Museum Financing: Where to Start
The feasibility study is the first step in financing a new museum. Leisure Business Advisors LLC (LBA) specializes in conducting this study, which is generally required by funding sources. This report provides market and financial analysis and projections that will be used in the developer's business plan.
The study also provides critical physical planning recommendations for the business plan. It is critical that design plans are in line with market needs and expected cash flow. These planning guidelines need to be established before financing is in place. Designers and managers can also benefit from the guidance provided in the study.
As part of the feasibility study, LBA can work closely with you in preparing the initial image package that would assist designers in the planning stage of development that follows the feasibility stage. We could provide a walk-through description and color artist conceptual images of your new museum seen through the eyes of a typical visitor. These images would suggest its general "look and feel" " in presentations to funding sources.
John Gerner, LBA's managing director, has conducted feasibility studies for many museums and cultural attractions over the past 30+ years. These include:
Fort Monroe Cultural Business Plan (Hampton, Virginia USA)
Fort Monroe is a former military base in Virginia that contains the largest stone fort ever built in America and more than a 100 historic buildings. It is 231 hectares (570 acres) in size. LBA prepared the cultural business plan in 2010 that was part of the interpretive master plan for Fort Monroe's reuse when it closed as an active military base. Click
here to download this plan.
Kansas Cosmosphere and Space Center (Hutchinson, Kansas USA)
The Cosmosphere is a science museum with many historic space exploration artifacts, including the Apollo 13 command module. In 2014, Leisure Business Advisors LLC (LBA) and Verner Johnson, Inc prepared a revitalization plan that emphasized STEM (science, technology, engineering, mathematics) education initiatives. This master plan included significant changes to the museum's mission, programming, exhibits and building layout.
Artisan Center (Staunton, Virginia USA)
Leisure Business Advisors LLC (LBA) and Verner Johnson, Inc prepared a comprehensive master plan for a new artisan center in the Shenandoah Valley during 2014. It would promote and support Virginia artisans through sales, exhibition, interpretation, education and special events. The goal is to inspire the next generation of artisans, strengthen communities, and provide an authentic cultural gateway to the region and state. Click
here to download this comprehensive master plan.
Arkansas Arts Center (Little Rock, Arkansas USA)
The Arkansas Arts Center is an art museum and center for the visual and performing arts. It features live theater productions, art classes, lectures, films, family programs, shopping and dining. As a subcontractor to A Different View, Leisure Business Advisors LLC (LBA) evaluated the market and financial feasibility of expanding the museum school in 2006. This effort included an examination of the performance of comparable art schools in relation to the size and quality of the markets that these facilities serve.
Clark Planetarium (Salt Lake City, Utah USA)
The Clark Planetarium opened in 2003, replacing the historic Hansen Planetarium. It features a dome theater, IMAX theater, and 10,000 square feet (930 square meters) of exhibits. During its initial planning stage, Economics Research Associates was retained by the Hansen Planetarium to conduct the feasibility study for this new science center. As a subcontractor to ERA, Gerner Consulting (LBA's previous name) prepared the financial analysis and projections.
Walt Disney Hometown Museum (Marceline, Missouri USA)
The Walt Disney Hometown Museum offers interpretive exhibits focusing on his life in Marceline. The museum was dedicated in 2001. As a subcontractor to International Theme Park Services, Gerner Consulting (LBA's previous name) evaluated the potential of this museum during its planning stage.
Jones Archaeological Museum (Tuscaloosa, Alabama USA)
The Jones Archaeological Museum tells the story of one of the most significant Native American archaeological sites in the country through modern technology and historical artifacts. Originally built in 1939, the museum reopened in 2010 after a $5 million renovation and expansion. Working with Taft Design + Associates, Gerner Consulting (LBA's previous name) evaluated the market and financial potential of this expansion before construction began.
Kennedy Space Center (Merritt Island, Florida USA)
The Kennedy Space Center has been the launch site for every United States human space flight since 1968. As a subcontractor to Economics Research Associates, Gerner Consulting (LBA's previous name) evaluated future exhibit and theater needs at its visitor center as part of a long-term physical master plan effort. In 2012, LBA was retained by the visitor center's operator to review its maintenance appearance from the viewpoint of a typical guest to the attraction.
Battleship New Jersey Museum (Camden, New Jersey USA)
The USS New Jersey is a battleship that was decommissioned after service in World War II, the Korean War, the Vietnam War, the Lebanese Civil War, and service in the Persian Gulf. As a subcontractor to International Theme Park Services, Gerner Consulting (LBA's previous name) prepared a market assessment for this museum and memorial before it opened to the public.
Nanshan Cultural Tourism Zone (Hainan, China)
The Nanshan Culture Tourism Zone is approximately 27 hectares (67 acres) in size, and contains several tourist attractions. These include the Hainan Culture Park, Felicity and Longevity Park, and Buddhist Culture Park. Its centerpiece is the Guanyin Statue of Hainan, which is currently the fourth tallest statue in the world. As a subcontractor to Economics Research Associates, John Gerner (LBA's managing director) evaluated the feasibility of developing this major tourism project.
Country Music Hall of Fame and Museum (Nashville, Tennessee USA)
The Country Music Hall of Fame and Museum identifies and preserves the evolving history and traditions of country music while educating its audiences. Economics Research Associates was retained by the museum to develop a visitor origin tracking system and analyze its initial results. John Gerner (LBA's managing director) was a consultant with ERA and served as project manager for this market analysis initiative.
Museum of Science (Boston, Massachusetts USA)
Boston's Museum of Science features over 700 interactive exhibits, live presentations, and shows at its Charles Hayden Planetarium and the Mugar Omni Theater. Economics Research Associates was retained by the museum to evaluate the admissions system and make recommendations that would increase throughput and decrease waiting time. John Gerner (LBA's managing director) was a consultant with ERA and served as project manager for this operations analysis.
National Air and Space Museum (Washington, DC USA)
The National Air and Space Museum of the Smithsonian Institution holds the largest collection of historic aircraft and spacecraft in the world. Marriott Corporation operated its visitor food service in 1984 and considered opening a full-service restaurant within the museum. Economics Research Associates was retained by Marriott to evaluate visitation patterns at the museum. John Gerner (LBA's managing director) was a consultant with ERA and served as an analyst for this consulting project.