Boring engines fund beautiful work. Predictable revenue before aggressive growth. Systems before scale. Roughly 70 percent of energy and revenue from engines, 30 percent or less from Studio.
Collected revenue
Stripe export through 2026-08-07. Not a live P&L.
- 2026 collected
- $246K
- 2026 invoiced
- $407K
- Avg invoice 2026
- $5.6K
Top 5 customers were 58 percent of 2025 and 2026 revenue. About 63 percent of customers have exactly one paid invoice. Essentially zero recurring subscription revenue across history, which is the architectural problem PRE/3 and dental exist to fix.
Average paid invoice near $1,500 in 2024 and 2025, jumped to $5,600 in 2026. That jump is the upmarket move.
A later conversation described 2025 as almost $300,000. Stripe export figure is $208,340 collected. Do not mix them.
anchor
PRE/3 and multifamily
The category-defining case study. Performance marketing for portfolio operators with white-glove operational integration. Highest-dollar item in the business.
Pilot started April 1, 2026 at $20 per unit per month, all-in. Founding roster 18 properties / 1,357 units = $27,140 per month. Roster grown to 30 plus properties. Current billing about $36K per month, with a modeled expansion picture near $40K. Corporate social retainer $5,000 per month. FWI / Brennen Foster at 19.5 percent of gross on the executed agreement (governs over older 28 percent language). Meta spend about $17K per month. Margin after those two costs is about $12K per month before BVM labor, which is currently under 10 hours a week of Bailey admin. Labor of Dakota, Elsa, and Tyler is not staffed on this account.
On the record
- June 2026: 936 leads across 30 plus properties, 31.7 percent tour-request rate, CPL improved roughly 44 percent over 90 days.
- Since April: 2,280 leads and 703 tours across 38 properties with lead records. Internal figures. Need source verification and client clearance before publishing.
- Proposed renewal: $20 active / $12 stabilized at 93 percent occupancy, returning to active below 91 percent, 40 percent of billing as working ad spend. Package went to Kim Stair for an August 12 leadership meeting. Outcome unconfirmed.
- Stabilized contract language targets $10 to $15 per unit, more viable at 30 plus properties.
- Creative rules: three 1080 square graphics per property, real property photos only, black / navy / red, Fair Housing logo, copy QA on name, site, phone, special.
Next move
Month 6 review and a written renewal before September 30. Reduce manual property-by-property work as the portfolio grows. Protect results and service.
Still open
- Outcome of the August 12 meeting.
- Whether $20 / $12 was accepted, modified, or rejected.
- Who replaces Emily McFarland as operational coordinator.
- True gross margin after subs, ad spend, travel, and production.
build
Dental and healthcare
Highest-leverage scalable engine in the foundation documents. Trust, authority, patient proof, then paid growth. Wisconsin plus Southwest Florida.
Practice Media Foundation intro around $2,500 (stated standard value $4,500 to $5,500). Magnolia Dental: three-visit partnership over 6 to 8 months at $9,000 total, $3,000 per phase (foundation, clinical authority, patient proof). Paid ads stay separate until the media foundation exists. All Smiles Dental Phase 1 at $2,500. Channel includes Lilly Larsen / Henry Schein. A later statement puts systematized target near $5,000 per office per month. Tier language in older docs ($3,500 / $6,000 / $10,000) is unresolved against that target. See contradictions.
On the record
- Magnolia is the clearest current model of the larger offer.
- Naples trip ran July 20 to 24, 2026. Four Naples practices sourced through Lilly Larsen.
- August 31 packaging goal: scalable vertical with asset standards so shoot, upload, editor can run without Bailey's taste being re-explained.
- Bailey wants to retain client oversight and selected dental photo editing.
Next move
Lock the creative standard. Deliver current work. Convert Florida relationships onto term retainers. Make post-production delegatable.
Still open
- Whether August 31 packaging landed.
- Whether any Naples practice converted, and at what tier.
- Editor and web-build cost against retainer price.
- Margin after subs.
harvest
Construction and contractors
Regional category. Long timelines, repeat visits, low emotional labor, predictable billing. Fall 2026 push.
Wieser Brothers monthly documentation starting at $1,500 per project per month. Finished-project ladder: Essential $1,750, Photo and Aerial $2,350, Project Story $3,950. River Point Progress Partner concept $9,000 per year / $750 per month. Kickapoo Roofing known invoice $7,500. Macro North Star tiers ($2,500 / $4,500 / $8,000) and a later $3,500 contractor retainer are not reconciled. September pitching: Wieser, Mathy, Americon, 360.
On the record
- Relationships: Kraus-Anderson, Fowler and Hammer, Market and Johnson, DBS Group, Wieser Brothers, River Point, Kickapoo Roofing, Elite Shine, Hegenbarth.
- Market and Johnson Midwest Medical Center originally $1,600 plus possible $750 licensing per additional company.
- Appeal: documentation systems, not isolated photography.
Next move
Finish September pitching. Sell recurring documentation, not one-off jobsite days.
Still open
- Margin after subs.
- Which of the September targets are in conversation versus cold.
cap
Commercial production and brand
Core identity of BVM. Bailey enjoys being the director. Selective, premium, not a volume line.
Project-dependent. No confirmed standardized rate card in the master picture. Known: Hmong Golden Egg Roll quoted $13,000. State Bank Financial 15-second ad. Kickapoo long-term. Board Store important. Chamber relationships for reputation and referral.
On the record
- Best BVM relationships become systems, not single shoots.
- Keep this line for creative energy and reputation, not as the growth engine.
Next move
Take the work that compounds reputation and relationships. Decline the rest.
Still open
- Standardized commercial rate card, if one should exist.
- Margin after subs.
cap
Festivals and events
Studio work Bailey genuinely loves. Energy, people, production, culture. Capped.
Foundation documents cap events at 1 to 2 major per year. Country Boom 2026 package architecture Bronze $24,000 / Silver $36,000 / Gold $48,000. July 2026 required a 14-person crew. Largest past-due balance in receivables. Q2 tax split mismatch and rebilling still open. Unexploited: thousands of festival photos on Pixieset, sell individual photos plus a shirt printed with the buyer's photo.
On the record
- Most consequential unknown margin in the file, because of 14-person crews.
- Keep premium and creatively valuable. Do not become a low-margin volume category.
Next move
Collect the past-due. Resolve tax/rebill. Monetize the photo archive. Do not add another festival this harvest.
Still open
- True invoice totals versus tax-split estimates.
- Margin after the 14-person crew.
cap
Premium weddings
Origin of BVM. Not hated. Must not own the company. Currently a delivery liability more than a growth line.
Foundation docs: 4 to 6 per year, premium only, no discounting. Later statement: 1 per month May through October at $10,000. Same annual volume, different price and cadence. Unresolved. 25 couples sit in the delivery tracker.
On the record
- Open loops: Maggie and Cole unread footage request. Nicole Franzen drive shipment conflict. Katelin Keck unanswered since April. Brooklyn Paulson uncashed down payment. Christine Voye status unknown after June 27. Nicole and Stephen, Rachel and Shawn flagged urgent.
- Want: automated wedding lead emails, fewer better-fit clients, delivery that does not create backlog.
Next move
Close named loops. Cap the book. Automate lead follow-up. Do not sell volume to feel busy.
Still open
- Canonical price.
- Desired annual cap.
- How many of the 25 are still undelivered.
mission
Mission and conservation
Soul, story, legacy. Lives inside Studio capacity. Acres USA is a paying client, not only a mission line. Older phrase: real estate pays the bills, dental builds margin, conservation builds the dream.
Acres USA discussed at $5,000 per month. Fishers and Farmers / Habitat La Crosse EPA package (Basin Stories) for Amy Smith. $500K over 3 years cited as the model. Award status unknown.
On the record
- Do not let mission work become a hidden volume engine.
- Keep it inside Studio caps.
Next move
Protect the relationship. Confirm grant status. Do not staff it like a fourth engine.
Still open
- Exact current Acres USA agreement.
- EPA award status.
- Margin.