protection
Moderate Leverage	30%	$7.8M	~18-20%	~3.3-3.6x	Enhanced returns with manageable debt service
Higher Leverage	50%	$5.6M	~22-26%	~4.0-4.5x	Significantly higher equity returns; increased debt service risk

**Sensitivity Analysis:** The investment exhibits pronounced asymmetric sensitivity to turn-rate variations, where downside scenarios (-0.5 turns) create disproportionately larger IRR compression than upside scenarios (+0.5 turns) generate enhancement, reflecting the high fixed-cost structure inherent in laundromat operations. The 30% leverage ratio creates meaningful return amplification in base and upside cases but introduces significant downside risk given the asset class's sensitivity to operational metrics, with levered returns potentially falling below investment thresholds if multiple locations underperform simultaneously. Exit cap rate sensitivity poses the greatest risk to absolute returns given the 7.0x exit multiple assumption, where a 100-150 basis point expansion could materially impact terminal value across the portfolio.

Market Assessment & Valuation Benchmarks

The following market data is sourced from 6 industry reports to contextualize Project Ozark’s financial projections against broader laundromat industry benchmarks.

Sources: BizBuySell Valuation Report, GCF Coin-Operated Laundries Valuation, TryCents Laundromat Profit Guide, KMF Laundromat Valuation Guide 2026, Lapel's Opportunity Fund Memorandum, Lapel's Prospect Brochure

Industry Transaction Benchmarks (BizBuySell, 2021–2025)

Metric	Market Median	Project Ozark (Per Loc.)
Annual Revenue	$219,878	$838,116
Owner Earnings / SDE	$76,560	$191,098
Earnings Margin	35.8%	22.8%
Sale Price (Median)	$250,000	—
Revenue Multiple	1.33x	—
Earnings Multiple	3.65x	7.0x (exit)
Transactions Analyzed	855	—

Metric (GCF 2025)	Industry Avg.
Average Revenue	$704,399
Average SDE	$205,738
Average EBITDA	$166,982
Price / Revenue	1.13x
Price / SDE	3.24x
Price / EBITDA	4.28x
Cash Flow Margin	32%
Industry Success Rate	95%
Industry ROI Range	20–35%

Valuation Multiple Context

Laundromats command premium valuations relative to other service businesses, driven by their essential-service nature, recurring demand, low labor costs, and passive-income appeal. The BizBuySell data shows laundromats trading at a 3.65x average earnings multiple — significantly above the all-service average of 2.62x and nearly double that of dry cleaners (2.09x).

Service Sector	Median Revenue	Rev. Multiple	Earnings Multiple	Median Sale Price
Laundromats & Coin Laundry	$219,878	1.33x	3.65x	$250,000
Dry Cleaners	$360,000	0.76x	2.09x	$250,000
Commercial Laundry	$198,000	1.25x	2.83x	$250,000
Cleaning & Janitorial	$433,327	0.70x	2.19x	$260,000
All Service Businesses	$455,000	0.86x	2.62x	$325,000

EBITDA Multiple Distribution (PPMVIC/EBITDA — Coin Laundry Comps)

Analysis of 35 comparable coin laundry transactions reveals a wide range of EBITDA multiples, with upper-percentile transactions supporting premium valuations for institutional-quality portfolios like Project Ozark.

Percentile	PPMVIC/EBITDA Multiple	Implication for Project Ozark
25th Percentile	3.0x	Below-average single-unit, basic operations
Median (50th)	4.2x	Typical single-unit laundromat transaction
75th Percentile	5.5x	Above-average operations, better equipment/location
90th Percentile	10.5x	Premium multi-unit / branded / institutional-quality assets
Mean	6.2x	Skewed higher by institutional transactions

Source: GCF 2025 Market Data, n=35 transactions. PPMVIC = Pure Play Market Value of Invested Capital. Project Ozark’s 7.0x exit assumption falls between the 75th percentile (5.5x) and 90th percentile (10.5x), reflecting a justified premium for a multi-unit, branded franchise portfolio with institutional-quality operations.

Transaction Trends (2021–2025)

Project Ozark Premium Justification

Project Ozark’s 7.0x EBITDA exit multiple exceeds the industry average of 4.28x (GCF) to 3.65x (BizBuySell). This premium is supported by:

1. Multi-Unit Portfolio Effect — A 7-location portfolio commands a control premium vs. individual laundromats (typical market data reflects single-unit transactions).

2. Branded Franchise — Lapel’s is the first nationally recognized laundromat brand; branded operations trade at significant premiums to independent operators.

3. Technology-Enabled Operations — Cashless payments, POS integration, remote monitoring, and app-based ordering differentiate from the typical coin-op model and attract higher-quality buyers.

4. Institutional-Quality Underwriting — Standardized build-outs, proven prototype, professional management, and audited financials make the portfolio attractive to PE and franchise consolidators.

5. Diversified Revenue Streams — Self-service, WDF, dry cleaning, alterations, delivery, and product sales provide multiple income layers vs. the single-stream coin-op model captured in market data.

**Market Assessment** The laundromat sector benefits from recession-resistant demand drivers, as consumers consistently require laundry services regardless of economic conditions, while urban densification in target Boston-area markets creates sustained customer bases with limited at-home laundry access. The assumed 3.5 daily turns and premium dry cleaning revenue of $225,000 annually suggest strong market fundamentals in these dense, transit-accessible neighborhoods. However, the 7.0x exit multiple assumption appears aggressive given current market compression and higher interest rate environment, potentially creating valuation risk at disposition.

Exit Multiple Analysis

The base case exit assumes a disposition in Year 0 at 7.00x EBITDA, producing a 14.3% cap rate. Selling costs are assumed at 10.0% of gross proceeds.

Disposition Waterfall

Component	Amount
Year 0 Net Income (EBITDA proxy)	$2.0M
Exit Multiple	7.00x
Gross Disposition Value	$14.0M
Less: Selling Costs (10.0%)	($1.4M)
Net Disposition Proceeds	$13.7M

Return Waterfall

Component	Amount
Total Capital Invested	($11.2M)
Cumulative Operating Cash Flow (Years 1-0)	$2.1M
Net Disposition Proceeds (Year 0)	$13.7M
Total Profit	$15.8M
Levered MoM	3.02x
Levered IRR	15.8%
Net Investor MoM	2.89x
Net Investor IRR	15.3%

Sponsor Economics

Term	Vazza (Lead)	TOC-23
Sponsor Fee (% of Revenue)	3.8%	1.2%
Carry (Above Pref 1 of 8.0%)	30.0%	10.0%
Carry (Above Pref 2 of 15.0%)	37.5%	12.5%

This seven-location laundromat portfolio will appeal to a diverse buyer universe including franchise operators seeking regional expansion, institutional investors attracted to recession-resistant cash flows, and local entrepreneurs familiar with the Greater Boston market dynamics. The portfolio's differentiation at exit stems from its concentrated geographic footprint across high-density urban neighborhoods, providing operational synergies and route density that standalone locations cannot offer. Additionally, the established operational track record with proven unit economics and systematic market penetration strategy creates a compelling growth platform for acquirers. Given the strong cash-on-cash returns and stable NOI profile typical of mature laundromat operations, disposition proceeds will represent the primary value realization mechanism, accounting for approximately 60-70% of total investor returns.

Risk Summary

• Execution Risk: Six of seven locations remain to be built out, requiring site selection, lease negotiation, permitting, and construction management
• Market Risk: Competition from existing laundromats and potential new entrants in target neighborhoods
• Ramp-Up Risk: New locations require 6-12 months to reach stabilized revenue (60% initial capacity assumed)
• Lease Risk: Favorable lease terms must be secured for 6 additional locations at approximately $35/sqft + $9/sqft CAM
• Labor Risk: Greater Boston labor market is competitive; model assumes $15-20/hour wage rates
• Equipment Risk: $748K equipment package per location requires ongoing maintenance ($5K/year assumed)
• Concentration Risk: All 7 locations in Greater Boston metro area, creating geographic concentration
• Sponsor Risk: Reliance on Richard Vazza as lead sponsor for development expertise and local relationships
• Franchise Risk: Ongoing royalty and advertising fees of 10% reduce operating margins versus independent operation

The investment's execution risk is significantly concentrated in the management team's ability to successfully launch and operate seven laundromat locations across diverse Boston-area markets, with only one currently operational as of May 2025. This concentration is partially mitigated by the phased rollout approach, which allows the team to refine operational procedures and validate unit economics at East Boston before expanding to the remaining six planned locations. However, any delays in the rollout timeline or operational missteps during the scaling phase could materially impact the projected 15.3% net levered IRR, particularly given the back-loaded nature of returns across multiple locations. The success of this investment hinges critically on management's execution capabilities and their ability to replicate the East Boston model efficiently across varying demographic and competitive landscapes.

Investment Recommendation

Recommendation: APPROVE the $11.2M capital deployment for Project Ozark, a 7-location Lapel's laundromat franchise development in Greater Boston.

The investment committee is asked to approve this opportunity based on the following merits:

• Attractive Risk-Adjusted Returns: 15.8% levered IRR and 2.89x net MoM with conservative underwriting
• Proof of Concept: East Boston location operational since mid-2025, validating the business model and revenue assumptions
• Experienced Sponsorship: Richard Vazza's local development expertise combined with Lapel's franchise operational support
• Conservative Underwriting: 3.5 turns/day (vs. 4.0 upside), no debt, and conservative exit multiple
• Recession Resistance: Necessity-based business with stable, recurring cash flows
• Portfolio Diversification: Laundromat assets provide diversification from traditional real estate holdings
• Clear Path to Scale: Templated approach enables efficient rollout of remaining 6 locations

Capital Requirement: $11.2M total CAPEX, with capital raise target by March 31, 2026 and funding in Q2 2026.

**RECOMMENDATION: PROCEED WITH INVESTMENT** We recommend proceeding with this laundromat portfolio investment, contingent upon establishing robust operational monitoring protocols given the multi-location rollout strategy. Key post-closing oversight should focus on tracking daily turns per location against the 3.5x assumption, as this metric directly drives revenue performance and will vary significantly across the diverse Boston-area demographics. Monthly reconciliation of actual labor costs versus our blended $20/$15 hourly assumptions will be critical, particularly as Massachusetts minimum wage regulations evolve. Given the staggered development timeline with only East Boston currently operational, we must implement standardized reporting across all locations to identify best practices from the operational site and replicate them during the planned location buildouts.

📊 Detailed Financial Model

⬇ Download TOC23_ProjectOzark_DetailModel_18Feb26.xlsx

Source model dated February 18, 2026. Contains full proforma, assumptions, waterfall, and sensitivity tabs.

Investment Memo