Audits for Existing FECs and LBEs
Many location-based entertainment (LBE) and family entertainment center (FEC) businesses retain our company’s services to audit their existing businesses to determine how they can improve their financial performance and grow their business. Also, our audits are the first phase of work to determine the best strategic direction and mix of new attractions for existing facilities looking to expand their facilities.
Our audits examine many different aspects of an LBE’s or FEC’s business, including:
- Attendance by category
- Per capita spending
- Revenues
- Determine market areas
- Market area demographics and socio-economics
- Analysis of target demographic
- Competition
- Operating expenses
- Labor cost
- Mix of attractions
- Throughput and right sizing
- Food and beverage offerings
- Cost of goods sold
- Birthday party and group business
- Facility layout and finishes
- Marketing
- Management
Audits include a review and analysis of historic and financial results and a visit by Randy White, our CEO, to inspect and evaluate your LBE or FEC, meet with key management to discuss the business, interview key personnel, inspect competition and conduct other necessary market reconnaissance. Randy’s visit normally varies between one and two days depending on the complexity of the work.
Depending on initial research findings, other work might also include customer surveys, plotting existing customer residences and socio-economic analysis of existing customers.
For poorly performing LBEs and FECs, our analysis includes a determination of the root causes of the poor performance so a turnaround plan can be developed to address those issues.
Fees for existing FEC and LBE audits vary greatly depending on the size and type family entertainment center or location-based entertainment venue and whether the audit is the first phase of work for an expansion
Contact us to learn more about how we can improve your FEC’s or LBE’s business performance and profitability.
