Byrd — Investor Presentation

The Opportunity

"We're opening Byrd in Boise — a 40–50 seat, chef-driven New American restaurant built on seasonal ingredients and precise technique. Anchor dishes that change with the season. A chef's menu of rotating specials that keeps regulars coming back. A strong beer and wine program. The market is ready — Boise produced James Beard winners in 2025 and is absorbing premium concepts at an accelerating pace. We're building demand before we open through a pop-up series, so we walk in with a proven audience and proven pricing. This isn't a passion project. It's a disciplined, small-footprint business designed to be profitable from the start."

Controlled Format

40–50 seats. Reservations and walk-ins welcome. A focused à la carte menu built around seasonal anchor dishes and a rotating chef's selection. Every variable controlled — covers, labor, food cost, pacing, guest experience. Walk-ins are seated on availability; when the room is full, the host manages the waitlist and returns the call when a table opens.

Pre-Built Demand

A pop-up series beginning 6 months before opening builds a paying audience, validates menu pricing, and generates early revenue — so the restaurant opens with a wait list, not a hope.

Market Timing

Boise is in the early stage of a culinary emergence. James Beard nominations and wins. High-end concepts opening downtown. A chef-driven New American restaurant at $35–50 average entrée price positions below the fine dining ceiling and above the casual market — a gap with significant room to grow.

The Concept

Format

40–50 seats — intimate, controllable, high-touch
À la carte format — anchor dishes that change with the season, plus rotating chef's specials, small plates, and three desserts including house-made ice cream
Reservations and walk-ins welcome — host-managed floor, wait list when full
5 nights per week — dinner only, Wednesday through Sunday
$16–$50 entrée range — beer and wine program separate; target check $80–100/head
1,200–1,500 sq ft — second-generation downtown space

Culinary Identity

New American — ingredient-driven, seasonal, technique-forward without ceremony
Anchor dishes — seasonal staples always on the menu, executed at the highest level
Chef's specials — rotating dishes reflecting season, sourcing, and creative direction
Idaho-sourced where possible — Snake River Farms, Emmett orchards, local produce
Seasonal rotation — specials shift every 4–6 weeks; anchors evolve each season
Playful energy — high craft without formality

Service Philosophy

Neighborhood restaurant energy — date night and last-minute alike; regulars welcome
Curated beer and wine — natural and low-intervention focus, floor-driven, never scripted; curated by GM Julia Donovan
Energy in the room — guests feel the craft without ceremony
Approachable energy — warm, informed service without formality or script

Entity Structure

Byrd Restaurant Development LLC (BRD) — holding company
Byrd Boise LLC — operating entity under BRD
Liability separation between investors and operations
Scalability — future concepts live under BRD
Investors are capital partners — passive returns only, no operational duties required
8% preferred return — $80,000 annually to investors off the top before any profit split
Pre-payback split: 70/30 — investors/owners on distributions above preferred return
Post-payback split: 35/65 — investors/owners once full capital is returned (projected Year 4)
5-year investor return: ~$1,616,000 — $1M capital returned + $616k profit · ~62% total return on capital
Owner returns flow through Byrd Boise LLC to BRD; owner salaries are a P&L expense separate from distributions

The Market

Boise is no longer a secondary market. It is in the early stage of a culinary emergence that rewards the operators who arrive before the ceiling rises.

26%

Culinary growth in Boise, 2025 per Visit Boise

$5.4B

Idaho restaurant industry annual revenue

$85–100

Target average check per guest, beverage included

2M+

Idaho population, growing at 1.5% annually

Boise's culinary market is maturing rapidly. James Beard nominations and wins — including Fork for Outstanding Restaurant and Kris Komori for Best Chef: Northwest & Pacific — have placed Boise on the national culinary map. High-end concepts including El Gaucho (Fire & Vine Hospitality, Seattle) have opened their first Idaho locations downtown. KIN, Boise's established chef-driven tasting menu, operates reservation-only at the fine dining tier. Population growth is running at approximately 1.5% annually, with an influx of out-of-state residents accustomed to sophisticated dining options.

Sources: Idaho Restaurant Association; Visit Boise; U.S. Census Bureau Idaho population data; James Beard Foundation 2025 Awards.

The gap Byrd fills: a chef-driven New American restaurant that delivers high-craft cooking at an accessible price point — $16 vegetables, $50 steaks, $80–100 average check. Reservation and walk-in. The quality without the ceremony. A restaurant people return to weekly, not annually.

Financial Model

At 40–50 seats, 5 nights per week — Byrd targets $109,148 in monthly revenue at Year 1 based on a blended $98 check (65% beverage attach at $20 avg), 1.5x turn rate, and 75% occupancy. The model is built on conservative assumptions, not peak performance. Final seat count is determined by the space; the concept holds cleanly to 50 seats.

Monthly Revenue — Year 1
$109,148
45 seats · 1.5x turns · $98 blended check · 5 nights/week · 75% occupancy · tip pool FOH labor structure

Monthly Revenue — Year 2
$129,184
85% occupancy · $100 blended check · beverage attach grows to 70%

Investor Payback Target
Year 4
Full $1M capital returned mid-Year 4 · split flips to 35/65 post-payback

Annual P&L Projection — Year 1 (40–50 Seats)

Line Item	Monthly	Annual	% Revenue
Total Revenue	$109,148	$1,263,200	100%
Food Cost (30% of food rev)	$28,401	$340,812	27.0%
Beverage Cost (23% of bev rev)	$3,330	$39,960	3.2%
Total COGS	$31,731	$380,772	29.1%
Owner — Chef ($85k)	$7,083	$85,000	6.5%
Owner — GM ($65k)	$5,417	$65,000	5.0%
Operational Flexibility Reserve	$4,583	$55,000	4.2%
FOH Labor	$6,598	$79,170	6.0%
Line Cooks	$5,460	$65,520	5.0%
Prep / Dishwasher	$2,080	$24,960	1.9%
Payroll Tax (12%)	$3,746	$44,952	3.4%
Total Labor	$34,967	$419,602	32.0%
Prime Cost	$66,698	$800,374	61.1%
Rent	$5,000	$60,000	4.6%
Buildout Amortization	$4,583	$54,996	4.2%
Utilities	$2,800	$33,600	2.6%
Insurance	$1,200	$14,400	1.1%
POS & Tech	$600	$7,200	0.5%
Marketing & PR	$1,000	$12,000	0.9%
Repairs & Maintenance	$500	$6,000	0.5%
Supplies & Smallwares	$800	$9,600	0.7%
Linen & Uniforms	$400	$4,800	0.4%
Accounting & Legal	$700	$8,400	0.6%
Miscellaneous	$500	$6,000	0.5%
Total OpEx	$18,083	$216,996	16.6%
Net Operating Income	$24,366	$266,121	22.3%
8% Preferred Return — All Investors	($20,000)	($80,000)	—
Investor 70% Pre-Payback Share	($10,857)	($130,285)	—
Quarterly Investor Distribution	$52,571 / qtr	$210,285 / yr	Year 1

Use of Funds — $1,000,000 Raise

Buildout & Construction $225,000

Furniture, Fixtures & Equipment $85,000

POS & Technology $12,000

Opening Inventory — Food & Beverage $18,000

Pre-Opening Labor (4-week training) $22,000

Brand Launch & Marketing $15,000

Licenses & Permits $8,000

Legal & Entity Setup $12,000

Working Capital Reserve (6 months) $115,000

Contingency Reserve (10%) $88,000

Total Capital Raise $1,000,000

Investor Terms

Byrd is raising $1,000,000 from a group of investors across two tiers — Tier 1 ($150,000+) and Tier 2 ($25,000–$149,999). Terms are structured to protect investor capital while preserving operational flexibility for the ownership team.

Total Raise

$1,000,000

Two-tier structure. Tier 1: $150,000+ · Tier 2: $25,000–$149,999. Minimum investment $25,000. No maximum.

Preferred Return

8% preferred return on invested capital, paid before any profit distributions to owners.

Investment Tiers

70 / 30

70% to investors, 30% to BRD ownership until full capital payback is achieved.

Post-Payback Split

35 / 65

35% to investors, 65% to BRD ownership after full capital payback. Owners earn majority upside once investors are made whole.

Payback Timeline

Year 4

Full $1M capital returned mid-Year 4. Proforma NOI: $289k (Yr 1) · $460k (Yr 2) · $541k (Yr 3) · $628k (Yr 4). Post-payback split flips to 35/65 permanently. Break-even at 39 covers/night — modeled Year 1 runs 51 covers/night.

Operating Entity

LLC

Byrd Boise LLC under BRD holding company. Liability separation between operations and investor vehicle.

Capital Flow Structure

Revenue flows through Byrd Boise LLC → preferred return paid to investors first → remaining distributions split 70/30 pre-payback → once $1,000,000 is returned in full, split shifts to 35/65 (investors/owners) permanently. Owner compensation ($85,000 Chef + $65,000 GM) is paid as operating expense from Byrd LLC before distributions. Investor capital is not at risk from owner salaries — those are line items in the P&L, not distributions. All returns are passive for investors. No investor is required to perform operational duties.

The Team

Chef · Owner · Concept Lead

Devin Ihnat

17 years in hospitality, working every level of the floor and kitchen from line cook to general manager. Currently operating full-scope multi-concept food and beverage — bakery, savory kitchen, full bar, and coffee program — as General Manager of Sugarwolf under Guy and Larry Restaurants in Austin, Texas.

Experienced across multiple restaurant openings, labor and cost management, menu development, and systems-driven operations. Thinks in P&L, builds in systems, leads through outcomes. Byrd is not a first concept — it is the product of a career spent learning what makes a restaurant work as a business, not just as a kitchen.

At Byrd: Executive Chef, concept and menu direction, kitchen operations, vendor relationships, and long-term business strategy under BRD.

General Manager · Owner · Guest Experience

Julia Donovan

5 years in hospitality, with the most recent 6 months as Service Manager and Assistant General Manager. Brings direct experience managing front-of-house systems, guest relationships, and floor-level team leadership.

At Byrd: General Manager, responsible for FOH operations, team training and culture, reservation management, guest experience, and wine program facilitation. The relationship between the kitchen and the dining room is where the experience lives — this role owns that space entirely.

Combined, the ownership team covers every operational discipline Byrd requires — from recipe development and cost management to hospitality, service, and floor presence. No critical function is outsourced to a hired operator.

Execution Timeline

Now

Pre-Move

Audience Building Begins

Boise social presence established. Tock profile live. Email capture running. Content targeting Boise market — Idaho ingredients, Snake River Valley producers, local food culture. Capital conversations initiated.

Mo. 1–2

Relocation

Establish · Network · First Private Event

Relocate to Boise. Build vendor and hospitality relationships. First private dining event — 12–16 covers, personal network only, calibration purpose. No public listing yet.

Mo. 3–6

Pop-Ups

Public Pop-Up Series · Menu Refinement · Audience Growth

2–4 public pop-up events per month via Tock. Menu tested and refined. Email list and repeat guest base built. Revenue target: $8,000–$12,000/month by Month 5–6. Investor confidence package completed.

Mo. 6–8

Capital Raise

Close Investment Round · Begin Site Search

Close $1,000,000 raise across Tier 1 and Tier 2 investors. Pop-up revenue demonstrates proof of concept. Site search begins — 1,200–1,500 sq ft second-generation downtown space, $175–225k buildout target.

Mo. 8–11

Buildout

Lease · Design · Construction · Hiring

Lease signed. Buildout begins. Kitchen and FOH staff hired and trained. Pop-ups continue at outside venues through construction. Private events begin in-space once kitchen is functional — before public opening.

Mo. 11–12

Opening

Soft Open · Full Launch · Byrd is Open

2–3 private preview dinners before public soft open. Full public launch follows. Wait list from pop-up audience fills first weeks. Preferred return distributions begin at Month 3 of operation.

Risk & Mitigation

Market Risk

New market, unproven audience

Mitigation: Pop-up series builds a paying, proven audience before a dollar of buildout capital is spent. We open with a wait list, not a hope. Capital raise does not close until pop-up revenue validates demand.

Execution Risk

Overbuilding or overstaffing

Mitigation: Hard cap on buildout at $275,000. 40–50 seat format keeps headcount to 8–10 per service. Focused à la carte menu — anchor dishes plus rotating specials — limits prep complexity and waste. Every system is built for repeatability, not ambition.

Revenue Risk

Utilization below 70% in Year 1

Mitigation: Six months of working capital reserve protects operations through a slow ramp. At 50% utilization, Byrd still covers prime cost and occupancy. The $1M raise is sized to survive a soft opening without distress.

Real Estate Risk

Right space not available at target cost

Mitigation: Search begins at capital close with a clear decision rule — pass on any space requiring more than $275k buildout regardless of location quality. Timeline allows 3–4 months of site search before pressure builds.

Team Risk

Key person dependency

Mitigation: Ownership covers both Chef and GM roles — the two most critical positions in a small restaurant. No single departure eliminates operational leadership. Sous chef hired as backup kitchen leadership before opening.

Operational Note

Walk-in policy when the room is full

Policy: Walk-ins are seated on immediate availability. When the dining room is at capacity, walk-ins are offered a wait list for the same service or priority reservation for the following night. Scarcity is managed — not apologized for. A full room is a signal, not a problem.

Competitive Risk

Market saturation at premium price point

Mitigation: Byrd operates in a different category than KIN and El Gaucho — neighborhood restaurant, not fine dining destination. A $50 steak and $16 vegetable dish is a weekly occasion, not a special event. Walk-in availability and an accessible price range creates a repeat guest base that destination dining cannot.