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Table of Contents
1.0 Executive Summary...............................................................................................................................1 Chart: Highlights..................................................................................................................................2 1.1 ission...............................................................................................................................................2 1.2 !eys to Success..................................................................................................................................2 1." #b$ectives.........................................................................................................................................." 2.0 Com%any Summary...............................................................................................................................& 2.1 Com%any #'nershi%.........................................................................................................................& 2.2 Start(u% Summary..............................................................................................................................& 2.2.1 )ocation * #%erations................................................................................................................+ Chart: Start(u%......................................................................................................................................, Table: Start(u%.....................................................................................................................................Table: Start(u% un/ing....................................................................................................................... ...................................................................................................................................................................... ".0 Services.................................................................................................................................................. ".1 ara enus........................................................................................................................................ &.0 ar3et 4nalysis Summary..................................................................................................................10 &.1 ar3et Segmentation.......................................................................................................................11 Table: ar3et 4nalysis......................................................................................................................11 Chart: ar3et Profile 5Pie6................................................................................................................12 &.2 Target ar3et Segment Strategy.....................................................................................................12 &." Service 7usiness 4nalysis...............................................................................................................1" &.".1 Com%etition an/ 7uying Patterns.............................................................................................1" +.0 Strategy an/ 8m%lementation Summary...............................................................................................1" +.1 Com%etitive E/ge.............................................................................................................................1& +.1.1 Com%etitor 4nalysis.................................................................................................................1& +.2 ar3eting Strategy...........................................................................................................................1,
Table of Contents
.2.1 ;is3 4nalysis<itigation.........................................................................................................."1 Table: =eneral 4ssum%tions.............................................................................................................."2 ................................................................................................................................................................"2 ." Profit an/ )oss Statement................................................................................................................"" Chart: Profit onthly........................................................................................................................."& Chart: Profit 9early............................................................................................................................"& Chart: =ross argin onthly............................................................................................................"+ Chart: =ross argin 9early..............................................................................................................."+ Table: Profit an/ )oss........................................................................................................................", ................................................................................................................................................................", .& 7rea3(even 4nalysis........................................................................................................................"Table: 7rea3(even 4nalysis..............................................................................................................."Chart: 7rea3(even 4nalysis...............................................................................................................".+ Cash lo' Statement......................................................................................................................." Chart: Cash........................................................................................................................................." Table: Cash lo'..............................................................................................................................." ................................................................................................................................................................" ., 7alance Sheet Statement..................................................................................................................&0 Table: 7alance Sheet..........................................................................................................................&0 ................................................................................................................................................................&0 .- 7usiness ;atios................................................................................................................................&1 Table: ;atios......................................................................................................................................&1 . Ex%ansion> Paybac3 * Exit Strategy...............................................................................................&2
ara ;estaurant * )ounge
(.+ 1ecutive Summary 2ur initial statement to Investors and &inancial 3enders, this restaurant4ethnic food business plan, is a candid disclosure of the 5ara "estaurant 6 3ounge business proposal ) our intent is to set realistic business epectations, and eliminate any #uestions about the profitability of this business venture. 1ntrepreneurs have a tendency to paint the restaurant business plan with a very optimistic brush, highlighting strengths and camouflaging the ris$s. 7e, as business owners, have a vested sta$e and financial commitment in the success of this restaurant. 2ur intent is to have a definitive business, financial, and mar$eting plan that not only serves our need for capital financing, but is utili8ed as our daily business roadmap. 7e have ta$en all precautions to validate our business and financial models, focusing on realistic pro9ections. 7e have accomplished this as follows' (. "#r financial $o!el is roote! in in!#stry facts, not opti$is$. 7e have based costs on our vast industry and practical eperience with similar ventures, validation against National "estaurant industry cost averages, and analysis against local Atlanta mar$et averages. 7e have ta$en a collective loo$ at all figures to ma$e solid business estimates. . "#r %#siness concept was !erie! fro$ !etaile! &ar'et Analyses. Instead of building a business around a preconceived concept, we analysed the mar$et findings and built a concept around our consumers. In other words, our business is built to service an unmet consumer :want:. ;. A %#ffere! financial plan that ens#res a!e(#ate capitali)ation. A contingency buffer is included in the start)up cost to ensure the business in not under financed, as well as giving the business ade#uate funding to sustain it in the first si months of start)up. 2ur industry eperience confirms a longer ramp)up stage for restaurants over other retail4service businesses. businesses. A common mista$e for new entrepreneurs , but fully addressed in
ara ;estaurant * )ounge
company should have over =*<,+++ in cash balance the third year. 1ven with the worst)case sales scenario, we reach a Net 7orth brea$ even at the end of !ear /. 2n a linear pro9ection, the entire financial debt will be retired by !ear .
Chart: Highlights
1.1 Mission
ara ;estaurant * )ounge
. Pro!#ct (#ality great food, great service and atmosphere. ;. Spice of ife3 &en# The menu will appeal to a wide and varied clientele. 2ur eclectic menu features regional specialties around the globe, from Spanish ceviche, to Thai and Indian curries, to local crabca$es. <. $ployee *etention 4oc#s 1mployee retention and development programs will be a primary focus and success platform for this business. Through these programs, we will be able to draw seasoned and elite professionals and build a committed wor$ force. 7e have budgeted for a stoc$ option program for @hef and Banagement positions to subsidi8e a lower salary base. This lowers our immediate overhead and attracts #uality staff. /. Cost Control 4oc#s 7e will control costs at all times, without eception. @ost @ontrol will be an integrated function of the restaurant from the onset. @ost control is about managing the numbers ) interpreting and comparing the numbers that impact the bottom line. *+ percent of the success of a restaurant is determined before it opens. 2ur focus is to reduce the cost of goods sold to meet our profit margin goals by managing the following crucial elements of cost' Purchasing, "eceiving, Storage, Issuing Inventory, "ough Preparation, Service Preparation, Portioning, 2rder Ta$ing, @ash "eceipts, >an$ ?eposits and Accounts Payable. 7e will use of this restaurant4ethnic food business plan to trac$ actual costs against our forecasts in managing the business. ?ue to intense competition, restauranteurs must loo$ for ways to differentiate their business to achieve and maintain a competitive advantage. Bidtown4?owntown Atlanta:s redevelopment re#uires a place that will fit into the :new loo$: of the community, one that is contemporary and entertaining. 5ara will fill that niche. (.; 2b9ectives 5ara "estaurant 6 3ounge:s ob9ectives for the first three years of operation include'
ara ;estaurant * )ounge
.+ @ompany Summary he +esign
5ara "estaurant 6 3ounge is uni#ue to Bidtown Atlanta. The restaurant features ; venues in one a concept called ‘Multi-Branding' J' A Tapas 3ounge, @osmopolitan >ar, and &ull Service ?ining. This concept offers customers variety, offering multiple dining and entertainment options within a single establishment. The spatial and menu divisions will broaden our appeal and provide our customers with a different eperience on each visit. The atmosphere caters to a young but mature adult crowd. This is not a family dining establishment. Total space re#uirements are ;,+++ s#uare feet. In total, the restaurant will provide seating for ((+ patrons. 7here possible, consideration will be given to incorporate a dining patio. 5oning, par$ing, and accessibility issues will be reviewed as $ey criteria. 7e will draw on our Advisory >oard as part of the site selection and lease negotiation. he &en#
5ara is focused on servicing Atlanta:s growing demand for an ethnic eating eperience. &or lac$ of a better term we are launching a Hmulti)ethnic: cuisine restaurant ) a restaurant concept that responds to Atlanta:s need for selection and choice. 5ara is a complimentary mingling of international cuisine on a single menu. The Bidtown demographics fit this concept perfectly. he &anage$ent
2ur management team has over <* years combined eperience in food, restaurant and hotel, business management, finance, and mar$eting arenas. .( @ompany 2wnership The restaurant will start out as an 33@ corporation, owned by its founders, 5ander Cunte and Peter Smith. Br. Smith will function as the Feneral Banager and 1ecutive @hef, and Br. Cunte as Banaging Partner.
ara ;estaurant * )ounge
This is a solid start)up forecast based on our mar$et analysis and our $nowledge and eperience in the industry. 7e will purchase the following =;,;(( worth of current assets during start)up ' • • • •
4it#res an! ighting =;,/+ 6ar (#ip$ent =0,(*; So#n! an! eleisions =*,;* "ffice (#ip$ent 72 Co$p#ters, 4a, Printer, Safe8 =0,/++
3ong)term Assets in the amount of =0/,+++ include all $itchen e#uipment. 7e have budgeted for the services for a premier "estaurant @onsultant familiar with the Atlanta Bar$et. This is especially $ey during the site selection and start)up stage. This company will have an integral role in validating the final restaurant location and personnel selection, and participate on the 5ara Advisory >oard. The two owners are personally committing =((+,+++ of capital, plus a =;++,+++ S>A AJ loan guaranty. In addition, we have obtained a =(;+,+++ grant from the city towards restoration of our historical building, as part of the city:s Bidtown revitali8ation program, contingent upon locating in the proposed space. 7e are see$ing =++,+++ of e#uity investment to fully fund 5ara:s startup costs. ..( 3ocation 6 2perations *esta#rant ocation
Bidtown Atlanta is the location selected for the 5ara concept. The outloo$ for the future of Atlanta:s Bidtown district is eceptionally positive and the most progressive development area in the city. ?evelopers are infusing over =/+ billion in @ommercial, "esidential, and "etail development. 5ara:s will benefit from Atlanta:s desire to revamp the Bidtown district with a
ara ;estaurant * )ounge
after)hours dining during the wee$ and wee$ends. The restaurant will operate during pea$ service time to ta$e advantage of street traffic, and after)hour patronage from the entertainment facilities in the area. Service will be available during the following hours' #nch
Bonday to Saturday, (( a.m. ) ';+ p.m.
+inner Bonday to Saturday, /';+ p.m. ) ( midnight S#n!ays - &ar'et %r#nch ta'eo#t only.
@hart' Start)up
ara ;estaurant * )ounge
Table' Start)up
Start-up
Requirements Start-up Expenses PROJECT MANAGEMENT Restaurant Consultant ( mont!s" 'ESGN Ar)!ite)tural 'esi*n Stru)tural , Plumin* 'esi*n Me)!ani)al , Ele)tri)al 'esi*n Grap!i) 'esi*n Ele)tri)al , Stru)tural En*ineerin* 1ees 'esi*n Consultants (2it)!en% nterior , 'inin*" En*ineer , Ar)!ite)t 1ees CONSTR4CTON Plumin* 56AC (Air Return% Air 'u)ts% et)7" Ele)tri)al 'isposal , 'emolition Stru)tural Constru)tion ( Mont!s General 8aour" 1a)a9e (Exterior Constru)tion" Plaster ('r: ;all" Mill , Metal ;or< nterior 1inis!es (+00 - .000 sq7 =t7" 1loorin* 1ire Alarm S:stem Se)urit: , P!one S:stem E>4PMENT 8iquor Control S:stem - 8ease Stools% C!airs% Tales% 4ni=orms POS (Point o= Sale S:stem" - 8ease Glass?are% 1lat?are% Small?are (@ar , 8oun*e" Glass?are% 1lat?are% Small?are , Supplies (1O5" 'is!?as!er% )e , Glass?as!er - 8ease 2it)!en Equipment 1rei*!t 1ees
$0 $#%&## $0 $+%#& $#%./ $+%# $#%# $+%&+ $&%##& $3%00 $0 $..%+ $#&%+0 $3%&/ $%#++ $+%0&& $.%0&+ $+%0/# $%+ $#%. $#%/++ $.%0&+ $%/# $0 $0 $.%0+ $0 $.%+& $%+& $0 $+ .&
ara ;estaurant * )ounge
Table' Start)up &unding
Start-up Funding
Start-up Expenses to 1un9 Start-up Assets to 1un9 Total 1un9in* Require9
$+3%+0& $+/+%� $/&0%##&
Assets Non-)as! Assets =rom Start-up Cas! Requirements =rom Start-up A99itional Cas! Raise9 Cas! @alan)e on Startin* 'ate Total Assets
$#/%## $&3%0&& $&%# $#/%&0 $.#+%3&#
8iailities an9 Capital 8iailities Current @orro?in* 8on*-term 8iailities A))ounts Pa:ale (Outstan9in* @ills" Ot!er Current 8iailities (interest-=ree" Total 8iailities
$0 $.00%000 $0 $0 $.00%000
Capital Planne9 nBestment an9er 5unte Peter Smit! nBestor # nBestor + nBestor . nBestor nBestor Mi9to?n ReBitaliation Grant
$/0%000 $0%000 $0%000 $0%000 $0%000 $0%000 $0%000 $#.0 000
ara ;estaurant * )ounge
;.+ Services 5ara "estaurant 6 3ounge will feature international dishes, an eclectic ambiance, and superior service. 2ur food will be of the finest #uality and prepared with eotic flare. @ustomer satisfaction is the driving force behind our success. 7e will change our menu every < months, but maintain the :favorites: for loyal patrons. Portions will be modestly si8ed, garnished with stunning presentation. 2ur wine list will be modest and primarily focused on wines from @alifornia, Spain, Portugal, and Argentina. Approimately /E will be available eclusively by the glass, and the remaining labels will be available by the bottle. 7e will also feature a moderate international beer selection on tap and in bottles. The 5ara bar features a comprehensive selection of local and international spirits. The $itchen staff will have the best in culinary education and wor$ eperience. Their creative talents will compliment one another. The lounge and restaurant staff will offer the finest service in an electric atmosphere and offer customers an etraordinary dining eperience. ;.( 5ara Benus 5ara:s varied international menu will feature Thai, @hinese, Spanish, and other regional flavors. The menu flows together to create complementary elements. Normal dining will have a reduced Tapas, Appeti8er and 1ntrKe selection, while the &usion ?im Sum menu will have special items featured only for after)hours dining. The final menu will be defined by the 1ecutive @hef and paired with the wine menu. 7e have carefully selected a premium wine, beer, and alcohol listing, from which we will choose a modest rotating selection. 5ara:s mar$eting will focus on our eotic foods, but our hours, target mar$et, and location will produce significant alcoholic drin$s sales. Tapas, in particular, are small dishes meant for sharing while drin$ing sangria, wine, or other mied drin$s, and the Tapas menu will play up this idea with drin$ suggestions.
ara ;estaurant * )ounge
•
Asian Pear and 1ndive Salad with >lue @heese 6 7alnuts
ntrees • • • •
Te#uila Scallops w4 a Spanish sherry reduction Thai "ed @hili rubbed shrimp Loodoo Prince @urry @hic$en and >oc$ @how w4stic$y rice in >anana 3eaf Cerb "oasted @hic$en with H5ara: @oo)@hee CouseJ spices
+esserts • • •
@hocolate @hun$ >read Pudding w4 >ourbon @herry sauce 5ara @hocolate 1plosion M Bil$, ?ar$ and 7hite chocolate 5ara &ruit Plate
Specialty +rin's / Coffees 7:;.5 - 9.58
A $ey source of revenue for the restaurant will be alcohol and bar sales. The restaurant will feature eotic drin$s on a separate menu. Alcoholic drin$ specials will be featured, as well as a large non)alcoholic selection. After)hours bar service will feature selections of non)alcoholic drin$s to increase bar sales during lunch and after regulatory hours. >ar pricing is competitiveG prices range from =;./+ to 0.-/. Non)alcoholic drin$s will be in the higher price brac$et due to preparation re#uirements. Prices will range from =<./ to -./+. <.+ Bar$et Analysis Summary Instead of building a business around a preconceived concept, we conducted mar$et research and built a concept around our consumers. 2ur mar$et analysis identified the following $ey drivers as areas of opportunity to service Atlanta:s restaurant customers' Portion Selection Nearly -/E of our surveyed focus group endorsed having a choice of
ara ;estaurant * )ounge
addition we have an etended Tapas and Appeti8er selection priced between =;./+ ) =-./+, allowing budget dining in a full)service restaurant. <.( Bar$et Segmentation 5ara:s "estaurant 6 3ounge intends to cater to a wide customer base. 7e want everyone to feel welcome and entertained. 7e have defined the following groups as targeted segments that contribute to our growth pro9ections' • • • • •
The >usiness Person ?owntown Atlanta @ouples The ?estination @ustomer Cigh)1nd Singles Tourists
These particular mar$et segments are /)
Market Analysis
Fear # Potential Customers @usiness Person 'o?nt o?n Atlanta Coupl es Tourists T!e 'estination Customer
Fear +
Fear .
Fear
Fear
Gro?t! # .+ #.
CAGR &%&+ #3%/ 3%#/ ##
#0%++. #%+3 3%.## &&
##%. +0%/ 3%&/ 3+
##%/ +#% &. %0 #
#+%0.& ++%/3. %+# &#
7& /7 3 .73 + 3
ara ;estaurant * )ounge
@hart' Bar$et Profile PieJ
<. Target Bar$et Segment Strategy he 6#siness Person They wor$ hard all day and often stay overnight in a strange city. They
need a competent establishment that helps impress clients and prospects. Afterward, they want to rela and use the money they are ma$ing or is epensed by their companyJ. They spend the most on drin$s, food and tips. 5ara:s cosmopolitan flair and comfortable atmosphere will be perfect for sophisticated business people, whether they live in and around Atlanta or are here for wor$.
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international menu, and lounge. A large percentage of the tourist population are vacationing singles, here to sociali8e and be entertained. This is especially true for the tourist population that visit for sporting and social events ) they are not interested in family establishments. <.; Service >usiness Analysis The restaurant industry is highly competitive and ris$y. The owners $now this through their many years of eperience opening, running, and improving restaurants across North America. Bost new restaurants opened by ineperienced owners struggle or fail. Cowever, those based on solid understandings of the mar$et needs, and management of inventory and staff have a much higher chance of success, especially when combined with prior eperience in the restaurant industry. "estaurants ma$e money by ta$ing inepensive ingredients, combining them in creative ways, coo$ing them properly, and selling them at a much higher price. Any ingredients wasted in the $itchen are money thrown out. Any time wasted in seating customers, ta$ing orders or preparing food is money wal$ing away. 7hile some entrepreneurs thin$ that success is as simple as a good location and a trendy concept, we $now the truth' o s#ccee! in the resta#rant in!#stry, yo# nee! an #n!erstan!ing of the ris's an! financial con!itions, the a%ility to han!le enor$o#s press#re, an! the organi)ational s'ills to %ring off what is essentially a giant catere! party, two to three ti$es a !ay.
<.;.( @ompetition and >uying Patterns In ++;, the top ten Atlanta restaurants shared two things' co8y, hip interiors and reasonably priced, regionally speciali8ed menus. 2nly one of them offered traditional southern coo$ing. And half of them were located in Bidtown. 2ur competitors are heading in the right direction,
ara ;estaurant * )ounge
All menu items are moderately priced for the area. 7hile we are not striving to be the lowest) priced restaurant, we are aiming to offer eceptional food at reasonable prices for the average restaurant diner. /.( @ompetitive 1dge 5ara:s competitive edges are' (. . ;. <. /. 0. . *.
The owners: thorough understandings of opening and running a restaurant An etraordinary contemporary restaurant design International menu with featured menu changes every < months ni#ue, ;)Tiered spatial layout @hef @o)op program to allow new entrants, trainee and featured chef @hef4Banagement Stoc$ Incentive Program. Inner and 2uter @ity Bar$eting campaign i.e. @ome to Town promotionsJ 1mployee Training, Incentive and "etention program
/.(.( @ompetitor Analysis >elow are ecerpts from our competitive analysis study. 1. he >itchen 7+irect Co$petitor8
7e were able to draw some conclusions from this analysis that helped defined the concept and positioning for 5ara' (J Deep the menu pricing modest but offer superior food #uality and presentation. 7e plan to $eep the menu prices under =+G J Bidtown is a prime restaurant location. 2ne Bidtown Ditchen is in an obscure location but has thrived as one of the more successful restaurants in the areaG and ;J The customer base in this segment of Atlanta is ready for after)hours dining, and is willing to travel to establishments that accommodate their needs.
ara ;estaurant * )ounge
?. Cheeseca'e 4actory 7@1 *esta#rant Co$parison8
Although @heeseca$e &actory is outside of 5ara:s restaurant district and not considered a direct competitor, it was beneficial to analy8e the most profitable restaurant in Atlanta to understand what contributes to their success. @heeseca$e &actor offers several $ey elements that would also benefit 5ara' (J @ustomer Satisfaction through moderate pricing and high)#uality foodG J 3ocation selection to benefit from core customer demographics, situated in a busy4popular area for both business and residential trafficG ;J 1ceptional Service, from the Lalet, to Costing, to 7ait, >us, and >ar staffG and
This restaurant is not in our mar$et district and therefore not a direct competitor, although we do consider it an Hindirect: competitor. Swing incorporates some of the characteristics that we have mapped out for 5ara. Those elements are' (J A Tapas and 1ntrKe menu M reali8ing that customers want varied meal si8e and varietyG J A club type atmosphere to entice the single scene and to drive bar sales. Swing validates some of the elements uncovered in our mar$et research as to what the new Atlanta diners are loo$ing for. This serves as a true validation that the timing is right for the 5ara "estaurant 6 3ounge concept.
4aile! *esta#rant Analysis &#$%o #$%o
Bumbo Oumbo was an Atlanta restaurant attraction in the downtown core, a strong competitor that was severely impacted by the patronage demise after -4((. I also completed an analysis of this restaurant bac$ in (--- and compared it to this current analysis in ++;. Several factors led to closing of this restaurant'
ara ;estaurant * )ounge
their lunch and dinner profits, and customers who would travel from outside the downtown district to eat at the restaurant M there was no static dinner segment.
Cand)in)hand with location, this restaurant also suffered from poor visibility. In the downtown core a large percentage of business is from wal$)in traffic. The business and tourist customers tend to select a restaurant from touring the area and accessibility. Bumbo Oumbo was situated on a cross street behind the main street. esson earne! Although being situated on a main street is not as $ey in the Bidtown
district, we will ensure that visibility is part of our site selection criteria. In addition, we will use signage and eterior dKcor as means to attract customers and get noticed. In all, this restaurant was a staple in Atlanta:s downtown core for over (+ years, but $ey restaurant disciplines 3ocation, @ustomer Segment, LisibilityJ came bac$ to hurt them as the economic climate changed. &ar'et Analysis Concl#sion
At the end of the day, everyone that sells prepared meals in this district is a 5ara competitor, because we all compete for the same home meal replacement dollar. Cowever, there are two segments of the restaurant industry that are our main competition' the casual dining restaurant and the fine dining value restaurant. So, if the food and service is better at a fine dining restaurant than a casual restaurant, but price has become a factor as a result of the economic turns, where is a customer more li$ely to go There is no absolute answer to the #uestion, but the solution is to deliver the best food at the best price with the highest level of service in one establishment. This is the very definition of
ara ;estaurant * )ounge
A!ertising an! Pro$otion
2ur Advertising Plan and media schedule call for targeting customers directly through local publications aimed at , respectively, singles, couples, and destination customers. Banagement recogni8es the $ey to success at this time of initial opening is etensive media promotion. This must be done aggressively in order to accomplish our service goals. A healthy budget is allocated for the first year. A primary part of the budget is allocated to create the media and customer bu88 for the month prior to opening and the net three months after the grand opening. The full Bar$eting program is as follows'. Bedia 2b9ectives and Strategy' 1stablish our image as a uni#ue Bidtown restaurant with great service, value, and great food served in an eclectic atmosphere. 7e will maimi8e efficiency in the selection and scheduling of advertisements by' •
• • •
•
Selecting primary business publications with high specific mar$et penetration, using The @reative 3oafing ?ining Section, The Atlanta Oournal @onstitution, Atlanta @ity Search, and Social ?iva, which all reach our targeted demographics. Scheduling ade#uate fre#uency of ads to impact mar$et with menu items and promotions. 7here possible, positioning advertisements in or near entertainment4food related editorial. "edirecting customers to our website to register for upcoming functions, LIP lists, reservations, and flash media promotions. Baimi8ing ad life with monthly and wee$ly publications.
7or$ing with The "eynolds Froup Bedia @o. 5ara Advisory >oardJ, we will develop an advertising campaign built around our 5ara ?iner theme, menu offering, location, and decor. 7e will support this plan with ads that reinforce the 5ara dining concept. Additionally, we will develop a consistent reach and fre#uency throughout the year, targeting each specific customer segment within a five)mile radius, and new :suburbanites,: who still
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•
•
1stablish contact with editorial staff for the purpose of being included in entertainment round)ups))product comparisons in dining publications and the local papers. Produce a complete 5ara "estaurant history and menu offering piece to be used as the primary public relations tool for all target media editorial contact. This will also be effective for inclusion in press $its.
Press *eleaseBran! "pening 5ara "estaurant will release a series of press releases on the
Frand opening. !itorial
operations, we will invite the most influential reporters and editors from all local publications to 5ara "estaurant in order to evaluate our menu, service, and atmosphere. P#%licity *een#es 7e anticipate at least (+E of our annual sales will be generated directly
from our publicity. A full media $it will be sent to all local publications, and releases on new menu items will be made monthly. Co$$#nity 5ara will loo$ for $ey opportunities to pair with local community development
organi8ations and radio stations to interface with our customers. 7e will continually loo$ for local community programs in which we can participate, in order to better our community, and give something bac$. /..( Bar$eting Program In line with our Bar$eting strategy, we will employ three different mar$eting tactics to increase customer awareness of 5ara' In)"estaurant Bar$eting, Public "elations Bar$eting, and Bedia Bar$eting. 2ur most important tactic will be word)of)mouth4in)restaurant mar$eting. This will be by far the cheapest and most effective of our mar$eting programs. Dor!-of-$o#thBIn-*esta#rant &ar'eting
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P#%lic *elations &ar'eting •
eorgia =ospitality / o#ris$ <.I.P. Party 7e will host a L.I.P. ?inner before the
:Frand 2pening.: This will serve the dual purpose of training our staff and introducing ourselves to the community. The list of individuals we will invite comes from the @hamber of @ommerce, Feorgia Cospitality 6 Tourism, and Bidtown ?evelopment group. 7e want their full committment to the restaurant to draw the tourist dollars. •
Critics3 Choice Prior to the Frand 2pening there will be two preliminary parties catering to
the Bedia and @ritics community. 7e will encourage the media and restaurant critics to meet at the restaurant and review the decor, service and food. This will be a preliminary review, where we will consider constructive input to ma$e minor revisions prior to the true Frand 2pening. This initial review and input will give critics and media commentors a sta$e in 5ara:s success, through their contributions to the final design. •
6roch#res Ba$e a brochure for the in)town hotels and business establishments to provide
to their guests and staff, containing interior pictures of our restaurant, menus and prices. •
oern$ent *elations There are several Fovernment offices in the Bidtown4?owntown
area. 7e will approach them to cater business luncheons and private functions. This will offer us higher visibility for future functions and community events. 7ord)of)mouth referral is very powerful and particularly amongst the business community. •
Priate 4#nctions Target mar$eting to businesses for regular business lunch and dinner
entertaining, and private functions. &e!ia &ar'eting •
Eewspaper ca$paign A very targeted media campaign to obtain featured articles about
the restaurant in their 3iving, 1ntertainment and ?ining segments. Notices of all live
ara ;estaurant * )ounge
2ur mar$eting strategies are designed to get critics and initial customers into our doors. 2ur sales strategies must ta$e the net step and encourage customers to become repeat customers, and to tell all their friends and ac#uaintances about the great eperiences they 9ust had at 5ara. New restaurants often ma$e one of two mista$es' they are unprepared or underprepared for opening, and initial poor service, speed, or #uality discourages customers from returning, or they spend all of their efforts at opening, and are unable to maintain the initial #uality customers epect on return visits, decreasing word of mouth advertising and leading to poor revenues. 5ara:s sales strategy re#uires consistently high #uality food, service, speed, and atmosphere. 7e can accomplish this by' • •
•
•
Ciring employees who genuinely en9oy their 9obs and appreciate 5ara:s uni#ue offerings @ontinually assessing the #uality of all aspects mentioned above, and immediately addressing any problems Interacting with our customers personally, so they $now that their feedbac$ goes directly to the owners 1valuating food choices for popularity, and $eeping favorites on the menu as we rotate seasonal foods and specials
/.;.( Sales &orecast The following sales graph is based on first year start)up estimates only. 7e anticipate that the business will not be at full operating capacity until the sith month of operations. This is due to the competitive nature of the mar$et and eisting customer loyalty. All factors governing our sales progress are outlined below in the Important Assumptions section. 2ur sales forecasts for years ; through / are very conservative, compared to industry standard
ara ;estaurant * )ounge
@hart' Sales Bonthly
@hart' Sales by !ear
ara ;estaurant * )ounge
/.< Bilestones The following Bilestones table lists important business milestones, with dates and managers in charge of each deliverable. The milestone schedule indicates our emphasis on planning and managing the details.
Table' Bilestones
Milestones
Milestone En*a*e Restaurant Consultin* 1irm Site Sele)tion 1inal Restaurant 8o)ation ApproBe9 nBestor 1inan)e P!ase nBestor Capital Se)ure9 nBestor Partners!ip 88C 1orme9 nterBie? =or Constru)tion Team Re)ruit C!e= (Equit: Partner" Re)eiBe 1inal Contra)tor @i9s Constru)tion @u9*et ApproBe9 Se)ure9 S@A 8oan 5ire Restaurant Ar)!ite)t 5ire nterior 'esi*n 1irm 5ire 2it)!en En*ineer 5ire General Contra)tor 1inalie C!e= Partners!ip Constru)tion ProHe)t 2i)
Start 'ate 3D.#D+00
En9 'ate 3D.#D+00
&DD+00 &D.0D+00
&D+&D+00 #0D#D+00
D++D+00 #0D+3D+00 #0D+D+00 #0D+D+00 #0D+D+00 ##DD+00 ##D#&D+00 ##D#D+00 ##D+0D+00 ##D+0D+00 ##D+0D+00 ##D+0D+00 ##D#D+00 ##D+D+00 ##D+D+00 ##D+D+00 ##D+D+00
#0D++D+00 #0D+3D+00 #0D.#D+00 ##D.D+00 ##D#D+00 ##D#3D+00 ##D#&D+00 ##D+#D+00 ##D+#D+00 ##D+#D+00 ##D+#D+00 ##D+#D+00 ##D+#D+00 ##D+D+00 ##D+3D+00 ##D+D+00 #+D#+D+00
@u9*et $0
Mana*er AlexDPeter
'epartment O?ners
$0 $0
AlexDR7S!a=er AlexDPeter
Consultant O?ners
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Alex Alex S7 5ollier Alex AlexDPeter Peter AlexDPeter AlexDPeter AlexDPeter AlexDPeter AlexDPeter AlexDPeter S7 5ollier Contra)tor A AlexDPeter R7 S!a=er Contra)tor I
O?ners O?ners 8e*al O?ners O?ners O?ner O?ners O?ners O?ners O?ners O?ners O?ners 8e*al Gen7 Contra)tor O?ners Consultants 'esi*n Contra)t
ara ;estaurant * )ounge
1inal Constru)tion Pun)! Out Restaurant ReBisions Emplo:ee Trainin* (P!ase +" ;ine Class =or Emplo:ees (P!ase +" Gran9 Openin* o= 1usion Restaurant 6P Part: # 6P Part: + ;e Site , E-Mail Me9ia 8aun)! General Puli) Openin* 8aun)! .0-'a: Gran9 Openin* PRDMe9ia A9Bertisin* (P!ase +" @usiness , Mar
D+#D+00 D+3D+00 D+3D+00 D+3D+00
D+D+00 /D+D+00 /D+D+00 /D+D+00
$0 $0 $0 $0
Contra)tor A AlexDPeter C!e=DPeter Peter
Gen7 Contra)tor O?ners 2it)!enDO?ner ;ine 'istriutor
/D.D+00
/D.D+00
$0
AlexDPeter
O?ners
/D.D+00 /DD+00 D#D+00 /DD+00 D#D+00 /D#D+00 3DD+00
/D.D+00 /DD+00 /DD+00 /DD+00 /DD+00 /D#D+00 3D&D+00
$0 $0 $0 $0 $0 $0 $0
M7immerman M7immerman Alex AlexDPeter M7immerman Alex AlexDPeter
PR Mar
D+D+00
D/D+00
$0
AlexDPeter
O?ners
D+D+00 D#/D+00 &D#D+00 #0D.#D+00 ##D#D+00 &D#D+00 ##D#D+00 #+D#D+00 #+D+0D+00
D#.D+00 D#/D+00 &D#D+00 #0D.#D+00 ##D#D+00 ##D#D+00 ##D#&D+00 #+D.0D+00 #D#D+00/
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Alex Alex M7immerman M7immerman Alex an9erDPeter M7immerman M7immerman M7immerman
Me9ia Mar
0.+ 7eb Plan Summary 5ara "estaurant 6 3ounge will have a dedicated website. It will be the virtual business card and portfolio for the company, simple, contemporary and well designed. 2ur site will offer our menus, prices, reviews and happenings at 5ara. 7e will also have a monthly Papara88i "eview about what did happen at 5ara to get new customers interested in our restaurant. 2ur website will be used to try out new offers, starting with an on)line order feature for the Sunday Bar$et >runch, and epanding if the concept gains favor with our customers. A
ara ;estaurant * )ounge
!ou can:t build investor confidence based on what you will do, but you can inspire confidence based on what you have done. Attached is the portfolio of past success. This 5ara Banagement team has deep roots in the restaurant segment, and have the practical eperience to ma$e this venture another great success. .( Banagement Team 5ara "estaurant 6 3ounge, with more than <* years of eperience between the $ey officers, understands the importance of a strong management team. The strength of our management staff positions us for success. ?ay to day operational management will be conducted by Ale Cunte and Peter Smith, as hands on managers. They will advised and supported by their Advisory >oard. ara3s A!isory 6oar! • • • •
Stephen Collier of Collier @ollier 6 3oewenthal' @orporate Attorney Oohn Dat8 of SS6F &inancial Services' @PA "obert Shaefer of Shafer Cospitality Services' "estaurant @onsultant Bary 5immerman of The 5immerman Froup' Bedia 6 Public "elations consultant
"wnership / &anage$ent
Together, Ale Cunte and Peter Smith bring over + years of eperience in the restaurant industry to their new 9oint venture. Ale =#nte &anaging Partner
2perations, Bar$eting, &inancial and >usiness ?evelopmentJ Br. Cunte brings to 5ara an accomplished restaurant bac$ground, eceptional business acumen, and a lifetime passion for the restaurant eperience. Ale has over ( years of
ara ;estaurant * )ounge
Peter S$ith &anaging Partner
1ecutive @hef and "estaurant 2perationsJ Br. Smith is an accomplished restaurateur, having owned several full)service restaurants. Br. Smith is responsible for the concept and the daily operations management, with yearly sales targets of = million. In addition, Peter is the owner of >auhaus >ar and Nightclub, and former owner of Byth "estaurant, 2u8eri, and Dapilyo "estaurant, all financial and critical successes. Br. Smith is also an international restaurant consultant for top international organi8ations. Br. Smith:s @ontracting responsibilities for 5ara included logistics, Site and 3ease Negotiations, @oncept ?efinition, Start)p and &inancial forecast, Benu and 2perations Banagement, as well as Implementation and 3aunch Banagement. 7ith a degree in 1conomics and an accomplished career, Br. Smith contributes the eperience of his past successes, and is charged with leading the "estaurant 2perations, Staff Selection, Benu ?efinition and Training initiatives for 5ara "estaurant 6 3ounge. &anaging Partner *esponsi%ilities
In addition to the management of day to day operations, both managers, as principals within the company, will oversee menu development, purchasing, portioning, pricing and inventory control, including approval of all financial obligations of the company. They will plan, develop, and establish customer service policies and ob9ectives, and write, eplain, and enforce an employee:s manual for all employee)related policies. "esponsibilities for hiring and firing employees lie solely with the two operations managers, and any decisions in these areas will be made 9ointly. hey will
ara ;estaurant * )ounge
7age salaries for service personnel waitstaff, busboys, bartendersJ do not include anticipated tips. 7ith average tipping rates for the Atlanta, Feorgia area, and our menu prices, service employees should average at least twice the minimum wage in any given shift. S$illed waitresses and bartenders on wee$ends and evenings will ma$e substantially more. >itchen
The 1ecutive @hef will be assisted by' • • • • •
An Assistant @hef from a national search (J. A Sou chef with considerable eperience in different restaurants (J. @oo$s that wor$ directly with Peter or the sous chef J. Prep coo$s4dishwasher J. People cleaning the restaurant J.
*esta#rant "perations
Ale Cunte will manage the &inancial Banagement, >oo$$eeping, P"4Bedia Advertising, and Investor Services. Ale Cunte will also manage the daily "estaurant 2perations. Peter Smith will be the "estaurant Banager. Ce will be the primary responsible for daily "estaurant 2perations, ta$ing care of 7ait and >ar Staff. Peter will also ta$e lead as the 1ecutive @hef wor$ing with the Cead @hef. •
• •
To help Peter, he will have servers that will wor$ as Hcaptains: these people have eperience in managing, waiting tables and bartendingJ and ta$e care of service and ma$e sure the restaurant is in ecellent shape J. Servers that wor$ part time
ara ;estaurant * )ounge
Table' Personnel
Personnel Plan
General Mana*er (Fear +K" PartnerDMana*er PartnerDAsst7 Mana*erDExe)7 C!e= 5ostess (1ull Time" 5ostess (Part Time" ;aitperson # ;aitperson + ;aitperson . ;aitperson ;aitperson ;aitperson / ;aitperson 3 ;aitperson ;aitperson & ;aitD@arperson @arten9er # @arten9er + @uso: # @uso: + @uso: . Assistant C!e= Sous C!e= Coo< # Coo< + Prep Coo
Fear #
Fear +
$0 $%000 $.+%#/0 $+%000 $#.%+00 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $#0%0 $#%00 $3%+00 $&%#+0 $##%3/0 $3%+00 $%00 $.+%00 $+%+0 $#%&/0 $#+%+ $#+%&/0 $%/0 $%300 $##%3/0 $0 +0
$0 $%000 $.+%#/0 $+%00 $#.%00 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $#0%0 $#%00 $3%00 $&%#+0 $##%3/0 $3%+00 $%00 $.+%00 $+%+0 $#%&/0 $#+%+ $#+%&/0 $%/0 $%00 $##%3/0 $0 +
$+%000 $%000 $.+%#/0 $+%000 $#%000 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $#0%0 $#%00 $3%00 $&%#+0 $##%3/0 $3%+00 $%00 $.+%00 $+%+0 $#%&/0 $#+%+ $#+%&/0 $%/0 $%00 $##%00 $0 +
Fear .
$+%00 $%000 $.+%#/0 $+%00 $#%.00 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $#0%0 $#%00 $3%00 $&%#+0 $##%3/0 $3%+00 $%00 $.+%00 $+%+0 $#%&/0 $#+%+ $#+%&/0 $%/0 $%00 $##%00 $0 +
Fear
$+&%000 $%000 $.+%#/0 $+/%000 $#%00 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $%/0 $#0%0 $#%00 $3%/00 $&%#+0 $##%3/0 $3%+00 $%00 $.+%00 $+%+0 $#%&/0 $#+%+ $#+%&/0 $%/0 $%00 $##%00 $0 +
Fear
$.&&%
$00%3
$+&%+
$.#%#+
$.+%3+
ara ;estaurant * )ounge
*.+ &inancial Plan 5ara "estaurant 6 3ounge financial model is based on a business concept to Plan for the 7orst, but Banage for the >est. 7e have approached the financial plan as follows' The &irst !ear pro9ections anticipates a below average sales volume, below average seat turn, and above average food4beverage cost. This position will help us ensure sufficient financial planning to accommodate a reasonable ramp)up period, and business success, also ensuring that we do not enter this venture under)capitali8ed.
&inancial Pro &orma In addition to the =((+,+++ of owner investment and =(;+,+++ in grant monies, 5ara is see$ing =;++,+++ in long)term loans and =++,+++ in investment for renovations, furniture, $itchen e#uipment, li#uor license, food 6 restaurant supplies, legal fees, wor$ing capital, mar$eting and personnel. The &inancial Plan includes' • • • • • • •
Important Assumptions "is$ Analysis 6 Bitigation Plan Sales &orecast /.;.(, aboveJ >rea$ 1ven Analysis Profit and 3oss Statement @ash &low Statement >alance Sheet
*.( Investment 2pportunities
ara ;estaurant * )ounge
Investor Paybac$ Program 1ach Investor will receive e#uity shares as a part owner, with a non)managerial interest in the "estaurant. >ased on financial estimates, the maimum annual I"" is (E. 2ver and above the interest and principal repayment, Investors contributing =(++,+++ or more will receive residuals for the life of the business as a bonus incentive. As with our investors, our primary goal is to earn real profits and not HPaper Profits:. As such we will focus on epediting returns to investors where possible. 2ur eisting paybac$ structure will begin paying dividend every #uarter, starting in !ear of business operations. Investors will receive #uarterly interest and annual principal reduction payments over the full term of the investment. Paybac$ to &inancial and Private investors will ta$e priority over any profit shares to the owners, Ale Cunte and Peter Smith. *. Important Assumptions The financial plan depends on important assumptions, most of which are reflected in the financial statements that follow. 7e have been cautious with our pro9ections, and incorporate a mitigation for all manageable ris$s. The $ey underlying assumptions are' cono$y
Slow 1conomic "ecovery. 7e anticipate a slow)growth economy, recovering from an economic recession. 6#siness rowth
ara ;estaurant * )ounge
Seasonal Sales
sales period, while the summer months tend to be the slowest restaurant period. This trend is reflected in the financials though a seasonal variance as follows $%here October is targeted to be our &ost success"ul sales &onth J' Oune' +E
2ctober' (++E
&ebruary' -/E
Ouly' /E
November' -/E
Barch' */E
August' *+E
?ecember' -/E
April' -+E
September' */E
Oanuary' */E
Bay' -+E
In!#stry / Start-p 4iscal Fear-1 *a$p-#p. 2ur eperience in the industry confirms a longer ramp)up stage for
restaurants over other retail4service businesses. 2ur Annual Sales Frowth is based on attaining the following seating capacity percentage per dining period' • • •
!ear (' After)Cours R /;E, 3unch R +E, ?inner R **E !ear ' After)Cours R +E, 3unch R *E, ?inner R (++E implied wait periodJ !ear ;' After)Cours R *+E, 3unch R *E, ?inner R (++E implied wait periodJ
Si-&onth Start-p Stage. As a new restaurant entry to the Bidtown mar$et, the ramp)up in
customer draw is epected to etend over 0 months. This is reflected in a higher than average monthly sales variance shown as follows 7orst)case 4 1pected)caseJ' • •
Bonth (' ;E 4 /(E Bonth ' <(E 4 /*E
Bonth <' 0
ara ;estaurant * )ounge
•
!ear ;' After)Cours R (.+, 3unch R (.+, ?inner R (./
Cost Control. @ost of goods sold have been calculated as a percentage of sales and will be
monitored on a daily basis in order to $eep @ost of &ood within the range of ;( ) ;;E, >ar @osts within * ) ;(E, and @ost of >everages Non AlcoholJ below -E. 7ith a focus on @ost @ontrol, we anticipate 0 months to fine tune the restaurant operations and manage our costs within the defined tolerance range. Inentory t#rnoer an! Acco#nts Paya%le. Accounts receivable turnover is calculated to be
+ days, as payment is rendered with service. Inventory is turned on a day cycle as inventory is used daily within all categories, and accounts payable are pro9ected to be ;+ days. *..( "is$ Analysis4Bitigation 1. =ow !o we allow an a!e(#ate start#p perio! an! capital to la#nch the concept an! grow o#r c#sto$er %ase in a co$petitie sectorG
2ur financial plan is budgeted to support the 7orst)@ase business scenario. 7e addressed the financial ris$ as follows' • •
•
7e loo$ed at our monthly brea$)even. 7e calculated worst)case monthly financial shortfall based on the ramp)up sales percentages outlined in our financial assumptions. 7e budgeted operational shortfall in an operational contingency budget that we will utili8e if the need arises.
2. =ow !o we ens#re we hae a!!resse! all reso#rce gaps, an! hae the right in!#stry 'nowle!geG
ara ;estaurant * )ounge
Another mitigation has been our overall "estaurant concept. 7e have the menu priced at a mid)tier level with no entrKe over =+. In addition, we have an etended Tapas and Appeti8er selection priced between =;./+ ) =-./+, allowing budget dining in a distinguished restaurant. ?. =ow !o we confir$ that o#r 4#n!ing *e(#ire$ent is s#fficientG
Peter Smith has an etensive bac$ground in restaurant startup. Ce is currently an International @onsultant for various restaurant ventures, and we will use his epertise in past pro9ects as a comparative basis. 7e have leveraged our membership with the National "estaurant Association to loo$ at industry averages for this mar$et segment for "estaurant startup and 2perations. Additionally, we included a contingency buffer in the financial estimates to account for any potential cost variance. 7e have wor$ed with our "estaurant @onsulting firm to validate our cost estimates to their industry $nowledge. 5. =ow !o we 'now we hae selecte! the right location for this conceptG
Again we will draw on the @onsulting group that has the epertise in site selection and lease negotiation. In all, there are no guarantees with location, but we too$ a very ob9ective approach with our concept. Instead of going in with a predefined business concept, we let the Bar$et Analysis define the need. >ased on the results, the 5ara "estaurant concept was formed specific to Bidtown Atlanta. Site selection was based on space, visibility, and functionalityG the city grant award confirmed our decision. H. Dhat if there is an a!!itional nee! for 6#siness Capital after the *esta#rant has eha#ste! its H-$onth %#fferG
ara ;estaurant * )ounge
*.; Profit and 3oss Statement The most important assumption in the Pro9ected Profit and 3oss statement is the gross margin. 7e show an ad9ustment increase in !ear as we eit our start)up phase of the business and move into our epected annual sales forecast. This transition shows the restaurant managing through its start)up period, and gaining efficiency and customer loyalty. In summary, the restaurant will develop its customer base and reputation and the growth will pic$ up more rapidly towards the second and third years of business. Bonth)by)month assumptions for Profit and 3oss are included in the appendices.
ara ;estaurant * )ounge
@hart' Profit Bonthly
@hart' Profit !early
ara ;estaurant * )ounge
@hart' Fross Bargin Bonthly
@hart' Fross Bargin !early
ara ;estaurant * )ounge
Table' Profit and 3oss
Pro Forma Profit and Loss
Sales 'ire)t Cost o= Sales Ot!er Total Cost o= Sales Gross Mar*in Gross Mar*in
Fear #
Fear +
Fear .
Fear
Fear
$#%03.%3/& $.3#%#/ $0 $.3#%#/
$#%+##%0 $.&%03 $0 $.&%03
$#%+3&%+0 $0/%&3/ $0 $0/%&3/
$#%.#%+/0 $#%+3/ $0 $#%+3/
$#%0/%/30 $+.%&3 $0 $+.%&3
$30+%.. /7#
$#+%/# /37#0
$3+%++ /7#&
$&+%& /&70
$&.%03+ /&7&
$.&&% $#%// $/%00 $#+%000 $/%/00 $+%00 $/%000 $#%3/ $#%+00 $.%3 $0 $&%000 $+%&&/ $#%00 $+0%00 $3%000
$00%3 $++%000 $/%00 $#+%000 $/%/00 $+%00 $/%000 $#&%&. $#%+00 $.%3 $%00 $&%000 $+/%&/ $#%00 $+#%/+ $33%+0
$+&%+ $+%000 $/%00 $#+%000 $/%/00 $+%00 $/%000 $+#%#03 $#%+00 $.%3 $/%00 $&%000 $+3%+# $#%00 $++%30 $3&%/
$.#%#+ $#%000 $/%00 $#+%000 $/%/00 $+%00 $/%000 $++%#.# $#%+00 $.%3 $/%00 $&%000 $+%&.. $#%00 $+.%/#. $#%&
$.+%3+ $#%000 $/%00 $#+%000 $/%/00 $+%00 $/%000 $+.%+#0 $#%+00 $.%3 $/%00 $&%000 $.0%0&# $#%00 $+% $%#.
$0
$0
$0
$0
$0
Expenses Pa:roll Mar
ara ;estaurant * )ounge
*.< >rea$)even Analysis &or our &irst !ear >rea$)1ven Analysis, we have an average running fied costs of =0+,;+ per month which includes our full payroll, rent, and utilities, and an estimation of other running costs. 7ith direct cost of goods inventory, in this planJ at ;/E of sales, our monthly brea$) even point is =-,+*(. 7e will surpass our brea$)even point in 2ctober of our first year. As we eit the start)up phase of the business and focus on cost control, we will drive the @ost of Foods Sold @2FSJ down, dropping our brea$)even value, and increasing our Fross Bargin. Table' >rea$)even Analysis
Break-even Analysis
Mont!l: ReBenue @rea<-eBen
$.%/.0
Assumptions ABera*e Per)ent 6ariale Cost Estimated onthly Fi!ed Cost
@hart' >rea$)even Analysis
. $%30.
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*./ @ash &low Statement The cash flow depends on assumptions for inventory turnover and payment days. 7e have no sales on credit, so our cash flow does not trac$ accounts receivable. 2ur pro9ected same)day collection is critical, and is reasonable and customary in the restaurant industry. 7e do not epect to need any additional financial support, even when we reach the less profitable months, as the downturns are incorporated into the monthly revenue variance figures. Bonth)by)month assumptions for pro9ected cash flow are included in the appendices.
@hart' @ash
ara ;estaurant * )ounge
Table' @ash &low
Pro Forma Cash Flo
Fear #
Fear +
Fear .
Fear
Fear
Cas! Re)eiBe9
Cas! =rom Operations Cas! Sales Sutotal Cas! =rom Operations
$#%03.%3/& $#%03.%3/&
$#%+##%0 $#%+##%0
$#%+3&%+0 $#%+3&%+0
$#%.#%+/0 $#%.#%+/0
$#%0/%/30 $#%0/%/30
$0 $0 $0 $0 $0 $0 $0 $#%03.%3/&
$0 $0 $0 $0 $0 $0 $0 $#%+##%0
$0 $0 $0 $0 $0 $0 $0 $#%+3&%+0
$0 $0 $0 $0 $0 $0 $0 $#%.#%+/0
$0 $0 $0 $0 $0 $0 $0 $#%0/%/30
Fear #
Fear +
Fear .
Fear
Fear
A99itional Cas! Re)eiBe9 Sales Tax% 6AT% 5STDGST Re)eiBe9 Ne? Current @orro?in* Ne? Ot!er 8iailities (interest-=ree" Ne? 8on*-term 8iailities Sales o= Ot!er Current Assets Sales o= 8on*-term Assets Ne? nBestment Re)eiBe9 Sutotal Cas! Re)eiBe9 Expen9itures Expen9itures =rom Operations Cas! Spen9in* @ill Pa:ments Sutotal Spent on Operations
$.&&% $/0#%## $#%000%30+
$00%3 $3+%&& $#%#+%333
$+&%+ $3%.+ $#%#3%#+
$.#%#+ $3/%&3/ $#%#&3%#0
$.+%3+ $3&+%+ $#%++%#30
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
A99itional Cas! Spent Sales Tax% 6AT% 5STDGST Pai9 Out Prin)ipal Repa:ment o= Current @orro?in*
ara ;estaurant * )ounge
*.0 >alance Sheet Statement The pro9ected >alance Sheet is #uite solid. 7e do not anticipate difficulty meeting our debt obligations based on achieving the specific goals outlined in this plan. 2n a linear pro9ection, 5ara "estaurant 6 3ounge has a positive Net 7orth beginning in !ear ;. Table' >alance Sheet
Pro Forma Balance Sheet
Fear #
Fear +
Fear .
Fear
Fear
$#3+%+3/ $.3%.& $3.%.## $+.%+/
$#&%# $.&%#3 $3.%.## $.0+%.00
$+./%0& $.%#0& $3.%.## $.3%#
$.++%3& $.%. $3.%.## $.%/..
$#%+0/ $.&%/0 $3.%.## $%#+
$/%000 $/%00 $%00 $.#%&+/
$/%000 $#.%000 $+%000 $.%.00
$/%000 $#&%00 $%00 $.&.%0#
$/%000 $+/%000 $.&%000 $3.%/..
$/%000 $.+%00 $.+%00 $/%/+
Assets
Current Assets Cas! nBentor: Ot!er Current Assets Total Current Assets 8on*-term Assets 8on*-term Assets A))umulate9 'epre)iation Total 8on*-term Assets Total Assets 8iailities an9 Capital
Fear #
Fear +
$%#& $0
$&%3#. $0
Fear .
Fear
Fear
Current 8iailities A))ounts Pa:ale Current @orro?in*
$/#%.& $0
$/.%0&3 $0
$/%.# $0
ara ;estaurant * )ounge
*. >usiness "atios >usiness ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial @lassification SI@J code /*(, 1thnic &ood "estaurants, are shown for comparison. The following table outlines some of the more important ratios from the 1thnic &ood "estaurants industry. The final column, Industry Profile, details specific ratios based on the industry as it is classified by the Standard Industry @lassification SI@J code, /*(.+(. Table' "atios
!atio Analysis
Sales Gro?t!
Fear #
Fear +
Fear .
Fear
Fear
n9ustr: Pro=ile
n7a7
#+73&
7/+
7
7
/7&/
##703 +#7 +7& #37## #00700
##70/ +07/& 7.+ #7/ #00700
&730 #7/ 7+ ##7 #00700
7+0 #7 ˝ 7+. #00700
/73 #+70 &7/ 7 #00700
.7&0 +7.& .37/ /+7.+ #00700
#370+ 3.733 &073& &7+#
#/7 373# 37/ +7
#7/+ .&73 7& 7#
#.7.+ +.700 ./7.+ /.7/
##7#. #07+ +#7/ 37
#&7#3 +&7+# 7. #7/+
Per)ent o= Total Assets nBentor: Ot!er Current Assets Total Current Assets 8on*-term Assets Total Assets Current 8iailities 8on*-term 8iailities Total 8iailities Net ;ort! Per)ent o= Sales
ara ;estaurant * )ounge
'et to Net ;ort! Current 8ia7 to 8ia7
&7 07#&
+7&. 07+.
#7+ 07+
073 07.3
07+3 07+
n7a n7a
$++%+.+ +7.&
$++%3 70.
$+/%##/ ##73#
$.3#%.3 ++70#
$%#0 +7/
n7a n7a
07.+ #3 7++ .70 0700
07+& #3 7# #.7 07+
07.# #/ 70 37.# 07##
07. #. /7+3 7 0703
07+ ## 37 .70/ 070&
n7a n7a n7a n7a n7a
8iqui9it: Ratios Net ;or
*.* 1pansion, Paybac$ 6 1it Strategy In addressing this #uestion we loo$ at the 1it Strategy as a definition of our business vision and goals, as well as a contingency in the event the business is unsuccessful. 7e have addressed this #uestion at several levels' 1pansion as a >usiness Foal 7e have set multiple financial goals to grow the success of the 5ara concept, and compound the profit return for 5ara Investors. (. 1pansion 2ption (J' 2ur overall goal to maintain 5ara as a uni#ue and eclectic concept. >ased on pro9ections, the business has captured mar$et share by the end of the first year. In addition !ear brings an increased sales and profit margin to sustain the addition of a full)time Feneral Banager. >y second #uarter of !ear , the owners will loo$ to launch a second restaurant concept. This is not a chain, but another uni#ue restaurant concept with strong growth potential. 1pansion will be considered with our &inancial bac$ers and
ara ;estaurant * )ounge
1it Strategy to "etire the >usiness 7e at 5ara are committed to our concept and its viability. 7e step into this venture with confidence and the success of our respective prior business efforts. No one attempts a business anticipating failure, however sometimes ventures do not fulfill their promise. In the event that our venture cannot achieve profitability and retire the encumbrances, we will first attempt to sell the operation and use the proceeds to clear all outstanding balances. If we are unable to sell the operation for sufficient proceeds we will forced to default whereby the S>A loan will be in senior standing. Any further outstanding balances will be borne by the investors on a weighted percentage basis of the total amounts due.
4%%en/ix Table' Sales &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
$44,579 $11 ,499 $0
$50,948 $1 3,141 $0
$57,975 $14,95 4 $0
$65,441 $16,8 80 $0
$79,057 $20 ,392 $0
$81,253 $ 20,958 $0
$83,449 $21,5 24 $0
$74,665 $19 ,259 $0
$83,449 $ 21,524 $0
$74,665 $19,25 9 $0
$79,057 $20,3 92 $0
$79,057 $20 ,392 $0
$56,078
$64,089
$72,929
$82,321
$99,449
$102,211
$104,973
$93,924
$104,973
$93,924
$99,449
$99,449
Sales Total Sales Food Total Sales Ba r/ Bev eraes !ther Total Sales
0% 0% 0%
"#ret ost o& Sales
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Total ost o& Sales' Food
$15,603
$17,832
$20,291
$22,904
$27,670
$28,439
$29,207
$26,133
$29,207
$26,133
$27,670
$27,670
$3 ,795
$4,337
$4,93 5
$5,5 70
$6 ,729
$6,916
$7,1 03
$6 ,355
$7,103
$6,35 5
$6, 729
$6 ,729
Total os t o& Sal es' Bar/Beve ra es !ther Subtotal Direct Cost of Sales
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$19,397
$22,168
$25,226
$28,475
$34,399
$35,355
$36,310
$32,488
$36,310
$32,488
$34,399
$34,399
Page 1
4%%en/ix Table' Feneral Assumptions
General Assumptions Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
1
2
3
4
5
6
7
8
9
10
11
12
)rrent *nterest +ate
600%
600%
600%
600%
600%
600%
600%
600%
600%
600%
600%
600%
-on.ter *nterest +ate
700%
700%
700%
700%
700%
700%
700%
700%
700%
700%
700%
700%
3000%
3000%
3 000%
3 000%
3000%
3000%
3000%
3000%
3000%
3000%
3000%
3 000%
0
0
0
0
0
(lan Month
Ta +ate Other
0
0
0
Month 9
0
Month 10
0
Month 11
0
Month 12
0
Page 2
4%%en/ix Table' Profit and 3oss
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
$56,078
$64,089
$72,929
$82,321
$99,449
$102,211
$104,973
$93,924
$104,973
$93,924
$99,449
$99,449
"#ret ost o& Sales
$19,397
$22,168
$25,226
$28,475
$34,399
$35,355
$36,310
$32,488
$36,310
$32,488
$34,399
$34,399
$0
$0
$0
$0
$0
$0
$0
Total ost o& Sales
$19,397
$22,168
$25,226
$28,475
$34,399
$35,355
$36,310
$32,488
$36,310
$32,488
$34,399
$34,399
ross Mar#n
$36,681
$41,921
$ 47,703
$ 53,846
$ 65,050
$66,856
$68,663
$ 61,436
$68,663
$ 61,436
$ 65,050
$ 65,050
ross Mar#n %
6541%
6541%
6541%
6541%
6541%
6541%
6541%
6541%
6541%
6541%
6541%
6541%
$33,299
$33,299
$33,299
$33,299
$33,299
$33,299
$33,299
$33,299
$33,299
$33,299
$33,299
$33,299
$1,457
$1,457
$1,457
$6,457
$0
$1,457
$2,457
$1,457
$0
$0
$0
$2,457
$542
$542
$542
$542
$542
$542
$542
$542
$542
$542
$542
$542
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$ 1,000
$1,000
$ 1,000
$ 1,000
$ 1,000
!ther
$0
$0
$0
$0
$0
enses (aroll Maret#n/(root#on "ere#at#on -eased )#ent o)nt#n/(aroll (roess#n
$550
$550
$550
$550
$550
$550
$550
$ 550
$550
$ 550
$ 550
$ 550
-eal +eta#ner Fees
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
B)s#ness -#enses (er#ts
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$1,548
$1,548
$1,548
$1,548
$1,548
$1,548
$1,548
$1,548
$1,548
$1,548
$1,548
$1,548
Ban Fees
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
M)s# nterta#nent
$312
$312
$312
$312
$312
$312
$312
$312
$312
$312
$312
$312
red#t ard ense
Tra#n#n / loee +etent#on (roras +ea#rs Ma#ntenane t#l#t Serv#es :as/letr#/;ater/Se
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$2,083
$2,083
$2,083
$2,083
$2,083
$2,083
$2,083
$2,083
$2,083
$2,083
$2,083
$2,083
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
*ns)rane' F#re/The&t/-#a>#l#t/-#)or/(rod)t
$1,700
$1,700
$1,700
$1,700
$1,700
$1,700
$1,700
$1,700
$1,700
$1,700
$1,700
$1,700
+e st a) ra nt ! ) a n o st : -e as e=
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
$ 6, 25 0
(aroll Taes :F*/FT/ST= loee Bene&#ts
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
ter#nator/Trash +eoval
17%
$400
$400
$400
$400
$400
$400
$400
$400
$400
$400
$400
$400
"#sh
$980
$980
$980
$980
$980
$980
$980
$980
$980
$980
$980
$980
Page "
4%%en/ix (r#nt# n/(aer/(osta e/S)>sr# t#ons
$ 763
$763
$7 63
$ 763
$763
Fa#l#t :ter#or lean#n/rease Tra/?ood/;#ndo
$0
$303
$303
$303
$303
+" Meals
$0
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
eneral B)s#ness os
$0
$0
$1,240
$1,240
$1,240
$1,240
$1,240
$1,240
$1,240
$1,240
$1,240
$1,240
$177
$177
$177
$177
$177
$177
$177
$ 177
$177
$ 177
$ 177
$ 177
$ 350
$350
$3 50
$ 350
$350
$350
$350
$3 50
$350
$ 350
$35 0
$350
$53,1 11
$ 53,614
$54,854
$59,854
$53,397
$54 ,854
$55 ,854
$54,854
$5 3,397
$53,3 97
$ 53,397
$55 ,854
!
Total !erat# n e nses
15%
$763 $303
$763 $303
$7 63 $303
$763 $303
$ 763 $303
$76 3 $303
$763 $303
(ro&#t Be&ore *nterest and Taes
:$16,430=
:$11,693=
:$7,151=
:$6,007=
$11,653
$12,003
$12,809
$6,582
$15,266
$8,039
$11,653
$9,196
B*T"
:$15,888=
:$11,151=
:$6,609=
:$5,466=
$12,195
$12,544
$13,351
$7,124
$15,808
$8,581
$12,195
$9,738
*nterest ense Taes *n)rred
$1,727
$1,704
$ 1,680
$ 1,657
$ 1,634
$1,611
$1,587
$ 1,564
$1,541
$ 1,518
$ 1,495
$ 1,471
:$5,447=
:$4,019=
:$2,649=
:$2,299=
$3,006
$3,118
$3,367
$ 1,505
$4,118
$ 1,956
$ 3,048
$ 2,317
@et (ro&#t
:$12,710=
:$9,378=
:$6,182=
:$5,365=
$7,013
$7,274
$7,855
$3,513
$9,608
$4,565
$7,111
$5,407
Net Profit/Sales
.2266%
.1463%
.848%
.652%
705%
712%
748%
374%
915%
486%
715%
544%
Page &
4%%en/ix Table' @ash &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
$56,078
$ 64,089
$ 72,929
$ 82,321
$ 99,449
$102,211
$104,973
$ 93,924
$104,973
$ 93,924
$ 99,449
$ 99,449
S)>tota l a sh &ro !erat# ons
$56,078
$64,0 89
$ 72,929
$82,3 21
$ 99,449
$102,2 11
$1 04,973
$93 ,924
$1 04,973
$93 ,924
$99,44 9
$99 ,449
ash +ee#ved
ash &ro !erat#ons
dd#t#onal ash +ee#ved Sales Ta, AT, ?ST/ST +ee#ved
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
@e< )rrent Borro<#n
000%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
@e< !ther -#a>#l#t#es :#nterest.&ree=
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
@e< -on.ter -#a>#l#t#es
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales o& !ther )rrent ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales o& -on.ter ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
@e< *nvestent +ee#ved
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
S)>total ash +ee#ved
$56,078
$64,089
$72,929
$82,321
$99,449
$102,211
$104,973
$93,924
$104,973
$93,924
$99,449
$99,449
end#t)res
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$ 33,299
$959
$ 29,247
$ 42,873
$ 48,926
$ 57,675
$ 65,013
$ 62,220
$ 63,929
$ 52,812
$ 65,248
$ 51,624
$60,586
$34,258
$62,546
$76,172
$82,225
$90,974
$98,312
$95,519
$97,228
$86,111
$98,547
$84,923
$93,885
Sales Ta, AT, ?ST/ST (a#d !)t
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
(r#n#al +eaent o& )rrent Borro<#n
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
!ther -#a>#l#t#es (r#n#al +eaent
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$ 3, 98 1
$ 3, 98 1
end#t)res &ro !erat#ons ash Send#n B#ll (aents S)>total Sent on !erat#ons
dd#t#onal ash Sent
- on . te r - #a ># l# t# es ( r# n # al + e a e nt
$ 3, 98 1
$ 3, 98 1
$ 3, 98 1
()rhase !ther )rrent ssets
$0
$0
$0
$0
$0
$ 3, 98 1 $0
$ 3, 98 1 $0
$ 3, 98 1 $0
$ 3, 98 1 $0
$ 3, 98 1 $0
$ 3, 98 1 $0
$ 3, 98 1
()rhase -on.ter ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
"#v#dends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Page +
4%%en/ix S)>total ash Sent
$38,239
$66,527
$80,153
$86,206
$94,955
$102,293
$99,500
$101,209
$90,092
$102,528
$88,904
$97,866
@et ash Flo<
$17,839
:$2,438=
:$7,224=
:$3,885=
$4,494
:$82=
$5,473
:$7,285=
$14,881
:$8,604=
$10,545
$1,583
Cash Balance
$164,819
$162,381
$155,157
$151,272
$155,765
$155,683
$161,157
$153,871
$168,752
$160,148
$170,693
$172,276
Page ,
4%%en/ix Table' >alance Sheet
Pro Forma Balance Sheet
ssets
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$146,980 $27,500 $ 73 ,3 11 $ 24 7, 79 1
$164,819 $21,337 $ 73 ,3 11 $ 25 9, 46 7
$162,381 $24,385 $ 73 ,3 11 $ 26 0, 07 7
$155,157 $27,749 $ 73 ,3 11 $ 25 6, 21 7
$151,272 $31,322 $ 73 ,3 11 $ 25 5, 90 5
$155,765 $37,839 $ 73 ,3 11 $ 26 6, 91 5
$155,683 $38,890 $ 73 ,3 11 $ 26 7, 88 4
$161,157 $39,941 $ 73 ,3 11 $ 27 4, 40 9
$153,871 $35,737 $ 73 ,3 11 $ 26 2, 91 9
$168,752 $39,941 $ 73 ,3 11 $ 28 2, 00 4
$160,148 $35,737 $ 73 ,3 11 $ 26 9, 19 6
$170,693 $37,839 $ 73 ,3 11 $ 28 1, 84 3
$172,276 $37,839 $ 73 ,3 11 $ 28 3, 42 6
$6 5,000 $0 $ 65 ,0 00 $31 2,791
$ 65 ,000 $542 $ 64 ,4 58 $ 323 ,925
$ 65, 000 $ 1, 083 $ 63 ,9 17 $ 323,9 94
$ 65,0 00 $ 1,6 25 $ 63 ,3 75 $ 319,59 2
$ 65,000 $ 2,16 7 $ 62 ,8 33 $3 18,738
$ 65,000 $2,708 $ 62 ,2 92 $ 32 9,207
$ 65,000 $ 3,250 $ 61 ,7 50 $ 329 ,634
$ 65 ,000 $ 3,792 $ 61 ,2 08 $ 335, 617
$ 65,0 00 $ 4,3 33 $ 60 ,6 67 $ 323,5 86
$ 65,00 0 $ 4,87 5 $ 60 ,1 25 $ 342,12 9
$65,000 $5,417 $ 59 ,5 83 $3 28,779
$ 65,000 $ 5,958 $ 59 ,0 42 $ 34 0,885
$ 65 ,000 $ 6,500 $ 58 ,5 00 $ 341 ,926
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 $0
$ 27,825 $0 $0 $ 27 ,8 25
$ 41,252 $0 $0 $ 41 ,2 52
$ 47,012 $0 $0 $ 47 ,0 12
$ 55,505 $0 $0 $ 55 ,5 05
$ 62,942 $0 $0 $ 62 ,9 42
$ 60,075 $0 $0 $ 60 ,0 75
$ 62,184 $0 $0 $ 62 ,1 84
$ 50,621 $0 $0 $ 50 ,6 21
$ 63,538 $0 $0 $ 63 ,5 38
$ 49,604 $0 $0 $ 49 ,6 04
$ 58,580 $0 $0 $ 58 ,5 80
$ 58,194 $0 $0 $ 58 ,1 94
$ 30 0, 00 0 $30 0,000
$ 29 6, 01 9 $323 ,844
$ 29 2, 03 8 $333,2 90
$ 28 8, 05 7 $ 335,06 9
$ 28 4, 07 6 $ 339,581
$ 28 0, 09 5 $34 3,037
$ 27 6, 11 4 $336 ,189
$ 27 2, 13 3 $334, 317
$ 26 8, 15 2 $318,7 73
$ 26 4, 17 1 $ 327,70 9
$ 26 0, 19 0 $ 309,794
$ 25 6, 20 9 $31 4,789
$ 25 2, 22 8 $310 ,422
$44 0,000 :$427,209= $0 $12,791 $ 31 2, 79 1
$440 ,000 :$427,209= :$12,710= $82 $ 32 3, 92 5
$440,0 00 :$427,209= :$22,087= :$9,296= $ 32 3, 99 4
$ 440,00 0 :$427,209= :$28,269= :$15,478= $ 31 9, 59 2
$4 40,000 :$427,209= :$33,634= :$20,843= $ 31 8, 73 8
$44 0,000 :$427,209= :$26,621= :$13,829= $ 32 9, 20 7
$440 ,000 :$427,209= :$19,346= :$6,555= $ 32 9, 63 4
$440, 000 :$427,209= :$11,491= $1,300 $ 33 5, 61 7
$440,0 00 :$427,209= :$7,979= $4,813 $ 32 3, 58 6
$ 440,00 0 :$427,209= $1,629 $14,420 $ 34 2, 12 9
$4 40,000 :$427,209= $6,194 $18,985 $ 32 8, 77 9
$44 0,000 :$427,209= $13,305 $26,096 $ 34 0, 88 5
$440 ,000 :$427,209= $18,712 $31,504 $ 34 1, 92 6
:$9,296=
:$15,478=
:$20,843=
:$13,829=
:$6,555=
$14,420
$18,985
$26,096
$31,504
Start#n Balanes
)rrent ssets ash *nventor ! th er ) rr en t s se ts T ot al ) rr en t s se ts
-on.ter ssets -on .ter ss ets ))late d "e re #a t#on T ot al - on .t er ss et s Total sse ts
-#a>#l#t#es and a#tal
)rrent -#a>#l#t#es o)nts (aa>le )rrent Borro<#n !ther )rrent -#a>#l#t#es S )> to ta l ) rr en t - #a >#l #t #es - on . te r - #a ># l# t# es Total -#a># l#t#es (a#d.# n a #tal +eta#ned arn#ns arn#ns Total a#tal T ot al - #a ># l# t# es a nd a #t al
Net Worth
$12,791
$82
$1,300
$4,813
Page -
