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Table of Contents
1.0
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1
Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2
Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.0
Company Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.1
Company Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2.2
Start-up Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
3.0
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4.0
5.0
6.0
Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
6.1
Personnel Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
7.0
Financial Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.1
Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.2
Projected Profit and Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.3
Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.4
Projected Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.5
Business Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
9
10
11
12
12
Studio67 - Restaurant
1.0 Executive Summary
Studio67 is a new medium-sized restaurant located in a trendy neighborhood of Portland,
Oregon. Studio67's emphasis will be on organic and creative ethnic food. An emphasis on
organic ingredients is based on Studio67's dedication to sustainable development. Additionally,
the restaurant procures local foods when possible, reducing their dependence on fossil foods
used for transportation.
Services
Studio67 offers Portlanders a trendy, fun place to have great food in a social environment.
Chef Mario Langostino has a large repertoire of ethnic ingredients and recipes. Studio67
forecasts that the majority of purchases will be from the chef's recommendations. Ethnic
recipes will be used to provide the customers with a diverse, unusual menu. Chef Mario will
also be emphasizing healthy dishes, recognizing the trend within the restaurant industry for
the demand for healthy cuisine.
Customers
Studio67 believes that the market can be segmented into four distinct groups that it aims to
target. The first group is the lonely rich which number 400,000 people. The second group that
will be targeted is young happy customers which are growing at an annual rate of 8% with
150,000 potential customers. The third group is rich hippies who naturally desire organic foods
as well as ethnic cuisine. The last group which is particularly interested in the menu's healthy
offerings is dieting women which number 350,000 in the Portland area.
Management
Studio67 has assembled a strong management team. Andrew Flounderson will be the general
manager. Andrew has extensive management experience of organizations ranging from six to
45 people. Jane Flap will be responsible for all of the finance and accounting functions. Jane
has seven years experience as an Arthur Andersen CPA. Jane's financial control skills will be
invaluable in keeping Studio67 on track and profitable. Lastly, Studio67 has chef Marion
Langostino who will be responsible for the back-end production of the venture. Chef Mario has
over 12 years of experience and is a published, visible fixture in the Portland community.
Most important to Studio67 is the financial success which will be achieved through strict
financial controls. Additionally, success will be ensured by offering a high-quality service and
extremely clean, non-greasy food with interesting twists. Studio67 does plan to raise menu
rates as the restaurant gets more and more crowded, and to make sure that they are charging
a premium for the feeling of being in the "in crowd."
The market and financial analyses indicate that with a start-up expenditure of $141,000,
Studio67 can generate $350,000 in sales by year one, $500,000 in sales by the end of year
two and produce net profits of 7.5% on sales by the end of year three. Profitability will be
reached by year two.
Page 1
Studio67 - Restaurant
Highlights
$800,000
$700,000
$600,000
$500,000
Sales
$400,000
Gross Margin
$300,000
Net Profit
$200,000
$100,000
$0
($100,000)
2001
2002
2003
1.1 Objectives
1.
2.
3.
Sales of $350K the first year, more than half a million the second.
Personnel costs less than $300K the first year, less than $400K the second year.
Profitable in year two, better than 7.5% profits on sales by year three.
1.2 Mission
Studio67 is a great place to eat, combining an intriguing atmosphere with excellent, interesting
food that is also very good for the people who eat there. We want fair profit for the owners,
and a rewarding place to work for the employees.
Page 2
Studio67 - Restaurant
2.1 Company Ownership
The restaurant will start out as a simple sole proprietorship, owned by its founders.
$1,000
$1,000
$1,000
$3,000
$88,000
$50,000
$138,000
Long-term Assets
Total Assets
Total Requirements
$0
$138,000
$141,000
Funding
Investment
Investor 1
Investor 2
Total Investment
$25,000
$15,000
$40,000
Current Liabilities
Accounts Payable
Current Liabilities
$1,000
$1,000
Long-term Liabilities
Total Liabilities
$100,000
$101,000
Loss at Start-up
Total Capital
Total Capital and Liabilities
($3,000)
$37,000
$138,000
Page 3
Studio67 - Restaurant
Start-up
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
Expenses
Assets
Investment
Loans
3.0 Services
The Menu
The menu is going to be extremely simple but changing every day. We will keep a small group
of constants on the menu and then feature a chef's recommendation that we plan to have
85% of meals ordering. This will help us to reduce waste and plan ingredients and purchasing.
Organic Ingredients
The organic ingredient element will allow us to price to the extremely wealthy Internet
entrepreneurs who are looking to spend an exorbitant amount of money to have peace of
mind that their money is still coming back to themselves. We will be extremely ecologically
conscious as well, and spread this across our literature. Eating at Studio67 will feel like having
contributed to the Sierra Club and drinking fresh squeezed orange juice.
Ethnic Ingredients and Recipes
Our chef will have great latitude in designing and producing menu offerings from many
different world cultures. We will endeavor to procure all the traditional, authentic ingredients
necessary to hold true to these varied and interesting cultural recipes.
Interior Accoutrements
People need to keep life interesting, and our artwork will reflect the world influences that are
core to the attitude of the Studio67 chef.
Page 4
Studio67 - Restaurant
4.0 Market Analysis Summary
Because of the founders' connections within the very trendy area of Portland, we have an
excellent feel for the area and its core group of customers. They will all share something alike,
which is a feeling of being in the "in crowd" and having "gotten it" in life. Although the crew will
be different and not connect with each other in each segment, each segment is
complementary to the others. We do plan to raise menu rates as the restaurant gets more and
more crowded, and to make sure we are charging a premium for the feeling of being in the "in
crowd."
Growth
10%
8%
6%
7%
5%
7.87%
2001
400,000
150,000
250,000
350,000
50,000
1,200,000
2002
440,000
162,000
265,000
374,500
52,500
1,294,000
2003
484,000
174,960
280,900
400,715
55,125
1,395,700
2004
532,400
188,957
297,754
428,765
57,881
1,505,757
2005
585,640
204,074
315,619
458,779
60,775
1,624,887
CAGR
10.00%
8.00%
6.00%
7.00%
5.00%
7.87%
Page 5
Studio67 - Restaurant
Lonely Rich
Young Happy Couples
Rich Hippies
Dieting Women
Other
Page 6
Studio67 - Restaurant
5.2 Sales Strategy
As the table shows, we intend to deliver sales of about $350K in the first year, and to double
that by the third year of the plan.
Sales Monthly
$70,000
$60,000
$50,000
$40,000
Meals
Drinks
$30,000
Other
$20,000
$10,000
$0
Jan Feb Mar Apr May Jun
2001
22,822
11,415
240
34,477
2002
35,000
17,500
500
53,000
2003
45,000
22,500
1,000
68,500
Unit Prices
Meals
Drinks
Other
2001
$15.00
$2.00
$10.00
2002
$15.00
$2.00
$10.00
2003
$15.00
$2.00
$10.00
Sales
Meals
Drinks
Other
Total Sales
$342,330
$22,830
$2,400
$367,560
$525,000
$35,000
$5,000
$565,000
$675,000
$45,000
$10,000
$730,000
2001
$2.00
$0.50
$1.00
2002
$2.00
$0.50
$1.00
2003
$2.00
$0.50
$1.00
2001
$45,644
$5,708
$240
$51,592
2002
$70,000
$8,750
$500
$79,250
2003
$90,000
$11,250
$1,000
$102,250
Page 7
Studio67 - Restaurant
6.0 Management Summary
Andrew has great experience managing personnel and we are quite confident of his ability to
find the best staff possible. Our chef, Mario Langostino, is already on board and has a
published cookbook that will add prestige to the restaurant immediately. We will be looking to
find a young, ultra-hip staff to make sure we add the edge that makes Studio67 so trendy.
2001
$60,000
$42,000
$54,000
$30,000
$72,000
$24,000
8
$282,000
2002
$65,000
$45,000
$60,000
$35,000
$100,000
$52,000
10
$357,000
2003
$70,000
$50,000
$65,000
$40,000
$130,000
$55,000
12
$410,000
Page 8
Studio67 - Restaurant
7.0 Financial Plan
We expect to raise $30,000 of our own capital, and to borrow $100,000 guaranteed by the
SBA as a 10-year loan. This provides the bulk of the start-up financing required.
Break-even Analysis
$20,000
$10,000
$0
($10,000)
($20,000)
($30,000)
0
4000
8000
12000
16000
20000
14,028
$146,453
$10.44
$8.34
$29,459
Page 9
Studio67 - Restaurant
7.2 Projected Profit and Loss
As the profit and loss table shows, we expect to become barely profitable in the second year of
business, and to make an acceptable profit in the third year.
Table: Profit and Loss
Pro Forma Profit and Loss
2001
$367,560
$51,592
$0
-----------$51,592
$315,969
85.96%
Sales
Direct Cost of Sales
Other
Total Cost of Sales
Gross Margin
Gross Margin %
Expenses:
Payroll
Sales and Marketing and Other Expenses
Depreciation
Utilities
Payroll Taxes
Other
Total Operating Expenses
Profit Before Interest and Taxes
Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales
Include Negative Taxes
2002
$565,000
$79,250
$0
-----------$79,250
$485,750
85.97%
2003
$730,000
$102,250
$0
-----------$102,250
$627,750
85.99%
$282,000
$357,000
$410,000
$27,000
$35,830
$72,122
$1,000
$1,050
$1,103
$1,200
$1,260
$1,323
$42,300
$53,550
$61,500
$0
$0
$0
---------------------------------$353,500
$448,690
$546,047
($37,532)
$37,060
$81,703
$10,000
$9,500
$8,250
$0
$6,890
$18,363
($47,532)
$20,670
$55,090
-12.93%
3.66%
7.55%
FALSE
TRUE
TRUE
Profit Monthly
$25,000
$20,000
$15,000
$10,000
$5,000
$0
($5,000)
($10,000)
($15,000)
($20,000)
Jan Feb Mar Apr May Jun
Page 10
Studio67 - Restaurant
7.3 Projected Cash Flow
The cash flow projection shows that starting cost and provisions for ongoing expenses are
adequate to meet our needs until the business itself generates its own cash flow sufficient to
support operations.
Table: Cash Flow
Pro Forma Cash Flow
2001
2002
2003
Cash Received
Cash from Operations:
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
$367,560
$0
$367,560
$565,000
$0
$565,000
$730,000
$0
$730,000
$0
$0
$0
$0
$0
$367,560
$0
$0
$0
$0
$0
$565,000
$0
$0
$0
$0
$0
$730,000
Expenditures
Expenditures from Operations:
Cash Spending
Payment of Accounts Payable
Subtotal Spent on Operations
2001
2002
2003
$8,979
$395,818
$404,797
$13,273
$525,084
$538,357
$20,231
$645,600
$665,831
$0
$0
$0
$0
$404,797
$0
$0
$10,000
$0
$548,357
$0
$0
$15,000
$0
$680,831
($37,237)
$50,763
$16,643
$67,405
$49,169
$116,574
Cash
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
Cash Balance
$10,000
$0
($10,000)
($20,000)
Jan Feb Mar Apr May Jun
Page 11
Studio67 - Restaurant
7.4 Projected Balance Sheet
The table shows projected balance sheet for three years.
Table: Balance Sheet
Pro Forma Balance Sheet
Assets
Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
2001
$50,763
$50,000
$100,763
2002
$67,405
$50,000
$117,405
2003
$116,574
$50,000
$166,574
$0
$1,000
($1,000)
$99,763
$0
$2,050
($2,050)
$115,355
$0
$3,153
($3,153)
$163,422
2001
$10,294
$0
$0
$10,294
2002
$15,217
$0
$0
$15,217
2003
$23,194
$0
$0
$23,194
Long-term Liabilities
Total Liabilities
$100,000
$110,294
$90,000
$105,217
$75,000
$98,194
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
$40,000
($3,000)
($47,532)
($10,532)
$99,763
($10,532)
$40,000
($50,532)
$20,670
$10,139
$115,355
$10,139
$40,000
($29,862)
$55,090
$65,228
$163,422
$65,228
Page 12
Studio67 - Restaurant
Table: Ratios
Ratio Analysis
2001
0.00%
2002
53.72%
2003
29.20%
Industry Profile
7.60%
0.00%
0.00%
50.12%
101.00%
-1.00%
100.00%
0.00%
0.00%
43.34%
101.78%
-1.78%
100.00%
0.00%
0.00%
30.60%
101.93%
-1.93%
100.00%
4.50%
3.60%
35.60%
43.70%
56.30%
100.00%
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
0.00%
100.24%
100.24%
-0.24%
0.00%
78.02%
78.02%
21.98%
0.00%
45.89%
45.89%
54.11%
32.70%
28.50%
61.20%
38.80%
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
100.00%
85.96%
98.90%
0.65%
-10.21%
100.00%
85.97%
82.32%
1.77%
6.56%
100.00%
85.99%
78.45%
6.16%
11.19%
100.00%
60.50%
39.80%
3.20%
0.70%
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
9.79
9.79
110.56%
451.33%
-47.64%
7.72
7.72
91.21%
271.84%
23.89%
7.18
7.18
60.09%
112.61%
44.95%
0.98
0.65
61.20%
1.70%
4.30%
2001
$45,945
2002
$56,500
2003
$60,833
Industry
$0
0.00%
Additional Ratios
Net Profit Margin
Return on Equity
2001
-12.93%
0.00%
2002
3.66%
203.88%
2003
7.55%
84.46%
0.00
0
0.00
39.35
5
3.68
0.00
0
0.00
34.83
105
4.90
0.00
0
0.00
28.18
129
4.47
n.a
n.a
n.a
n.a
0.00
0.09
10.38
0.14
1.51
0.24
n.a
n.a
$90,469
-3.75
$102,189
3.90
$143,381
9.90
n.a
n.a
0.27
10%
9.79
0.00
0.00
0.20
13%
7.72
55.73
0.00
0.22
14%
7.18
11.19
0.00
n.a
n.a
n.a
n.a
n.a
Sales Growth
Activity Ratios
Accounts Receivable Turnover
Collection Days
Inventory Turnover
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
n.a
n.a
n.a
Page 13
Appendix
Appendix Table: Sales Forecast
Sales Forecast
Unit Sales
Meals
Drinks
Other
Total Unit Sales
Jan
779
390
20
1,189
Feb
1,053
527
20
1,600
Mar
1,505
753
20
2,278
Apr
1,553
777
20
2,350
May
1,652
826
20
2,498
Jun
1,633
817
20
2,470
Jul
1,173
587
20
1,780
Aug
1,520
760
20
2,300
Sep
2,066
1,033
20
3,119
Oct
2,602
1,301
20
3,923
Nov
3,451
1,726
20
5,197
Dec
3,835
1,918
20
5,773
Unit Prices
Meals
Drinks
Other
Jan
$15.00
$2.00
$10.00
Feb
$15.00
$2.00
$10.00
Mar
$15.00
$2.00
$10.00
Apr
$15.00
$2.00
$10.00
May
$15.00
$2.00
$10.00
Jun
$15.00
$2.00
$10.00
Jul
$15.00
$2.00
$10.00
Aug
$15.00
$2.00
$10.00
Sep
$15.00
$2.00
$10.00
Oct
$15.00
$2.00
$10.00
Nov
$15.00
$2.00
$10.00
Dec
$15.00
$2.00
$10.00
Sales
Meals
Drinks
Other
Total Sales
$11,685
$780
$200
$12,665
$15,795
$1,054
$200
$17,049
$22,575
$1,506
$200
$24,281
$23,295
$1,554
$200
$25,049
$24,780
$1,652
$200
$26,632
$24,495
$1,634
$200
$26,329
$17,595
$1,174
$200
$18,969
$22,800
$1,520
$200
$24,520
$30,990
$2,066
$200
$33,256
$39,030
$2,602
$200
$41,832
$51,765
$3,452
$200
$55,417
$57,525
$3,836
$200
$61,561
Jan
$2.00
$0.50
$1.00
Feb
$2.00
$0.50
$1.00
Mar
$2.00
$0.50
$1.00
Apr
$2.00
$0.50
$1.00
May
$2.00
$0.50
$1.00
Jun
$2.00
$0.50
$1.00
Jul
$2.00
$0.50
$1.00
Aug
$2.00
$0.50
$1.00
Sep
$2.00
$0.50
$1.00
Oct
$2.00
$0.50
$1.00
Nov
$2.00
$0.50
$1.00
Dec
$2.00
$0.50
$1.00
Jan
$1,558
$195
$20
$1,773
Feb
$2,106
$264
$20
$2,390
Mar
$3,010
$377
$20
$3,407
Apr
$3,106
$389
$20
$3,515
May
$3,304
$413
$20
$3,737
Jun
$3,266
$409
$20
$3,695
Jul
$2,346
$294
$20
$2,660
Aug
$3,040
$380
$20
$3,440
Sep
$4,132
$517
$20
$4,669
Oct
$5,204
$651
$20
$5,875
Nov
$6,902
$863
$20
$7,785
Dec
$7,670
$959
$20
$8,649
Page 1
Appendix
Appendix Table: Personnel
Personnel Plan
Manager
Hostess
Chef
Cleaning
Waiters
Other
Total People
Total Payroll
Jan
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Feb
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Mar
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Apr
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
May
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Jun
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Jul
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Aug
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Sep
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Oct
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Nov
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Dec
$5,000
$3,500
$4,500
$2,500
$6,000
$2,000
8
$23,500
Page 2
Appendix
Appendix Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Calculated Totals
Payroll Expense
New Accounts Payable
Jan
1
10.00%
10.00%
25.00%
0.00%
Feb
2
10.00%
10.00%
25.00%
0.00%
Mar
3
10.00%
10.00%
25.00%
0.00%
Apr
4
10.00%
10.00%
25.00%
0.00%
May
5
10.00%
10.00%
25.00%
0.00%
Jun
6
10.00%
10.00%
25.00%
0.00%
Jul
7
10.00%
10.00%
25.00%
0.00%
Aug
8
10.00%
10.00%
25.00%
0.00%
Sep
9
10.00%
10.00%
25.00%
0.00%
Oct
10
10.00%
10.00%
25.00%
0.00%
Nov
11
10.00%
10.00%
25.00%
0.00%
Dec
12
10.00%
10.00%
25.00%
0.00%
$23,500
$31,486
$23,500
$32,041
$23,500
$32,956
$23,500
$33,053
$23,500
$33,253
$23,500
$33,215
$23,500
$32,284
$23,500
$32,986
$23,500
$34,092
$23,500
$35,177
$23,500
$36,897
$23,500
$37,674
Page 3
Appendix
Appendix Table: Profit and Loss
Pro Forma Profit and Loss
Sales
Direct Cost of Sales
Other
Total Cost of Sales
Gross Margin
Gross Margin %
Expenses:
Payroll
Sales and Marketing and Other Expenses
Depreciation
Utilities
Payroll Taxes
Other
Total Operating Expenses
Profit Before Interest and Taxes
Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales
Include Negative Taxes
5%
5%
15%
Jan
$12,665
$1,773
$0
-----------$1,773
$10,892
86.00%
Feb
$17,049
$2,390
$0
-----------$2,390
$14,660
85.98%
Mar
$24,281
$3,407
$0
-----------$3,407
$20,875
85.97%
Apr
$25,049
$3,515
$0
-----------$3,515
$21,535
85.97%
May
$26,632
$3,737
$0
-----------$3,737
$22,895
85.97%
Jun
$26,329
$3,695
$0
-----------$3,695
$22,635
85.97%
Jul
$18,969
$2,660
$0
-----------$2,660
$16,310
85.98%
Aug
$24,520
$3,440
$0
-----------$3,440
$21,080
85.97%
Sep
$33,256
$4,669
$0
-----------$4,669
$28,588
85.96%
Oct
$41,832
$5,875
$0
-----------$5,875
$35,958
85.96%
Nov
$55,417
$7,785
$0
-----------$7,785
$47,632
85.95%
Dec
$61,561
$8,649
$0
-----------$8,649
$52,912
85.95%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($18,483)
$833
$0
($19,316)
-152.52%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($14,716)
$833
$0
($15,549)
-91.20%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($8,501)
$833
$0
($9,334)
-38.44%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($7,841)
$833
$0
($8,674)
-34.63%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($6,480)
$833
$0
($7,313)
-27.46%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($6,741)
$833
$0
($7,574)
-28.77%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($13,066)
$833
$0
($13,899)
-73.27%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($8,295)
$833
$0
($9,128)
-37.23%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
($788)
$833
$0
($1,621)
-4.87%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
$6,583
$833
$0
$5,749
13.74%
$23,500
$2,250
$0
$100
$3,525
$0
-----------$29,375
$18,257
$833
$0
$17,424
31.44%
$23,500
$2,250
$1,000
$100
$3,525
$0
-----------$30,375
$22,537
$833
$0
$21,704
35.26%
Page 4
Appendix
Appendix Table: Cash Flow
Pro Forma Cash Flow
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Cash Received
Cash from Operations:
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
$12,665
$0
$12,665
$17,049
$0
$17,049
$24,281
$0
$24,281
$25,049
$0
$25,049
$26,632
$0
$26,632
$26,329
$0
$26,329
$18,969
$0
$18,969
$24,520
$0
$24,520
$33,256
$0
$33,256
$41,832
$0
$41,832
$55,417
$0
$55,417
$61,561
$0
$61,561
$0
$0
$0
$0
$0
$12,665
$0
$0
$0
$0
$0
$17,049
$0
$0
$0
$0
$0
$24,281
$0
$0
$0
$0
$0
$25,049
$0
$0
$0
$0
$0
$26,632
$0
$0
$0
$0
$0
$26,329
$0
$0
$0
$0
$0
$18,969
$0
$0
$0
$0
$0
$24,520
$0
$0
$0
$0
$0
$33,256
$0
$0
$0
$0
$0
$41,832
$0
$0
$0
$0
$0
$55,417
$0
$0
$0
$0
$0
$61,561
Expenditures
Expenditures from Operations:
Cash Spending
Payment of Accounts Payable
Subtotal Spent on Operations
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$496
$28,174
$28,669
$557
$31,504
$32,061
$659
$32,071
$32,730
$670
$32,959
$33,629
$692
$33,060
$33,752
$688
$33,252
$33,940
$584
$33,184
$33,768
$662
$32,307
$32,969
$785
$33,023
$33,808
$906
$34,128
$35,034
$1,097
$35,234
$36,331
$1,183
$36,922
$38,106
$0
$0
$0
$0
$28,669
$0
$0
$0
$0
$32,061
$0
$0
$0
$0
$32,730
$0
$0
$0
$0
$33,629
$0
$0
$0
$0
$33,752
$0
$0
$0
$0
$33,940
$0
$0
$0
$0
$33,768
$0
$0
$0
$0
$32,969
$0
$0
$0
$0
$33,808
$0
$0
$0
$0
$35,034
$0
$0
$0
$0
$36,331
$0
$0
$0
$0
$38,106
($16,004)
$71,996
($15,012)
$56,983
($8,449)
$48,534
($8,580)
$39,954
($7,120)
$32,835
($7,611)
$25,224
($14,799)
$10,424
($8,449)
$1,975
($552)
$1,423
$6,798
$8,221
$19,086
$27,307
$23,455
$50,763
Page 5
Appendix
Appendix Table: Balance Sheet
Pro Forma Balance Sheet
Assets
Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Starting Balances
$88,000
$50,000
$138,000
Jan
$71,996
$50,000
$121,996
Feb
$56,983
$50,000
$106,983
Mar
$48,534
$50,000
$98,534
Apr
$39,954
$50,000
$89,954
May
$32,835
$50,000
$82,835
Jun
$25,224
$50,000
$75,224
Jul
$10,424
$50,000
$60,424
Aug
$1,975
$50,000
$51,975
Sep
$1,423
$50,000
$51,423
Oct
$8,221
$50,000
$58,221
Nov
$27,307
$50,000
$77,307
Dec
$50,763
$50,000
$100,763
$0
$0
$0
$138,000
$0
$0
$0
$121,996
$0
$0
$0
$106,983
$0
$0
$0
$98,534
$0
$0
$0
$89,954
$0
$0
$0
$82,835
$0
$0
$0
$75,224
$0
$0
$0
$60,424
$0
$0
$0
$51,975
$0
$0
$0
$51,423
$0
$0
$0
$58,221
$0
$0
$0
$77,307
$0
$1,000
($1,000)
$99,763
$1,000
$0
$0
$1,000
Jan
$4,312
$0
$0
$4,312
Feb
$4,848
$0
$0
$4,848
Mar
$5,733
$0
$0
$5,733
Apr
$5,827
$0
$0
$5,827
May
$6,021
$0
$0
$6,021
Jun
$5,984
$0
$0
$5,984
Jul
$5,083
$0
$0
$5,083
Aug
$5,762
$0
$0
$5,762
Sep
$6,831
$0
$0
$6,831
Oct
$7,880
$0
$0
$7,880
Nov
$9,542
$0
$0
$9,542
Dec
$10,294
$0
$0
$10,294
Long-term Liabilities
Total Liabilities
$100,000
$101,000
$100,000
$104,312
$100,000
$104,848
$100,000
$105,733
$100,000
$105,827
$100,000
$106,021
$100,000
$105,984
$100,000
$105,083
$100,000
$105,762
$100,000
$106,831
$100,000
$107,880
$100,000
$109,542
$100,000
$110,294
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
$40,000
($3,000)
$0
$37,000
$138,000
$37,000
$40,000
($3,000)
($19,316)
$17,684
$121,996
$17,684
$40,000
($3,000)
($34,865)
$2,135
$106,983
$2,135
$40,000
($3,000)
($44,199)
($7,199)
$98,534
($7,199)
$40,000
($3,000)
($52,873)
($15,873)
$89,954
($15,873)
$40,000
($3,000)
($60,186)
($23,186)
$82,835
($23,186)
$40,000
($3,000)
($67,760)
($30,760)
$75,224
($30,760)
$40,000
($3,000)
($81,659)
($44,659)
$60,424
($44,659)
$40,000
($3,000)
($90,787)
($53,787)
$51,975
($53,787)
$40,000
($3,000)
($92,408)
($55,408)
$51,423
($55,408)
$40,000
($3,000)
($86,659)
($49,659)
$58,221
($49,659)
$40,000
($3,000)
($69,235)
($32,235)
$77,307
($32,235)
$40,000
($3,000)
($47,532)
($10,532)
$99,763
($10,532)
Page 6