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Virginia Farm Bureau Meadow Event Park & State Fair of Virginia PowerPoint Presentation
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Virginia Farm Bureau Meadow Event Park & State Fair of Virginia

Virginia Farm Bureau Meadow Event Park & State Fair of Virginia

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Virginia Farm Bureau Meadow Event Park & State Fair of Virginia

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  1. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • What is the Virginia Farm Bureau? • 17 Private Profit and Non-profit corporations-501(c) 3 • Non-profit: Agriculture Advocacy & Education • For-profit: Commodities Brokerage, Farm Products, Rural Development, Insurance (Auto, Home, Farm, Commercial, Life, & Health) • Membership Organization-135,000 Members throughout Virginia • 900 Employees • 200 Insurance Agents • Operations over 80 Years • Combined Revenues All Sources-$400 Million

  2. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • What is the Meadow Event Park? • (the “Meadow”) • 331 Acre Entertainment District & Park-Doswell, Va. • 15 Miles North of Richmond on I-95 • Kings Dominion Exit • Convention Center, Festival & Event Center, Equestrian Center, Executive Business Center • Historical site since early 1800’s • Birthplace and training site of famous racehorses • Riva Ridge (Kentucky Derby, Belmont Stakes) • Secretariat (Triple Crown Winner) • Home of the State Fair of Virginia since 2009 • Scenic destination event site attracting visitors from all over the United States.

  3. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • What is the State Fair of Virginia? • (the “Fair”) • Annual state fair in the Richmond area for over 154 years • Relocated from Richmond Raceway site in 2009 • Agriculture Exhibitions, Contests, & Shows • Midway rides & food concessions • Music and Various Entertainment Attractions • Vendors • In 2013 • Dates: September 27 through October 6 • Attendance: Over 160,000

  4. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Recent Financial History • Investment-$100 Million • 85,000 Sq. Ft Conference Center • 10,000 Sq. Ft Pavillion • Meadow Manor • Equine Center • Parking Lots, Pedestrian Tunnels, Utilities, Paved Parking & Road • Significant Investment Portfolio Losses after 2008 • Bankruptcy filing late 2011, early 2012 • Bankruptcy Auction – May 2012

  5. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Bankruptcy Auction • Available For Auction • Meadow Event Park Real Estate • Land • Buildings • Real Estate Fixtures • State Fair Of Virginia-Trademarks and Intellectual Property Rights • Rights to promote “State Fair of Virginia” • Equipment • Expected Bid Range-Over $10 Million • Winning Bid-Mark Lovell (Universal Fairs; Memphis) • Real Estate & State Fair Trademarks: $5.3 Million • Equipment (partial) $240,000

  6. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Virginia Farm Bureau Interest • Prior to Auction: None • Contacted by interested groups for contributions • Post-Auction: Limited-but increasing • 50% Ownership Decision • Rationale: • Limited Investment-ROI important but not critical • Protect Traditions of State Fair of Virginia • Experienced Management of Universal Fairs • Financial Considerations: • Limited Cash Infusion by Virginia Farm Bureau • Mortgage Financing on Meadow Event Park • NIBIT more than capable of debt servicing

  7. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Virginia Farm Bureau & Universal Fairs • ( A Case Study) • Commonwealth Fairs & Events (CF&E) • Formed to Own Meadow & Fair-July 2012 • Jointly Operate State Fair & Other Events at the Meadow • Partnership Arrangement • Equal Ownership- 50% Farm Bureau; 50% Universal Fairs • Separate Financials • Daily Management-Universal Fairs

  8. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Virginia Farm Bureau & Universal Fairs • (A Case Study) • Business Objectives & Missions • Farm Bureau-Reasonable Returns, Reputation & Altruistic Mission • Universal Fairs-High Profits & Value Add • Generally managed to be compatible • Planning Horizon & Investment • Farm Bureau: Long-term, reinvest profits for reasonable ROI • Universal Fairs: Immediate-term, invest for triple digit ROI

  9. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Virginia Farm Bureau & Universal Fairs • (A Case Study) • Business Processes (Large Corporation/Entreprenuer) • Design & Documentation • Collaboration & Decision Making • Internal Controls (What are those?) • Don’t spend any money. • Disbursement Authority & Budgeting • Financial Reporting • Monthly Reporting, Budgeting, Forecasting, Capital Management • Human Resource Management • Policies & Procedures-None

  10. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Virginia Farm Bureau-100% Ownership • Partnership (CF&E): Congenial, but Challenged Culture Mix • Difficult to Grow Together; More Successful Separately • Different Measures of Success • Financial Versus Mission Objectives • Farm Bureau Mission Realization • Ultimate Comprehension of Mission Alignment • Venue for Education & Promotion of Agriculture • Preserve & Protect State Fair & Secretariat Heritage • Communicate of Agriculture Issues • Farm Bureau Learning • Understand the Event Industry Business Model

  11. Virginia Farm Bureau Meadow Event Park & State Fair of Virginia • Future of Meadow, Secretariat, & the Fair • Strategic Value Development • Leverage Meadow & Fair to fulfill the Farm Bureau Mission • Provide Partner Opportunities (Non-Ownership) • Re-invest Profits into Infrastructure • Expand Fair Size & Scale • Double Attendance in Five Years • New Major Events • Music • Shows & Exhibitions • Equine Event Park • Provide Stewardship • Protect Secretariat Legacy for Public • National Historic Designation • Continue 150+ Tradition of State Fair