Art Supply Store and Gallery

Business Plan
Executive Summary
NALB Creative Center (NCC) is the place where artists meet. NALB is an acronym for
"No Artist Left Behind," with our company by-line stating: "Live Your Art." NCC is a
specialty retail store offering a large array of artists' materials and supplies, crafters'
needs, a gallery, and an education center. NCC will provide a pleasant facility that will
inspire and support amateurs, professionals and crafters in the Big Island art community.
NALB will sponsor art shows and competitions, art and craft fairs, scholarships for artists
to continue their formal education, and other community events. NALB will facilitate,
organize and offer creative workshops and classes in a variety of techniques and media.

The Market

NALB is at the forefront in an exciting and growing market. The island of Hawaii
currently has only two stores exclusively offering art and craft supplies. Neither of these
stores is able to offer education and hands-on opportunities. Neither currently supports
the artists community in active ways. They are also not able to give the high level of
customer support that NALB can. NALB is the only art supply store on the island that is
owned and operated exclusively by artists. NALB Creative Center will tap into the
growing number of professional artists in West Hawaii. We will also fill the needs of the
growing market of retirees (100% growth in the last three years) many of whom have
settled in Kona because of the thriving art community that exists here. NALB will
actively market to teachers and students in the growing public and private education
systems.

The Organization
NALB is owned and operated by practicing artists. It is founded on the idea that
maintaining satisfied customers is essential to the bottom line. With this in mind, NALB
Creative Center will be working hard to ensure that all of their customers' expectations
are exceeded in all transactions. To maintain a presence within the art and craft
community and close relationships to customers, NCC will be an active member of the
local art scene through participation and education. NALB staff will receive training in
the most current trends and products. NALB's owners will both anticipate and set
consumer trends in creative work.

Products, Services, and Delivery

NALB will be located in the commercial business park between Costco and Home Depot,
in a 3,000 square foot store. The previous tenants were cabinet makers and much of their
handiwork remains to our benefit. NALB will have the floor space to offer a wide variety
of art and craft supplies. Due to our size, we will also have the purchasing power to buy
from manufacturers directly, thus avoiding middle man mark-ups. We will offer
discounts to regular customers. We will also offer free delivery in North Kona for orders
of $300 or more. NALB will offer Artist's Oasis holidays to travelers by arranging local
accommodations, renting equipment, selling supplies, and offering maps and guides.

Financials

NCC will show modest profit from month one. Margins are forecasted to be at 50%, due
to the ability to buy wholesale. Sales in the first full year will be slightly over
$300,000. We are projecting conservatively a growth rate of 5% the first three years and
20% thereafter, even though existing art supply stores are reporting growth of over
30%. We budget conservatively, but have great vision.
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1.1 Objectives

1. Customer Satisfaction: To create a shopping environment that caters to the needs

of the art and craft community of the Big Island by offering knowledgeable and
professional customer service. Customer satisfaction will be measured through
repeat business (our goal is that 50% of our customers will return within 6 months
for an additional purchase) and multiple sales (our goal is that 30% of sales are
accompanied by an additional purchase).

2. To earn 80% market share and become the number one art and craft supplier on
the island.

3. To achieve a 50% profit margin within the first year.

4. To be an active and vocal member in the community and to provide continual re-
investment through sponsorship of community activities and celebrations,
including: supporting art and craft events, hosting classes, providing scholarships.

5. To develop, in year two and three, Artist's Oasis of Hawaii. In this program we
would arrange local accommodations and materials rental for visiting/vacationing
artists.

1.2 Keys to Success

In order for NALB Creative Center to succeed we must:

Provide for the satisfaction of 100% of our customers and vendors.

Advertise and promote in areas where our target customer base will learn about
our store.

Continuously review our inventory and sales and adjust our inventory levels
accordingly.

Sell products that are of the highest reliability and quality. We must offer as many
or more premium products than our competition offers. Offer loss leaders and
other promotions that bring customers into the store to buy goods, explore our line
of services, and sign up for future events.

Be an active member of the community.

Provide in-store classes, demonstrations, and events.

1.3 Mission

NALB Creative Center's mission is to support and contribute to the community of artists
and crafters by offering quality, name brand supplies to accommodate customer needs; by
hosting and supporting shows, events, classes and contests; and by promoting the island
as an artist's oasis and destination.
We will strive, constantly, to supply what the consumer is asking for; we will continually
review what is available in the marketplace. We will provide new products and services
to the areas of need. We will maintain NALB as a place for artists to gather.

Success will ultimately be measured by our customers choosing us because of their belief
in our ability to meet or exceed their expectations of price, service, and selection.

Company Summary
NALB Creative Center is a start up, to go into business in the Summer of this year. We
will offer a large variety of art and craft supplies, focusing on those items that are
currently unavailable on this island. The Internet will continue to be a competitor, as
artists use websites to buy familiar products. We will stock products that artists don't
necessarily have experience with. We will maintain our price comparisons to include
those available on line.

We will offer classes in the use of new materials and techniques.

We will build an Artist's Oasis tour program. We will book local Bed and Breakfasts;
provide maps and guides for appropriate plein-air sites; rent easels and materials; sell
paint and other supplies and ship completed work to the clients when dry.

We will expand the store into an art center including: A fine art gallery, offering original
art at, or near, wholesale prices; Musical instruments/studio space; Classrooms for
art/music lessons; Art/Music books; Live music/coffee bar; Do-it-Yourself crafts such as
specialty T-Shirts, signs, cards, ceramics for the tourist trade.

2.1 Company Ownership

NALB Creative Center is a subsidiary of NALB LLC, a limited liability corporation

equally owned and operated by Callie Graff and VanDyke Brown. Additional
subsidiaries include NALB Design (Interior/Web), NALB Fine Art, NALB Music.
2.2 Start-up Summary

NALB Creative Center's start-up costs are listed below. The company will start with 10
months inventory on hand as this is the main revenue generator. The majority of the
company's assets will reside in inventory.

There will be other normal business costs such as a liability umbrella, rent, interior design
costs, and opening day promotions.

Current (short-term) assets, acquired during interior build-out, shelving, slotwall, fixtures,
signage, display cases, etc., come to $26,000.

The operating capital cash on hand balance will be $31,050.

The purpose of this business plan is to drive the company direction in accord with its
vision and to secure a $210,000 loan. This supplemental financing is required to work on
site preparation, inventory, and operational expenses. Other financing will include the
owner's investment of $45,000 and a short-term revolving line-of-credit for inventory
replenishment during months of high receipts.

Successful operation and the building of a loyal customer base will allow NALB Creative
Center to be self-sufficient and profitable in the first full year.

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START-UP REQUIREMENTS

Start-up Expenses

Legal $500

Stationery etc. $200

Insurance $3,200

Rent and Deposit $10,000

Travel: Trade Show $3,500

Set-up Banking $50

POS System $2,000

Security System $1,500

Advertising $1,000

Phone System $1,000

 Computers $5,000

Other $0

TOTAL START-UP EXPENSES $27,950

Start-up Assets

Cash Required $20,000

Start-up Inventory $130,000

Other Current Assets $26,000

Long-term Assets $40,000

TOTAL ASSETS $216,000

Total Requirements $243,950

Services
NALB Creative Center will provide a wide variety of products of interest to artists and
crafters. Our wholesale suppliers will include: Grumbacher, Liquitex, Windsor and
Newton, Mabef Easels, Duncan, PrismaColor, Speedball, Masterpiece, Fredrix, Holbein,
Rembrandt, and Strathmore. Vendors will include MacPherson and Herr's. There
are thousands of products available, we will offer many that are unusual, or new, as well
as the basics that every artist needs on a regular basis. We will offer lines to include
bargain, mid-range and professional quality products.

Management will rely on customer feedback, suggestions, and daily sales reports
to introduce or eliminate certain brands or products.

In year two we will begin marketing our Artist's Oasis tour packages, as well as art/craft
equipment rental. Rentals will include equipment items that are too bulky to carry on
vacation, or too expensive, or used only periodically, for the average artist or crafter to
justify purchase. An example would be a Giclee Printer.

Market Analysis Summary

In West Hawaii, the mauka community of Holualoa in Kona, Kealakekua and South
Kona, as well as Waimea and Hawi in Kohala are three communities with large artist
populations and galleries. In West Hawaii, the Holualoa Foundation for Arts and Culture,
the Society for Kona's Education and Art, the Kailua Village Artists, the Kona Arts
Center, the Waimea Arts Center and other well-established non-profit groups offer arts
classes and instruction in various media year-round to children and adults.

NALB Creative Center will market to four primary customers:

1. Professional artists.

2. Amateur artists and crafters, including hobbyists.

3. Businesses, such as architects, graphic designers, interior designers, or direct mail

advertisers.

4. Teachers and students.

4.1 Market Segmentation

Average household income has steadily grown with about 36 percent of Big Island
households reporting incomes of $25,000 - $50,000 and another 36 percent in the
$50,000 - $75,000 range. Predictions for West Hawaii include continued population
growth, economic growth and business opportunity.

1. Professional artists. There are currently at least 39 Fine Art Galleries on the west
side of Hawaii. Each gallery represents several artists.

2. Amateur artists and crafters, including hobbyists. Many of the amateurs are
retirees* with relatively high disposable income levels.

3. Businesses. Architects (36 companies on island), technical drawing, interior/graphic

design (18 companies on island), advertising/direct mail companies (12 companies
on island).

4. Teachers and students. This group will include K-12 teachers and students as well as
those attending art classes at the store. (25,000 public school students).

*The total population of Hawaii County has grown by about 20 percent in the past
decade, the older segments - such as those from 45 - 54 and those 55 and up have
increased at rates of 100 percent and 64 percent, respectively.
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MARKET ANALYSIS

YEAR YEAR YEAR YEAR YEAR

1 2 3 4 5

Potential Growth CAGR

Customers
 Professional 20% 200 240 288 346 415 20.02%
Artists

Amateur Artists 40% 1,000 1,400 1,960 2,744 3,842 40.00%

Business to 10% 66 73 80 88 97 10.10%

Business

Educational 20% 10,000 12,000 14,400 17,280 20,736 20.00%

Total 22.16% 11,266 13,713 16,728 20,458 25,090 22.16%

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4.2 Target Market Segment Strategy

1. Professional Artists. With only one existing art supply store on this side of the
island, if the professional's need for customer service is not met, they will utilize the
Internet and mainland stores. The area we can impact most heavily is having the
actual products in the store that artists can manipulate, study, etc. This would
especially apply to products that a customer may not take a chance on ordering
from an Internet site (because of variations in quality, or new
techniques/products).
2. Amateur artists and crafters, including hobbyists. In general, this segment has the
same needs, desires, and fulfillment requirements as the professional artists. Some
will be purchasing from lower and mid-priced product lines, but many are avid in
pursuing their avocations, and appreciate, buy and use the professional quality
materials.

3. Businesses such as architectural, technical drawing, interior/graphic design,

advertising/direct mail companies. Currently, this segment is not served in any way
on the west side of the island, except by casual shopping at the existing art supply
store. Much of the purchasing by this group is done on the Internet.

4. Teachers and students. This is a much neglected segment on our island. Students
and teachers currently have access to products in Wal-Mart, K-Mart, a small school
supply specialty shop (open part-time), and the sole existing art supply store. We
plan to have a store big enough to accommodate the art supply needs of the
education community.

4.3 Service Business Analysis

NALB Creative Center is a specialty retailer filling an underserved niche market on the
island.

Currently customers can buy low end art products at Wal-Mart, K-Mart, Long's, and Ace
Hardware. The products offered at these outlets is severely limited. Products include: a
few small canvases, a small selection of papers in limited sizes, a few paint sets, and
writing pens and pencils. The same stores offer limited selections of craft and hobby
products as well, usually aimed at general interest and unsophisticated shoppers.

Hawaii Printing Corp. and Kona Coast Office Supply, Inc. stock a limited variety of
drafting supplies: pens, pencils and paper products that could be used for arts and crafts
but are usually associated with writing.
Art and craft products can also be purchased at Art Supply Hawaii in the old industrial
area. This store offers a much better selection in terms of variety, type and quality, but
has a reputation for poor customer service satisfaction.

4.3.1 Competition and Buying Patterns

Art Supply of Hawaii is the closest competitor to NCC. ASH is located in the old
industrial area of Kona. It is a small two-story facility of 1,300 sq ft. The store has been
in business for 10 years, seven years in Hilo and three years in Kona. They offer a variety
of fine art supplies, canvas, paints, stained glass, ceramics, oriental arts, beads, textile
arts, crafts, scrapbooking, and children's craft kits. The store is currently for sale with an
asking price of $395,000. According to their advertising, the store serves a growing local
artist community, retirees and both public and private schools.

Many artists known to the owners, refuse to shop at ASH because they are dissatisfied
with the level of customer service, and generally uncomfortable in the shopping
experience. They currently shop off the Internet, and in mainland stores during infrequent
visits out-of-state. These artists represent a significant customer base for NALB Creative
Center.

Customers in the educational segment buy at the discount stores, due to the convenience
of one-stop shopping for all their household needs as well as school supplies for the kids.
We will market directly to the art teachers in the local schools. We will supply order
forms to the classrooms, and deliver directly to the schools.

Many professional artists buy from Internet sources due to the still limited selections in
the local marketplace in the quantities needed. With a store space nearly three times the
size of ASH, we will be able to stock appropriate quantities, styles and sizes, and deliver
orders much more quickly than Internet sources. We will provide free delivery to the
North Kona area on purchases over $300. We will also provide friendly, professional
customer service. We'll provide a generous return and exchange policy. We'll provide
hands-on access to materials and make NALB's a gathering place for artists. None of
these benefits are available through Internet sources.

Strategy and Implementation Summary

NALB's goal is to provide products, service and education to the underserved creative
community on the Big Island. The current population is underserved due to a perceived
lack of customer service in the few existing outlets for supplies.

Our intention is to gain 80% of the market share by focusing on our customer service,
niche positioning, convenient location, quality brands, special promotions and becoming
a gathering spot for artists. While we will focus on our primary customer segments, we
offer products that virtually every artist/crafter requires. We will create an atmosphere
that is appealing to the true artist, whether amateur or professional. The balance of
customers will come because they will see this as the center of creative people.

The store will merchandise in a manner consistent with our values and the fundamentals
of good retail space use. We will provide a bulletin board for all manner of
communications among the community. We will provide space for classes and creative
hands-on experimentation.

Strategic Assumptions:

1. Every resident on the Big Island is a potential customer. By marketing to our two
target segments, we will expose ourselves to additional new customers.

2. Our proximity to Costco and Home Depot will bring in those travelling from outside
Kona.

3. We will continue to be involved in the art and craft community as participants,

suppliers and encouragers.
5.1 Competitive Edge

NALB's competitive edge involves five areas:

1. Customer Service as priority one.

2. Location. The store is located in the Kaloko Industrial Park, one block from both
Costco and Home Depot. The location will attract more customers from out of the
Kona area because a visit to the art supply store can be consolidated with a trip to
Costco, a store with an established draw on customers from all over the island. The
store is also visible from the Queen's Highway due to signage on the makai side of
the building.

3. NALB will be an art education center. We will have a large classroom available for
instruction in various media and techniques.

4. NALB will be a gathering place for artists. We will dedicate a portion of the
warehouse area to a cafe style lounge where customers can read art magazines,
look at the art gallery, drink coffee, listen to music, or visit with other artists.

5. We will provide percentage discounts for repeat customers.

Each of these is a competitive advantage because none is being addressed, by an art

supply outlet, in Kona at this time.

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5.2 Marketing Strategy

Our marketing strategy will focus heavily on customer service with loyalty and retention
in sales; on sales promotion, and on niche positioning in the market.

In addition to price and item promotional announcements, NALB Creative Center will
focus its marketing efforts via several key direct-to-consumer advertising vehicles:
Local and Regional Magazine Publications: (West Hawaii Today, Hilo Tribune-Herald,
Hawai'i Island Journal). Each of these papers provide a demographic base that lines up
nicely with that of NALB's.

Direct Mail Postcards: NALB will look to increase consumer awareness, retain the
existing customer base and promote increased sales via postcard mailings. These mailings
will be targeted around special events, and are intended to liquidate slow moving
products or showcase vendor negotiated specials.

Spring Open House--15% to 20% savings opportunity.

Fall Open House--15% to 20% savings opportunity.

Holiday Open House--15% to 20% savings opportunity.

Annual Anniversary Postcard--promotes in-store design seminars, special events

and savings opportunities.

Website Marketing: As we establish our on-line education and gallery segment, we will
support the business via search engine marketing, URL links and e-mail marketing on all
correspondence. This third channel of business will increase the customer base, sales
potential and service opportunities provided by NALB.

Direct Calls on professional artists, architects and designers.

Word of mouth. By giving first-time customers great service and a fair price, the
word is sure to spread.

In-store events and celebrations.

All marketing decisions with regard to specific media choices, frequency, size, and
expenditures will be analyzed on an on-going basis with careful consideration of returns
generated and consistency with our mission and vision.
5.3 Sales Strategy

NALB Creative Center will approach sales from a relationship basis. We will assist
customers in a personal manner, using personal names and displaying our names on
badges. We will ask the questions needed to provide the customers with the services they
desire. Gathering key customer information and seeking performance feedback on the
products and services offered will assist us in the following ways:

Targeting our marketing efforts most effectively.

Developing product offers and merchandising formats that increase sales.

Developing services and perks that enhance the shopping experience.

Increasing awareness of NCC within the retail consumer marketplace.

Developing future sales opportunities that allow for continued growth of the
business.

Key to the sales strategy is direct sales calls on all market segments targeted in this plan.
These sales calls need to be made by the owners, by virtue of their background and
knowledge of the customers, products and competitors. Experience has proven that the
more time we devote to sales, the more sales result. A full-time team member needs to be
found and added as soon as possible. Without this person, too much of the owner's time is
deflected away from their major tasks.

We will utilize the POS software with every sales transaction. With each purchase the
software will record and maintain in its database the customer's name, address and
purchases. This information will be used with our direct mailing program to focus on our
top 50% of customers. This will also make inventory control easier and more effective.

We will offer the best return/exchange policy possible, to build trust with our customers
and maintain retention and loyalty. At least 50% of returns will be sent back to the
distributor or vendor.
For in-store sales, our strategy will be to maintain as much on-site point-of-purchase
literature as is physically possible. We will remember that selling art and craft supplies is
about educating and filling a need, not pressuring the customer to buy.

Most importantly, we need to sell our company, not necessarily the products. We will
need to push our service, education, and support capabilities. This will be done through
relating with customers, drawing out creative dreams and aspirations, stretching
customers into new creative arenas, and so forth.

5.3.1 Sales Forecast

The following table and chart highlight forecasted sales. We expect sales to start off
conservatively and increase extensively during the holiday season and during the months
of July and August as the education systems start their new year.

NALB has planned for a rate of growth at 5% for the first year as we build name
recognition and status in the community. In the second year we project a growth rate of
10%. In the third year we look to see an increase of revenue of 20% as we gain a larger
percentage of the market share and increase our customer base beyond the Kona area.
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SALES FORECAST
 YEAR 1 YEAR 2 YEAR 3

Sales

Painting Supplies $60,000 $64,200 $77,040

Drawing/Illustration $2,600 $2,782 $3,338

Books/Media $7,000 $7,490 $8,988

Cutting Tools $1,400 $1,498 $1,798

Adhesives $1,400 $1,540 $1,848

Glass $750 $4,000 $5,000

Ceramics $3,800 $4,180 $5,016

Crafts $19,000 $20,900 $25,080

Gifts/Studio Environment $25,000 $27,500 $33,000

Print Making $4,300 $4,730 $5,676

Sculpture $3,100 $3,410 $4,092

Portfolios/Transporting $2,800 $3,080 $3,696

Gallery Sales $14,000 $15,400 $18,480

Fabrics/Yarn $18,000 $19,800 $23,760

Equipment $3,600 $3,960 $4,752

Clothing/Accessories $2,600 $2,860 $3,432

Paper/Boards $60,000 $66,000 $79,200

Classes $1,050 $1,155 $1,386

Canvas/Surfaces $86,400 $95,040 $114,048

TOTAL SALES $316,800 $349,525 $419,630

Direct Cost of Sales Year 1 Year 2 Year 3

Inventory $158,400 $174,763 $209,815

 Other $0 $0 $0

Subtotal Direct Cost of Sales $158,400 $174,763 $209,815

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5.4 Milestones

The accompanying milestone chart highlights our plan with specific dates. This schedule
reflects our strong committment to organization and detail. During the 6-month and 12-
month evaluation period, we will complete a detailed evaluation of all aspects of the
business:

Financials/Bottom Line

Sales

Customer satisfaction

Goals for next period

We will have in place a "Plan-B," for implementation, should the evaluation show that it
is ill-advised to continue the current endeavor. Product diversification, location,
advertising, new markets, will be considered if NALB needs to be more liquid.
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MILESTONES

Milestone Start Date End Date Budget Manager Department

Corporate Identity 1/3/2005 1/18/2005 $100 CG Department

Customer 1/3/2005 1/3/2010 $0 CG/VB Department

Interviews

Site Improvements 1/3/2005 5/5/2005 $0 CG/VB Department

and Design

Business Plan 1/20/2005 6/6/2009 $50 VB Department

Website 2/1/2005 4/18/2005 $50 CG Department

Development

Business 2/1/2005 6/6/2009 $300 CG Department

Cards/Letterhead
Yellow Pages Ads 2/1/2005 1/3/2010 $200 CG/VB Department

Signage 2/18/2005 7/18/2005 $2,000 CG/VB Department

Print Ad. "Ticklers" 4/1/2005 6/30/2005 $600 CG/VB Department

Regular Print Ads 4/5/2005 3/30/2006 $3,000 CG/VB Department

Radio Advertising 4/5/2005 1/3/2010 $1,000 CG/VB Department

Educator Marketing 6/5/2005 1/3/2010 $150 CG/VB Department

Grand Opening 7/10/2005 7/10/2005 $500 CG/VB Department

Direct Calls/Mail 7/15/2005 1/3/2010 $250 CG Department

Promotional Events 8/1/2005 1/3/2010 $500 CG/VB Department

Classes 8/1/2005 1/3/2010 $0 CG/VB Department

Follow-up Surveys 9/1/2005 9/1/2005 $0 CG/VB Department

Art Show and Sale 10/1/2005 10/1/2010 $0 CG/VB Department

 Music Jam Sessions 11/1/2005 11/25/2010 $0 CG/VB Department

Re-evaluation of 12/30/2005 12/30/2005 $0 CG/VB Department

Practices

Artist Oasis Web 6/1/2006 6/1/2010 $0 CG/VB Department

Tours

Re-evaluation of 7/30/2006 7/30/2006 $0 CG/VB Department

Practices

Totals $8,700

Web Plan Summary

NALB's Web presence will be informational and educational with a contact form for
requesting additional information. Our URL will be on all print items coming from the
store (advertising, sales promotion sheets, letterhead).

Customers will be able to search our inventory and place orders.

Customers will be able to access a calendar of educational opportunities, and sign

up on line.

Customers will be able to use the website as a portal for art related
research: technical, historical and local.

Customers will be able to view and print coupons.

Off-island customers will be able to read about our tour packages, and request
additional information.

Customers will be able to view our on-line art gallery.

6.1 Website Marketing Strategy

We will direct customers to our website in the following ways:

Direct e-mail through addresses given to us voluntarily.

Printing on everything that comes from the store (letterhead, business cards, direct
mail, shopping bags and wrapping paper, promotional items, print advertising).

Links from local business pages and Hawaii Tourism portals.

Links from/to national art resource pages.

Advertising on all company vehicles.

6.2 Development Requirements

Our parent company website is already in place. Through NALB Design, we have trained
staff, domain names, and software in place to build a web presence for NALB Creative
Center at nominal cost.

Management Summary
NALB Creative Center is managed by the owners/founders.

We will open with the two owners operating the store.

As our business expands, we will hire additional employees, our projections include
six employees, with the owners managing the store and cold-call selling.

o Employees will be encouraged to work within their creative, physical, and

intellectual boundaries.

o All duties will be divided and delegated according to strengths and weaknesses.

o At NALB we will expect a high degree of customer service skills and personality
as this is essential to our success.
7.1 Personnel Plan

NCC will be operated in the first few years by the owners. Additional part-time help will
be provided by family members.

As NALB grows over the next years, we will need two additional full-time sales clerks,
and two part-time clerks. This will free the owners to concentrate on building the
business, and expanding into the other areas of NALB's vision (tours, competitions,
music, gallery, special events, etc.).

PERSONNEL PLAN

YEAR 1 YEAR 2 YEAR 3

Owners $66,000 $68,000 $71,400

Other $0 $0 $0

Other $0 $0 $0

TOTAL PEOPLE 3 3 3

Total Payroll $66,000 $68,000 $71,400

Financial Plan

The growth of NALB will be moderate and the cash balance will always be positive.

Being a retail environment we will not be selling on credit. We will accept cash,
checks, Visa and MasterCard.

Marketing and advertising will remain at or below 5% of sales.

We will finance growth mainly through cash flow. We recognize that this means we
will have to grow slowly.

It should be noted that the owners of NALB Creative Center do not intend to take
any profits out of the business until the long-term debt has been satisfied.
Whatever profits remain after the debt payments will be used to finance growth,
mainly through the acquisition of additional inventory.

8.1 Start-up Funding

NALB's start-up funds are summarized in the following table:

$210,000 SBA loan

$20,000 short-term/credit card

$45,000 Owner investment

The additional capital is needed to fund salaries, inventory lags and other costs during the
first months of the business year.

START-UP FUNDING

Start-up Expenses to Fund $27,950

Start-up Assets to Fund $216,000

TOTAL FUNDING REQUIRED $243,950

Assets

Non-cash Assets from Start-up $196,000

Cash Requirements from Start-up $20,000

Additional Cash Raised $11,050

Cash Balance on Starting Date $31,050

TOTAL ASSETS $227,050

Liabilities and Capital

Liabilities

Current Borrowing $0

Long-term Liabilities $210,000

Accounts Payable (Outstanding Bills) $0

Other Current Liabilities (interest-free) $0

TOTAL LIABILITIES $210,000

Capital

Planned Investment

Owner $45,000

Investor $0

Additional Investment Requirement $0

TOTAL PLANNED INVESTMENT $45,000

Loss at Start-up (Start-up Expenses) ($27,950)

TOTAL CAPITAL $17,050

TOTAL CAPITAL AND LIABILITIES $227,050

 Total Funding $255,000

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8.2 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the
following table. The key underlying assumptions are:

We do not sell anything on credit. We accept cash, checks, debit cards, Visa,
MasterCard.

A slow-growth economy/customer base, without major recession.

Monthly sales are the largest indicator for this business. There are some seasonal
variations, with the months October through January being the highest sales
months.

We assume access to capital and financing sufficient to maintain our financial plan
as shown in the tables.

8.3 Break-even Analysis

Our break-even analysis is summarized by the following chart and table.

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BREAK-EVEN ANALYSIS

Monthly Revenue Break-even $21,000

Assumptions:

Average Percent Variable Cost 50%

 Estimated Monthly Fixed Cost $10,500

8.4 Projected Profit and Loss

We predict that during the second year of operation, our high level of customer service
and strong assortment will allow us to generate approximately 5% profit. This will be
above the normal two to three year period required for a start-up retailer. Our sales
projections are conservative. Should sales increase as we anticipate, the profit-to-sales
ratio could be as high as 10% by the end of year three.

The following chart and table will indicate projected profit and loss.

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PRO FORMA PROFIT AND LOSS

YEAR 1 YEAR 2 YEAR 3

Sales $316,800 $349,525 $419,630

Direct Cost of Sales $158,400 $174,763 $209,815

Other Costs of Sales $0 $0 $0

TOTAL COST OF SALES $158,400 $174,763 $209,815

Gross Margin $158,400 $174,763 $209,815

Gross Margin % 50.00% 50.00% 50.00%

Expenses

Payroll $66,000 $68,000 $71,400

Marketing/Promotion $2,400 $2,520 $2,646

Depreciation $0 $0 $0

Rent $42,000 $12,600 $7,056

Utilities $12,000 $6,720 $7,056

Insurance $3,600 $3,780 $3,969

Payroll Taxes $0 $0 $0
 Other $0 $0 $0

Total Operating Expenses $126,000 $93,620 $92,127

Profit Before Interest and Taxes $32,400 $81,143 $117,688

EBITDA $32,400 $81,143 $117,688

Interest Expense $11,747 $10,238 $8,663

Taxes Incurred $6,196 $21,272 $32,708

Net Profit $14,457 $49,634 $76,318

Net Profit/Sales 4.56% 14.20% 18.19%

8.5 Projected Cash Flow

Our projected cash flow is outlined in the following chart and table.

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PRO FORMA CASH FLOW

YEAR 1 YEAR 2 YEAR 3

Cash Received

Cash from Operations

Cash Sales $316,800 $349,525 $419,630

SUBTOTAL CASH FROM OPERATIONS $316,800 $349,525 $419,630

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

New Current Borrowing $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0

New Long-term Liabilities $0 $0 $0

Sales of Other Current Assets $0 $0 $0

Sales of Long-term Assets $0 $0 $0

New Investment Received $0 $0 $0

SUBTOTAL CASH RECEIVED $316,800 $349,525 $419,630

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash Spending $66,000 $68,000 $71,400

Bill Payments $217,354 $244,145 $296,130

SUBTOTAL SPENT ON OPERATIONS $283,354 $312,145 $367,530

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0

 Other Liabilities Principal Repayment $0 $0 $0

Long-term Liabilities Principal Repayment $26,250 $26,250 $26,250

Purchase Other Current Assets $0 $0 $0

Purchase Long-term Assets $0 $0 $0

Dividends $0 $0 $0

SUBTOTAL CASH SPENT $309,604 $338,395 $393,780

Net Cash Flow $7,196 $11,130 $25,850

Cash Balance $38,246 $49,375 $75,225

8.6 Projected Balance Sheet

The table shows the annual balance sheet results, with a conservative projected increase
in net worth. Detailed monthly projections are in the appendix.

PRO FORMA BALANCE SHEET

YEAR 1 YEAR 2 YEAR 3

Assets

Current Assets

Cash $38,246 $49,375 $75,225

Inventory $130,000 $143,429 $172,197

Other Current Assets $26,000 $26,000 $26,000

TOTAL CURRENT ASSETS $194,246 $218,804 $273,422

Long-term Assets

Long-term Assets $40,000 $40,000 $40,000

Accumulated Depreciation $0 $0 $0

TOTAL LONG-TERM ASSETS $40,000 $40,000 $40,000

TOTAL ASSETS $234,246 $258,804 $313,422

Liabilities and Capital Year 1 Year 2 Year 3

Current Liabilities

Accounts Payable $18,988 $20,163 $24,713

Current Borrowing $0 $0 $0

Other Current Liabilities $0 $0 $0

SUBTOTAL CURRENT LIABILITIES $18,988 $20,163 $24,713

Long-term Liabilities $183,750 $157,500 $131,250

TOTAL LIABILITIES $202,738 $177,663 $155,963

Paid-in Capital $45,000 $45,000 $45,000

Retained Earnings ($27,950) ($13,493) $36,141

Earnings $14,457 $49,634 $76,318

TOTAL CAPITAL $31,507 $81,141 $157,459

TOTAL LIABILITIES AND CAPITAL $234,246 $258,804 $313,422

 Net Worth $31,507 $81,141 $157,459

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8.7 Business Ratios

Business ratios for the years of this plan are shown below. The industry profile is from
2003, and based on the Standard Industrial Classification (SIC) code 5092.9901 for the
Arts and crafts equipment and supplies industry.

RATIO ANALYSIS

YEAR 1 YEAR 2 YEAR 3 INDUSTRY

PROFILE

Sales Growth 0.00% 10.33% 20.06% 2.44%

Percent of Total Assets

Inventory 55.50% 55.42% 54.94% 28.77%

Other Current Assets 11.10% 10.05% 8.30% 26.58%

Total Current Assets 82.92% 84.54% 87.24% 87.58%

Long-term Assets 17.08% 15.46% 12.76% 12.42%

TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%

Current Liabilities 8.11% 7.79% 7.89% 41.17%

Long-term Liabilities 78.44% 60.86% 41.88% 9.71%

Total Liabilities 86.55% 68.65% 49.76% 50.88%

NET WORTH 13.45% 31.35% 50.24% 49.12%

Percent of Sales

Sales 100.00% 100.00% 100.00% 100.00%

Gross Margin 50.00% 50.00% 50.00% 30.58%

Selling, General & Administrative 45.44% 35.80% 31.81% 16.83%

Expenses
Advertising Expenses 0.00% 0.00% 0.00% 1.21%

Profit Before Interest and Taxes 10.23% 23.22% 28.05% 1.02%

Main Ratios

Current 10.23 10.85 11.06 1.84

Quick 3.38 3.74 4.10 1.00

Total Debt to Total Assets 86.55% 68.65% 49.76% 55.33%

Pre-tax Return on Net Worth 65.55% 87.39% 69.24% 2.27%

Pre-tax Return on Assets 8.82% 27.40% 34.79% 5.08%

Additional Ratios Year 1 Year 2 Year 3

Net Profit Margin 4.56% 14.20% 18.19% n.a

Return on Equity 45.89% 61.17% 48.47% n.a

Activity Ratios
Inventory Turnover 1.20 1.28 1.33 n.a

Accounts Payable Turnover 12.45 12.17 12.17 n.a

Payment Days 27 29 27 n.a

Total Asset Turnover 1.35 1.35 1.34 n.a

Debt Ratios

Debt to Net Worth 6.43 2.19 0.99 n.a

Current Liab. to Liab. 0.09 0.11 0.16 n.a

Liquidity Ratios

Net Working Capital $175,257 $198,641 $248,709 n.a

Interest Coverage 2.76 7.93 13.59 n.a

Additional Ratios

Assets to Sales 0.74 0.74 0.75 n.a

 Current Debt/Total Assets 8% 8% 8% n.a

Acid Test 3.38 3.74 4.10 n.a

Sales/Net Worth 10.05 4.31 2.67 n.a

Dividend Payout 0.00 0.00 0.00 n.a

Appendix

SALES FORECAST

MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
1 2 3 4 5 6 7 8 9 10 11 12

Sales

Painting Supplies 0% $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000

Drawing/Illustration 0% $200 $200 $200 $200 $300 $300 $200 $200 $200 $200 $200 $200
Books/Media 0% $500 $500 $500 $500 $1,000 $1,000 $500 $500 $500 $500 $500 $500

Cutting Tools 0% $100 $100 $100 $100 $200 $200 $100 $100 $100 $100 $100 $100

Adhesives 0% $100 $100 $100 $100 $200 $200 $100 $100 $100 $100 $100 $100

Glass 0% $0 $0 $0 $0 $0 $0 $0 $100 $150 $150 $150 $200

Ceramics 0% $300 $300 $300 $300 $400 $400 $300 $300 $300 $300 $300 $300

Crafts 0% $1,500 $1,500 $1,500 $1,500 $2,000 $2,000 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500

Gifts/Studio 0% $2,000 $2,000 $2,000 $2,000 $2,500 $2,500 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Environment

Print Making 0% $350 $350 $350 $350 $400 $400 $350 $350 $350 $350 $350 $350

Sculpture 0% $250 $250 $250 $250 $300 $300 $250 $250 $250 $250 $250 $250

Portfolios/Transporting 0% $200 $200 $200 $200 $400 $400 $200 $200 $200 $200 $200 $200

Gallery Sales 0% $1,000 $1,000 $1,000 $1,000 $2,000 $2,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000

Fabrics/Yarn 0% $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500

Equipment 0% $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Clothing/Accessories 0% $200 $200 $200 $200 $300 $300 $200 $200 $200 $200 $200 $200

Paper/Boards 0% $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000

Classes 0% $0 $50 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100

Canvas/Surfaces 0% $7,200 $7,200 $7,200 $7,200 $7,200 $7,200 $7,200 $7,200 $7,200 $7,200 $7,200 $7,200

TOTAL SALES $25,700 $25,750 $25,800 $25,800 $29,100 $29,100 $25,800 $25,900 $25,950 $25,950 $25,950 $26,000

Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12

Inventory 50% $12,850 $12,875 $12,900 $12,900 $14,550 $14,550 $12,900 $12,950 $12,975 $12,975 $12,975 $13,000

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Direct Cost of $12,850 $12,875 $12,900 $12,900 $14,550 $14,550 $12,900 $12,950 $12,975 $12,975 $12,975 $13,000
Sales

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PERSONNEL PLAN

MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
1 2 3 4 5 6 7 8 9 10 11 12

Owners 5% $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500

Other 5% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other 5% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

TOTAL 2 2 2 2 4 3 3 3 3 3 3 3
PEOPLE

Total $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500
Payroll

PRO FORMA PROFIT AND LOSS

MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
1 2 3 4 5 6 7 8 9 10 11 12

Sales $25,700 $25,750 $25,800 $25,800 $29,100 $29,100 $25,800 $25,900 $25,950 $25,950 $25,950 $26,000
Direct Cost of Sales $12,850 $12,875 $12,900 $12,900 $14,550 $14,550 $12,900 $12,950 $12,975 $12,975 $12,975 $13,000

Other Costs of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

TOTAL COST OF $12,850 $12,875 $12,900 $12,900 $14,550 $14,550 $12,900 $12,950 $12,975 $12,975 $12,975 $13,000
SALES

Gross Margin $12,850 $12,875 $12,900 $12,900 $14,550 $14,550 $12,900 $12,950 $12,975 $12,975 $12,975 $13,000

Gross Margin % 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

Expenses

Payroll $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500

Marketing/Promotion $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200

Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Rent $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500

Utilities $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000

Insurance $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300

Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Operating $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500
Expenses

Profit Before $2,350 $2,375 $2,400 $2,400 $4,050 $4,050 $2,400 $2,450 $2,475 $2,475 $2,475 $2,500
Interest and Taxes

EBITDA $2,350 $2,375 $2,400 $2,400 $4,050 $4,050 $2,400 $2,450 $2,475 $2,475 $2,475 $2,500

Interest Expense $1,039 $1,028 $1,017 $1,006 $995 $984 $973 $963 $952 $941 $930 $919

Taxes Incurred $393 $404 $415 $418 $916 $920 $428 $446 $457 $460 $464 $474

Net Profit $918 $943 $968 $976 $2,138 $2,146 $999 $1,041 $1,066 $1,074 $1,082 $1,107

Net Profit/Sales 3.57% 3.66% 3.75% 3.78% 7.35% 7.37% 3.87% 4.02% 4.11% 4.14% 4.17% 4.26%

PRO FORMA CASH FLOW

MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
1 2 3 4 5 6 7 8 9 10 11 12

Cash Received

Cash from
Operations
Cash Sales $25,700 $25,750 $25,800 $25,800 $29,100 $29,100 $25,800 $25,900 $25,950 $25,950 $25,950 $26,000

SUBTOTAL $25,700 $25,750 $25,800 $25,800 $29,100 $29,100 $25,800 $25,900 $25,950 $25,950 $25,950 $26,000
CASH FROM
OPERATIONS

Additional
Cash Received

Sales Tax, 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

VAT, HST/GST
Received

New Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Borrowing

New Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
(interest-free)

New Long- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
term Liabilities

Sales of Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Current Assets

Sales of Long- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
term Assets
New $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Investment
Received

SUBTOTAL $25,700 $25,750 $25,800 $25,800 $29,100 $29,100 $25,800 $25,900 $25,950 $25,950 $25,950 $26,000
CASH
RECEIVED

Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12

Expenditures
from
Operations

Cash $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500
Spending

Bill Payments $593 $17,842 $19,558 $19,573 $19,946 $37,411 $20,952 $6,730 $16,371 $19,625 $19,376 $19,377

SUBTOTAL $6,093 $23,342 $25,058 $25,073 $25,446 $42,911 $26,452 $12,230 $21,871 $25,125 $24,876 $24,877
SPENT ON
OPERATIONS

Additional
Cash Spent

Sales Tax, $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
VAT, HST/GST
Paid Out
Principal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Repayment of
Current
Borrowing

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Principal
Repayment

Long-term $2,188 $2,188 $2,188 $2,188 $2,188 $2,188 $2,188 $2,188 $2,188 $2,188 $2,188 $2,188
Liabilities
Principal
Repayment

Purchase $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current
Assets

Purchase $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term
Assets

Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

SUBTOTAL $8,280 $25,529 $27,246 $27,261 $27,633 $45,099 $28,640 $14,417 $24,059 $27,313 $27,063 $27,065
CASH SPENT

Net Cash Flow $17,420 $221 ($1,446) ($1,461) $1,467 ($15,999) ($2,840) $11,483 $1,891 ($1,363) ($1,113) ($1,065)
Cash Balance $48,470 $48,691 $47,245 $45,784 $47,251 $31,252 $28,412 $39,895 $41,786 $40,424 $39,310 $38,246

PRO FORMA BALANCE SHEET

MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7 MONTH 8 MONTH 9 MONTH MONTH MONTH
10 11 12

Assets Starting
Balances

Current
Assets

Cash $31,050 $48,470 $48,691 $47,245 $45,784 $47,251 $31,252 $28,412 $39,895 $41,786 $40,424 $39,310 $38,246

Inventory $130,000 $128,500 $128,750 $129,000 $129,000 $145,500 $145,500 $132,600 $129,500 $129,750 $129,750 $129,750 $130,000

Other Current $26,000 $26,000 $26,000 $26,000 $26,000 $26,000 $26,000 $26,000 $26,000 $26,000 $26,000 $26,000 $26,000
Assets

TOTAL $187,050 $202,970 $203,441 $202,245 $200,784 $218,751 $202,752 $187,012 $195,395 $197,536 $196,174 $195,060 $194,246
CURRENT
ASSETS

Long-term
Assets
Long-term $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000
Assets

Accumulated $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Depreciation

TOTAL $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000
LONG-TERM
ASSETS

TOTAL $227,050 $242,970 $243,441 $242,245 $240,784 $258,751 $242,752 $227,012 $235,395 $237,536 $236,174 $235,060 $234,246
ASSETS

Liabilities and Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Capital

Current
Liabilities

Accounts $0 $17,190 $18,905 $18,929 $18,680 $36,696 $20,739 $6,188 $15,717 $18,979 $18,730 $18,723 $18,988
Payable

Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Borrowing

Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
SUBTOTAL $0 $17,190 $18,905 $18,929 $18,680 $36,696 $20,739 $6,188 $15,717 $18,979 $18,730 $18,723 $18,988
CURRENT
LIABILITIES

Long-term $210,000 $207,813 $205,625 $203,438 $201,250 $199,063 $196,875 $194,688 $192,500 $190,313 $188,125 $185,938 $183,750
Liabilities

TOTAL $210,000 $225,002 $224,530 $222,367 $219,930 $235,759 $217,614 $200,876 $208,217 $209,292 $206,855 $204,660 $202,738
LIABILITIES

Paid-in $45,000 $45,000 $45,000 $45,000 $45,000 $45,000 $45,000 $45,000 $45,000 $45,000 $45,000 $45,000 $45,000
Capital

Retained ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950) ($27,950)
Earnings

Earnings $0 $918 $1,860 $2,828 $3,804 $5,942 $8,088 $9,087 $10,128 $11,195 $12,269 $13,350 $14,457

TOTAL $17,050 $17,968 $18,910 $19,878 $20,854 $22,992 $25,138 $26,137 $27,178 $28,245 $29,319 $30,400 $31,507
CAPITAL

TOTAL $227,050 $242,970 $243,441 $242,245 $240,784 $258,751 $242,752 $227,012 $235,395 $237,536 $236,174 $235,060 $234,246
LIABILITIES
AND
CAPITAL

Net Worth $17,050 $17,968 $18,910 $19,878 $20,854 $22,992 $25,138 $26,137 $27,178 $28,245 $29,319 $30,400 $31,507