InternationalBusiness Plan

Event

Sullivan’s SteakhouseGourmet Restaurant

Upper Merion Area High School DECAUpper Merion Area High School

435 Crossfield RoadKing of Prussia, PA, 19406

David Galban

January 27, 2012

i:

Table of ContentsI. Executive Summary

.1II. Introduction

2III. Analysis of the International Business Situation 4

A. Economic, political, and legal analysis of the trading country 41. Description of the trading country’s economic system 42. Description of the trading country’s governmental structure and stability 63. Description of laws and agencies that affect the business 7

B. Trade Area and Cultural Analysis 91. Geographic and Demographic Information 92. Market Segment Analysis for the Target Market 113. Analysis of the Potential Location 13

IV. Planned Operation of the Proposed Business 14A. Proposed Organization 14B. Proposed Product/Service 18

1. Details of the product/services to be offered 182. How the product/supplies will be transported from the home country 19

C. Proposed Strategies21

1. Proposed pricing policies 212. Proposed promotional program 22

V. Planned Financing25

VI. Bibliography27

VII. Appendix29

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I. Executive SummarySullivan’s Steakhouse, a brand of Del Frisco’s Restaurant Group, is a popular chain of restaurants

throughout North America. Appealing to most demographics but specifically tailored to the uppermiddle class, Sullivan’s has been nationally recognized and awarded. It currently has approximately 20locations throughout the country. Though it is nowhere near saturating the domestic market, we feel thatnow would be a good time for it to expand into the international market and thereby raise its customerbase by millions.

The best location for us to begin our international campaign would be New Zealand. NewZealand has recently been decentralized and now has one of the most liberal, free, and developedeconomies in the world. It is renowned for its ease of doing business and particularly for starting upboth foreign and domestic corporations.

New Zealand is famous for its cuisine, its beautiful geography, and its history and people. It ishas been traditionally a place full of rugged people, but now these pioneer spirits have settled down a bitand are embracing the world of high culture. Tourists also take advantage of the culture that NewZealand has to offer, as millions of foreign visitors come to New Zealand each year.

While in New Zealand, Sullivan’s would follow the conventional wisdom that the chainestablished in the United States, while modifying itself to suit local needs. New Zealand allows overseascompanies to form as subsidiaries that obey New Zealand law, which is less strict than that of the UnitedStates. If we are to enter New Zealand, we shall do so as a subsidiary, but with a completelyinterlocking executive with the parent company. Though we would not be a franchise, we would workas a chain throughout New Zealand with many qualities of a franchise, including manager flexibility andquicker response to local issues. In total, we would expect to establish four restaurants up and down thetwo main islands of New Zealand. These would be in the four main cities: Auckland, Wellington,Cbristchurch, and Dunedin. In this way we can expect to attract the largest number of customers.

Using calculations about local prices and wages, we have predicted that this venture will be avery profitable one indeed. Assuming a start-up fund of $300,000 NZD provided for by the parentcompany, we can expect a profit of about $578,000 during the first year alone. Over the course of threeyears, we have determined that this profit will increase by approximately 378%.

In conclusion, we have determined that this proposal would be in the best interests for DelFrisco’s Restaurant Group, and we strongly suggest and thank you for your support.

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II. Introduction

Cultural sophistication. Natural beauty. Pleasant people. These are the words that come to mind

when one thinks of New Zealand. New Zealand, a small country situated in the Southern Pacific, is a

beautiful nation of the 21st century, fully modernized and developed. The economy has grown

significantly in the past few decades and it represents a high-income region of the world. It is a

wonderful location to establish a business. And that is why, to the above list, we wish to add: Sullivan ‘s.

Sullivan’s Steakhouse is an American chain of restaurants owned by Del Frisco’s Restaurant

Group and is well-known and loved by its customers. We specialize in gourmet food items, primarily

steaks, seafood, and other meats. We are recognized for the quality of our food, not to mention large

portions. We are also famous for our friendly service and the sophisticated atmosphere in our

restaurants, which entices the business world, the cultural world, and the modern world all to dine at

Sullivan’s. Basically, we service anyone who wants to have good food and a good time in a good

atmosphere.

Currently Sullivan’s is privately owned, but that has not stopped it from expanding nationally. We

are in areas as diverse as Chicago, Anchorage, and Tucson. In each of these locations and at the national

level we have been awarded for our excellence, and high rates of customer satisfaction make it clear that

the public is quite fond of us. This has provided us with the capital and inspiration to expand. And

while we certainly do have enough space in the United States to continue growth, having a total of only

about 20 restaurants, we feel as though we are ready for an international market. This will allow us to

service millions more as well as establish a global reputation for high quality, which will certainly be

advantageous for any business, foreign and domestic. New Zealand is the ideal location to begin this

campaign. There are many reasons as to why this is so. Among these are:

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• New Zealand is business-friendly. New Zealand has been ranked third in the annual Ease

of Doing Business ranking by the World Bank, behind only Singapore and Hong Kong and

ahead of the United States. It is easy and cheap to begin operations, taking less than a day

and costing only about $150 NZD. In addition, it has moderately low corporate taxes and

the registration process for intellectual property is simple and straightforward. Finally one

of the greatest beauties of New Zealand is its few restrictions on trade. It is fairly easy for

an international corporation to establish itself in New Zealand, and domestic agriculture

enables us to avoid having to work with customs and tariffs.

• New Zealand is culturally similar to the United States. While it is true that both have

very unique national identities, it cannot be denied that both New Zealand and the United

States come from the same Anglo-Saxon tradition. Both value reasoning and intuition,

both have concern for civil liberties and economic freedom, both have representative forms

of government, and both have approximately the same tastes in Western cuisine. This will

allow for ease in starting operations and there will be far less culture shock than there

might be elsewhere. This explains why we would not begin operations in a place like

Singapore. Though they are first in terms of ease of doing business, their culture is far

different from that of the United States, and we would have a more difficult time adjusting

our policies to suit this new cultural climate.

• New Zealand’s economy is driven by tourism. New Zealand is among the most popular

tourist destinations in the world. Millions of tourists pass through the airports of New

Zealand each year, and many of these tourists are from the United States. By servicing

New Zealand, we can service those tourists who are searching for American cuisine. In

addition, we modify our menus to cater to those who want traditional New Zealand fare as

well.

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This plan was compiled through research of a good deal of sources. A good deal of information on

New Zealand could be found through government agencies online. In addition, through the web pages

of various companies, it was relatively easy to determine probable costs of rent, supplies, and other

necessities needed to properly conduct a food service business.

As a general note, unless otherwise indicated, all monetary figures throughout the plan will be

expressed in terms of New Zealand Dollars (NZD.)

III. Analysis of the International Business Situation

A. Economic, political, and legal analysis of the trading country

1. Description of the trading country’s economic system

Historically, New Zealand has generally had a very centralized economy. Much of industry was

state-owned, and the private sector was relatively small. However, within the past twenty years, much

has been done to liberalize the economy and make it more based on service industries rather than those

of manufacturing. What was once a primarily agrarian economy is now a decentralized, industrialized

free market, ranked third in the world for ease of doing business by the World Bank.

The economy is the 68th largest in the world, with a GDP of approximately $135.9 billion.

However, after the financial crisis, economic growth has been minimal, with only 2.1% growth observed

in 2010. The GDP per capita is approximately $33,000, which ranks New Zealand 51st in the world in

terms of PPP. Moreover, the current labor force is comprised of 2.333 million people, 7% working in

agriculture, 19% in industry, and 74% in the service sectors. Unemployment has always been low,

typically far less than it is in the United States, though today it is relatively high with 6.5% of New

Zealanders currently considered unemployed. Still, this means that 93.5% of those wanting work have

it, which does create a large source of disposable income.

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New Zealand is a country already established as an international trader. In 2010, exports were

estimated to be approximately $38.6 billion, and imports were at $35.7 billion. The most common

exports included dairy, meat, wood, fish, and machinery, and the most common imports were vehicles,

machinery, fuels, and plastics. Its four largest trading partners were Australia, China, the United States

and Japan. Currently few restrictions or tariffs are place on international trade, besides New Zealand’s

restrictions on foods and plants for fear of biological contamination. New Zealand has already

established several free trade agreements, the most important one being with its largest trading partner,

Australia, through the Closer Economics Relation Agreement of 1990. Currently foreign investment is

at $84.9 billion, with many international companies already doing business in New Zealand.

The infrastructure of New Zealand is well established. The cities of New Zealand are connected

with 93,748 kilometers of roads, and 65.4% of these roads are paved. There are also extensive railways;

the largest rail is the state-owned KiwiRail. The number of airports in New Zealand is in the hundreds,

the largest and busiest being the international airport in Auckland.

Taxes make up a significant portion of the GDP, and in fact the tax rates in New Zealand are

relatively high. There is a goods and services tax (GST) of 15% and a corporate tax of 28%. In

addition, minimum wage is currently set at $13 per hour.

Of course, what is perhaps the most important part of the New Zealand economy, at least for us,

is the tourism sector. In total, 2,582,935 foreign tourists visited New Zealand in 2011, the vast majority

coming mainly from Australia, the United Kingdom, the United States and China. Currently,

international tourism is increasing at a rate of 2.5% per year and naturally is a predominant portion of

the New Zealand economy. This of course works in our favor. As a restaurant, we can naturally appeal

to the tourist who seeks respite from the exotic and wants comfort in familiar foods, but also the daring

tourist who wants to fully immerse himself in the New Zealand culture. Tourism, it could be said, will

be our lifeblood in New Zealand, and it is essential that we appeal to that market.

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________ ___________________—

2. Description of the trading country’s governmental structure and stability

New Zealand is a parliamentary monarchy and, along with many other former British colonies, is

a member of the Commonwealth. As such, the reigning queen of New Zealand is Elizabeth II, who

serves as the head of state. Given her geographical distance from the country, however, she is

represented in New Zealand by the Governor-General, who is appointed by the queen following the

advice of the Prime Minister, and serves a five-year term. Both the queen and the Governor-General,

while important to the governmental structure, have little to do with any laws that are passed. Rather,

they sign laws already created into existence, and as such, serve as little more than a rubber stamp.

Legislature in New Zealand originates in a unicameral Parliament. Parliament is comprised

solely of the House of Representatives, which most always has 120 members, each of which receives a

three-year term. All citizens of New Zealand aged 18 or older are able to vote for ministers, and each is

given two votes: one for a local representative and one for a party. In this way, the New Zealand voting

system is a combination of the American and British forms. The most recent elections took place in

2011, which led to a 121 member House, with 60 seats going to the National Party, 34 to the Labour

Party, 13 to the Green Party, 8 to New Zealand First, 3 to the Maori Party, and the rest being distributed

among smaller parties.

The government is led by the executive branch, which consists of the prime minister, a Cabinet,

and the public sector. The Cabinet is made up of specialized ministers who work with legislation and

with the prime minister. Currently, the prime minister of New Zealand is John Key from the national

party. With a background in business and entrepreneurship, Key liberalized much of the very

centralized economy of New Zealand and worked to create the free-market state that it is today. As

such, his term seems beneficial to our business.

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A third branch of government, the judiciary, manages the court system. It is similar to the U.S.

judicial branch in that there is a hierarchy of courts, judges are supposed to stay politically neutral, and

they interpret law through the process ofjudicial review.

While New Zealand doesn’t have a Constitution in the form of one document like the United

States does, they do possess a constitution, which consists of several key laws passed by Parliament

concerning the structure of government. As such, they can be effectively referred to as a constitutional

monarchy.

The parliamentary system in New Zealand seems well-established and stable. Originating as a

British colony, New Zealand inherited a tradition of representative government and civil liberties. As

such, there has been a parliament in New Zealand since it was granted autonomy. By 1893, universal

suffrage was attained for both sexes, indicating its long history of democracy. A slight change was

made in 1996 to parliamentary structure, however, which replaced the traditional two-party political

system with a mixed-member proportional system, meaning that parties earned seats depending on the

proportion of votes they obtained.

In terms of business management, the New Zealand government maintains a largely laissez-faire

approach. Most of the industry that had been previously owned by the state has now been privatized,

and this has led to improvements in the economy. Outside of taxation, government registration, and

slight limitations on sales and businesses, the government now conducts little regulation.

In at least one index, New Zealand government has been ranked as the least corrupt in the world.

It is a government that we can trust, a government that should be a pleasure working with during our

operations in New Zealand

3. Description of laws and agencies that affect the business

The World Bank ranks New Zealand third in its annual Ease of Doing Business Index. This is in

part due to the limited government involvement in the economy. Most laws limiting trade and business

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concern consumer welfare. Perhaps the most important law in this respect is the Fair Trading Act. This

is designed to ensure competition in the marketplace in addition to protecting the rights of the consumer.

In general, it works to eliminate misleading information in terms of promotions, advertisements, and

pricing. For example, we would not be able to make faulty claims in any of our commercials or say

anything that might be considered deceptive, such as leading customers to believe that any prizes we

might offer them are worth more than they are or that we are offering them a huge discount when in

actuality that is not the case. Of course, these are actions that we would not consider in the first place.

Other consumer rights laws, such as the Consumer Guarantee Act, require that products do what they are

designed to do and are not faulty.

In order to set up our business, we will need to comply with the wishes of the Ministry of

Economic Development. We will need therefore to sign up for the national register and register any

trademarks or logos, though these processes are cost-efficient and easy. In addition, any restaurant in

New Zealand must comply with the Food Hygiene Regulations of 1974 and the Food Act of 1981,

which stipulate certain requirements for pest control, kitchen size, hand washing, among other things.

They also require that we have a Certificate of Registration, which guarantees that we comply with these

health regulations and without which we are not legally allowed to operate.

Inland Revenue has recently changed corporate tax rates. Currently it is set at 28% of profits,

which we would not be exempt from even during our first year. During each fiscal year, we would be

required to file a return, in the month of our choosing. However, any year in which we have a net loss,

we would not be required to pay any taxes, and in fact the loss would be added to the next year’s tax

returns. For instance, if one year we lost $30,000 and the next year we had a $30,000 profit, we would

end up paying no taxes for either year.

While not a government institution, advertisements in New Zealand are regulated by the

Advertising Standards Authority, and it would be in our best interests to abide by their standards.

VID M GALBAN Sunday, April29, 2012 11:20:35AM ET

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•V

V.- V -— - -V -

______ __________________

Among some of their requirements for the food industry are that advertisements do not promote an

inactive lifestyle, all nutritional facts are accurate, andV V

a.wRw ,L€r4; .ini K,nars.V

nr.I r

SOUTH PACIFiC that the amount of food depicted is not excessivelyOCEA N

large.

As one final regulation, there are certain daysWhangarei

North during which most businesses are not allowed toAuckland V

island

-amilton raurarga operate in New Zealand. These include Christmas,

Thsman Sea ) Good Friday, and Easter Sunday. Additionally, on aNamerPalmerston

V Norms •iV• local holiday referred to Anzac Day, we would not be*WELLINGT0NNson

allowed until 1:00 p.m.Southisland B. Trade Area and Cultural Analysis•cThnstchurch

4.oi.kp-4,oi( Cx%

1. Geographic andV Duredn 1 Demographic Information•lnvercargill

New Zealand is an island country situated in• .,ni. V

PACIFICOCEAN the Southern Pacific, approximately 1000 miles

southeast of Australia. The total area is 267,710

square kilometers, which is 76 in the world in terms) Pit) 2CtOki0 lOt) t)&rn

of size. Most of the land is on two main islands,—V

referred to as the North and South Islands. There are also a few smaller islands and territories owned by

New Zealand, such as the Cook Islands, the Auckland Islands, and the Three Kings Islands. Total

coastline reaches 15,134 km.

Geographically, New Zealand is very mountainous, and despite its small size, there is much

variation in terms of altitude. At its lowest point, the land reaches sea level. The highest, Aoraki-Mount

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Cook, is 3754 meters above that. Despite this, approximately two thirds of land in New Zealand is

arable, which is reflected in its moderately large agricultural sector and its large annual harvests.

New Zealand is not large enough for there to be a significant change in climate as one travels

from north to south. Rather, much of the climate’s variation results from the mountainous terrain and

much of the significant weather patterns occur in the east to west direction. Below is a chart showing

the general temperature and rainfall rates for the four principle cities of New Zealand:

CityAucklandWellingtonChristchurchDunedin

January High

( °C)23.322.518.920.3

July High (°C) Rainfall (mm)14.5 1331

11.3 643

9.8 765

11.4 1447

Demographically speaking, New Zealand is a very diverse nation and has a many different

peoples. As of the last census in 2006, there were 4,027,947 permanent residents in New Zealand, with

it estimated that there were about 4.3 million by 2010. Originally a British colony, 77.6% of the New

Zealand population descends from European roots. There is also a strong minority of indigenous people

in New Zealand, the Maori, who make up 14.6% of the population. Other ethnicities hail from the

Pacific (6.9%) or Asia (9.2%). The most common languages that are spoken are English, as well as

Maori, in which 4.1% of the population is fluent. This predominant usage of English prevents really any

language barrier and establishes a common ground for our American and New Zealand operations.

The New Zealand population is well educated, with a current literacy rate of 99%. However,

they tend to prefer their ‘Kiwi ingenuity,’ using common sense and self-reliance to solve problems. This

connects to New Zealand ideals of masculinity, which traditionally has supported toughness, though this

image is in decline. Still, contending with the mountainous terrain has over the years instilled a sort of

ruggedness in the New Zealand identity. This can be seen in the fondness for rugby and in the still

sizable farming community.

VID M GALBAN Sunday, April 29, 2012 11:20:35AM ET

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New Zealanders enjoy nature and have worked to preserve the ecology of the islands. Popular

pastimes include kayaking and hiking. The natural beauty of New Zealand and the potential for

adventure have always been a draw for both the residents and the tourists.

Nevertheless, New Zealand has become modernized and more metropolitan. Today there is a

segment of New Zealand life that is high society, one of gourmet cuisine and haute culture. The

emergence of this mode of life is certainly beneficial to our restaurant, and we shall have the easiest time

catering to this group.

Utilizing this information, as well as knowledge of our current American operations, we have

been able to produce a list of our advantages and our disadvantages against our competition while in

New Zealand:

Competitive Advantages:• Highqualityfood• Large portions encourage repeat customers and customer satisfaction• “Chain” structure allows increased revenue and profit• Afready well-established in the United States and can rely on previously successful methodsCompetitive Disadvantages:• Less brand-name recognition• Less establishment in the area and less understanding of regulation

Hopefully as we continue to spend more time in New Zealand, the list of disadvantages will

grow less and less significant.

2. Market Segment Analysis for the Target Market

Our restaurant, while appealing to a wide variety of people and tastes, offers dishes that may be

financially out of reach for the average American citizen on most days. In New Zealand, which has an

average per capita income of about 68% of that of the United States, this should be expected to be the

case as well. Nevertheless, this income is on the rise. In addition, a mere 6.6% of the New Zealand

population is unemployed, allowing for greater occurrences of disposable income and for a broader

target market.

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In the United States, Sullivan’s restaurants, while a national brand that spanned the entire

continent, were not all that common, located mainly in metropolitan areas or in those with high degrees

of affluence. In New Zealand, we will stick to a similar policy, most probably only establishing

locations in four major cities, those being Auckland, Wellington, Christchurch, and Dunedin, which in

addition to being among the largest cities in New Zealand are also geographically spread out among

both islands and are relatively distant from each other, which would ultimately allow for the highest

potential market. in addition, these are prime tourist destinations, particularly for international tourism,

which comprises a large portion of the New Zealand economy.

New Zealand had a total of 2,582,935 foreign visitors in 2011. Of these, the top three visiting

countries were Australia, with 1,284,617 tourists, the United Kingdom, with 231,764 tourists, and the

United States, with 184,228 tourists. Many of these enter New Zealand through the airport at Auckland.

Further, these are vacationers, and as a general rule, have sufficient funds to afford our cuisine. In

addition, New Zealand and all three of these touring nations share a culture with a common Anglo-

Saxon background. Similar restaurants to ours have appealed to these similar cultures in the past and

have had much success. Given our high quality, we should expect to do the same.

Let us now attempt to describe our potential market. Given our broad appeal, we do not have

one average customer, but in fact many. One is the fairly well-off, upper-middle class man and woman

with a taste for high society. They are generally older, and wish to enjoy the rest of their lives. Then

there is the young executive or salesperson, who is just entering the world of business and frequently

needs a sophisticated restaurant in which to have a power lunch. There is the common man and woman,

in their thirties or forties, single or married, who has need to celebrate and wishes to indulge themselves.

Finally, there is the tourist of any age who wants a taste of home while at the same time experiencing a

foreign culture. New Zealand has ample amounts of all of these: all free-market societies have produced

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ID M GALBAN Sunday, April 29, 2012 11:20:35AM ET

II

wealthy citizens, recent privatization has led to an increase in the need for managers, and more than two

million foreign tourists visit the nation annually

Most fortunately for our business, the frequency at which New Zealanders eat their meals at

restaurants has been on the rise. Further, one of the appeals of the islands to the tourist community is

their cuisine. Given that part of the tourist experience is doing as the natives do, we can expect a high

frequency of tourist diners at restaurants as well. Or, if they wish to be comforted by familiar brands,

the national level of the Sullivan’s brand should of course be enticing. All of this, of course, makes now

an ideal time to establish a presence in New Zealand.

3. Analysis of the Potential Location

According to the World Bank’s Ease of Doing Business Ranking, New Zealand is ranked first for

starting business. The reasoning behind this is evident in the level of documentation required to

establish an overseas company in New Zealand: it is practically non-existent. For an international

company to register to begin conducting business, it is required only really to have a certificate of

incorporation from its country of origin or an equivalent to that. This does pose a small problem for

Sullivan’s, as its parent, Del Frisco’s Restaurant Group, is a limited liability company, rather than a true

corporation. If we wish to expand into the international market, it seems as though we may need to first

incorporate under American law. However, Del Frisco’s has recently announced its plans for an initial

public offering, which certainly seems to argue that they may be well on the way to incorporation

already.

Further, as we are not planning to import any actual products from the United States, for reasons

shown below, we do not need to contend with New Zealand Customs nor do we have to pay the

associated fees. This also eliminates worry about having to comply with biohazard regulation, a

stringent policy that New Zealand has concerning importation. Overall, this contributes to the effect of

it being rather easy to establish ourselves in New Zealand.

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One final document that we will need for operation in New Zealand is a Certificate of Registration.

We are a restaurant, and therefore must comply with health regulations. Other than that however, we do

not need to do much to begin business.

As such, once we get all of these documents taken care of we can initiate our operations. Our

initial location will be the city of Auckland, located on the north side of the Northern Island.

Auckland’s population exceeds 1.3 million residents and its award-winning international airport receives

over 13 million people annually. As it is a hub for New Zealanders as well as for tourists, it seems like

the ideal spot to launch our operations. It also has many cultural attractions, such as art gallery, a

sprawling coastline, and a multitude of festivals throughout the year. This furthers the draw that

Auckland has for both foreign and domestic tourists, and we should have no shortage of potential

customers.

We are not yet well-known in the region, and naturally we want to change this state of affairs. As

such, in choosing a property to lease

for our restaurant, we have not only

looked at size and cost, but also

visibility. One such property, at 56

Fort Street in the middle of Auckland

seems as though it might be an ideal

location. It is near several main roads,

and thus should not be hard for

customers to find. Also, at 234 square

meters (2519 square feet), it is large enough to seat a good deal of customers at once.

IV. Planned Operation of the Proposed Business

A. Proposed Organization

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JN

N

ilL-‘

Sullivan’s currently operates in the United States as a brand of Del Frisco’s Restaurant Group,

LLC, and has a chain of restaurants that are each under individual management. We wish to conduct

similar operations in New Zealand. This allows for greater product variability within each of the

individual restaurants. The restaurants we have in New Zealand do not need to have exactly the same

menus as those in the United States do, and perhaps they should not. We would thus allow usage of

New Zealand-grown goods and local recipes in addition to the recipes we use at home. Thus, while our

brand unity may slightly decline due to the differences of each location and the Del Frisco’s corporate

center may concede some power to the individual managers, these downsides will be more than

overcome by the benefits of being able to appeal to both an American and a New Zealander market,

accommodating two kinds of tourist and two kinds of local.

In respect to overseas companies, New Zealand offers three forms of registration: subsidiary,

branch, and new company. As mentioned before, we have felt it best to operate business in New

Zealand as a subsidiary. By this, we will be able to act as a New Zealand corporation, but will be

completely owned by Del Frisco’s Restaurant Group, and thereby retain our status as a private company.

In addition, our New Zealand subsidiary would be acting under less restrictive laws and taxes than

would our parent American company, and thus we could hopefully expect a greater return on our

investments than would be possible in the United States. However, the board of directors and all

executive positions will be the same for both the parent and subsidiary companies.

While we will not be a franchise per Se, we nevertheless will have a veryfranchise-esque feel.

All restaurants will be directly owned by the New Zealand subsidiary, which will hire managers for the

individual properties. However, these managers will be granted a large degree of autonomy in the daily

operations of their divisions, choosing recipes, establishing good public relations, and other such

necessities. The corporation, however, will keep charge over advertising and actual ownership, while of

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VD M GALBAN Sunday, April 29,2012 11:20:35AM ET

course receiving advice from the managers about local conditions. in this way, we can keep the

flexibility of a franchise without a decline in profit.

In order to begin business, we must first register our company name with the New Zealand

registry. We must then actually register as an overseas company as well. In total, this will cost

approximately $110 NZD ($85.47 USD.) After these steps are completed, we are officially allowed to

conduct business in New Zealand. At this time, we shall acquire both the needed property and cooking

materials. It seems as though we would have the greatest opportunity for growth to first lease a property

for a restaurant in Auckland, given the large size of both the city itself, as well as that of the

international airport.

For ease of transition and of general operation, we feel as though it would be best to keep an

organizational structure for individual restaurants similar to that which we have in the United States.

Thus we shall have a few key positions (the number of which per restaurant being the number next to

the title), which are explained in depth below:

• General Manager (1): The general manager will be charged with the everyday operations of the

restaurants. He or she will be responsible for the hiring of any staff that the restaurant needs,

such as waiters, cooks, and busboys. He or she will deal with any customer complaints and will

be responsible for maintaining a strong positive image for Sullivan’s. As such, it would be

beneficial, but not necessarily required, for the manager to be a New Zealander, such that they

could better relate to our newfound market. According to the New Zealand Department of

Labour, the average salary for a restaurant manager in 2008 was $52,219.

• Maître d’ (1): The maître d’ serves as the host for the restaurant and greets the diners as they

come in and ensures that they have promptly receive service. For them too it is important to

convey a strong positive image of Sullivan’s and to have the ability to connect with the

‘AVID M GALBAN Sunday, April29, 2012 11:20:35AM ET

16

customers. It would be preferable for them to be a native New Zealander. The average salary

for a maître d’ in 2009 was $38,792.

• Executive Chef (1): The executive chef is the leader of the kitchen and is responsible for the

preparation of the meals. He oversees the work of the other cooks and ensures that our food is

always of the highest quality. It would be required that the executive chef have much experience

in the culinary arts, especially in American and New Zealand cuisine. The average salary of an

executive chef in 2009 was $53,379.

• Cook (4): Our New Zealand restaurants shall have a kitchen staff that follows the traditional

brigade de cuisine, an organizational structure established for haute cuisine in the l9 century.

That being said, we will not be an overly large nor bureaucratic restaurant, and thus not every

position in the traditional scheme will be filled. We will, however, keep a sous-chef, chefs de

partie, a chef particularly dedicated to work in sauces, and some free-body cooks to work in each

of the kitchen’s individual stations. The average salaries for a sous-chef and a chef de partie in

2009 were $44,749 and $37,223, respectively.

• Waiter (15): Waiters will be responsible for taking the orders from our customers and bringing

the food to them. As these will most often be the only members of the staff that the customers

will ever see, it is required that they be courteous, outgoing, and charismatic. It would be

beneficial for our waiters to be New Zealanders. The average salary of a waiter in 2009 was

$36,238.

• Kitchen Assistant (4): These members of the staff clean up the tables and the restaurant towards

the end of the night, and thus are very rarely seen by the customers. The only requirement for a

kitchen assistant is that he or she works diligently. The average salary of a kitchen assistant in

2009 was $24,046.

17

ViD M GALBAN Sunday, April29, 2012 11:20:35AM ET

-

B. Proposed Product/Service

1. Details of the products/services to be offered

At its heart, Sullivan’s is a standard restaurant. Our menu is a la carte, with entrées, appetizers,

and desserts all being sold separately. Though we are principally known as a steakhouse, and thus

specialize in filet mignon, rib-eye, and lamb chops, we also sell seafood, such as our shrimp scampi,

poultry, and offer various sides, soups, salads, and desserts. In addition, we have an extensive wine and

cocktail list and pride ourselves on that fact. A sample page from an American menu can be found in

the appendix.

All of our meals are crafted by knowledgeable chefs, who ensure each dish the customers eat is

as delicious as the last. We also keep our portions ample, which certainly appeals to the customer and

gives us a competitive edge. These efforts have not gone unnoticed by critics. From 2000 to 2010,

Sullivan’s had been awarded the Wine Spectator’s Award of Excellence on a national level. In addition,

multiple local awards have been received, including the ranking of AOL Cities Best Steakhouse in

Chicago, Best Burger, Lunch Spot, Seafood, and Steak by CitySearch in Seattle, and the Best of Main

Line award for Best Steakhouse in King of Prussia. Such awards we wish to continue to get while in

New Zealand and wherever else we set up shop abroad.

However, at Sullivan’s we would like to consider that we are selling not just a meal, but rather an

experience. As such, we promote a positive and friendly atmosphere for the customers from the time

they enter the restaurant until the time they leave. All managers and waiters in the New Zealand

subsidiary should be instructed to establish protocol in courtesy and in promptness, so that we might

guarantee the customers that their time spent at our restaurants, which will average approximately two

hours, will be a pleasant one.

If this is to be the case, that we are in the belief that our restaurant is an experience, it makes

sense that we should make it a New Zealand experience. Hence, our New Zealand menus will offer not

18

‘AVID M GALBAN Sunday, April 29, 2012 11:20:35AM ET

I

only our classic American-style cuisine, but also traditional New Zealand food as well, particularly those

with a strong Maori influence, with traditional ingredients like fish, birds, potato, sweet potato, and

native roots and herbs, so that we can make the dining experience as authentic as possible for any

tourists. Nevertheless, this would never completely eliminate our American menus, and would provide

any tourist customers simultaneously with the sense of adventure and of home.

As will be mentioned below, everything we need to sell our products can be found already in

New Zealand, and thus the need for American imports is nil. This includes not only ingredients and

spices for our recipes, but also necessary equipment for cooking and serving. This includes

kitchenware, such as pots, pans, ovens, and refrigerators, in addition to furniture for the dining area,

such as chairs, tables, plates, and cutlery. In order to establish an authentic New Zealand atmosphere,

this would also include decor for the main dining room, such as traditional crafts, proper lighting, and

suitable coloration, all of course staying within the bounds of classy and refined taste.

Standard kitchen procedure will follow the brigade de cuisine structure as mentioned above, and

sufficient ingredients will always be kept on supply. Certain perishable foods, such as produce, will be

bought daily from local markets or food distributors, not only ensuring their freshness, but also infusing

the local economy with capital, improving public relations and increasing opportunities for customers to

dine at Sullivan’s.

19

lID M GALBAN Sunday, April 29, 2012 11:20:35AM ET

2. How the product/supplies will be transported from the home country

New Zealand has a large agricultural sector, and thus many of the ingredients that we use in our

meals can be easily produced and found on the islands. This eliminates much of our need to import

goods from the United States and keeps our transportation costs down to far below what they would be

otherwise. Additionally, by using local foods, we appeal to the tourist who wants the cuisine that New

Zealand has to offer. We are, in essence, combining New Zealand and American cuisines. Ecotourists,

who represent a large proportion of New Zealand tourists, will be particularly enticed by this, for locally

grown crops and cattle require far less preservatives and thus are more “natural.”

The four cities in which we plan to establish restaurants are in districts where the number of

farms is in the hundreds, if not the thousands. The most common crops grown were potatoes, with

500,000 tons, apples, with 482,000 tons, wheat, with 360,000 tons, and barley with 281,000 tons. There

are also sizable harvests of corn, squash, tomatoes, and carrots. In terms of total meat production, 9.65

million heads of cattle, 39.54 million sheep, and 344,000 pigs were raised. Further, the 61% of the beef,

65% of the lamb, and 51% of the mutton was exported, indicating that there is clearly a supply beyond

that which is needed by the people. We should thus be able to expect relatively low prices for all of our

food goods.

Some goods, such as certain vintages of wine, may not be available locally. Fortunately,

however, anything that we cannot find in New Zealand can most likely be found in Australia, and thus

all of our supplies can be found in a 1250 mile radius. This will appeal to our refined customers, who

prefer fine wines from all over the world.

While it was mentioned above that each city is near its own farms and thus we will generally not

have to ship goods over great distances, it may be the case that some local ingredients may be better than

others, and thus to improve our overall quality, we will ship these goods to all our restaurants. Perhaps

the quickest and most cost-efficient method of transportation that we have found is through KiwiRail, an

international rail line that services both islands. From their website, we have concluded that shipping

20

)AVID M GALBAN Sunday, April 29,2012 11:20:35AM ET

from Auckland to Dunedin, which would be the longest haul we would need to take, would cost

approximately $2,674. Enough is shipped in each delivery that we can ship with a low enough

frequency to remain cost-efficient.

In addition to ingredients, we will also need local sources of restaurant supplies. For its quality

and relatively low costs, we have determined Southern Hospitality to be an ideal provider of such

suppliers. Through them, it is possible to furnish chairs, tables, cutlery, kitchen utensils, and the like.

Further, as they have showcases in all four of the cities in which we plan to establish ourselves, we can

keep to relatively low transportation costs.

An example ofafullyfurnished Sullivan ‘.s’ restaurant

C. Proposed Strategies

1. Proposed pricing policies

Sullivan’s serves largely as a gourmet restaurant and is known for its high quality. That said,

any pricing policy would need to be able to cover our expenses and at the same time remain competitive

with other restaurants in the area and stay affordable for the average New Zealander.

lD M GALBAN Sunday, April29, 2012 11:20:35AM ET

21

The currency of New Zealand is the New Zealand dollar, which is divided into 100 cents. At the

current exchange rate, one NZD is equal to .8214 USD. This, of course, makes prices slightly cheaper

in New Zealand than in the United States, and it is this currency with which we shall conduct business.

For all of our food products that we sell in New Zealand, we would like to see at least a 100%

profit margin. That is to say that if it costs $20 for the ingredients, labor, and transportation required to

produce a meal, that meal should be sold at a minimum of $40. However, food prices should be

expected to vary region by region, with some goods being harder to find in remote places. Nevertheless,

given our menu from the United States, we can estimate that one person’s meal, on average, will cost at

least $60. This, however, doesn’t include the New Zealand Goods and Services Tax, which is a flat tax

for all goods, currently levied at 15%. Still, New Zealand has a high minimum wage of $13/hour, and

thus tipping in restaurants is nowhere near as obligatory as it is in the United States. Thus, the cost for

the consumer of a United States restaurant and a New Zealand restaurant should be approximately the

same.

Despite what may seem to be a rather high price, we still maintain a competitive edge. While in

New Zealand and in Auckland, our main competitors will be established fine dining eateries. A

quintessential representative among these would be the One Tree Grill. A simple meal there, consisting

of 300 g of beef sirloin, a side of asparagus, and a dessert of ice cream would total $37+$8+$12.5 or

$57.5, before the tax was added. It is clear that our prices keep within this range. In addition, we are

known for our relatively large portions, and thus we provide a greater value to the customer.

While we will lack brand name recognition at first, as seen below our first few weeks in New

Zealand will be introduced with a discount campaign. If we offer a 15% discount, we can still keep a

hefty 70% profit margin.

2. Proposed promotional program

Sullivan’s, having our basis largely in New American cuisine and now fusing with traditional New

22

DAVID M GALBAN Sunday, April 29,2012 11:20:35 AM ET

Zealand fare, conveys an image of sophistication, sleekness, and modernity. Naturally, any marketing

program that we conduct in New Zealand will portray us in this light. As such, it works to our

advantage to use both traditional marketing in addition to newer, more technological methods.

Our biggest difficulty in terms of marketing will be name recognition. While we are a well-

known brand in the United States, we have not yet expanded to an international market and therefore

should be new to New Zealanders. Any program we conduct, therefore, should have its primary focus

on getting our name out to the public and improving our image. As a secondary factor, we must realize

that a large proportion of our customer basis will be tourists, primarily from the United States, the

United Kingdom, and Australia. In America especially we have already achieved a brand name

recognition and any marketing that we conduct should reflect on the reputation we have established in

America in order to increase our market share of the tourist population.

During our first year, we do not plan to set up a location outside of Auckland. Therefore, much

of our promotional energy will be concentrated there. Not only does this allow us to better understand

our now smaller target market, but this is far cheaper than marketing nationally. In terms of traditional

media, we shall place advertisements in newspapers, magazines, and on television. Prime TV is perhaps

the most watched network in New Zealand, and has several different channels. The network also offers

significant discounts for local marketing rather than national, and any commercials for solely the

Auckland region can air for half the national rate.

The largest newspaper in Auckland in terms of circulation is the New Zealand Herald, which had

a circulation of 187,000 in 2008. They offer several methods of advertising that would be of interest to

us. A half-page advertisement would cost $5,020, a full page would cost $8,970, and the back cover

would cost $10,315. They also sell square centimeters of advertising space and varying rates. In

addition, we may place inserts into the paper at a rate of $62.50 per 1,000, provided we do so for at least

100,000 papers. While these would not rates we would necessarily be able to afford daily, it would

23

‘ID M GALBAN Sunday, April29, 2012 11:20:35AM ET

certainly be advantageous to utilize these resources at least in the beginning. As a tentative schedule,

approximately one week before we open our first restaurant, we will issue an insert campaign, providing

coupons for newspaper readers. Approximately two weeks after we open, we will issue an

advertisement for the back page of the paper. Subsequent advertisements will follow periodically, once

the situation is assessed. In addition, we will advertise in magazines that may appeal to our clientele.

For instance, we might place bimonthly ads in TIME, which would charge $3,805 for each half-page.

As mentioned above, we have a need to appeal to the tourist. This could easily be attained by

putting our name on travel websites, such as www.newzealand.com. In addition, each of the Sullivan’s

restaurants in New Zealand will have its own page on the central Sullivan’s website, and therefore

should come up when searched for by a search engine. We shall also use more modern social media,

such as Facebook and Twitter, which will increase our brand name recognition, entice additional

customers to dine at our restaurant through the distribution of discounts and coupons, and increase our

target market as we appeal to the younger age brackets.

In addition to these forms of marketing, we shall also work to improve our public relations. We

shall establish long-term partnerships with other companies who suit our target market. For example,

we may partner with concert halls or museums and offer a discount package. Or, to entice the tourist

market, we shall sponsor transportation services and work with travel agencies. We shall also support

local charities and community benefits, gaining the trust and recognition of the local residents.

Later, as we enter Year 2 and establish our second New Zealand restaurant in Wellington,

marketing costs should expect to increase. However, with the tourism industry encouraging domestic

tourism, which is rising at a rate of approximately 1.5%, we should expect a moderate level of brand

name recognition even before we begin our Wellington campaign. The same holds true for Christchurch

and Dunedin, but more so.

24

DAVID M GALBAN Sunday, April 29, 2012 11:20:35AM ET

V. Planned Financing

Sullivan’s Steakbouse Projected Income Statement- Year 1

Quarter 1 Quarter 2 Quarter 3 Quarter 4 YearCustomers/Night 100 150 175 200Cost/Meal $60 $60 $60 $60Revenue $546,000 $819,000 $955,500 $1,080,000 $3,400,500

Salaries $235,141 $235,141 $235,141 $235,141 $940,564Rent $26,910 $26,910 $26,910 $26,910 $107,640Advertising $15,000 $5,000 $5,000 $5,000 $30,000Utilities $2,000 $2,000 $2,000 $2,000 $8,000Ingredients $218,400.0 $327,600.0 $382,200.0 $432,000.0 $1,360,200Supplies $150,000 $0 $0 $0 $150,000Insurance $1,000 $1,000 $1,000 $1,000 $4,000Incorporation $100 $0 $0 $0 $100Public Relations $1,000 $1,000 $1,000 $1,000 $4,000Transportation $2,000 $3,000 $3,500 $4,000 $12,500Communication $500 $500 $500 $500 $2,000Miscellaneous $250 $250 $250 $250 $1,000Expenses $652,301 $602,401 $657,501 $707,801 $2,620,004

Profit ($106,301) $216,599 $297,999 $372,199 $780,496Tax $0 $30,883.44 $83,439.72 $104,215.72 $218,538.88Net Profit ($106,301) $185,716 $214,559 $267,983 $561,957

Sullivan’s Steakhouse Cash Flow Statement- Year 1

Quarter 1 Quarter 2 Quarter 3 Quarter 4Cash onHand $300,000 $193,699 $410,298 $708,297Sales $546,000 $819,000 $955,500 $1,080,000Paid $652,301 $602,401 $657,501 $707,801Cash onHand $193,699 $410,298 $708,297 $1,080,496

Sullivan’s Steakhouse Three Year Plan

Year 1 I Year 2 Year 3 I

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‘ID M GALBAN Sunday, April 29, 2012 11:20:35 AM ET

Sales $3,400,500 $7,720,500 $12,040,500Expenses $2,620,004 $5,457,608 $8,295,312Profit $780,496 $2,262,892 $3,745,188Tax $218,538.88 $633,609.76 $1,048,652.64NetProfit $561,957.12 $1,629,282.24 $2,696,535.36

We have predicted excellent returns for Sullivan’s Steakhouse over the course of the first three

years of business. In detennining revenue, we figured that it would take approximately one year for a

restaurant to reach a maximum capacity of about 200 guests a day. This number in turn was derived

from the fact that a meal takes two hours to eat at Sullivan’s. This leads to approximately 2 rounds of

customers every night for dinner in addition to our lunch guests. Thus, for each restaurant, with our

advertising campaign in effect, we’ve predicted its first quarter will receive an average of 100 customers

per day; its second quarter will receive 150; its third will receive 175; its fourth will receive the full 200.

Further, we followed the previous prediction that an average meal earns us $60 in revenue. Total

salaries were calculated from the sum of all of the previously mentioned wages. Supplies served as a

start-up fee, where we would pay for all of our tables, kitchen materials, and the like all at once, in

addition to any sort of insurance. Ingredient costs were put at 40% of food costs, recognizing that this is

subject to variation throughout the country. Likewise, advertising expenses were an approximation, but

taking into account the promotional plan mentioned above. Utilities were estimated and should be

expected to vary from the predicted value. Miscellaneous fees include such costs as registration and

legal fees. Taxation is kept at the standard New Zealand rate of 28%, however, given the tax laws

whereby taxable profit is reduce by an amount lost in a previous year, the amount of tax that is needed to

be owed in the second quarter is less than this 28%, given the loss that we will have in the first.

Our three-year plan assumed that we would be opening a new restaurant every year, which is a

very reasonable proposition. Thus, the finances for the original year would be repeated for each

restaurant until it reached its maximum suspected revenue per year. Restaurants already established26

DAVID M GALBAN Sunday, April 29, 2012 11:20:35AM ET

were assumed to keep their maximum revenue and not require further supplies. Following these trends,

we have been able to predict a 378% increase in net profit over the course of these three years.

VI. Bibliography

Auckland. Auckland Tourism, 2011. Web. 27 Jan. 2012. <http://www.aucklandnz.com!>.

Auckland Airport. N.p., 2010. Web. 27 Jan. 2012. <http://www.aucklandairport.co.nz/>.

Business.Govt.NZ. Ministry of Economic Development, 2012. Web. 26 Jan. 2012.

<http://www.business.govt.nz/>.

“Business Income Tax.” I,qlandRevenue. Inland Revenue, 2011. Web. 26 Jan. 2012.

<http ://www.ird.govt.nz,1businessincometaxAimputationJ1imputationctrchange/>.

CareersNZ. N.p., n.d. Web. 25 Jan. 2012. <http://www.careers.govt.nz/>.

“Del Frisco’s Restaurant Group Files to Go Public.” CBSDFW. N.p., 2012. Web. 27 Jan. 2012.

<http ://dfw.cbslocal.comjl2O 12/101 í124i1de1-friscos-restaurant-group-files-to-go-public/>.

Department ofLabour. New Zealand Dept. of Labor, n.d. Web. 25 Jan. 2012.

<http ://www.dol.govt.nz/1er4payilminimumwage/>.

Dharamsey, Amar, Robert Maybruch, and Konstantin Pokidyshev. International Business Plan Event:

Quality Business Solutions, Inc. N.p.: n.p., 2008. Print.

Doing Business. World Bank, 2012. Web. 26 Jan. 2012. <http://www.doingbusiness.org>.

Engler, Ben, and Rachiel Kennen. International Business Plan Event. Play It Again Sports. N.p.: n.p.,

2011. Print.

Jowett, Denise. Personal interview. 27 Jan. 2012.

KiwiRail Freight Hub. KiwiRail, 2011. Web. 24 Jan. 2012. <http://www.kiwirailfreight.co.nz/>.

Ministiy ofEconomic Development. Ministry of Economic Development, n.d. Web. 27 Jan. 2012.

<http ://www.med.govt.nz/>.

27

VID M GALBAN Sunday April 29, 2012 11:20:35AM ET

I.

New Zealand. N.p., 2011. Web. 26 Jan. 2012. <http://www.newzea1and.com!>.

“New Zealand.” CIA WorldFactbook. Central Intelligence Agency, 2012. Web. 26 Jan. 2012.

<https ://www.cia.govilibrary/publicationsi1the-world-factbookJ1geos/Inz.htm1>.

“New Zealand.” The Statesman Yearbook. Ed. Barry Turner. N.p.: Palgrave Macmillan, 2012. N. pag.

Print.

New Zealand Herald. APN Holdings, 2012. Web. 27 Jan. 2012. <http://www.nzherald.co.nz/>.

“The New Zealand Legal System.” Ministry ofJustice. New Zealand Ministry of Justice, n.d. Web. 25

Jan. 2012. <http ://www.justice.govt.nz/lpublications/lglobal-publications/Mthe-new-zealand-legal

system>.

New Zealand Parliament. N.p., 2012. Web. 27 Jan. 2012. <http://www.parliament.nz/len-NZ>.

New Zealand Tourism Guide. New Zealand Tourism Guide, 2010. Web. 27 Jan. 2012.

<http://www.tourism.net.nz/>.

Prime Commercial. N.p., 2012. Web. 25 Jan. 2012. <http://www.primecommercial.co.nz/>.

Prime TV. Prime Television LTD, 2010. Web. 27 Jan. 2012. <http://www.primetv.co.nz/>.

Southern Hospitality LTD. Southern Hospitality LTD, 2011. Web. 25 Jan. 2012.

<http://www.southemhospitality.co.nz!>.

Statistics New Zealand. N.p., 2012. Web. 25 Jan. 2012. <http://www.stats.govt.nz/>.

Sullivan’s Steakhouse. Del Frisco’s Restaurant Group, 2011. Web. 24 Jan. 2012.

<http://sullivansteakhouse.com!>.

Zagat. Zagat, 2012. Web. 27 Jan. 2012. <http://www.zagat.com!>.

AVID M GALBAN Sunday, April 29, 2012 11:20:35AM ET

28

1

VII. Appendix

CHEF’S SELECTIONS

CHILI CRUSTED RIBEYEBROILED RIBEYE 16 OZ, CHILI CRUST, ROASTEDRED PEPPER — TRUFFLE BUTTER

FILET DUXELLEBROILED WILD MUSHROOM STUFFED FILETS 02,MUSHROOM MADEIRA RAGOUT

FILET OSCARBROILED FILETS OZ, JUMBO LUMP CRABASPARAGUS & BEARNAISE

FILET & LOBSTERBROILED 6 OZ FILET, BUTTER BRAISED LOBSTER TAIL, CHIVE SAUCE

SULLY’S MEATLOAFALL BEEF MEATLOAF, HINTS OF BLUE CHEESE,HORSERADISH MASHED POTATOES, SAUTEED ONIONS,MUSHROOMS & BORDELAISE SAUCE

ROASTED CHICKEN “PICATTA STYLE”SCALLION MASHED POTATOES & LEMON CAPER SAUCE

STEAKS & CHOPS, ETC.FILET MIGNON 8 OZ/12 OZ

34/39

NEW YORK STRIP 12 OZ/16 OZ35/40

RIBEYE 16 OZ40

BONE-IN RIBEYE 22 OZ “COWBOY CUT”42

BONE-IN KC STRIP 18 OZ41

PORTERHOUSE 24 OZ45

LAMB CHOPS-TRIPLE CUT39

VEAL CHOP39

41

37

42

55

25

25

COMPLIMENTARY ICEBERG LETTUCE WEDGE WITH BLUE CHEESE DRESSINGOR

CAESAR SALAD WITH ANY ENTREE

— SAUCES

BOURBON

PEPPERCORN

SAUCE

3

MADEIRA MUSHROOM

SAUCE

3

HOLLANDAISE

OR

BEARNAISE

3

PAIRINGS —

OSCAR

JUMBO LUMP CRAB,ASPARAGUS &

BEARNAISE SAUCE

10

— BUTTERS

CABERNET

GOAT CHEESE

BUTTER

3

033011

29

ALASKAN KING CRAB

LEGS, Y LB

23

SPLIT AUSTRALIANLOBSTER TAIL, 7 oz

28

GORGONZOLA GARLIC

BUTTER

3

ROASTED RED

PEPPER-TRUFFLEBUTTER

3

f ID M GALBAN Sunday, April29, 2012 11:20:35 AM ET

5’