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()or *+ dollars ended up getting a -uarter of a million dollars of funding. fundi ng. hat’s worth it%/ 0 odd 1. ablegate
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his sample business plan has been made available to users of Business Plan Pro4, business planning software published by alo Alto #oftware, nc. 5ames, locations and numbers may have been changed, and substantial portions of the original plan te6t may have been omitted to preserve confidentiality and proprietary information. You are welcome to use this plan as a starting point to c reate your own, but you do not have permission to resell, reproduce, publish, distribute or even copy this plan as it e6ists here. 7e-uests for reprints, academic use, and other dissemination of this sample plan should be emailed to the marketing department of alo Alto #oftware at marketing8paloalto.com. )or product information visit our Website! www.paloalto.com or call! 9:;++:**<:=2*>.
Copyright © Palo Alto Alto Software, Inc., 1!"#$$ All rights reser%ed.
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his sample business plan has been made available to users of Business Plan Pro4, business planning software published by alo Alto #oftware, nc. 5ames, locations and numbers may have been changed, and substantial portions of the original plan te6t may have been omitted to preserve confidentiality and proprietary information. You are welcome to use this plan as a starting point to c reate your own, but you do not have permission to resell, reproduce, publish, distribute or even copy this plan as it e6ists here. 7e-uests for reprints, academic use, and other dissemination of this sample plan should be emailed to the marketing department of alo Alto #oftware at marketing8paloalto.com. )or product information visit our Website! www.paloalto.com or call! 9:;++:**<:=2*>.
Copyright © Palo Alto Alto Software, Inc., 1!"#$$ All rights reser%ed.
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This is a business plan. It does not imply an offering of securities.
Table of Contents
9.+ C6ecutive #ummary.....................................................................................................................1 1hart! Dighlights...........................................................................................................................1 9.9 Ebjectives....................................................................................................................................1 9.* Fission...........................................................................................................................................2 9.G Heys to #uccess.........................................................................................................................2 *.+ 1ompany #ummary......................................................................................................................2 *.9 1ompany Ewnership................................................................................................................2 *.* #tart:up #ummary....................................................................................................................2 able! #tart:up...............................................................................................................................2 able! #tart:up )unding..............................................................................................................3 1hart! #tart:up..............................................................................................................................4 G.+ roducts............................................................................................................................................4 I.+ Farket Analysis #ummary .........................................................................................................5 I.9 Farket #egmentation..............................................................................................................5 able! Farket Analysis................................................................................................................5 1hart! Farket Analysis $ie&..................................................................................................... I.* arget Farket #egment #trategy........................................................................................ I.G 1ompetition and 'uying atterns....................................................................................... 2.+ #trategy and mplementation #ummary.............................................................................! 2.9 1ompetitive Cdge......................................................................................................................! 2.* Farketing #trategy...................................................................................................................! 2.G #ales #trategy............................................................................................................................! 2.G.9 #ales )orecast....................................................................................................................! able! #ales )orecast..............................................................................................................." 1hart! #ales Fonthly..............................................................................................................." 1hart! #ales by Year................................................................................................................#
Table of Contents
1hart! 1ash...................................................................................................................................15 able! 1ash )low.........................................................................................................................15 ;.I mportant Assumptions........................................................................................................1 able! Jeneral Assumptions...................................................................................................1 ;.2 rojected 'alance #heet......................................................................................................1! ;.2 rojected 'alance #heet......................................................................................................1! able! 'alance #heet.................................................................................................................1! ;.> 'usiness 7atios........................................................................................................................1" ;.> 'usiness 7atios........................................................................................................................1" able! 7atios.................................................................................................................................1" able! #ales )orecast...........................................................................................................................1 able! ersonnel....................................................................................................................................2 able! ersonnel....................................................................................................................................2 able! Jeneral Assumptions.............................................................................................................3 able! Jeneral Assumptions.............................................................................................................3 able! rofit and Loss..........................................................................................................................4 able! rofit and Loss..........................................................................................................................4 able! 1ash )low...................................................................................................................................5 able! 1ash )low...................................................................................................................................5 able! 'alance #heet...........................................................................................................................! able! 'alance #heet...........................................................................................................................!
The %iscount Pharmacy
9.+ C6ecutive #ummary he Biscount harmacyKs main goal is to provide prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market : those customers who pay for their pr escription medications themselves. 'y focusing on this segment it gives us additional efficiencies : we avoid disruptions in cash flow often associated with insurance payments and we can e liminate unnecessary services for the type of knowledgeable, repeat customer taking maintenance:type medication. he Biscount harmacy will operate from one store that will serve both mail order customers and those who visit in person. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon. We only e6pect that as the price of medication continues to skyrocket, he Biscount harmacy will appeal more and more to the customerKs sense of value and convenience. Eur advertising, mainly through ads in magaines targeted at the over:22 crowd, will be targeted at those who are looking to save money on a pricey but necessary and regular e6pense. he Biscount harmacy will be led by Mohn 7eeleaf, an F'A with e6perience in the pharmaceutical industry. 1osts will be minimied by maintaining only one pharmacist and filling the void with pharmaceutical techs. We e6pect to reach profitability by our second year and will generate substantial sales by year three.
1hart! Dighlights
The %iscount Pharmacy
9.9 Ebjectives he objectives for the first three years include! 9. C6ceed customer e6pectations with superior pricing *. ncrease the number of customers by more than G+3 per year G. Bevelop a business that survives off its own cash flow 9.* Fission he Biscount harmacyKs mission is to provide our customers with the best prices for their prescription medications. Eur convenience and services will e6ceed the e6pectations of our customers. 9.G Heys to #uccess he keys to success are! • • •
#atisfy our customers so they will return again and again Faintain low overhead and operating costs rovide better prices than all our c ompetitors
*.+ 1ompany #ummary he Biscount harmacy is located in ortland, E7 and offers prescription medications at discount prices to our customers by mail order or at the store front. *.9 1ompany Ewnership
The %iscount Pharmacy
lease note that these items will be used for more than one year and will therefore be labeled long:term assets, depreciated using J.A.A.. approved straight:line depreciation. able! #tart:up
Start-up
Requirements Start-up Expenses Legal Rent Utilities Telecom System nsurance Store"ront #uil-out Expense Equipment &e'site e(elopment Total Start-up Expenses
$1,000 $2,000 $400 $400 $!00 $1%,000 $4,000 $1,000 $24,100
Start-up )ssets *as+ Require Start-up n(entory t+er *urrent )ssets Long-term )ssets Total )ssets
$140,%00 $10,000 $0 $,%00 $1%.,000
Total Requirements
$1!,100
able! #tart:up )unding
Start-up Funding
The %iscount Pharmacy
)itional n(estment Requirement Total 3lanne n(estment
$!2,100 $1!,100
Loss at Start-up Start-up Expenses5 Total *apital
$24,1005 $1%.,000
Total *apital an Lia'ilities
$1%.,000
Total Funding
$1!,100
1hart! #tart:up
The %iscount Pharmacy
which hampers cash flow. he Biscount harmacy will als o save money by not paying for customerKs unlimited access to a pharmacist. f a customer has a -uestion regarding a drug, the pharmaceutical technician will attempt to answer it. As a last resort the pharmacist will provide the answer. Jenerally, the technician or the accompanying printed literature will answer the -uestion. his model of saving costs by not providing unlimited access to the pharmacist will be successful because the majority of customers will be customers who have been taking said drug for awhile, as opposed to a new prescription, and will not re-uire their hand to be held during the transaction. hey are interested in he harmacy as an ine6pensive source for their medication. With each order a printout will accompany the medications providing directions on how to take the medications, other drugs that should be avoided concurrently, and other useful information. he Biscount harmacy will be using c omputer print outs from industry software to reduce the cost of providing this information. 5ote::while the term Oself payO is typically ass ociated with the notion that the customer is paying for the medication out of pocket without insurance, it is used in this conte6t as the customer paying for the medications up front regar dless if they have insurance. hey may be paying out of pocket, or they may be paying up front and then submitting to their insurance companyKs drug plan to reimburse them later. I.+ Farket Analysis #ummary he Biscount harmacyKs target market consists of two different groups, local customers or walk:ins, and mail order customers. he Biscount harmacy will employ two different strategies to reach these two diverse market segments.
The %iscount Pharmacy
able! Farket Analysis
Market Analysis
7ear 1 3otential *ustomers
8rot+
&al9-in customers =ai l orer customers
: .: <..:
Total
1hart! Farket Analysis $ie&
7ear 2
7ear !
7ear 4
7ear % *)8R
!4%,; %4,;>,!4% %%,222,2!2
!;!,%% %.,1%,21> >0,1,;;4
40!,44! >%,1.,%% >%,>02,02
4!%,;1 ;1,0>>,4% ;1,%02,1;>
4;0,%;% ;;,4>2,4!. ;;,.!!,014
<00: .< 00: <..:
The %iscount Pharmacy
•
•
•
•
Chain pharmacies. hese are state or national chains such as 7ite:Aid. he advantage to these chains are better prices through economies of scale, as well as personalied service. he personalied service takes the form of the chain having a r ecord of your medication purchases as well as any allergies that you have disclosed to them. )ocal pharmacies. hese are the pharmacies where you typically know the pharmacist and they know your medical history. his option is high in personalied service and convenience, and high in price. &ail order and Internet pharmacies. hese are similar to he Biscount harmacy. Canadian pharmacies. hese pharmacies are located in 1anada where the cost of drugs is lower than in the .#. hese pharmacies can be accessed through mail order, the nternet, or via travel. 7ecently there has been the trend for trips arranged for senior citiens in 5orthern #tates to travel up to 1anada for the day to pick up their medicines.
2.+ #trategy and mplementation #ummary he Biscount harmacy will use their website to develop visibility and disseminate information. 2.9 1ompetitive Cdge he Biscount harmacyKs competitive edge is superior pricing. o do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies. We will be able to do that by eliminating some of the services traditionally offered by pharmacies. )or e6ample, we will employ only one pharmacist and use pharmaceutical technicians to fill the void. As long as a pharmacist is on site during the hours of operation, we can use the pharmaceutical techs for all other capacities where other pharmacies use
The %iscount Pharmacy
yet effective, business practices, we e6pect that our c ustomers will make he Biscount harmacy their e6clusive source for medications. )or some, medications are an integral part of their lives, so establishing long:term relationships will ensure a large, loyal customer base. 2.G.9 #ales )orecast Buring the first month we will focus on setting up the store front and generating both local and national visibility. #ales activity will begin in month two. #ales during months three through five there will mainly consist of local business through the store front. n month si6 we e6pect to see a jump in sales from mail order. #ales will grow steadily from month si6 on. able! #ales )orecast
Sales Forecast
7ear 1
7ear 2
7ear !
Sales &al9-in customers =ail orer customers Total Sales
$20.,>00 $2!2,222 $441,22
$!..,!! $%>;,4!2 $.>;,2>%
irect *ost o" Sales &al9-in customers =ail orer customers
7ear 1 $!,40 $.2,. $1;>,;2.
7ear 2 $1%.,.!! $22>,.;! $!>,.0>
Subtotal Direct Cost of Sales
1hart! #ales Fonthly
$4!1,!!4 $>40,%4! $1,0;1,;; 7ear ! $1;2,%!4 $2%>,21; $42,;%1
The %iscount Pharmacy
1hart! #ales by Year
2.I Filestones he Biscount harmacy will have several milestones early on! • • •
EfficeQbusiness set up. Cstablishment of the first strategic relationship. rofitability.
The %iscount Pharmacy
>.9 Bevelopment 7e-uirements he Biscount harmacy will hire a recent college graduate with a major in c omputer science to complete and maintain our simple website. his will keep costs down. =.+ Fanagement #ummary Mohn 7eeleaf has e6perience w orking with a major drug manufacturer, Cli Lilly, as a drug representative. De was able to see first hand the profitability associated with the pres cription drug industry, as well as the inefficiencies with which most companies are plagued. Mohn graduated with an F'A from the niversity of EregonKs innovative entrepreneurship program. While there he was awarded a R2+,+++ no interest loan through a business plan competition. hat seed money will be parlayed, along with some other investments, into start up e6penses for he Biscount harmacy. Mohn received an undergraduate degree in chemistry from the niversity of Eregon. =.9 ersonnel lan he Biscount harmacy will employ the following people! •
• • • •
#ales agentsQphone representatives! two at month three, an additional person at month si6th. harmaceutical technicians! two at month two, a third at month si6. harmacists! month two. Erder fulfillment agents! two for month five, a third for month eight. 1ounter personQphone representative! one at month three.
able! ersonnel
The %iscount Pharmacy
;.9 'reak:even Analysis he 'reak:even Analysis calculates what will be needed in monthly revenue to reach the break: even point. able! 'reak:even Analysis
Break-even Analysis
=ont+ly Re(enue #rea9-e(en
$4,0
)ssumptions@ )(erage 3ercent Aaria'le *ost Estimated Monthly Fixed Cost
1hart! 'reak:even Analysis
40: $2.,2%
The %iscount Pharmacy
;.* rojected rofit and Loss he following table and charts present projected profit and loss.
1hart! rofit Fonthly
The %iscount Pharmacy
1hart! rofit Yearly
1hart! Jross Fargin Fonthly
The %iscount Pharmacy
1hart! Jross Fargin Yearly
able! rofit and Loss
Pro Forma Profit and Loss
7ear 1 Sales irect *ost o" Sales t+er 3rouction Expenses Total *ost o" Sales
$441,22 $1;>,;2. $0 $1;>,;2.
7ear 2 $.>;,2>% $!>,.0> $0 $!>,.0>
7ear ! $1,0;1,;; $42,;%1 $0 $42,;%1
The %iscount Pharmacy
;.G rojected 1ash )low he following chart and table display the projected cash flow.
1hart! 1ash
able! 1ash )low
The %iscount Pharmacy
)itional *as+ Spent Sales Tax, A)T, BST?8ST 3ai ut 3rincipal Repayment o" *urrent #orroing t+er Lia'ilities 3rincipal Repayment Long-term Lia'ilities 3rincipal Repayment 3urc+ase t+er *urrent )ssets 3urc+ase Long-term )ssets i(iens Su'total *as+ Spent
$0 $0 $0 $0 $0 $0 $0 $%12,;.;
$0 $0 $0 $0 $0 $0 $0 $;,02>
$0 $0 $0 $0 $0 $0 $0 $2,>4%
et *as+ /lo
$;0,.;%5 $>.,%2%
$0,2!. $14.,;>%
$1.,2!2 $!!,..;
Cash !alance
;.I mportant Assumptions he following table details important financial assumptions. able! Jeneral Assumptions
eneral Assumptions
3lan =ont+ *urrent nterest Rate Long-term nterest Rate Tax Rate "ther
7ear 1
7ear 2
7ear !
1 10<00: 10<00: !0<00: 0
2 10<00: 10<00: !0<00: 0
! 10<00: 10<00: !0<00: 0
The %iscount Pharmacy
;.2 rojected 'alance #heet he following table shows the projected balance sheet. able! 'alance #heet
Pro Forma Balance Sheet
7ear 1
7ear 2
7ear !
$>.,%2% $2,! $0 $.,!>4
$14.,;>% $1,.40 $0 $2!1,;04
$!!,..; $4%,.>2 $0 $!4,.%
$,%00 $1,;04 $>,;.> $10%,1>0
$,%00 $!,40 $%,0.2 $2!>,;.>
$,%00 $%,112 $!,! $!,!4>
)ssets *urrent )ssets *as+ n(entory t+er *urrent )ssets Total *urrent )ssets Long-term )ssets Long-term )ssets )ccumulate epreciation Total Long-term )ssets Total )ssets Lia'ilities an *apital
7ear 1
7ear 2
7ear !
)ccounts 3aya'le *urrent #orroing t+er *urrent Lia'ilities Su'total *urrent Lia'ilities
$!2,44 $0 $0 $!2,44
$4;,>04 $0 $0 $4;,>04
$4%,142 $0 $0 $4%,142
Long-term Lia'ilities Total Lia'ilities
$0 $!2,44
$0 $4;,>04
$0 $4%,142
*urrent Lia'ilities
The %iscount Pharmacy
;.> 'usiness 7atios 'usiness ratios for the years of this plan are shown below. ndustry profile ratios based on the 5A1# code II>99+, harmacies and Brug #tores, are shown for comparison. able! 7atios
!atio Analysis
7ear 1 Sales 8rot+
7ear 2
7ear !
nustry 3ro"ile
n
11<.!:
10<2:
11<0;:
n(entory t+er *urrent )ssets Total *urrent )ssets Long-term )ssets Total )ssets
2;<42: 0<00: .!<%4: ><4>: 100<00:
!4<>0: 0<00: .;<%: 2<1%: 100<00:
11<4: 0<00: ..<1!: 0<;: 100<00:
!><;: 2><0: .0<2>: .<;4: 100<00:
*urrent Lia'ilities Long-term Lia'ilities Total Lia'ilities et &ort+
!0<.: 0<00: !0<.: >.<11:
20<10: 0<00: 20<10: ;.<.0:
11<>2: 0<00: 11<>2:
4%<2: 14<.!: >0<21: !.<;.:
100<00: >0<00: .!
100<00: >0<00: 44<4;: 0<%0: 1;<21:
100<00: >0<00: 42<20: 0<4%: 20<%!:
100<00: 14<44: 2
!<0! 2<14 !0 .:
4<; !<1% 20 10:
<%! ;<%1 11 >2:
1<;4 0<> >! >!:
3ercent o" Total )ssets
3ercent o" Sales Sales 8ross =argin Selling, 8eneral C )ministrati(e Expenses )(ertising Expenses 3ro"it #e"ore nterest an Taxes =ain Ratios *urrent Duic9 Total e't to Total )ssets
The %iscount Pharmacy
&ppendi'
able! #ales )orecast
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
$0 $0 $0
$8765 $2245 $11010
$10987 $5543 $16530
$12554 $6543 $19097
$16776 $12344 $29120
$18443 $15454 $33897
$20001 $19877 $39878
$21332 $26765 $48097
$22343 $31223 $53566
$25311 $34232 $59543
$26544 $38998 $65542
$26544 $38998 $65542
Month 12
Sales Walk-in customers Mail or!er customers "otal Sales
#irect ost o Sales
40% 40%
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Walk-in customers
$0
$3506
$4395
$5022
$6710
$7377
$8000
$8533
$8937
$10124
$10618
$10618
Mail or!er customers
$0
$898
$2217
$2617
$4938
$6182
$7951
$ 10706
$ 12489
$ 13693
$ 15599
$ 15599
Subtotal Direct Cost of Sales
$0
$4404
$6612
$7639
$11648
$13559
$15951
$19239
$21426
$23817
$26217
$26217
Page 1
&ppendi'
able! ersonnel
Personnel Plan
&' ()ohn* +harmacist +harmacist technician +harmacist technician +harmacist technician Sales a,ent Sales a,ent Sales a,ent ounter erson.hone re/ ounter erson.hone re/ 'r!er ulillment "otal +eole
Total Payroll
0% 0% 0% 0% 0% 0% 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
$4000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 1
$4000 $5000 $2500 $2500 $0 $0 $0 $0 $0 $0 $0 4
$4000 $5000 $2500 $2500 $0 $1920 $1920 $0 $1440 $1440 $1440 9
$4000 $5000 $2500 $2500 $0 $1920 $1920 $0 $1440 $1440 $1440 9
$4000 $5000 $2500 $2500 $0 $1920 $1920 $0 $1440 $1440 $1440 9
$4000 $5000 $2500 $2500 $2500 $1920 $1920 $0 $1440 $1440 $1440 10
$4000 $5000 $2500 $2500 $2500 $1920 $1920 $1920 $1440 $1440 $1440 11
$4000 $5000 $2500 $2500 $2500 $1920 $1920 $1920 $1440 $1440 $1440 11
$4000 $5000 $2500 $2500 $2500 $1920 $1920 $1920 $1440 $1440 $1440 11
$4000 $5000 $2500 $2500 $2500 $1920 $1920 $1920 $1440 $1440 $1440 11
$4000 $5000 $2500 $2500 $2500 $1920 $1920 $1920 $1440 $1440 $1440 11
$4000 $5000 $2500 $2500 $2500 $1920 $1920 $1920 $1440 $1440 $1440 11
$4000
$14000
$22160
$22160
$22160
$24660
$26580
$26580
$26580
$26580
$26580
$26580
Page 2
&ppendi'
able! Jeneral Assumptions
General Assumptions
+lan Month u rren t n teres t at e
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
1
2
3
4
5
6
7
8
Month 9 9
Month 10 10
Month 11 11
Month 12 12
10 /00%
10/00%
10/00%
1 0/00%
1 0/00%
10 /00%
10/ 00%
10/0 0%
10/00 %
10/00 %
10/00%
1 0/00%
on ,-term nte rest ate
10 /00%
10/00%
10/00%
1 0/00%
1 0/00%
10 /00%
10/ 00%
10/0 0%
10/00 %
10/00 %
10/00%
1 0/00%
"a ate
30/00%
30/00%
30/00%
30/00%
30/00%
30/00%
30/00%
30/00%
30/00%
30/00%
30/00%
30/00%
0
0
0
0
0
Other
0
0
0
0
0
0
0
Page 3
&ppendi'
able! rofit and Loss
Pro Forma Profit and Loss Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Sales
$0
$11010
$16530
$19097
$29120
$33897
$39878
$48097
$53566
$59543
$65542
$65542
#irect ost o Sales
$0
$4404
$6612
$7639
$11648
$13559
$15951
$19239
$21426
$23817
$26217
$26217
'ther +ro!uction &enses
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
"otal ost o Sales
$0
$4404
$6612
$7639
$11648
$13559
$15951
$19239
$21426
$23817
$26217
$26217
ross Mar,in ross Mar,in %
$0
$6606
$9918
$11458
$17472
$20338
$23927
$28858
$32140
$35726
$39325
$39325
0/00%
60/00%
60/00%
60/00%
60/00%
60/00%
60/00%
60/00%
60/00%
60/00%
60/00%
60/00%
$4000
$14000
$22160
$22160
$22160
$24660
$26580
$26580
$26580
$26580
$26580
$26580
$700
$700
$700
$700
$700
$700
$700
$700
$700
$700
$700
$700
$142
$142
$142
$142
$142
$142
$142
$142
$142
$142
$142
$142
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$400
$400
$400
$400
$400
$400
$400
$400
$400
$400
$400
$400
&enses +aroll Sales an! Marketin, an! 'ther &enses #ereciation ease! &uiment tilities nsurance ent +arol l "aes 'ther
"o ta l ' e ra ti n, & e ns es
1 5%
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$2000
$2000
$2000
$2000
$2000
$2000
$2000
$2000
$2000
$2000
$2000
$2000
$600 $0
$ 2100 $0
$3324 $0
$33 24 $0
$3324 $0
$3699 $0
$3 98 7 $0
$3987 $0
$ 3987 $0
$ 3987 $0
$ 398 7 $0
$3 987 $0
$ 8 14 2
$ 19 6 42
$ 29 0 26
$ 29 0 26
$ 29 0 26
$ 31 9 01
$ 34 1 09
$ 34 1 09
$ 34 1 09
$ 34 1 09
$ 34 1 09
$ 34 1 09
+roit eore nterest an! "aes
($8142*
($13036*
($19108*
($17568*
($11554*
($11563*
($10182*
($5251*
($1969*
$1617
$5216
$5216
&"#
($8000*
($12894*
($18966*
($17426*
($11412*
($11421*
($10040*
($5109*
($1827*
$1759
$5358
$5358
nterest &ense
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
"aes ncurre!
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
:et +roit Net Profit/Sales
($8142*
($13036*
($19108*
($17568*
($11554*
($11563*
($10182*
($5251*
($1969*
$1617
$5216
$5216
0/00%
-118/40%
-115/60%
-91/99%
-39/68%
-34/11%
-25/53%
-10/92%
-3/68%
2/72%
7/96%
7/96%
Page 4
&ppendi'
able! 1ash )low
Pro Forma Cash Flow Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
ash Sales
$0
$11010
$ 16530
$ 19097
$29120
$ 33897
$39878
$48097
$53566
$59543
$65542
$65542
Su
$0
$11010
$16530
$19097
$29120
$33897
$39878
$48097
$53566
$59543
$65542
$65542
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
ash ecei;e!
ash rom 'erations
!!itional ash ecei;e! Sales "a =" >S".S" ec ei;e ! :e? urrent orro?in,
0/00%
$0 $0
:e? 'ther ia
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
:e? on,-term ia
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales o 'ther urrent ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales o on,-term ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
:e? n;estment ecei;e!
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Su
$0
$11010
$16530
$19097
$29120
$33897
$39878
$48097
$53566
$59543
$65542
$65542
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$4000
$14000
$22160
$22160
$22160
$24660
$26580
$26580
$26580
$26580
$26580
$26580
$133
$4050
$5817
$15029
$15735
$22781
$22867
$26112
$30275
$31307
$33914
$36155
$4133
$ 18050
$27 977
$3718 9
$37895
$4 74 41
$4944 7
$52692
$56 855
$ 57887
$604 94
$62 735
Sales "a =" >S".S" +ai! 'ut
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
+rincial eament o urrent orro?in,
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
'ther ia
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
on,-term ia
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
+urchase 'ther urrent ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
&en!itures
&en!itures rom 'erations ash Sen!in, ill +aments Su
!!itional ash Sent
+urchase on,-term ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
#i;i!en!s
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$4133
$18050
$27977
$37189
$37895
$47441
$49447
$52692
$56855
$57887
($8775*
($13544*
($9569*
($4595*
($3289*
$1656
$5048
$2807
$77468
$67899
$63304
$60015
$61671
$66719
$69525
Su
:et ash @lo?
($4133*
($7040*
($11447*
($18092*
Cash Balance
$136367
$129327
$117880
$99787
$91012
$60494
$62735
Page 5
