We are a Cricket Wireless Dealership expanding to 100 locations. Today there are over 3300 Cricket Wireless Stores in the U.S. and the company has been around for 15 years.

AT&T acquired Cricket Wireless in 2014 which virtually doubled Cricket's coverage area. This network expansion has created virgin territories without any Cricket store locations in markets where there is little to no competition for prepaid wireless services. Progressive Wireless, LLC was formed to open 100 Cricket Wireless stores as quickly as possible. We intend to take advantage of the current wireless trend from expensive, postpaid contract plans to non-contract prepaid plans. Cricket's dealer program provides excellent activation commissions, lifetime residuals and great margins on accessories. In a sense, a new gold rush has begun to quickly open up these virgin territories before this opportunity is gone.

We are pursuing a total of $5m in equity capital to fund our full 100 store expansion plan. To date, we've closed $415k, in commitments from sources outside the Localstake platform.

1443464419 denny mitchell
Denny Mitchell, Co-Founder and President

Financial Summary

Fundraise Summary

Structures Being Considered Preferred Equity

Offering Materials

You may download these documents for your own use.

Pitch Deck

Pitch Deck

Financials

Financial projections are subject to certain risks of the business and may not be achieved. Projections only contemplate projected cash flows, are unaudited and may not be formulated in accordance with US Generally Accepted Accounting Principles. Consult the investment materials for more information on business specific risks and a discussion of the key risks that may impede the achievement of the revenue forecasts presented. There is no guarantee that an investment may achieve any level of return. Review our Risks of Investing before making an investment decision.

Funding Plans & History

How much capital has already been raised towards your funding goal through outside sources?

We've closed $415,000 in commitments outside the Localstake platform.

Q&A

What is your competitive advantage?

Advantages include management team expertise, proven marketing strategies, virgin territories, strategic locations, ideal combination of Cricket’s available products and excellent services at low prices. We will also utilize advanced business management systems including Retail IQ, RQ4 and other proprietary HR management processes to improve staff training, productivity and retention.

What market(s) are you in?

As a Cricket Dealer, Progressive Wireless, LLC offers prepaid cellular services. This market segment is large and growing. In the first quarter of 2013 new wireless customers chose no contract plans 10 to 1 over contract plans. As of 2012 there were 100 million prepaid subscriptions in the U.S.  Smartphone sales on prepaid networks doubled from 2012 to 2013 with nearly one third of all smart phones currently on prepaid plans. Statistics also show that prepaid subscribers stick with their carriers on average for 20 months as of 2011.

Prepaid wireless moved beyond the credit challenged market only a short time ago and has become main stream for many segments including the cost conscious user. For many, prepaid wireless is a hassle free, simple, less expensive alternative to establishing a post-paid plan. In addition, prepaid does not have the same stigma it once had as many prepaid wireless service providers including Cricket offer smart phones to their customers.

The specific geographic locations that are primed for Cricket growth include states like Idaho and Montana. The Idaho market has no competition from T Mobile’s pre-paid brand Metro PCS, and Sprint and T-Mobile have poor network quality and therefore poor sales results. The Montana Market has little competition from any carriers except Verizon and AT&T, both of which are not targeting Cricket’s customer base. This is a prime virgin territory that has virtually no competition for Cricket's services.

Who are your competitors?

Most of the locations we are targeting have little to no competition for pre-paid wireless services.  Therefore our primary competition is from expesive contract based providers like Verizon and AT&T which require excellent credit and a long term commitment.

Provide detail on your hiring plans

Each store is projected to have a store manager and two sales associates.  As we grow we will hire a district manager for every seven stores and a regional manager for every 33 stores.  Once we have expanded to our full 100 stores we will have about 325 total employees.  

What is the composition of your current team?

We currently have 12 employees.  Our president is currently overseeing all operations, marketing and training functions.  Our board members are providing administrative support and leading the capitalization efforts.  We also have 2 store managers and sales and support staff. 

What is your product development timeline?

All products and services are now available.

What is your production process?

The mobile devices and accessories are ordered from Cricket Wireless and other suppliers with turnaround times of 3-7 days.  We have a substantial inventory in the store to meet the needs of most customers.

Gallery

How do you sell your product or service?

Sales are made through our own trained sales associates in our retail locations.  

How do you market your product or service?

Progressive Wireless, LLC has many marketing and promotion strategies it intends to implement. Cricket Wireless corporate or the individual stores may utilize any or all of the following:
• TV and Radio advertising will be paid and managed by Cricket Wireless. The majority of their $40 Million dollar monthly spend is on TV and radio spots.
• Blimps, Banners, and/or Billboards paid for by Cricket to drive brand awareness.
• Direct Mail & Door Hangers have proven effective in grand-opening strategies.
• Event Marketing will be a staple for local store advertising.
• Flyers and other guerilla marketing tactics will be organized and executed weekly at the store level.
• Networking with other business owners and attending BNI events will build our business to business sales.
• Online Marketing, SEO, and other online tactics will be utilized. Especially local map SEO strategies will be used.
• Telemarketing and customer call backs will occur daily at the store level.

Who are your target customers?

The target customers for Progressive Wireless, LLC include individuals that are characterized by the following: age 18-65, lower middle class through upper middle class, value conscious consumers, fixed income, frugal individuals, consumers frustrated with restrictive wireless contracts or who want a price that won't change on a monthly basis. Another ideal target market is small businesses with 5-25 employees.

Do you have current customers?

We currently have over 175 customers in the first 45 days of operations from our first location.  

What is your current customer pipeline?

We project that our mature stores will average 200 new customers per month.  

Team

1443464419 denny mitchell

Denny Mitchell

Co-Founder and President

Denny Mitchell is the President of Progressive Wireless. He was recruited by Cricket Wireless after he sold his successful 34 store Sprint Wireless Dealership. He was a member of Sprint's dealer advisory council and recognized as one of their top 10 operators. He has over 16 years experience successfully managing wireless retail stores. Mr. Mitchell has an MBA from the University of Phoenix.

Missing

Cole Normoyle

VP of Operations

Cole Normoyle has worked in the wireless industry for five years, and has helped manage both sales and operations for the retailer. He excels in inventory and supply chain management. He also has been heavily involved in logistical support and employee training. Cole has a Bachelor's degree from Arizona State University.

1444244455 steve miller cropped 2

Steve Miller

Board Member

For more than 30 years, Mr. Miller has operated as a Chairman, a President and a CEO. He has successfully run startup companies to large mid-cap companies which were at times privately held and other times publicly owned. Steve has global operating experience. He has sourced and sold products in every major world marketplace. Steve has successfully managed all forms of capitalization including: bank debt, capital leases, mezzanine financing and equity financing. He has extensive experience in mergers and acquisitions. Steve has won numerous business awards throughout his career, including being a finalist for the Ernst & Young Entrepreneur of the Year Award for three years. He has a degree in accounting and economics from the University of Missouri.

1444244530 david white

David White

Board Member

David White has over ten years of experience developing businesses from concept to fruition. He has formed and owned several companies, written business plans, assisted in capitalization, produced sales videos, and developed websites. In the past he has also helped acquire bank financing for large commercial real estate projects and then managed their construction. His varied background and capabilities have been instrumental in helping to enhance and improve Progressive Wireless's business plan in order to prepare it for a national roll out. He has a Bachelor's degree from Brigham Young University and an Advanced Paralegal Certificate from The University of Arizona.

1444770536 dale  murray 2

Dale Murray

Board Member

Dale Murray has spent his career in sales, marketing and entrepreneurial enterprises. His Business Administration education from Brigham Young University propelled him into a Communications Consultant position with Mountain Bell. He worked through a variety of opportunities and educational enhancements with Bell over a 21-year period. During that time the company provided Mr. Murray with masters courses in Marketing, Data Communications and Program Management. He has headed several startup companies and has been instrumental in raising millions of dollars in start-up capital for multiple ventures.

1444245114 alpha comm logo

Alpha Comm Enterprises

Service Provider

Agreement in place with Alpha Comm Enterprises to provide custom phone accessories at wholesale prices.

1444245171 clover wireless logo

Clover Wireless

Service Provider

Agreement in place with Clover Wireless to provide mobile device trade-in and trade-up solutions for our retail locations.

1444245236 fortiva logo

Fortiva Financial

Service Provider

Agreement in place with Fortiva Financial to provide mobile device financing options for our customers.

1444245303 ybuy logo

YBuY financing

Service Provider

Agreement in place with YBuY to provide mobile device financing options for our customers.

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Cricket Wireless

Service Provider

We are an approved Retail Dealership for Cricket Wireless.

1444244455 steve miller cropped 2

Steve Miller

Board Member

For more than 30 years, Mr. Miller has operated as a Chairman, a President and a CEO. He has successfully run startup companies to large mid-cap companies which were at times privately held and other times publicly owned. Steve has global operating experience. He has sourced and sold products in every major world marketplace. Steve has successfully managed all forms of capitalization including: bank debt, capital leases, mezzanine financing and equity financing. He has extensive experience in mergers and acquisitions. Steve has won numerous business awards throughout his career, including being a finalist for the Ernst & Young Entrepreneur of the Year Award for three years. He has a degree in accounting and economics from the University of Missouri.

1444244530 david white

David White

Board Member

David White has over ten years of experience developing businesses from concept to fruition. He has formed and owned several companies, written business plans, assisted in capitalization, produced sales videos, and developed websites. In the past he has also helped acquire bank financing for large commercial real estate projects and then managed their construction. His varied background and capabilities have been instrumental in helping to enhance and improve Progressive Wireless's business plan in order to prepare it for a national roll out. He has a Bachelor's degree from Brigham Young University and an Advanced Paralegal Certificate from The University of Arizona.

1444770536 dale  murray 2

Dale Murray

Board Member

Dale Murray has spent his career in sales, marketing and entrepreneurial enterprises. His Business Administration education from Brigham Young University propelled him into a Communications Consultant position with Mountain Bell. He worked through a variety of opportunities and educational enhancements with Bell over a 21-year period. During that time the company provided Mr. Murray with masters courses in Marketing, Data Communications and Program Management. He has headed several startup companies and has been instrumental in raising millions of dollars in start-up capital for multiple ventures.

About Progressive Wireless

Entity Progressive Wireless, LLC
Entity Type LLC
State Organized Arizona
Founded July 2015
Social Media
Website

Headquarters

Company Updates

Over 700 New Customers & Counting!

December 3, 2015

Stores are Exceeding Pro Forma Projections for New Customers by 30%!
We are excited to announce that we have enrolled over 700 new customers in only a few months. In its first three months the Pocatello store is averaging 30% more new customers than our pro forma had projected! We also had 20 customers upgrade their phones last month. The upgrade commission was not included in our projections and adds additional revenue and profits.

Company Sales Revenue Surpasses $150,000 in its First 3 months.
We are thrilled that company revenues have already exceeded $150,000. The Pocatello store just completed its third full month of operation. Our mall kiosk in Idaho Falls has only been open for two months. Bozeman just opened about a week ago. Revenues include device and accessory sales, activation and upgrade commissions and the lifetime residual we receive for every active customer.

Company President Tours Washington and Oregon with Cricket Executives!
Denny Mitchell met this week again with the northwest regional executives for the purpose of selecting prime locations for Progressive Wireless stores in OR and WA. We have identified up to 65 prime locations in those markets that are available for our expansion. They have offered us an exclusive in these markets if we can open the stores in a reasonable amount of time. This would bring our total identified locations to 79 out of the 100 we are targeting to open.

Projections Show a 47% Average Annual Return
Our projections show a 47% average annual cash return for investors over the first five years. As good as these projections are we believe they are understated given we did not include upgrade commissions and understated recurring revenues from lifetime residuals.

425 New Customers and Counting!

November 5, 2015

Pro forma projections were based on stores generating 100 activations in month one, 150 in months two and three and 200 in months 4 and beyond. Pocatello is already exceeding these expectations!

Store 1: Pocatello had 203 activations in October! – 53 higher than plan!
Pocatello finished its second month of operations at 203 activations which is 53 higher than our pro forma projections! That’s 35% more than our goal. In our first month, September, we finished 30% higher than projections. Since the doors opened we have 425 new customers and have sold over 640 devices. Our estimated break even is 100 monthly activations so you can see that our stores are profitable right out of the gates!

Store 2: Bozeman, MT store is almost complete and will open mid-November
The Bozeman store should open soon. All of the fixtures and equipment have been ordered and are in process of being installed. We are very excited about this location. We are not aware of any other prepaid wireless service providers in the area so this should be another home run for us.

Store 3: Billings, MT West – Scheduled to open by the end of November
Billings is the largest city in the state of Montana with a trade area of nearly half a million people. Therefore we are opening two stores simultaneously to take advantage of this premium market. Billings West is located adjacent to a major shopping mall with excellent visibility. The equipment and fixtures have been ordered.

Store 4: Billings, MT East - Scheduled to open by the end of November
Billings East is located on Main Street on the Northeast area of town and also has excellent visibility. The equipment and fixtures have been ordered. In the Billings market the only competing stores are AT&T and Verizon which is ideal!

20 Stores Projected in Year 1 – 14 Already in Process!
We projected that in the first 12 months of operation we would open 20 stores. We will have 4 stores open in our first 90 days with 10 other locations identified and in process! At this rate we should exceed our planned roll out.

Cricket Customer Retention at all Time High

October 29, 2015

Cricket Now Has the Best Network of any Prepaid Carrier
We wanted to share some more news that came from the Cricket Wireless Dealer Convention in Orlando a couple of weeks ago. When AT&T purchased Cricket Wireless in 2014 it doubled their network coverage. In fact they now can cover 99% of the US population. This not only attracts new customers but also helps with customer retention. They shared that customer service calls were down 90% since switching to the AT&T network.

Better Customer Satisfaction Means Higher Income for Progressive Wireless
Progressive Wireless revenues come from activation commissions, sales of phones and accessories, and a monthly paid lifetime residual. This residual has a compounding effect and the longer customers remain active the higher the revenues become. Historically Cricket customers stay active for 22 months while AT&T customers have stayed active for 51 months. Our residual projections are based on customers only staying active for 11 months in an effort to be conservative. You can see however, that with the AT&T network, Cricket’s retention will continue to improve above the historical 22 month average. They shared at the meeting that in the first half of 2015 Cricket’s customer retention is at an all time high cutting losses by more than 50% . If we revised our projections to just the 22 month historical average it would dramatically improve the current projections.

Cricket is Leading the Industry in Activations!

October 23, 2015

Cricket Store Sales up 26% Company Wide Over Last Year!
Denny Mitchell, our President recently returned from a Cricket Wireless Dealer Conference in Orlando, Florida last week. They shared a lot of positive news about the new Cricket Wireless. Since being acquired by AT&T they have improved in almost every major indicator. In fact same-store sales for the first half of 2015 are up 26% over last year! This is the highest year over year growth in the history of the company.

Cricket Wireless is Leading the Industry in New Customers!
The attached slide indicates that in the first half of this year Cricket acquired 428,000 new customers vs. Verizon losing 314,000! AT&T has been spending about $40million each month for national advertising and Cricket brand awareness has increased by 6 times growing from 3% to 17% in new markets. This is exciting for us since we are targeting new virgin territories for our stores.

Milestones - 14 locations in Process
• We are seeing the benefits of Cricket's marketing in our stores with Pocatello still trending above our projections in its second month approaching 200 activations for October.

• Our mall Kiosk in Idaho Falls is adding new customers every day and will enhance the success of our permanent locations to be built there soon. The holiday season increases mall traffic and is traditionally a great time for our industry.

• Bozeman and two stores in Billings are now under construction and should open in about 4 weeks or so. We have 14 total locations in various stages of completion.

Money Magazine Awards Cricket Best Cell Phone Plan

October 16, 2015

Pocatello Store is Beating Proforma Projections!
Our first location continues to outperform expectations. Our pro forma projections are based on each location averaging 100 activations in month one, 150 in months two and three and then reaching 200 activations in months four and beyond. We felt these were realistic targets based on our past experience. For reference, it's interesting to note that Cricket's top store in San Francisco has done 1,000 activations per month.

The Pocatello store had 130 activations in month one, 30 more than projected. Through half of October the store is on pace to reach about 200 activations in only its second month! We are thrilled with this progress, and so are top Cricket executives who have expressed their excitement about our success. They have even approached us about acquiring some stores in the near future that are not being managed as well as ours.

Money Magazine Awards Cricket's Cell Phone Plans Top Honors!
Each year Money Magazine evaluates many cell phone plans and then ranks them. For 2015 Cricket Wireless won the award for the top individual and family plan for typical users. Cricket's basic plan is only $35 per month with auto pay for unlimited text messaging and calls and 2.5GB of data. Their family plan saves $100 on five lines. They cited Cricket's use of AT&T's nationwide network as a huge advantage as well. We've attached a copy of the article.

Discussion

No comments yet.Be the first to get the conversation going.

Company Updates

Over 700 New Customers & Counting!

December 3, 2015

Stores are Exceeding Pro Forma Projections for New Customers by 30%!
We are excited to announce that we have enrolled over 700 new customers in only a few months. In its first three months the Pocatello store is averaging 30% more new customers than our pro forma had projected! We also had 20 customers upgrade their phones last month. The upgrade commission was not included in our projections and adds additional revenue and profits.

Company Sales Revenue Surpasses $150,000 in its First 3 months.
We are thrilled that company revenues have already exceeded $150,000. The Pocatello store just completed its third full month of operation. Our mall kiosk in Idaho Falls has only been open for two months. Bozeman just opened about a week ago. Revenues include device and accessory sales, activation and upgrade commissions and the lifetime residual we receive for every active customer.

Company President Tours Washington and Oregon with Cricket Executives!
Denny Mitchell met this week again with the northwest regional executives for the purpose of selecting prime locations for Progressive Wireless stores in OR and WA. We have identified up to 65 prime locations in those markets that are available for our expansion. They have offered us an exclusive in these markets if we can open the stores in a reasonable amount of time. This would bring our total identified locations to 79 out of the 100 we are targeting to open.

Projections Show a 47% Average Annual Return
Our projections show a 47% average annual cash return for investors over the first five years. As good as these projections are we believe they are understated given we did not include upgrade commissions and understated recurring revenues from lifetime residuals.

425 New Customers and Counting!

November 5, 2015

Pro forma projections were based on stores generating 100 activations in month one, 150 in months two and three and 200 in months 4 and beyond. Pocatello is already exceeding these expectations!

Store 1: Pocatello had 203 activations in October! – 53 higher than plan!
Pocatello finished its second month of operations at 203 activations which is 53 higher than our pro forma projections! That’s 35% more than our goal. In our first month, September, we finished 30% higher than projections. Since the doors opened we have 425 new customers and have sold over 640 devices. Our estimated break even is 100 monthly activations so you can see that our stores are profitable right out of the gates!

Store 2: Bozeman, MT store is almost complete and will open mid-November
The Bozeman store should open soon. All of the fixtures and equipment have been ordered and are in process of being installed. We are very excited about this location. We are not aware of any other prepaid wireless service providers in the area so this should be another home run for us.

Store 3: Billings, MT West – Scheduled to open by the end of November
Billings is the largest city in the state of Montana with a trade area of nearly half a million people. Therefore we are opening two stores simultaneously to take advantage of this premium market. Billings West is located adjacent to a major shopping mall with excellent visibility. The equipment and fixtures have been ordered.

Store 4: Billings, MT East - Scheduled to open by the end of November
Billings East is located on Main Street on the Northeast area of town and also has excellent visibility. The equipment and fixtures have been ordered. In the Billings market the only competing stores are AT&T and Verizon which is ideal!

20 Stores Projected in Year 1 – 14 Already in Process!
We projected that in the first 12 months of operation we would open 20 stores. We will have 4 stores open in our first 90 days with 10 other locations identified and in process! At this rate we should exceed our planned roll out.

Cricket Customer Retention at all Time High

October 29, 2015

Cricket Now Has the Best Network of any Prepaid Carrier
We wanted to share some more news that came from the Cricket Wireless Dealer Convention in Orlando a couple of weeks ago. When AT&T purchased Cricket Wireless in 2014 it doubled their network coverage. In fact they now can cover 99% of the US population. This not only attracts new customers but also helps with customer retention. They shared that customer service calls were down 90% since switching to the AT&T network.

Better Customer Satisfaction Means Higher Income for Progressive Wireless
Progressive Wireless revenues come from activation commissions, sales of phones and accessories, and a monthly paid lifetime residual. This residual has a compounding effect and the longer customers remain active the higher the revenues become. Historically Cricket customers stay active for 22 months while AT&T customers have stayed active for 51 months. Our residual projections are based on customers only staying active for 11 months in an effort to be conservative. You can see however, that with the AT&T network, Cricket’s retention will continue to improve above the historical 22 month average. They shared at the meeting that in the first half of 2015 Cricket’s customer retention is at an all time high cutting losses by more than 50% . If we revised our projections to just the 22 month historical average it would dramatically improve the current projections.

Cricket is Leading the Industry in Activations!

October 23, 2015

Cricket Store Sales up 26% Company Wide Over Last Year!
Denny Mitchell, our President recently returned from a Cricket Wireless Dealer Conference in Orlando, Florida last week. They shared a lot of positive news about the new Cricket Wireless. Since being acquired by AT&T they have improved in almost every major indicator. In fact same-store sales for the first half of 2015 are up 26% over last year! This is the highest year over year growth in the history of the company.

Cricket Wireless is Leading the Industry in New Customers!
The attached slide indicates that in the first half of this year Cricket acquired 428,000 new customers vs. Verizon losing 314,000! AT&T has been spending about $40million each month for national advertising and Cricket brand awareness has increased by 6 times growing from 3% to 17% in new markets. This is exciting for us since we are targeting new virgin territories for our stores.

Milestones - 14 locations in Process
• We are seeing the benefits of Cricket's marketing in our stores with Pocatello still trending above our projections in its second month approaching 200 activations for October.

• Our mall Kiosk in Idaho Falls is adding new customers every day and will enhance the success of our permanent locations to be built there soon. The holiday season increases mall traffic and is traditionally a great time for our industry.

• Bozeman and two stores in Billings are now under construction and should open in about 4 weeks or so. We have 14 total locations in various stages of completion.

Money Magazine Awards Cricket Best Cell Phone Plan

October 16, 2015

Pocatello Store is Beating Proforma Projections!
Our first location continues to outperform expectations. Our pro forma projections are based on each location averaging 100 activations in month one, 150 in months two and three and then reaching 200 activations in months four and beyond. We felt these were realistic targets based on our past experience. For reference, it's interesting to note that Cricket's top store in San Francisco has done 1,000 activations per month.

The Pocatello store had 130 activations in month one, 30 more than projected. Through half of October the store is on pace to reach about 200 activations in only its second month! We are thrilled with this progress, and so are top Cricket executives who have expressed their excitement about our success. They have even approached us about acquiring some stores in the near future that are not being managed as well as ours.

Money Magazine Awards Cricket's Cell Phone Plans Top Honors!
Each year Money Magazine evaluates many cell phone plans and then ranks them. For 2015 Cricket Wireless won the award for the top individual and family plan for typical users. Cricket's basic plan is only $35 per month with auto pay for unlimited text messaging and calls and 2.5GB of data. Their family plan saves $100 on five lines. They cited Cricket's use of AT&T's nationwide network as a huge advantage as well. We've attached a copy of the article.

Discussion

No comments yet.Be the first to get the conversation going.
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