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Georgia

Pit Boss

About Documents
30%
$7,500 Funded
$25,000 Target
28 days Time Left
5 Investors
$25,000 Min. Raise
$300,000 Max. Raise
60 mo. Term Length
7.0% Interest Rate
Invest

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Overview

Pit Boss BBQ is a pit style bbq restaurant specializing in authentic homestyle favorites. We are committed to serving superior quality food for the most discerning appetites. At Pit Boss BBQ we believe in strengthening the community by supporting education, heritage, and community development. Everyone is a winner at Pit Boss BBQ.

We are raising $300,000. There will be a 6 month interest-only period at 7.00%, followed by a 54 month fully-amortizing period at 7.00%.

 

 

Reviews and Press

Google: 4.4 out of 2,611 reviews

UberEats: 4.3 out of 355 reviews 

Trip Advisor: 4.5 out of 324 reviews

 

The Project

Funds raised in this offering will be used to build out the new location for the restaurant. Our current location was built in 1963 and it is a challenge to do business there. It’s around 2000 square feet. Our new location is almost 5000 square feet with outdoor seating and a dog walk. We will have a separate to-go area. The new location will allow us to become more efficient. In the kitchen we currently operate we can only set up 6 plates at time; in the new location we could set twice as many plates and can better serve our guests.

The following table describes the use of funds in order of priority.

 


 

Business

Past, Present, and Future

My mom taught me how to cook. My culinary career began one Sunday, when I was 12 years old: I asked my mom if she would let me cook Sunday dinner, and she said yes. I made fried chicken, blackeye peas, collards greens, and new potatoes for our family of six. I made everyone a plate and waited. They all turned and said, it is good, very good! That made me feel so good and that is the same feeling i get when someone eats here and they say how much they enjoy the food.

Pit Boss is a total scratch kitchen, in business for 12 years. We do not have microwaves in our kitchen. We only use fresh meats for our BBQ. Our dry rub is a combination of seasoning we came up with. We season all meats with our dry rub. Our brisket is black angus beef. We trim and season with a salt and black pepper, rub slowly, and smoke until tender. The recipes for some of our sides were passed down from our parents. We built our business on three principals: great food, great service, and a clean restaurant. We were voted by Atlanta Magazine as one of the 50 best BBQ restaurants in Georgia. We are in the business of taking care of people, from our vendors to our employees to our guests.

Within the first year after the raise, we expect to have the new location completed, with landscaping, outdoor seating, and a retail sales plan implemented.

In five years we expect to have two more locations, and in 10 years we expect to have the new building paid for.

 

 

 

About the Owners

Tracy graduated from Eastern Michigan state and went on to work for Delta 22 years. She had a dream of owning her own restaurant. She has a passion for taking care of people.

Wade is from Dothan AL and has been here in Atlanta since 1986 . Has worked for a few steakhouses and loves to see people enjoy the food he helped create. He too has always wanted a place where people can come in enjoy his style of BBQ.

 

 

Deal Summary

Summary

Issuer

  Pit Boss Inc

Security Type

  Secured loan

Loan Purpose

  Purchase equipment and open new restaurant location 

Offering Amount

  $25,000 - $300,000

Interest Rate

  7.00%

Payments

  Monthly, disbursed to investors quarterly

Maturity

  6 months interest-only + 54 months fully amortizing 

Personal Guaranty  

  Wade McSwain

Security Interest

  Blanket lien on assets of company

Offering Portal

  Honeycomb Portal LLC

Offering Type

  Reg CF

 

Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to Pit Boss Inc.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials

 Investment Amount   One-Time Fee 

 Potential Quarterly

 Return: Interest-Only Period* 

 Potential Quarterly

 Return: Amortization Period* 

 Potential Total Repayment* 
 $100  $2.85  $1.75  $6.49   $120.36
 $500  $14.25  $8.75  $32.46   $601.82
 $1,000  $28.50  $17.50  $64.92   $1,203.65
 $5,000  $37.25  $87.50  $324.62   $6,018.23

Your ongoing responsibilities from investing are very limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts.*Individual payments may vary slightly based on rounding. Potential repayments include principal and interest; they do not include the one-time fee which is assessed when you make your investment. These amounts are calculated as a hybrid interest-only + amortizing loan, which means that there is a specified interest-only period followed by a an amortization period. There are no prepayment penalties and Pit Boss Inc may pay down their loan early, which may impact your earnings potential. Please note: returns are not guaranteed and investors could lose some or all of their investment.

Pit Boss Inc pays as agreed. You will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the administrative agent to manage the collections process on the investors' behalf.

 

How Honeycomb is Compensated

Honeycomb charges Pit Boss Inc a $250 posting fee and a loan origination fee applied at a marginal-rate based upon amount raised: $10,000 - $50,000 = 8.0%, $50,001 - $100,000 =7.0%, $100,001+ = 6.0%

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

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Offering Documents

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