Coterie's Story
Private Members Club
Anonymisiert
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Kontakt aufnehmenCoterie operates one of the most premium and exclusive private members clubs in the United States. After four years of building a highly sought-after flagship location, the founders began exploring expansion into a second state.
The original club had a strong waiting list, dependable cash flow, and meaningful regional brand equity. But replicating that success required a large upfront investment, and both the founders and a potential family office backer wanted clearer evidence that the economics of a second location would justify the capital required.
Kapitel 1
Wo sie standen
Coterie had already proven demand at its first location. The question was no longer whether the concept worked, but whether it could be replicated in a way that preserved exclusivity while still producing attractive financial returns.
Expansion raised several linked questions. The founders needed to understand the economics of a second site in a different market, how to fund the build-out without placing too much strain on the business, and how to convert interest from prospective backers into committed capital. Before moving forward, both sides needed a clearer and more disciplined basis for decision-making.
Kapitel 2
Was wir getan haben
1. Building a location-to-location financial model
We began with a detailed review of the flagship club, breaking down membership mix, spending patterns, event revenue, payroll, and fixed costs to understand the underlying economics of the model.
Using those findings, and adjusting for local real estate costs, wage levels, and demand assumptions, we built a bottom-up model for the second location. This gave management and the family office a more realistic view of the capital required, the expected ramp, and the likely path to breakeven and cash generation.
2. Designing a more flexible capital approach
Once the economics of the new site were clearer, the next challenge was funding the build-out without overleveraging the balance sheet.
To address this, we designed a Founder Membership structure that offered a limited number of early members an equity position together with participation in future cash flows in exchange for a substantial upfront commitment. The aim was to create a funding mechanism that matched the brand’s exclusivity while broadening the capital base beyond conventional debt or sponsor capital alone.
3. Turning investor interest into commitments
To support fundraising, we worked with our affiliated marketing agency, Folmia, to create a more complete pitch package. This included materials designed to combine financial clarity with the emotional appeal of the club’s design, community, and curated experience.
The goal was to make the proposition easier to communicate across investor meetings, one-to-one discussions, and broader outreach, while ensuring that the growth story remained grounded in a disciplined financial case.
4. Supporting execution through ongoing review
As the project moved forward, we remained involved through monthly management reviews with Coterie’s leadership and the family office. These sessions tracked construction milestones, procurement costs, and Founder Membership commitments against the model, allowing the team to identify variances early and make adjustments where needed.
This review cadence helped keep the project tied to the original business case and gave stakeholders a clearer basis for monitoring progress as the second site developed.
Kapitel 3
Wo sie heute stehen
Coterie now has a much clearer framework for evaluating and executing its second-location expansion. The business has a more robust view of site-level economics, a more flexible approach to funding, and a more structured process for tracking build-out progress against plan.
What began as an ambitious expansion idea has been turned into a more disciplined growth plan with clearer economics, clearer funding options, and stronger alignment between founders and capital partners.
