Prepared for Ulta Beauty Leadership | Confidential
Every new Ulta store is a promise to guests, merchants, and capital at once. B&C puts one accountable Midwest team behind that promise, from the first site question through a store-ready handoff. Approve a 30-Day Proof. B&C Delivers the Evidence. Ulta Owns the Verdict.
01 | The Opportunity
Ulta has named best-in-class store execution a core growth priority, and every aisle shows why: loyalty, discovery, and service are still won in person, store by store. The team that delivers each store is part of the guest experience. Choose it with the same care.
Exhibit 01 | The Numbers Behind the Engine
The Decision on the Table: put one locally accountable delivery team on the moments that matter most: a store opening, a reset, or an operating store kept guest-ready while work happens around it. Shorten the distance between a field issue and an executive decision, then let measured results decide what B&C earns next.
Ulta's next chapter will be won one store at a time. The capital is committed and the openings are scheduled. The open decision is who builds them to a standard guests can feel.
Next ▸ Why B&C
02 | Why B&C
Ulta gets direct access to the people responsible for the answer, from site diligence and preconstruction through fabrication, field execution, and store-ready handoff. When a store needs a decision, Ulta calls one name and the answer carries the authority to act.
Start with proof, not promises. 286 commercial projects completed since 2022, with finished work across beauty, guest-facing retail, and multi-site programs already on the record. The 30-Day Proof turns that record into an Ulta-specific answer before a single store is assigned.
One team carries the question, the plan, the build, and the handoff. Ulta holds one name accountable for all four.
Next ▸ High-touch retail
03 | Retail Proof
Four finished rooms hold the disciplines Ulta buys with every store: brand-defining finish, merchandising, service infrastructure, operating flow, and store-ready handoff. Select a project, press any proof point, and judge the work up close.
Custom casework, feature ceilings, service flow, and guest touchpoints delivered by one accountable builder.
Guest-facing construction succeeds when millwork, lighting, merchandising, and operations resolve as one experience.
Reception, merchandising, lighting, plumbing-intensive service areas, and salon operations coordinated as one environment.
Beauty service environments ask finish, merchandising, power, lighting, and plumbing to work together without friction.
Custom shelving, service counters, production, and online-order support coordinated inside one customer environment.
The strongest retail environments protect the brand in front of the wall and the workflow behind it.
A crew and employee lounge for a private aviation operator, built to a hospitality finish standard: storefront glazing, custom signage, a quartz service island, and polished concrete.
The assignment was a new employee lounge. It was built with the same glazing, signage, stone, and lighting discipline a guest-facing room gets.
Exhibit 02a | The Standard Operating Procedure for a Store That Cannot Close
Send B&C into an operating store and the store keeps selling. B&C is already on the approved vendor list of a national retail facilities manager, dispatched through their platform against a live service-level clock, across twelve store sites and fifteen work orders. The portfolio includes a global prestige beauty retailer at Oakbrook Center, a luxury fashion house at Fashion Outlets of Chicago, a national cinema chain, and seven locations of a national auto-parts retailer.
Ready on Day One, at Store One. This is the discipline B&C already delivers inside live retail: protected floors, after-hours execution, and a store that never misses a selling hour. Ulta inherits a proven standard, not a contractor learning one.
Urgent priority means a crew on site inside twenty-four hours, during selling hours, without a purchase order negotiation first.
The store manager on duty is met, walked, and briefed before a tool comes out. The person running that floor is never surprised by B&C.
The condition is tested and priced against what is actually wrong, not against the first guess. The store gets a decision, not an estimate range.
The repair happens in the after-hours window. Selling hours stay selling hours, and the guest never meets the work.
The area is protected for staff and guests for the whole time it is open, to the program's written safety standard rather than a jobsite habit.
Debris out, floor clean, store trading the next morning as though nothing happened. That is the deliverable, not the repair.
Service and repair assignments inside operating stores, not store builds. Client names withheld by choice. The full program record opens to Ulta under NDA.
Next ▸ Repeatable program delivery
04 | Program Proof
One national operator, U-Haul, has awarded B&C 81 assignments at 40 locations across Illinois, Wisconsin, and Michigan since 2018. The work is the same shape as Ulta's: ground-up new stores, conversions of existing buildings, remodels completed while the stores kept selling, and compliance inspections kept on one program calendar. Nine years in, one signed master contract is still adding addresses. Renewal on that scale is not given. It is earned one held opening date at a time.
Structural steel is the material most likely to move an opening date. B&C fabricates it in its own shop, so Ulta's date is protected by the partner who signed for it, not queued behind another supplier's backlog.
Structure, enclosure, storefront and brand detail are signed off by one field team, so what the design studio approved is what the guest actually walks into.
Sitework, logistics and closeout are finished to the condition the store needs the morning it opens, not the condition that closes a contract.
Different brand, same discipline. The standard Ulta writes on day one is the standard every address receives in year nine.
Exhibit 02b | Multi-Site Program Record. Illinois · Wisconsin · Michigan, 2018 to 2026.
Eighty-One Assignments. Forty Locations. Three States. Nine Years. One Team. Approve the Pilot. Make the Tenth Year Ulta's.
Next ▸ The Midwest fit
Exhibit 03 | More Than 70 Towns of Completed Work Across Four States. Wherever Ulta Points, B&C Has Built Nearby.
05 | The Midwest Fit
Ulta's Bolingbrook headquarters sits 35 road miles from B&C's Elgin office and two shops. The short drive is the smallest part of the advantage. B&C has finished and closed out work in more than 70 towns across Illinois, Wisconsin, Michigan, and Indiana, so when Ulta names a site, the team that shows up already knows the building department, the inspectors, and which trades in that town actually turn out. Every dot below is completed, closed-out B&C work. Put a pin on Ulta's next site and it lands on ground this team has already built.
Distance only matters if it changes the day. When a pilot store has a problem, the B&C principal answering for it is 35 road miles from Ulta's desk and a drive from the site, not a flight. Ulta gets a decision that afternoon, from someone who has already stood in the building.
Next ▸ The partnership model
06 | The Partnership Model
Ulta sets the standard and owns every gate. B&C organizes the work around those decisions, makes risk visible early, and carries the evidence forward so the next store starts smarter than the last.
Next ▸ Commitments in writing
07 | Accountability
Doubt is settled in writing or it is not settled. Every commitment below arrives contract-ready: the outcome named, the evidence that proves it, and the remedy agreed before work begins. Strike any line Ulta would not sign. What survives goes in the contract.
The store manager signs the turnover every morning against a checklist Ulta approved, with time-stamped photos behind every signature. Ulta never takes B&C's word for the condition of the sales floor.
Miss the standard and the cure plan Ulta pre-approved starts that morning, with a named B&C principal answering for it until the store manager signs again.
Ulta approves the occupied-store plan before a single trade mobilizes, so every disruption already has an answer and the selling day is never the variable. Phasing, containment, egress, and inventory protection are decided on paper, not on the floor.
A B&C-caused dark day carries a remedy Ulta priced and approved before mobilization. B&C signs that term before the work begins, not after the first problem.
No scope moves and no dollar is added until Ulta signs first. A written change order, approved in advance by Ulta and an officer of B&C, is the only instrument that changes the number. This is B&C's standing practice on every contract, not a pilot concession.
Work B&C performs without Ulta's signature is B&C's cost, never Ulta's invoice.
Ulta hears about a material risk from B&C within 24 hours and holds the recovery plan within 72. No risk ages quietly until it surfaces on a monthly report.
When a reporting window is missed, the issue moves to a named B&C executive the same day, on the cure path Ulta approved at kickoff. Silence is treated as a miss, not a courtesy.
Every open item carries a named owner, a cause, and an age Ulta reads in one view, updated daily. Nothing waits for a status meeting to be discovered.
A blown closure date lands on a B&C principal's desk with a dated cure plan attached. It does not land on Ulta's opening calendar.
B&C is measured against baselines both sides wrote down and a hurdle both sides approved. A result that cannot be attributed is a result B&C does not claim.
B&C puts its fee behind the measures Ulta helps write. Agree the measure, the cause, and the remedy in writing, and the fee rides on the result.
Next ▸ Honest math
08 | Verified Value
Five bars. One return curve. Move any target B&C would be measured against and the curve redraws the estimated net value across the pilot. The Conservative Test stays positive. Clearing the proposed 3:1 hurdle takes verified performance, not optimism. That gap is what the 30-Day Proof is built to close.
Six stores on modest targets, the case the pilot is scoped against. Every input stays illustrative until it is jointly validated.
$152K
Estimated Net Value Across 6 Stores
Benefit-to-cost 3.08:1 against a proposed 3:1 hurdle
Exhibit 04 | Net Value and Return by Pilot Scale
The fixed setup cost is absorbed across the pilot. The curve marks the first store count that breaks even and the first that clears the proposed hurdle.
Hold pricing at the comparison baseline, open five eligible days earlier, improve change-order performance by one point, and close punch five days faster.
Every improvement bar is a target until B&C Operations and Finance document it and Ulta approves it in the 30-Day Proof. Ulta is never asked to underwrite an unvalidated number.
Earlier-opening contribution, change-order control, and punch-carry savings.
Dark-day value, operating uplift, client financial data, and any benefit without an agreed baseline.
| Component | Value |
|---|
| Stores | Benefits | Costs | Net | BCR |
|---|
Change-order control = stores x average project value x change-order points improved.
Earlier-opening value = stores x operating days gained x average daily sales x contribution margin. New stores only.
Continuity value = stores x dark days avoided x average daily sales x contribution margin. Occupied-store remodels only.
Punch-carry savings = stores x punch days closed faster x direct daily carry cost.
Incremental partnership cost = pilot setup + Ulta oversight + any fee difference against the comparison baseline.
Estimated net value = included benefits - incremental partnership cost. Benefit-to-cost = included benefits / incremental partnership cost.
A zero fee difference means B&C is priced at the comparison baseline. It does not mean B&C works without a fee.
Illustrative model, user-set inputs. No Ulta data, B&C pricing, or client financial data is embedded. Full model disclosure appears in the closing notes.
Next ▸ The thirty-day ask
09 | The Ask
The ask is thirty days of preconstruction work, not a construction award. Ulta runs the calendar, owns every gate, and ends the month with a decision memo instead of a proposal. Each week closes on something Ulta keeps and can use with or without B&C.
Verify readiness, approve the baseline, set the controls, and produce the decision memo.
Authorized only after the day-30 gate and the commercial terms are approved.
Execution, economics, leadership capacity, and geography readiness decide what happens next.
B&C WorkstreamUlta GateValue Case Verified
Value Case Verified tracks how much of the comparison case Ulta has jointly documented and accepted at each gate. The percentages measure decision readiness, not construction performance. By day 30 the number Ulta votes on is a number Ulta already owns.
Exhibit 08 | What Ulta Walks Away With
An opening sequence with resources, long-lead exposure, and a named escalation path behind every date, so Store Operations and the merchant calendar can commit.
One comparison case with the attribution rule in writing. Finance can separate what B&C moved from what the market moved.
Prototype details tested against real field conditions, with the finish and fixture standard documented at the tolerance the guest actually experiences.
Controls, lessons, and evidence packaged for handoff. The next store starts where this one finished, whichever contractor builds it.
All four become Ulta property as the month runs, not as a reward for saying yes. A bounded proof is built that way on purpose: the deliverables outlast the decision, and day 30 only determines who executes them.
30-Day Proof | One Midwest Workstream
Thirty days later a named Ulta owner is holding a decision memo with the evidence attached, and the five gate documents belong to Ulta: the readiness screen, the approved baseline, the risk register, the tested value case, and the memo itself. Say no on day 30 and Ulta keeps all five, free to hand them to any builder it chooses, with nothing further owed to B&C. Say yes and the next store starts from a proven playbook instead of a bid list. Both answers leave Ulta stronger. Only one puts a partner behind the store count.
B&C Enterprises. Elgin, Illinois. Family owned since 1995. Thirty-five road miles from Ulta's Bolingbrook headquarters.
