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Table of Contents
Table of Contents
Page 2
Page 1
year, according to the Automatic Merchandiser. Cold storage machines grew at an even more
impressive 42% last ylear, with this growth coming at the expense of shelf-stable products.
According to the National Restaurant Association, revenues from restaurants are expected to
reach $321 billion. This is a large and healthy industry in our economy, and suppliers to this
industry are expected to benefit from this growth.
All of this indicates that a fast moving, innovative company that can introduce enhanced
products to vending machine/restaurant equipment customers stand to gain significant market
share in a relatively short time span.
Chef Vending will market its machines to three distinct market segments including; distributors,
branded sandwich and juice manufacturers, and end users. For our restaurant equipment
business we will focus on restaurants and hotels and equipment supply companies.
Financial Considerations
The company has an initial start-up cost of approximately $157,000 of which $125,000 will
come from a ten year SBA loan. Short-term borrowing will provide us with an additional $2,500
and the rest will be provided by investment capital.
We project our monthly break even will by roughly $93,000 or 27 vending units. The
attractiveness of our innovative vending machines and restaurant equipment will provide us
with a sales level far above this break-even point. We expect to generate $500,000 of net profit
on $2.8 million worth of sales in the first year.
Chart: Highlights
Page 2
1.1 Objectives
Chef Vending's objectives in our first year of operation are:
Grow our vending machine and equipment business by 20% each year.
Grow revenues by 25% in our directly operated vending machines.
1.2 Mission
Chef Vending's mission is to be the leader in introducing innovative, quality vending machines
and restaurant equipment to the market. Through close customer contact and excellent
relationships, we will meet the needs of our customers wherever we can. Chef Vending will
secure sufficient profits from free cash flow from operations, to sustain its stability and finance
future growth. We will add value to our community by maintaining a friendly, familial work
environment.
1.3 Keys to Success
As a start-up company, new to the industry, and introducing new products, we must be focused
and work hard to create acceptance for ourselves and our products within the marketplace. The
keys to our success are:
1. Quality support and service, recognizing that Chef Vending's success depends most critically
on the relationships it's able to create.
2. Innovative, quality products that are able to both expand existing markets and create new
ones for our customers.
3. Steady, disciplined pattern of growth.
4. Our customers and keeping them happy.
2.0 Company Summary
Chef Vending, LLC, is a family-owned and operated import company that focuses on importing
innovative vending machines and restaurant equipment from Spain. By serving a niche segment
of the $24.5 billion dollar vending industry, we will position Chef Vending as a high-quality,
innovative company, that creates value for its customers.
Located in North Miami Beach, Florida, three of the four investors have full operational
responsibility. Mauricio Ordonez and Javier Palmera, the co-founders, have both entrepreneurial
and industry experience. Charles Mulligan brings operational management and financial skills to
the operation.
Page 3
Start-up
Requirements
Start-up Expenses
Cash Purchases
Utilities
Repairs & Maintanence
Professional Fees
Insurance
Rent
Travel
Inventory
Telephone
Postage
Office Equipment/Supplies
Marketing/Advertising
Freight
Other
Total Start-up Expenses
$2,500
$855
$2,388
$500
$921
$7,136
$9,271
$43,086
$1,166
$111
$4,645
$15,587
$4,926
$1,400
$94,492
Start-up Assets
Cash Required
Start-up Inventory
Other Current Assets
Long-term Assets
Total Assets
$25,000
$37,508
$0
$0
$62,508
Total Requirements
$157,000
Page 4
$94,492
$62,508
$157,000
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets
$37,508
$25,000
$0
$25,000
$62,508
$0
$125,000
$2,500
$0
$127,500
Capital
Planned Investment
Investor 1
Investor 2
Investor 3
Investor 4
Additional Investment Requirement
Total Planned Investment
Loss at Start-up (Start-up Expenses)
Total Capital
$10,500
$9,000
$5,000
$5,000
$0
$29,500
($94,492)
($64,992)
$62,508
$157,000
Page 5
Chart: Start-up
Page 6
Page 7
We will also be first to market a fully automated line of toasters. Currently, the toasters on the
market require the food service worker to manually monitor the cooking process, where ours
automatically toast and dispense, freeing the service worker to engage in other customer
service tasks.
Our espresso coffee makers will compete with the existing espresso makers on the market
today. Our machines will offer the pre-packaged coffee pod which will be a cost savings to the
end user. We will also compete with an aggressive pricing strategy.
Our fresh juice machines will be priced aggressively as well, in order to better compete in the
market.
3.3 Sales Literature
Sales brochures have been developed as part of our start-up expenses.
3.4 Sourcing
Chef Vending imports its machines from Spain. For oranges and sandwiches, we contract with
local suppliers.
3.5 Technology
Chef Vending's mission is to be the company that introduces innovative products to the market.
To achieve this, we will search out the latest in food preparation technology in the vending and
equipment business. As first to market, we currently enjoy a technological advantage over the
competition.
3.6 Future Products
To enhance our existing line, we are looking at a larger model of Sandwich Express that will
offer a greater variety of sandwiches, and a more diverse product line, such as pizza.
We are also pursuing supplier relationships with large nationally-branded juice and sandwich
manufacturers, to customize our machines to their products. This would enable Chef Vending to
supply machines to national companies and allow them to brand the machines with their
product lines.
As we increase our presence in the equipment business, we will continuously search out
products to expand our existing line. A key component of this will be the feedback from our
customer base.
Page 8
Page 9
The following Market Analysis table and chart are broken down by general market segments,
versus the specifics listed above.
Table: Market Analysis
Market Analysis
Potential Customers
Growth
4%
5%
5%
4%
4.64%
Year 1
Year 2
Year 3
Year 4
Year 5
900
1,500
69
23
2,492
936
1,575
72
24
2,607
973
1,654
76
25
2,728
1,012
1,737
80
26
2,855
1,052
1,824
84
27
2,987
CAGR
3.98%
5.01%
5.23%
4.09%
4.64%
Page 10
2. Suppliers- Companies that supply the establishments with all of their food, paper, and
equipment needs.
3. Supply Houses- Acting as a distributor, these firms supply an area with their required
supply needs.
4.2.1 Competition and Buying Patterns
Both the food & beverage and vending industries are highly competitive. Price, Return On
Investment (ROI), reliability, and customer service are the factors most effecting a buying
decision.
There are many large name brand companies with vending machines in the market. We will
focus on creating a niche market for our innovative machines, to compete with larger more
recognizable names. By being first to market, we have a unique opportunity to brand ourselves
and our machines.
Buying patterns are fairly consistent across the year.
4.2.2 Distribution Patterns
Distribution in the vending industry typically runs through a distributor. These distributors will
carry a brand of machine for sale in a defined geographic region. In some instances,
manufacturers sell direct to operators or end users. Another form of distribution is to be a
supplier to a nationally branded company. Similar distribution patterns are established in the
food & beverage industry.
4.3 Target Market Segment Strategy
Chef Vending's initial strategy is to offer all of our products to all segments of the market. We
will focus on both the end user and the distributor initially, as the strategy to secure accounts
with the nationally branded companies will take some time to realize. We will reach our target
market in one of three ways. First, we have begun a small advertising scheme in industry trade
publications highlighting the many features and benefits of our products. Secondly, we have
joined the National Automatic Merchandiser Association (NAMA) and have introduced ourselves
and our products to distributors and end users at the NAMA annual convention in October,
2000; we will also participate in their Southeast regional show in South Carolina and in their
national show next year. Finally, we will pursue personalized relationships with contacts
developed at these shows and with regional companies in the South and Central Florida area.
For equipment sales, we will focus on end users and distributors in the South and Central
Florida regions. As we gain market share in these markets we will expand geographically.
4.3.1 Market Needs
The principle market need we will be addressing will be revenue. Each of our machines will act
to expand existing sales for operators, and in many cases will create new markets entirely. For
the operator that is already vending snacks, a high end sandwich will enable this operator to
expand his or her sales without cannibalizing existing sales. For the coffee vendor, a perfect
compliment to a gourmet cup of vended coffee will be a fresh cup of orange juice. By creating a
new untapped market, the operator will be able to expand revenue streams beyond their
existing accounts. Another important need we will fill with our multi-line machines and our
Page 11
equipment, will be price. As we will be competing with existing supplies already in the market,
we will price our products to be highly competitive in order to attract clients.
4.3.2 Market Trends
Growth rates in both the vending industry and the restaurant industry remain strong. This
growth is fueled by the changes in the workplace and workforce that are causing workers to
consume more of their meals away from home. Away from home food sales are expected to
increase by 53%, according to NAMA.
As more and more consumers eat away from home, the demand for higher quality is also
growing. Vendors are now offering a full line of packaged frozen meals in their machines.
Margins will increase as premium prices are being placed on branded, high-quality products.
Demographic trends are affecting the industry. A large group of young adults, who mainly grew
up on fast food, have emerged as an economic force. This group's perceptions on fast food,
technology, and vending, will have a positive impact in the vending business. Furthermore,
overall population growth rates, and immigration trends particularly, will also have a
tremendous economic impact on the vending industry. Much of the growth in both of these
areas will be in the Southeast, where Chef Vending is poised to capitalize on these trends.
4.3.3 Market Growth
Studies by Automatic Merchandiser reflect an industry growth rate of approximately 4.8% over
the last five years, matching the overall growth of the U.S. economy.
5.0 Strategy and Implementation Summary
Chef Vending will achieve its sales targets through a combination of relationship building and
aggressive pricing. Our initial targets will be medium-sized operators and distributors who have
the capital to invest in our machines. We will continue to participate in industry trade shows and
expand our advertising budget when the funds become available. Concurrent with this strategy,
we will establish relationships with larger brand name companies to become a supplier of
choice.
5.1 Value Proposition
Chef Vending's customers will derive immediate and lasting value from our products. Our
vending machines, as shown earlier, will both expand existing markets and create new ones.
The ROI exceeds the industry norm of 12-18 months. The quality of the products, as well as the
attractive and distinctive design features, will work to satisfy existing customers and to attract
new ones.
5.2 Competitive Edge
Chef Vending will enjoy the traditional benefits of first to market. We will attempt to leverage
this position to establish and solidify our brand in the market. As a small company looking to
establish itself, we will be attentive and flexible in meeting our customer's demands.
For our other products we have design features that will make us very competitive. In addition
to these design features, we will also be competing on price.
Page 12
Page 13
Cost
Sandwich Express
$9,500
Fresh OJ
$6,500/$7,500
Multi-line Machines
$2,750/$3,800
Toaster
$2,750/$3,800
Espresso Maker
$250
Juice Machine
$4,200
Page 14
Sales Forecast
Year 1
Year 2
Year 3
OJ Machines
Sandwich Express
Multi-line Machines
Toasters
Espresso Makers
Juice Squeezer
Total Unit Sales
104
104
245
122
122
122
819
125
125
294
146
146
146
983
150
150
353
176
176
176
1,179
Unit Prices
OJ Machines
Sandwich Express
Multi-line Machines
Toasters
Espresso Makers
Juice Squeezer
Year 1
$6,500.00
$9,500.00
$1,000.00
$3,275.00
$250.00
$4,200.00
Year 2
$6,695.00
$9,785.00
$1,030.00
$3,373.25
$257.50
$4,326.00
Year 3
$6,895.85
$10,078.55
$1,060.90
$3,474.45
$265.23
$4,455.78
OJ Machines
Sandwich Express
Multi-line Machines
Toasters
Espresso Makers
Juice Squeezer
Total Sales
$676,000
$988,000
$245,000
$399,550
$30,500
$512,400
$2,851,450
$835,536
$1,221,168
$302,820
$493,844
$37,698
$633,326
$3,524,392
$1,032,722
$1,509,364
$374,286
$610,391
$46,595
$782,791
$4,356,149
Year 1
$4,700.00
$6,326.92
$500.00
$1,650.00
$160.00
$960.00
Year 2
$4,841.00
$6,516.73
$515.00
$1,699.50
$164.80
$988.80
Year 3
$4,986.23
$6,712.23
$530.45
$1,750.49
$169.74
$1,018.46
$488,800
$658,000
$122,500
$201,300
$19,520
$117,120
$1,607,240
$604,157
$813,288
$151,410
$248,807
$24,127
$144,760
$1,986,549
$746,738
$1,005,224
$187,143
$307,525
$29,821
$178,924
$2,455,374
Unit Sales
Sales
Page 15
Page 16
Page 17
Personnel Plan
Javier Palmera
Charles Mulligan
Technician
M&O
Future Staff
Total People
Total Payroll
Year 1
Year 2
Year 3
$43,200
$43,200
$16,500
$50,160
$0
4
$49,680
$49,680
$18,900
$57,684
$75,000
7
$59,616
$59,616
$19,845
$69,221
$115,000
9
$153,060
$250,944
$323,298
Page 18
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Year 1
Year 2
Year 3
1
10.00%
11.50%
25.42%
0
2
10.00%
11.50%
25.00%
0
3
10.00%
11.50%
25.42%
0
Page 19
Year 2
Year 3
Sales
Direct Cost of Sales
Other
Total Cost of Sales
$2,851,450
$1,607,240
$0
$1,607,240
$3,524,392
$1,986,549
$0
$1,986,549
$4,356,149
$2,455,374
$0
$2,455,374
Gross Margin
Gross Margin %
$1,244,210
43.63%
$1,537,844
43.63%
$1,900,775
43.63%
Payroll
Sales and Marketing and Other Expenses
Depreciation
Repairs & Maintanence
Commissions
Loan Repayments
Raw Materials
Freight
Office Supplies
Postage
Telephone
Utilities
Insurance
Rent
Payroll Taxes
Other
$153,060
$51,600
$25,905
$6,000
$99,801
$29,136
$7,736
$64,290
$2,400
$1,020
$9,000
$3,000
$3,600
$15,972
$15,306
$0
$250,944
$59,174
$30,984
$6,180
$119,761
$29,136
$9,670
$77,148
$2,472
$1,051
$9,270
$3,090
$3,708
$25,000
$25,094
$0
$323,298
$68,279
$3,111
$6,365
$143,713
$29,136
$12,088
$92,577
$2,546
$1,082
$9,548
$3,183
$3,819
$35,000
$32,330
$0
$487,825
$652,681
$766,075
$756,385
$782,290
$15,057
$185,909
$885,162
$916,146
$15,790
$217,343
$1,134,699
$1,137,810
$14,966
$284,599
Net Profit
Net Profit/Sales
$555,419
19.48%
$652,029
18.50%
$835,135
19.17%
Expenses
Page 20
Page 21
Chart: Benchmarks
Page 22
Break-even Analysis
Monthly Units Break-even
Monthly Revenue Break-even
27
$93,166
Assumptions:
Average Per-Unit Revenue
Average Per-Unit Variable Cost
Estimated Monthly Fixed Cost
$3,481.62
$1,962.44
$40,652
Page 23
Chart: Cash
Page 24
Year 2
Year 3
$1,425,725
$1,046,281
$2,472,006
$1,762,196
$1,672,647
$3,434,843
$2,178,074
$2,067,392
$4,245,467
$0
$0
$0
$24,280
$0
$0
$125,000
$2,621,286
$0
$0
$0
$4,856
$0
$0
$0
$3,439,699
$0
$0
$0
$0
$0
$0
$0
$4,245,467
Year 1
Year 2
Year 3
$153,060
$2,048,212
$2,201,272
$250,944
$2,637,976
$2,888,920
$323,298
$3,192,168
$3,515,466
$0
$0
$0
$9,600
$0
$60,000
$0
$2,270,872
$0
$0
$0
$9,600
$0
$0
$0
$2,898,520
$0
$0
$0
$9,600
$0
$0
$0
$3,525,066
$350,414
$375,414
$541,179
$916,594
$720,400
$1,636,994
Cash Received
Page 25
Year 2
Year 3
$375,414
$379,444
$243,705
$0
$998,563
$916,594
$468,992
$225,076
$0
$1,610,662
$1,636,994
$579,675
$278,194
$0
$2,494,862
$60,000
$25,905
$34,095
$1,032,658
$60,000
$56,889
$3,111
$1,613,773
$60,000
$60,000
($0)
$2,494,862
Year 1
Year 2
Year 3
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$277,551
$0
$0
$277,551
$211,381
$0
$0
$211,381
$266,936
$0
$0
$266,936
Long-term Liabilities
Total Liabilities
$139,680
$417,231
$134,936
$346,317
$125,336
$392,272
$154,500
($94,492)
$555,419
$615,427
$1,032,658
$154,500
$460,927
$652,029
$1,267,456
$1,613,773
$154,500
$1,112,956
$835,135
$2,102,590
$2,494,862
$615,427
$1,267,456
$2,102,590
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 26
Table: Ratios
Ratio Analysis
Year 1
n.a.
Year 2
23.60%
Year 3
23.60%
Industry Profile
-1.30%
36.74%
23.60%
0.00%
96.70%
3.30%
100.00%
29.06%
13.95%
0.00%
99.81%
0.19%
100.00%
23.23%
11.15%
0.00%
100.00%
0.00%
100.00%
19.20%
36.00%
24.80%
80.00%
20.00%
100.00%
26.88%
13.53%
40.40%
59.60%
13.10%
8.36%
21.46%
78.54%
10.70%
5.02%
15.72%
84.28%
36.40%
11.70%
48.10%
51.90%
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
100.00%
43.63%
24.15%
0.83%
26.53%
100.00%
43.63%
25.32%
0.81%
25.12%
100.00%
43.63%
25.21%
0.79%
26.05%
100.00%
38.00%
22.60%
3.00%
1.90%
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
3.60
2.72
40.40%
120.46%
71.79%
7.62
6.55
21.46%
68.59%
53.87%
9.35
8.30
15.72%
53.25%
44.88%
2.18
0.89
48.10%
4.30%
8.20%
Year 1
19.48%
90.25%
Year 2
18.50%
51.44%
Year 3
19.17%
39.72%
n.a
n.a
3.76
56
10.91
8.37
27
2.76
3.76
88
8.48
12.17
35
2.18
3.76
88
9.76
12.17
27
1.75
n.a
n.a
n.a
n.a
n.a
n.a
0.68
0.67
0.27
0.61
0.19
0.68
n.a
n.a
$721,012
50.24
$1,399,281
56.06
$2,227,926
75.82
n.a
n.a
0.36
27%
1.35
4.63
0.46
13%
4.34
2.78
0.57
11%
6.13
2.07
n.a
n.a
n.a
n.a
Sales Growth
Percent of Total Assets
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
Additional Ratios
Net Profit Margin
Return on Equity
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
Page 27
Dividend Payout
0.00
0.00
0.00
n.a
Page 28
Appendix
Table: Sales Forecast
Sales Forecast
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Unit Sales
OJ Machines
0%
10
10
10
15
15
Sandwich Express
0%
10
10
10
15
15
Multi-line Machines
0%
10
10
15
15
20
20
20
25
25
25
30
30
Toasters
0%
10
10
10
12
12
12
15
15
Espresso Makers
0%
10
10
10
12
12
12
15
15
Juice Squeezer
0%
10
10
10
12
12
12
15
15
33
33
51
51
66
66
66
81
81
81
105
105
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
OJ Machines
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
$6,500.00
Sandwich Express
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
$9,500.00
Multi-line Machines
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Toasters
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$3,275.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
$4,200.00
OJ Machines
$26,000
$26,000
$39,000
$39,000
$52,000
$52,000
$52,000
$65,000
$65,000
$65,000
$97,500
$97,500
Sandwich Express
$38,000
$38,000
$57,000
$57,000
$76,000
$76,000
$76,000
$95,000
$95,000
$95,000
$142,500
$142,500
Multi-line Machines
$10,000
$10,000
$15,000
$15,000
$20,000
$20,000
$20,000
$25,000
$25,000
$25,000
$30,000
$30,000
Toasters
$16,375
$16,375
$26,200
$26,200
$32,750
$32,750
$32,750
$39,300
$39,300
$39,300
$49,125
$49,125
$1,250
$1,250
$2,000
$2,000
$2,500
$2,500
$2,500
$3,000
$3,000
$3,000
$3,750
$3,750
$21,000
$21,000
$33,600
$33,600
$42,000
$42,000
$42,000
$50,400
$50,400
$50,400
$63,000
$63,000
$112,625
$112,625
$172,800
$172,800
$225,250
$225,250
$225,250
$277,700
$277,700
$277,700
$385,875
$385,875
Espresso Makers
Juice Squeezer
Sales
Espresso Makers
Juice Squeezer
Total Sales
Direct Unit Costs
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
OJ Machines
0.00%
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
$4,700.00
Sandwich Express
0.00%
$7,000.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
$6,300.00
Multi-line Machines
0.00%
$500.00
$500.00
$500.00
$500.00
$500.00
$500.00
$500.00
$500.00
$500.00
$500.00
$500.00
$500.00
Toasters
0.00%
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
$1,650.00
Espresso Makers
0.00%
$160.00
$160.00
$160.00
$160.00
$160.00
$160.00
$160.00
$160.00
$160.00
$160.00
$160.00
$160.00
Juice Squeezer
0.00%
$960.00
$960.00
$960.00
$960.00
$960.00
$960.00
$960.00
$960.00
$960.00
$960.00
$960.00
$960.00
OJ Machines
$18,800
$18,800
$28,200
$28,200
$37,600
$37,600
$37,600
$47,000
$47,000
$47,000
$70,500
$70,500
Sandwich Express
$28,000
$25,200
$37,800
$37,800
$50,400
$50,400
$50,400
$63,000
$63,000
$63,000
$94,500
$94,500
Multi-line Machines
$5,000
$5,000
$7,500
$7,500
$10,000
$10,000
$10,000
$12,500
$12,500
$12,500
$15,000
$15,000
Toasters
$8,250
$8,250
$13,200
$13,200
$16,500
$16,500
$16,500
$19,800
$19,800
$19,800
$24,750
$24,750
$800
$800
$1,280
$1,280
$1,600
$1,600
$1,600
$1,920
$1,920
$1,920
$2,400
$2,400
$4,800
$4,800
$7,680
$7,680
$9,600
$9,600
$9,600
$11,520
$11,520
$11,520
$14,400
$14,400
Espresso Makers
Juice Squeezer
Page 1
Appendix
Subtotal Direct Cost of Sales
$65,650
$62,850
$95,660
$95,660
$125,700
$125,700
$125,700
$155,740
$155,740
$155,740
$221,550
$221,550
Table: Personnel
Personnel Plan
Javier Palmera
Charles Mulligan
Technician
M&O
Future Staff
Total People
Total Payroll
0%
0%
0%
0%
0%
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$3,600
$3,600
$0
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$3,600
$3,600
$1,500
$4,180
$0
$11,380
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
Page 2
Appendix
Table: General Assumptions
General Assumptions
Month 1
Plan Month
Current Interest Rate
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
10
11
12
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
11.50%
11.50%
11.50%
11.50%
11.50%
11.50%
11.50%
11.50%
11.50%
11.50%
11.50%
11.50%
Tax Rate
30.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
Other
Page 3
Appendix
Table: Profit and Loss
Sales
Direct Cost of Sales
Other
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$112,625
$112,625
$172,800
$172,800
$225,250
$225,250
$225,250
$277,700
$277,700
$277,700
$385,875
$385,875
$65,650
$62,850
$95,660
$95,660
$125,700
$125,700
$125,700
$155,740
$155,740
$155,740
$221,550
$221,550
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$65,650
$62,850
$95,660
$95,660
$125,700
$125,700
$125,700
$155,740
$155,740
$155,740
$221,550
$221,550
Gross Margin
$46,975
$49,775
$77,140
$77,140
$99,550
$99,550
$99,550
$121,960
$121,960
$121,960
$164,325
$164,325
Gross Margin %
41.71%
44.20%
44.64%
44.64%
44.20%
44.20%
44.20%
43.92%
43.92%
43.92%
42.59%
42.59%
Expenses
Payroll
$11,380
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$7,250
$2,000
$2,500
$4,150
$3,650
$3,900
$7,150
$3,650
$3,900
$3,650
$3,650
$6,150
Depreciation
$1,582
$1,582
$1,582
$2,166
$2,166
$2,166
$2,166
$2,166
$2,582
$2,582
$2,582
$2,582
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
Commissions
$3,942
$3,942
$6,048
$6,048
$7,884
$7,884
$7,884
$9,720
$9,720
$9,720
$13,506
$13,506
Loan Repayments
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$480
$583
$583
$608
$608
$608
$608
$608
$656
$787
$787
$820
$2,626
$2,514
$3,826
$3,826
$5,028
$5,028
$5,028
$6,230
$6,230
$6,230
$8,862
$8,862
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
Raw Materials
Freight
Office Supplies
Postage
$85
$85
$85
$85
$85
$85
$85
$85
$85
$85
$85
$85
Telephone
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
Utilities
$250
$250
$250
$250
$250
$250
$250
$250
$250
$250
$250
$250
Insurance
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$1,331
$1,331
$1,331
$1,331
$1,331
$1,331
$1,331
$1,331
$1,331
$1,331
$1,331
$1,331
$1,138
$1,288
$1,288
$1,288
$1,288
$1,288
$1,288
$1,288
$1,288
$1,288
$1,288
$1,288
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$34,242
$30,633
$34,552
$36,810
$39,348
$39,598
$42,848
$42,385
$43,099
$42,980
$49,399
$51,932
$12,733
$19,142
$42,588
$40,330
$60,202
$59,952
$56,702
$79,575
$78,861
$78,980
$114,926
$112,393
Rent
Payroll Taxes
Other
10%
Page 4
Appendix
EBITDA
$14,315
$20,724
$44,171
$42,496
$62,368
$62,118
$58,868
$81,741
$81,443
$81,562
$117,508
$114,975
Interest Expense
$1,190
$1,183
$1,198
$1,214
$1,229
$1,245
$1,261
$1,276
$1,292
$1,307
$1,323
$1,339
Taxes Incurred
$3,463
$4,490
$10,348
$9,779
$14,743
$14,677
$13,860
$19,575
$19,392
$19,418
$28,401
$27,764
Net Profit
$8,080
$13,469
$31,043
$29,337
$44,230
$44,030
$41,581
$58,724
$58,177
$58,254
$85,203
$83,291
Net Profit/Sales
7.17%
11.96%
17.96%
16.98%
19.64%
19.55%
18.46%
21.15%
20.95%
20.98%
22.08%
21.58%
Page 5
Appendix
Table: Cash Flow
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$56,313
$56,313
$86,400
$86,400
$112,625
$112,625
$112,625
$138,850
$138,850
$138,850
$192,938
$192,938
$0
$1,877
$56,313
$57,315
$86,400
$87,274
$112,625
$112,625
$113,499
$138,850
$138,850
$140,653
$56,313
$58,190
$142,713
$143,715
$199,025
$199,899
$225,250
$251,475
$252,349
$277,700
$331,788
$333,590
Cash Received
Cash from Operations
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
0.00%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$2,428
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$125,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$56,313
$183,190
$145,141
$146,143
$201,453
$202,327
$227,678
$253,903
$254,777
$280,128
$334,216
$336,018
Expenditures
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$11,380
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$12,880
$6,710
$124,801
$84,339
$162,220
$130,771
$197,924
$166,255
$170,901
$235,877
$204,059
$209,104
$355,252
$18,090
$137,681
$97,219
$175,100
$143,651
$210,804
$179,135
$183,781
$248,757
$216,939
$221,984
$368,132
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$800
$800
$800
$800
$800
$800
$800
$800
$800
$800
$800
$800
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$35,000
$0
$0
$0
$0
$25,000
$0
$0
$0
Dividends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$18,890
$138,481
$98,019
$210,900
$144,451
$211,604
$179,935
$184,581
$274,557
$217,739
$222,784
$368,932
$37,423
$44,709
$47,121
($64,757)
$57,002
($9,276)
$47,743
$69,322
($19,780)
$62,389
$111,431
($32,914)
Cash Balance
$62,423
$107,132
$154,253
$89,496
$146,499
$137,222
$184,965
$254,287
$234,507
$296,897
$408,328
$375,414
Page 6
Appendix
Table: Balance Sheet
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$25,000
$0
$37,508
$0
$62,508
$62,423
$56,313
$72,215
$0
$190,950
$107,132
$110,748
$69,135
$0
$287,015
$154,253
$140,835
$105,226
$0
$400,315
$89,496
$169,920
$105,226
$0
$364,642
$146,499
$196,145
$138,270
$0
$480,914
$137,222
$221,496
$138,270
$0
$496,988
$184,965
$221,496
$138,270
$0
$544,731
$254,287
$247,721
$171,314
$0
$673,322
$234,507
$273,072
$171,314
$0
$678,893
$296,897
$273,072
$171,314
$0
$741,282
$408,328
$327,159
$243,705
$0
$979,192
$375,414
$379,444
$243,705
$0
$998,563
$0
$0
$0
$62,508
$0
$1,582
($1,582)
$189,368
$0
$3,165
($3,165)
$283,850
$0
$4,747
($4,747)
$395,568
$35,000
$6,913
$28,087
$392,729
$35,000
$9,079
$25,921
$506,835
$35,000
$11,245
$23,755
$520,743
$35,000
$13,411
$21,589
$566,320
$35,000
$15,577
$19,423
$692,745
$60,000
$18,159
$41,841
$720,734
$60,000
$20,741
$39,259
$780,541
$60,000
$23,323
$36,677
$1,015,869
$60,000
$25,905
$34,095
$1,032,658
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$2,500
$0
$0
$2,500
$122,080
$0
$0
$122,080
$78,893
$0
$0
$78,893
$157,940
$0
$0
$157,940
$124,137
$0
$0
$124,137
$192,384
$0
$0
$192,384
$160,634
$0
$0
$160,634
$163,002
$0
$0
$163,002
$229,075
$0
$0
$229,075
$197,259
$0
$0
$197,259
$197,184
$0
$0
$197,184
$345,681
$0
$0
$345,681
$277,551
$0
$0
$277,551
Long-term Liabilities
Total Liabilities
$125,000
$127,500
$124,200
$246,280
$123,400
$202,293
$125,028
$282,968
$126,656
$250,793
$128,284
$320,668
$129,912
$290,546
$131,540
$294,542
$133,168
$362,243
$134,796
$332,055
$136,424
$333,608
$138,052
$483,733
$139,680
$417,231
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
$29,500
($94,492)
$0
($64,992)
$62,508
$29,500
($94,492)
$8,080
($56,912)
$189,368
$154,500
($94,492)
$21,549
$81,557
$283,850
$154,500
($94,492)
$52,592
$112,600
$395,568
$154,500
($94,492)
$81,929
$141,937
$392,729
$154,500
($94,492)
$126,158
$186,166
$506,835
$154,500
($94,492)
$170,189
$230,197
$520,743
$154,500
($94,492)
$211,770
$271,778
$566,320
$154,500
($94,492)
$270,494
$330,502
$692,745
$154,500
($94,492)
$328,671
$388,679
$720,734
$154,500
($94,492)
$386,925
$446,933
$780,541
$154,500
($94,492)
$472,128
$532,136
$1,015,869
$154,500
($94,492)
$555,419
$615,427
$1,032,658
Net Worth
($64,992)
($56,912)
$81,557
$112,600
$141,937
$186,166
$230,197
$271,778
$330,502
$388,679
$446,933
$532,136
$615,427
Assets
Starting Balances
Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
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