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This sample business plan has been made available to users of Business Plan Pro, business planning software published by Palo Alto Software. Names, locations and numbers may have been changed, and substantial portions of text may have been omitted from the original plan to preserve confidentiality and proprietary information. You are welcome to use this plan as a starting point to create your own, but you do not have permission to reproduce, publish, distribute or even copy this plan as it exists here. Requests for reprints, academic use, and other dissemination of this sample plan should be emailed to the marketing department of Palo Alto Software at marketing@paloalto.com. For product information visit our Website: www.paloalto.com or call: 1-800-229-7526.
Confidentiality Agreement
The undersigned reader acknowledges that the information provided by _________________________ in this business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of _________________________. It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause serious harm or damage to _________________________. Upon request, this document is to be immediately returned to _________________________. ___________________ Signature ___________________ Name (typed or printed) ___________________ Date This is a business plan. It does not imply an offering of securities.
Table of Contents
1.0 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.1 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1.2 Keys to Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Company Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2.1 Company Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Start-up Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Service Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Market Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Market Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Target Market Segment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Market Needs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Service Business Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Competition and Buying Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 7 7 7 7
6.0
Strategy and Implementation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 6.1 Competitive Edge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 6.2 Sales Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Management Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 7.1 Personnel Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Financial Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2 Projected Profit and Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4 Projected Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 Business Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 11 12 13 15 15
7.0 8.0
Introduction
Business Solutions Consulting (BSC) is a start-up consulting firm focused on serving the comprehensive needs of businesses in the full range of the business cycle. With a core staff of experienced professionals and a team approach to most consulting projects, BSC will be able to offer a more balanced quality service than many of its competitors.
The Company
Business Solutions Consulting is a team of six Business Consultants. Each consultant specializes in a particular discipline, including finance, sales and marketing, technology, management, operations, and human resources. BSC offers a list of services for business owners to choose from, depending on their particular business needs. This includes; business and marketing plan preparation, financial search and procurement, IT consulting services, management development, human resources advising, etc. BSC will have a focus on start-up businesses, preferably in the earlier stages of operation. Small and mid-sized businesses make up a sizable majority of U.S. and international markets. BSC prefers to establish a relationship with a younger operation and continue to nurture that relationship for the long term. BSC will be established as a Oregon based LLC with two principal partners each of whom owns a 50% share in the company. Mr. Andrew B. Christiansen has extensive experience in business planning and finance, including CFO positions with ABC Conglomerate and DEF International. Mr. David E. Fields brings in experience in the area of marketing, advertising, and communications.
The Market
The business consulting industry is very fragmented. Several large multi-national companies dominate the industry while many smaller (and often more specialized) firms occupy their market niches. Major management consulting companies, such as McKinsey, Bain, and Boston Consulting Group, have established their dominant position by providing services to the leading companies in various industries. Consulting practices of the major accounting firms (a.k.a. the Big Five) have established worldwide presence and sell their packaged services to companies of different sizes and industries. At the same time, numerous firms and individual business consultants prosper in the market niches that bigger players consider unprofitable to enter. Start-up companies are the target market of this firm. BSC intends to stay on the pulse of new business activity within the local area. Additionally, business contacts, referrals from among the group, and Internet marketing efforts will be made in pursuit of new clients. Start-up companies are attractive because owners often lack the broad range of knowledge and expertise required to launch a new business. There is a serious need in the marketplace, and certainly a significant demand for, these types of start-up consulting services. Competitors in the forefront of the marketplace typically offer many of the services that BCS has. This includes information-based consulting, integration and management services. Services are designed to increase clients' operations effectiveness through reduced cost, improved customer service, enhanced quality of current product lines and services, and a more rapid introduction of new products and services. Competitors also offer industry-specific expertise to objectively evaluate, select, develop, implement, and manage information Page 1
Financial
BSC's co-owners, Andrew B. Christiansen and David E. Fields, will each provide $50,000 that will cover the bulk of the start-up expenses. The rest of the required financing will come from the Small Business Administration (SBA) 10-year loan in the amount of $100,000. Combined, these funds will be sufficient to cover the company's expenses throughout the first year of operations, which is the most critical from the cash flow standpoint. BSC's Break-even Analysis is based on the average of the first-year figures for total sales by salaries, bonuses costs, and all other operating expenses. Such analysis shows that BSC will break-even by the tenth month of operations.
Highlights (Planned)
$4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 2001 2002 2003
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Start-up
$200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Expenses Assets Investment Loans
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Start-Up Companies 1-3 Year Old Companies 3 + Year Old Companies Other
Table: Market Analysis Market Analysis Potential Customers Start-Up Companies 1-3 Year Old Companies 3 + Year Old Companies Other Total Growth 10% 8% 6% 0% 8.96% 2001 1,900,000 900,000 400,000 0 3,200,000 2002 2,090,000 972,000 424,000 0 3,486,000 2003 2,299,000 1,049,760 449,440 0 3,798,200 2004 2,528,900 1,133,741 476,406 0 4,139,047 2005 2,781,790 1,224,440 504,990 0 4,511,220 CAGR 10.00% 8.00% 6.00% 0.00% 8.96%
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Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting
Table: Sales Forecast (Planned) Sales Forecast Unit Sales Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Total Unit Sales Unit Prices Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Sales Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Total Sales Direct Unit Costs Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Direct Cost of Sales Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Subtotal Direct Cost of Sales 2001 191 175 223 223 812 2001 $1,500.00 $1,500.00 $1,000.00 $1,500.00 $286,508 $262,633 $222,840 $334,260 $1,106,240 2001 $0.00 $0.00 $0.00 $0.00 2001 $0 $0 $0 $0 $0 2002 397 364 464 464 1,688 2002 $1,500.00 $1,500.00 $1,000.00 $1,500.00 $595,937 $546,276 $463,507 $695,260 $2,300,980 2002 $0.00 $0.00 $0.00 $0.00 2002 $0 $0 $0 $0 $0 2003 763 699 890 890 3,242 2003 $1,500.00 $1,500.00 $1,000.00 $1,500.00 $1,144,199 $1,048,850 $889,933 $1,334,899 $4,417,881 2003 $0.00 $0.00 $0.00 $0.00 2003 $0 $0 $0 $0 $0
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Break-even Analysis
$80,000 $60,000 $40,000 $20,000 $0 ($20,000) ($40,000) ($60,000) ($80,000) 0 20 40 60 80 100
Table: Break-even Analysis Break-even Analysis: Monthly Units Break-even Monthly Sales Break-even Assumptions: Average Per-Unit Revenue Average Per-Unit Variable Cost Estimated Monthly Fixed Cost 56 $76,150 $1,362.36 $0.00 $76,150
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Cash (Planned)
$300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 ($50,000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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$1,106,240 $0 $1,106,240 $0 $0 $0 $0 $0 $0 $0 $0 $1,106,240 2001 $30,941 $690,000 $251,234 $972,175 $0 $0 $0 $0 $0 $36,000 $0 ($36,000) $972,175 $134,066 $284,066
$2,300,980 $0 $2,300,980 $0 $0 $0 $0 $0 $0 $0 $0 $2,300,980 2002 $60,769 $759,000 $519,699 $1,339,468 $0 $0 $0 $6,777 $0 $45,000 $0 ($45,000) $1,346,245 $954,735 $1,238,800
$4,417,881 $0 $4,417,881 $0 $0 $0 $0 $0 $0 $0 $0 $4,417,881 2003 $113,591 $834,900 $974,112 $1,922,602 $0 $0 $0 $7,486 $0 $55,000 $0 ($55,000) $1,930,088 $2,487,793 $3,726,593
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Appendix
Appendix Table: Sales Forecast (Planned) Sales Forecast Unit Sales Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Total Unit Sales Unit Prices Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Sales Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Total Sales Direct Unit Costs Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Direct Cost of Sales Business Plans Start-Up Consulting Annual Reviews Other Ongoing Business Consulting Subtotal Direct Cost of Sales Jan 12 11 14 14 51 Jan $1,500.00 $1,500.00 $1,000.00 $1,500.00 $18,000 $16,500 $14,000 $21,000 $69,500 Jan $0.00 $0.00 $0.00 $0.00 Jan $0 $0 $0 $0 $0 Feb 13 12 15 15 54 Feb $1,500.00 $1,500.00 $1,000.00 $1,500.00 $18,900 $17,325 $14,700 $22,050 $72,975 Feb $0.00 $0.00 $0.00 $0.00 Feb $0 $0 $0 $0 $0 Mar 13 12 15 15 56 Mar $1,500.00 $1,500.00 $1,000.00 $1,500.00 $19,845 $18,191 $15,435 $23,153 $76,624 Mar $0.00 $0.00 $0.00 $0.00 Mar $0 $0 $0 $0 $0 Apr 14 13 16 16 59 Apr $1,500.00 $1,500.00 $1,000.00 $1,500.00 $20,837 $19,101 $16,207 $24,310 $80,455 Apr $0.00 $0.00 $0.00 $0.00 Apr $0 $0 $0 $0 $0 May 15 13 17 17 62 May $1,500.00 $1,500.00 $1,000.00 $1,500.00 $21,879 $20,056 $17,017 $25,526 $84,478 May $0.00 $0.00 $0.00 $0.00 May $0 $0 $0 $0 $0 Jun 15 14 18 18 65 Jun $1,500.00 $1,500.00 $1,000.00 $1,500.00 $22,973 $21,059 $17,868 $26,802 $88,702 Jun $0.00 $0.00 $0.00 $0.00 Jun $0 $0 $0 $0 $0 Jul 16 15 19 19 68 Jul $1,500.00 $1,500.00 $1,000.00 $1,500.00 $24,122 $22,112 $18,761 $28,142 $93,137 Jul $0.00 $0.00 $0.00 $0.00 Jul $0 $0 $0 $0 $0 Aug 17 15 20 20 72 Aug $1,500.00 $1,500.00 $1,000.00 $1,500.00 $25,328 $23,217 $19,699 $29,549 $97,793 Aug $0.00 $0.00 $0.00 $0.00 Aug $0 $0 $0 $0 $0 Sep 18 16 21 21 75 Sep $1,500.00 $1,500.00 $1,000.00 $1,500.00 $26,594 $24,378 $20,684 $31,027 $102,683 Sep $0.00 $0.00 $0.00 $0.00 Sep $0 $0 $0 $0 $0 Oct 19 17 22 22 79 Oct $1,500.00 $1,500.00 $1,000.00 $1,500.00 $27,924 $25,597 $21,719 $32,578 $107,817 Oct $0.00 $0.00 $0.00 $0.00 Oct $0 $0 $0 $0 $0 Nov 20 18 23 23 83 Nov $1,500.00 $1,500.00 $1,000.00 $1,500.00 $29,320 $26,877 $22,805 $34,207 $113,208 Nov $0.00 $0.00 $0.00 $0.00 Nov $0 $0 $0 $0 $0 Dec 21 19 24 24 87 Dec $1,500.00 $1,500.00 $1,000.00 $1,500.00 $30,786 $28,221 $23,945 $35,917 $118,869 Dec $0.00 $0.00 $0.00 $0.00 Dec $0 $0 $0 $0 $0
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Appendix
Appendix Table: Personnel (Planned) Personnel Plan Owner / Consultants Other Total Payroll Total People Payroll Burden Total Payroll Expenditures Jan $50,000 $50,000 6 $7,500 $57,500 Feb $50,000 $50,000 6 $7,500 $57,500 Mar $50,000 $50,000 6 $7,500 $57,500 Apr $50,000 $50,000 6 $7,500 $57,500 May $50,000 $50,000 6 $7,500 $57,500 Jun $50,000 $50,000 6 $7,500 $57,500 Jul $50,000 $50,000 6 $7,500 $57,500 Aug $50,000 $50,000 6 $7,500 $57,500 Sep $50,000 $50,000 6 $7,500 $57,500 Oct $50,000 $50,000 6 $7,500 $57,500 Nov $50,000 $50,000 6 $7,500 $57,500 Dec $50,000 $50,000 6 $7,500 $57,500
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Appendix
Appendix Table: Profit and Loss (Planned) Pro Forma Profit and Loss Sales Direct Cost of Sales Other Total Cost of Sales Gross Margin Gross Margin % Operating Expenses: Advertising/Promotion Rent Payroll Expense Payroll Burden Depreciation Utilities Other Total Operating Expenses Profit Before Interest and Taxes Interest Expense Short-term Interest Expense Long-term Taxes Incurred Extraordinary Items Net Profit Net Profit/Sales Jan $69,500 $0 $0 -----------$0 $69,500 100.00% $0 $0 $0 $0 $0 $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 ($6,650) $0 $833 ($1,871) $0 ($5,613) -8.08% Feb $72,975 $0 $0 -----------$0 $72,975 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 ($3,175) $0 $833 ($1,002) $0 ($3,006) -4.12% Mar $76,624 $0 $0 -----------$0 $76,624 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $474 $0 $833 ($90) $0 ($270) -0.35% Apr $80,455 $0 $0 -----------$0 $80,455 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $4,305 $0 $833 $868 $0 $2,604 3.24% May $84,478 $0 $0 -----------$0 $84,478 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $8,328 $0 $833 $1,874 $0 $5,621 6.65% Jun $88,702 $0 $0 -----------$0 $88,702 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $12,552 $0 $833 $2,930 $0 $8,789 9.91% Jul $93,137 $0 $0 -----------$0 $93,137 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $16,987 $0 $833 $4,038 $0 $12,115 13.01% Aug $97,793 $0 $0 -----------$0 $97,793 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $21,643 $0 $833 $5,203 $0 $15,608 15.96% Sep $102,683 $0 $0 -----------$0 $102,683 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $26,533 $0 $833 $6,425 $0 $19,275 18.77% Oct $107,817 $0 $0 -----------$0 $107,817 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $31,667 $0 $833 $7,708 $0 $23,125 21.45% Nov $113,208 $0 $0 -----------$0 $113,208 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $37,058 $0 $833 $9,056 $0 $27,169 24.00% Dec $118,869 $0 $0 -----------$0 $118,869 100.00% $10,000 $8,000 $50,000 $7,500 $500 $100 $50 -----------$76,150 $42,719 $0 $833 $10,471 $0 $31,414 26.43%
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Appendix
Appendix Table: Cash Flow (Planned) Pro Forma Cash Flow Cash Received Cash from Operations: Cash Sales From Receivables Subtotal Cash from Operations Additional Cash Received Extraordinary Items Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of other Short-term Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations: Cash Spent on Costs and Expenses Wages, Salaries, Payroll Taxes, etc. Payment of Accounts Payable Subtotal Spent on Operations Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Short-term Assets Purchase Long-term Assets Dividends Adjustment for Assets Purchased on Credit Subtotal Cash Spent Net Cash Flow Cash Balance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
$69,500 $0 $69,500 $0 $0 $0 $0 $0 $0 $0 $0 $69,500 Jan $2,011 $57,500 $1,603 $61,115 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $61,115 $8,385 $158,385
$72,975 $0 $72,975 $0 $0 $0 $0 $0 $0 $0 $0 $72,975 Feb $2,098 $57,500 $18,127 $77,725 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $77,725 ($4,750) $153,635
$76,624 $0 $76,624 $0 $0 $0 $0 $0 $0 $0 $0 $76,624 Mar $2,189 $57,500 $18,910 $78,600 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $78,600 ($1,976) $151,659
$80,455 $0 $80,455 $0 $0 $0 $0 $0 $0 $0 $0 $80,455 Apr $2,285 $57,500 $19,733 $79,518 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $79,518 $937 $152,596
$84,478 $0 $84,478 $0 $0 $0 $0 $0 $0 $0 $0 $84,478 May $2,386 $57,500 $20,596 $80,482 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $80,482 $3,996 $156,592
$88,702 $0 $88,702 $0 $0 $0 $0 $0 $0 $0 $0 $88,702 Jun $2,491 $57,500 $21,503 $81,494 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $81,494 $7,207 $163,799
$93,137 $0 $93,137 $0 $0 $0 $0 $0 $0 $0 $0 $93,137 Jul $2,602 $57,500 $22,455 $82,557 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $82,557 $10,580 $174,379
$97,793 $0 $97,793 $0 $0 $0 $0 $0 $0 $0 $0 $97,793 Aug $2,719 $57,500 $23,454 $83,673 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $83,673 $14,120 $188,499
$102,683 $0 $102,683 $0 $0 $0 $0 $0 $0 $0 $0 $102,683 Sep $2,841 $57,500 $24,504 $84,845 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $84,845 $17,838 $206,337
$107,817 $0 $107,817 $0 $0 $0 $0 $0 $0 $0 $0 $107,817 Oct $2,969 $57,500 $25,606 $86,075 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $86,075 $21,742 $228,080
$113,208 $0 $113,208 $0 $0 $0 $0 $0 $0 $0 $0 $113,208 Nov $3,104 $57,500 $26,763 $87,367 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $87,367 $25,841 $253,921
$118,869 $0 $118,869 $0 $0 $0 $0 $0 $0 $0 $0 $118,869 Dec $3,245 $57,500 $27,978 $88,724 $0 $0 $0 $0 $0 $3,000 $0 ($3,000) $88,724 $30,145 $284,066
0.00%
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Appendix
Appendix Table: Balance Sheet (Planned) Pro Forma Balance Sheet Assets Short-term Assets Cash Other Short-term Assets Total Short-term Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Accounts Payable Current Borrowing Other Short-term Liabilities Subtotal Short-term Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $1,000 $0 $0 $1,000 $100,000 $101,000 $99,500 ($5,500) $0 $94,000 $195,000 $94,000 Jan $17,498 $0 $0 $17,498 $100,000 $117,498 $99,500 ($5,500) ($5,613) $88,388 $205,885 $88,388 Feb $18,254 $0 $0 $18,254 $100,000 $118,254 $99,500 ($5,500) ($8,619) $85,381 $203,635 $85,381 Mar $19,047 $0 $0 $19,047 $100,000 $119,047 $99,500 ($5,500) ($8,888) $85,112 $204,159 $85,112 Apr $19,881 $0 $0 $19,881 $100,000 $119,881 $99,500 ($5,500) ($6,285) $87,715 $207,596 $87,715 May $20,756 $0 $0 $20,756 $100,000 $120,756 $99,500 ($5,500) ($664) $93,336 $214,092 $93,336 Jun $21,674 $0 $0 $21,674 $100,000 $121,674 $99,500 ($5,500) $8,125 $102,125 $223,799 $102,125 Jul $22,639 $0 $0 $22,639 $100,000 $122,639 $99,500 ($5,500) $20,240 $114,240 $236,879 $114,240 Aug $23,652 $0 $0 $23,652 $100,000 $123,652 $99,500 ($5,500) $35,847 $129,847 $253,499 $129,847 Sep $24,715 $0 $0 $24,715 $100,000 $124,715 $99,500 ($5,500) $55,122 $149,122 $273,837 $149,122 Oct $25,832 $0 $0 $25,832 $100,000 $125,832 $99,500 ($5,500) $78,248 $172,248 $298,080 $172,248 Nov $27,004 $0 $0 $27,004 $100,000 $127,004 $99,500 ($5,500) $105,416 $199,416 $326,421 $199,416 Dec $28,236 $0 $0 $28,236 $100,000 $128,236 $99,500 ($5,500) $136,830 $230,830 $359,066 $230,830 Starting Balances $150,000 $20,000 $170,000 $25,000 $0 $25,000 $195,000 Jan $158,385 $20,000 $178,385 $28,000 $500 $27,500 $205,885 Feb $153,635 $20,000 $173,635 $31,000 $1,000 $30,000 $203,635 Mar $151,659 $20,000 $171,659 $34,000 $1,500 $32,500 $204,159 Apr $152,596 $20,000 $172,596 $37,000 $2,000 $35,000 $207,596 May $156,592 $20,000 $176,592 $40,000 $2,500 $37,500 $214,092 Jun $163,799 $20,000 $183,799 $43,000 $3,000 $40,000 $223,799 Jul $174,379 $20,000 $194,379 $46,000 $3,500 $42,500 $236,879 Aug $188,499 $20,000 $208,499 $49,000 $4,000 $45,000 $253,499 Sep $206,337 $20,000 $226,337 $52,000 $4,500 $47,500 $273,837 Oct $228,080 $20,000 $248,080 $55,000 $5,000 $50,000 $298,080 Nov $253,921 $20,000 $273,921 $58,000 $5,500 $52,500 $326,421 Dec $284,066 $20,000 $304,066 $61,000 $6,000 $55,000 $359,066
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