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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)

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Presentation on theme: "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)"— Presentation transcript:

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 1800s 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?) Dont 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


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