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Table of Contents

1.0 Executive Summary .................................................................................................................... 1

1.1 Keys to Success ........................................................................................................................ 2
1.2 Mission .......................................................................................................................................... 2
1.3 Objectives.................................................................................................................................... 2
Chart: Highlights .......................................................................................................................... 2
2.0 Company Summary ..................................................................................................................... 3
2.1 Company Ownership ............................................................................................................... 3
2.2 Start-up Summary ................................................................................................................... 3
Table: Start-up.............................................................................................................................. 4
Table: Start-up Funding ............................................................................................................ 5
Chart: Start-up ............................................................................................................................. 6
3.0 Products ........................................................................................................................................... 6
4.0 Market Analysis Summary ........................................................................................................ 7
4.1 Market Segmentation ............................................................................................................. 7
Table: Market Analysis ............................................................................................................... 8
Chart: Market Analysis (Pie) .................................................................................................... 8
4.2 Target Market Segment Strategy ...................................................................................... 9
4.3 Industry Analysis ...................................................................................................................... 9
4.3.1 Competition and Buying Patterns ............................................................................ 10
5.0 Strategy and Implementation Summary .......................................................................... 10
5.1 Competitive Edge ................................................................................................................... 11
5.2 Marketing Strategy ................................................................................................................ 11
5.3 Sales Strategy ......................................................................................................................... 11
5.3.1 Sales Forecast.................................................................................................................. 12
Table: Sales Forecast ........................................................................................................... 12
Chart: Sales Monthly ............................................................................................................ 13
Chart: Sales by Year ............................................................................................................. 13
5.4 Milestones.................................................................................................................................. 14
Chart: Milestones ....................................................................................................................... 14
Table: Milestones ....................................................................................................................... 14
6.0 Web Plan Summary ................................................................................................................... 15
6.1 Website Marketing Strategy ............................................................................................... 15
6.2 Development Requirements ............................................................................................... 15
7.0 Management Summary ............................................................................................................ 15
7.1 Personnel Plan ......................................................................................................................... 16
Table: Personnel ......................................................................................................................... 16
8.0 Financial Plan ............................................................................................................................... 16
8.1 Important Assumptions ....................................................................................................... 16
Table: General Assumptions .................................................................................................. 16
8.2 Break-even Analysis .............................................................................................................. 17
8.2 Break-even Analysis .............................................................................................................. 17
Table: Break-even Analysis.................................................................................................... 17
Chart: Break-even Analysis ................................................................................................... 17
8.3 Projected Profit and Loss ..................................................................................................... 18
Page 1

Table of Contents

Chart: Profit Monthly ................................................................................................................ 18

Chart: Profit Yearly .................................................................................................................... 18
Chart: Gross Margin Monthly................................................................................................. 19
Chart: Gross Margin Yearly .................................................................................................... 19
Table: Profit and Loss ............................................................................................................... 20
8.4 Projected Cash Flow .............................................................................................................. 21
8.4 Projected Cash Flow .............................................................................................................. 21
Table: Cash Flow ........................................................................................................................ 21
Chart: Cash .................................................................................................................................. 22
8.5 Projected Balance Sheet ...................................................................................................... 23
Table: Balance Sheet ................................................................................................................ 23
8.6 Business Ratios ....................................................................................................................... 24
8.6 Business Ratios ....................................................................................................................... 24
Table: Ratios ................................................................................................................................ 24
Table: Sales Forecast ......................................................................................................................... 1
Table: Personnel ................................................................................................................................... 2
Table: Personnel ................................................................................................................................... 2
Table: General Assumptions ............................................................................................................ 3
Table: General Assumptions ............................................................................................................ 3
Table: Profit and Loss ......................................................................................................................... 4
Table: Profit and Loss ......................................................................................................................... 4
Table: Cash Flow .................................................................................................................................. 5
Table: Cash Flow .................................................................................................................................. 5
Table: Balance Sheet .......................................................................................................................... 7
Table: Balance Sheet .......................................................................................................................... 7

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Foosball Hall

1.0 Executive Summary

Foosball Hall is a new gaming hall and bar serving the Madison, Wisconsin community. Foosball
or table soccer is an exciting table game originating from 1920's Germany. The game involves
two to four people in an exciting match that tests skill, strategy, and willingness to have fun.
People, primarily male students, play foosball as an exciting alternative to pool. They are
looking for skill oriented game that they can play in the social setting of a bar. While there are
many different pool hall bars in Madison, there are no foosball bars even though the demand is
quite apparent. Demand can be witnessed anywhere there is a foosball table. There are always
lines of people waiting to play, and it is extremely rare to be able to walk up to an unused
foosball table. Foosball Hall will meet the unmet demand in Madison, Wisconsin with a bar
offering beer, food, beverages and plenty of foosball tables for casual play as well as
tournaments.
Keys to Success
Foosball Hall has identified three keys that will be critical for their success. The first is the need
to design and implement strict financial controls. This is particularly important for an
establishment that serves alcohol, as employee theft is one of the largest drains on this type of
business. The financial controls will help minimize this risk. The second key is the behavior of all
employees toward customers - that each customer is treated as if they were the most
important customer of Foosball Hall. The last key to success will be the constant analysis for
improvement of the business model. It will be management's task to continually analyze the
business model looking for ways that it can be adjusted to increase profitability for the
business. Foosball Hall will not assume that this business model is static, rather, they believe
that in order to improve it must be dynamic.
Target Market Customers
Foosball Hall has identified two population target segments. The first segment is casual players
of table games. This segment enjoys playing table games such as foosball or pool in a bar
setting. They appreciate the opportunity to play a fun game while they consume beverages
(alcoholic or not) and socialize with friends or strangers. This group is growing at the annual
rate of 8% with 54,889 potential customers. The second segment of the population that will be
targeted is competitive players. These people appreciate foosball for the same reasons as the
casual players, however, this group is also quite competitive. They play foosball to win, either
with friends or in a tournament and continually work on their skills to become better players.
This segment has an annual growth rate of 7% and 12,445 potential customers.
Management
Foosball Hall will be lead by Stan Spinner. Stan received his undergraduate degree in
Philosophy from University of Wisconsin-Stevens Point. While in college, Stan managed a pool
hall. This was Stan's first experience in a retail establishment and provided him with
invaluable experience in tavern operations, as well as insight into customer habits and
preferences. Recognizing that one day he wanted to run his own business, but was not
comfortable with his incomplete skill set, Stan enrolled in the University of Wisconsin's MBA
Entrepreneurship Program. Stan went through the two year program with the intention of
opening a foosball bar upon graduation. Having this goal in his head while taking the course
work proved to be quite valuable as it became a lens through which Stan studied all the new
material.
Foosball Hall is a start-up gaming (foosball) bar primarily serving the students of Madison.
Sales have been forecast to be approximately $200,000 for year two, increasing to
approximately $290,000 in year three. Net profit will be negative in year one, rising to a
positive % in years two and three.

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Foosball Hall

1.1 Keys to Success

Foosball Hall has identified several business elements that must be implemented in order to
succeed in this competitive market.
1. Employ strict financial controls. This is especially important for a bar where, without
financial controls, employ theft could bring the business to bankruptcy.
2. Treat every customer as though they are the most important customer to Foosball Hall.
3. Continually look for improvements in the business model as well as operating systems.
1.2 Mission
It is Foosball Hall's mission to become a premier night spot for Madison students and locals who
are interested in playing table games and drinking. Foosball Hall will accomplish this by offering
abundant foosball tables, beer, and food at reasonable prices. By providing the Madison market
with the opportunity to participate in this increasingly popular table game, Foosball Hall will
become a Madison favorite. The business will be operated on the premise that satisfied
customers are imperative to a sustainable business.
1.3 Objectives

To become one of the premier venues in Madison that offers table games (in this case
specifically foosball), beer and food.
To grow the game of foosball in Madison, adding legitimacy to the game and increasing the
number and participation levels of the tournaments.
Reach the point of sustainable profitability by year two.

Chart: Highlights

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Foosball Hall

2.0 Company Summary

Foosball Hall, a start-up business has been formed as a Wisconsin Limited Liability Corporation
(L.L.C.) with the main purpose as a table game (foosball) operation that offers soft drinks,
beer, and light food.
2.1 Company Ownership
Foosball Hall is an L.L.C. registered in Wisconsin. The L.L.C. business formation structure was
chosen as a personal liability shield for the owner Stan Spinner. While Stan has outside
investors who possess a note securing their investment, Stan is the majority owner.
2.2 Start-up Summary
The following list details the expenses associated with the start up of this organization:

Foosball tables: There are 10 U.S.-based manufacturers of tables. The specific vendor will
be chosen soon based on a competitive bidding process. All of the manufacturers produce
high quality tables and compete primarily on price. Foosball Hall is in need of 10 tables @
approximately $3,000 each. In addition to the tables, two large white boards will be needed
for tournament play.

Lighting: While the chosen space has lights for the area in general, additional lighting will
need to be set up for proper table play.

Stools, tables, counter top and chairs: These items will be purchased to provide a place
for non-players to relax and socialize.

Kitchen equipment: These are the items necessary for serving a bar menu and liquid
refreshments. Needed items include: glasses, silverware, plates, microwave, convection
oven, refrigerator and freezer, serving/cooking utensils, a beer tap system, a fountain
dispenser for soft drinks.

Attorney fees: The needed legal services include business formation advice and assistance,
basic contract reviews, and general business advice.

Consultants: A business consultant will be utilized for assistance in setting up various

operating systems for the entity.

Various marketing information such as brochures, stationery, etc.

Website: The website will be developed as a form of communication regarding the activities
of Foosball Hall and the game of foosball. This includes disseminating information regarding
tournaments as well as advertising the fact that there is a place that offers foosball. There
are numerous foosball associations that will then link Foosball Hall's site to theirs for
general game promotion.

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Foosball Hall

Table: Start-up

Start-up
Requirements
Start-up Expenses
Legal
Stationery etc.
Brochures
Consultants
Insurance
Rent
Research and Development
Expensed Equipment
Other
Total Start-up Expenses

$200
$300
$200
$2,000
$0
$0
$0
$5,000
$0
$7,700

Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets

$44,300
$3,000
$40,000
$87,300

Total Requirements

$95,000

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Foosball Hall

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required

$7,700
$87,300
$95,000

Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets

$43,000
$44,300
$0
$44,300
$87,300

Liabilities and Capital

Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities

$0
$0
$0
$0
$0

Capital
Planned Investment
Stan Spinner
Investor 2
Other
Additional Investment Requirement
Total Planned Investment

$75,000
$20,000
$0
$0
$95,000

Loss at Start-up (Start-up Expenses)

Total Capital

($7,700)
$87,300

Total Capital and Liabilities

$87,300

Total Funding

$95,000

Page 5

Foosball Hall

Chart: Start-up

3.0 Products
Foosball
Foosball, or table soccer is a popular table game that looks sort of like a soccer game. The
name is derived from the German word for field soccer which is fubball. The adopted name in
the States is foosball or table soccer. The game itself originated in Germany during the late
1920's and early 1930's.
A fact that may come as a surprise to many is that foosball is played on a competitive
(professional) level. There are several tours which exist with regional, national and international
competitions. Within the U.S. there are two well established associations, United States Table
Soccer Association and the American Table Soccer Federation. So while most participants are
recreational players, there are many people who play foosball at a competitive level. The bulk
of Foosball Hall customers are the recreational players.
Foosball Hall offers 10 different tables for foosball. Five days a week the tables are open to
first-come/first-served play. Two days a week half of the tables will be reserved for
league/tournament play. Customers are able to play foosball by paying an hourly rate. Players
can either play games with people within their party or have pickup opponents. Foosball Hall
serves a rotating tap of three beers as well as several bottled varieties. Other beverages include
fountain soft drinks. Foosball Hall offers a light bar food menu of sandwiches and several
different appetizer items.
So while foosball is the main attraction, i.e. why customers would choose Foosball Hall over
another bar, the main source of revenue is from the offered food and beverages. The foosball
revenue, both from individual play and from tournaments will help supplement the business,
profitability depends on selling sufficient levels of food and drinks.
Offering foosball is an attractive service as many people enjoy participating in some sort of
game while they are at a bar drinking and socializing. Foosball provides this entertainment,

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Foosball Hall

similar to pool and darts. Foosball offers the same challenge in terms of strategy and skill as
pool and darts but makes the experience more fun and action oriented. So foosball can be said
to be the best of both worlds, requiring skill and thought but at the same time being fun, fast
paced action.
4.0 Market Analysis Summary
Foosball Hall has identified two target customer segments which are particularly attractive. The
first segment customers are the more casual players who are looking for some sort of activity
(such as foosball, pool, darts) to occupy their time as they socialize and drink. The second
group comprises the competitive foosball players. This group travels to where ever there are
tables.
While the two groups share the same interest in foosball, they are distinct groups and each one
will need to be reached via different methods. Foosball Hall participates within the general pool
hall industry, businesses that offer beer and pool typically. The foosball parlor industry is too
small and new to have its own industry classification. While foosball is a very popular table
game, there are just not enough foosball dedicated halls to have its own industry. Here lies the
attractiveness of the industry, most of the foosball playing occurs on college campuses, there
are few outside establishments that offer a pool-like foosball hall.
4.1 Market Segmentation
Foosball Hall has identified two distinct customer segments that they will target:
Casual players
This segment is typically made up of college men who enjoy playing foosball with their
colleagues. This group of individuals typically plays to pass time and have fun as opposed to
playing at a competitive level in tournaments. Characteristics of the individuals that make up
this group are:

Gender 85% male.

Ages 17- 28.
College students- 74% of the participants are in college or recently graduated from college.
69% play pool but prefer foosball because it combines similar levels of skill but at a much
faster, exciting pace.

Competitive players
This group plays to win. Foosball is not about a fun way to pass time but a serious game at
which they work hard, developing competitive skills. This group is far smaller but the
individuals are active participants. There are two different manufacturer based associations for
foosball and numerous different player based associations. In fact, as a testament to the level
of seriousness, size and participation levels of these players, almost all states in the U.S. have
their own associations. It is this group of people that will be the most active participants in the
offered tournaments.

Generally male- 89%.

Ages 25-48.

The bulk of Foosball Hall's customers are casual recreational players.

Page 7

Foosball Hall

Table: Market Analysis

Market Analysis
Potential Customers

Growth

Casual players
Competitive players
Total

8%
7%
7.82%

Year 1

Year 2

Year 3

Year 4

Year 5

54,889
12,445
67,334

59,280
13,316
72,596

64,022
14,248
78,270

69,144
15,245
84,389

74,676
16,312
90,988

CAGR
8.00%
7.00%
7.82%

Chart: Market Analysis (Pie)

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Foosball Hall

4.2 Target Market Segment Strategy

Foosball Hall will successfully target two distinct segments of the market. While both groups
play foosball, the reasons that they play are different. Understanding this will help Foosball Hall
accurately target the specific group. The first group while smaller in size is far more organized
and will therefore be much easier to reach. Although seriously competitive players are growing
in number, it is a select group of people that compete in foosball. With the advent of the
Internet, this group has become quite organized in terms of associations, tournaments, and
general awareness of each other. This being said, it is easy to reach this group through
advertisements and networking with the different associations. The competitive players are
always looking for new places to play, there are generally not enough tables to accommodate
them. This will be the easiest group to reach. This group is talkative amongst themselves and
always looking for new places and new tournaments.
The casual players will be more difficult to target. This group of people comes from a fairly
large cross section of the population, people that like some sort of table game while they hang
out with friends and drink beer. The obvious group to try to reach are college students. Madison
was chosen in part because of its population of foosball players as well as the huge student
population to draw off of. Students are the perfect segment of the population that likes to
drink, play games, has disposable income, and has extra time for leisure activities. Additionally,
foosball is a social game that requires two- four players. Even beyond the requirement for
multiple players, when people play foosball it is typically in a social setting with socializing
occurring during play. While there are some other casual players, most are or recently were
college students.
4.3 Industry Analysis
Foosball is an untapped game market. While it is not uncommon to have a foosball table in a
fraternity house, it is far less common to have one in a public place such as a bar. Most bar
owners rationalize that not a lot of people really know how or care to play, therefore if they
have to come up with a large capital expense of several thousand dollars, they would rather
spend it on something that will appeal to a larger population. It is this mentality that has
created the current state where there are many active players that play in one or two places all
the time, and generally do not have other options of playing venues. The situation can be seen
from a microlevel if you observe party goers at a party that has a foosball table. With one table
at the entire party, the table is always in use. There are always more people that want to play
than can play. It is a popular, fun game and there are never enough tables available.
There are few commercial playing areas for foosball. Most foosball tables reside in private
settings, either a home, fraternity house, etc. The real competitor in terms of industry are pool
halls. While the games themselves are not similar, the reason people play and the type of
people that play are quite similar. As mentioned previously, people play either as a source of
game competition, or they play as a way to have fun and socialize. The users are quite similar
as well, however, pool tends to attract an older crowd, or at least some older people. The pool
hall/ table game hall industry operates primarily by selling beer and alcoholic beverages.
Food and fountain drinks generate supplemental income. Most business occurs in the evening/
night time, as people use the occasions as a way to relax.

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Foosball Hall

4.3.1 Competition and Buying Patterns

Competition is predominantly from pool halls and foosball tournaments.
Pool Halls
The pool halls are the alternative places, other than typical bars, that people go to to socialize
and play games to pass the time. There are many different pool halls that serve the Madison
student population. They are typically grouped by some sort of theme, maybe concentrating on
the lower price point beer selection, maybe on the music, sometimes on the quality of the pool
and billiards tables (typically a function of the skill level of the players and the use of the tables
for tournaments). The pool halls are competitors for the casual players, people that are playing
as a way to socialize, have fun, and pass the time.
Foosball Tournaments
Currently, the several tournaments that are held for the Madison area players take place in a
community center recreation room that has six tables. There are no other public or semi-public
areas that have more than a couple of tables available for play. So while the community
center will still have tournaments, the facilities at Foosball Hall will be nicer and have more
things to offer such as food and beer. By virtue of more and better tables, Foosball Hall will be
able to attract plenty of people for the tournaments.
Indirect competition comes from other evening recreation activities, such as bars, movies,
theatres, bowling alleys, etc.
5.0 Strategy and Implementation Summary
Foosball Hall will leverage the fact that they offer the finest (as well as the only) facility of
numerous, nice, good condition foosball tables. This will be especially useful when competing
for customers against the pool halls. Foosball has the same draw as pool, a game that is fun,
social, and requires some skill, but is much more fun than pool. To be competitive at foosball,
players must develop a strong skill set, however, the level of fun is accessible to all skill levels.
Therefore, foosball generates more fun than pool, a distinction that is valuable to a hall that is
attracting people to come play games, eat, and drink.
The marketing effort will rely on advertisements and sponsorships to reach the desired market
segments. For the casual users the venue will be advertised as a place to eat, drink, and play
fun games. To reach the competitive players, Foosball Hall will have to generate visibility
among the different individuals and groups that compete. This will be done with advertising as
well as sponsoring tournaments, arguably the best way to get this segment introduced to
Foosball Hall.
The sales strategy is formulated on the hypothesis that there are a large number of people that
will try Foosball Hall once, and that a successful sales effort will be one that captures the people
and turns them into repeat customers. This philosophy is grounded in the solid marketing
maxim that it is more costly to attract new customers than it is to maintain current ones.

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Foosball Hall

5.1 Competitive Edge

Foosball Hall will rely on their competitive edge of offering a large number of foosball tables to
patrons. Pool halls are relatively popular. They offer patrons a source of self entertainment
(based on skill and strategy) while they drink and socialize. Foosball takes this value one step
further by offering a game that has similar skill requirements, but injects much more fun and
thrill into the game. Currently, there are no other public places that offer more than one or two
foosball tables for play. This competitive edge could diminish if it becomes so popular that
competitors take notice and offer similar game options. However, Foosball Hall will enjoy the
market leader position and will not rest on its laurels, continually looking for new ways to add
value for their customers. Foosball Hall will be always looking for new ways to appeal to their
target market by both secondary research, and through primary research in the form of
observation of their customers.
5.2 Marketing Strategy
Foosball Hall will use two different forms of marketing communication as a way to reach the
target market and raise their awareness of Foosball Hall and their product offerings. The casual
users will be reached through a series of advertisements, generally in the student newspapers.
The student rags are a source of information that most students consult in determining
activities and events. There are two main student papers, each with a slightly different
readership demographic. The advertising space in the papers is fairly inexpensive and is
targeted to reach the right audience.
In order to reach the competitive users, Foosball Hall will rely on a tournament sponsorship
strategy to attract the serious players. Foosball Hall will sponsor several different tournaments,
at least two days a week that will be a haven for the competitive players. The beauty (for
Foosball Hall) of the competitive tournaments is that most players require practice to remain
competitive or improve and the large number of tables at Foosball Hall will encourage this
customer segment to use Foosball Hall as a place to train as well as compete. The tournament
sponsorship will generate visibility on the local (city as well as state) foosball association
websites. The visibility will take the form of activity by members of the Foosball Hall staff
in association based activities. Becoming active within this association of people is valuable
networking that is likely to bring many new customers to the Hall. Foosball Hall believes that
this grassroots approach will be particularly effective for this unusual but tight knit group of
people.
5.3 Sales Strategy
The sales strategy is based on the belief that there will a regular flow of first time customers.
The real sales effort must concentrate on the conversion of each first-time customer into a
long-term customer relationship where the customer comes regularly to Foosball Hall and also
brings new friends to share the experience. This focus recognizes the fact that it costs Foosball
Hall less money to convert a customer into a long-term relationship than it does to attract
another new customer. With this in mind, sales activities concentrate on keeping existing
customers happy.
Consistent, customer-centric service is the requirement for Foosball Hall employees. Every
employee will have the idea drilled into them that they cannot let a customer leave dissatisfied.
Employees will be empowered to remedy most situations that come up. Problem solving will
be encouraged throughout the organization. It would also be fair to say that everyone within
the organization is part of the sales staff.

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Foosball Hall

5.3.1 Sales Forecast

The sales forecast is a conservative projection. It has been kept conservative to ensure that,
with the worst case scenario, we are able to cover our expenses. The first three months have a
sales forecast that is pretty grim (relative to the standard month). This can be explained by the
fact that the first few months will be slow, a function of being a start-up business, fighting to
become more visible within the community, going from nothing to achieving a regular clientele.
A slow but steady growth cycle with occur as the months toll. Profitability is projected to occur
during the later half of the second year. As a rule of thumb for this industry, if profitability
occurs before the second year than it is unlikely to be a sustainable profit, and if it does not
occur by the end of the second year than the chance of it ever happening is pretty slim.
The following table and charts represent the breakdown of the sales for the first year as well as
graphical representations of sales by month and year.
Table: Sales Forecast

Sales Forecast
Year 1

Year 2

Year 3

$67,537
$36,470
$31,742
$12,832
$148,581

$95,778
$51,720
$45,016
$18,198
$210,712

$132,545
$71,574
$62,296
$25,184
$291,599

Year 1
$16,884
$5,457
$10,475
$0
$32,816

Year 2
$23,945
$7,758
$14,855
$0
$46,558

Year 3
$33,136
$10,736
$20,558
$0
$64,430

Sales
Alcohol
Soft drinks
Food
Table fees
Total Sales
Direct Cost of Sales
Alcohol
Soft drinks
Food
Table fees
Subtotal Direct Cost of Sales

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Foosball Hall

Chart: Sales Monthly

Chart: Sales by Year

Page 13

Foosball Hall

5.4 Milestones
Foosball Hall has identified several different milestones that will act as obtainable goals,
providing the organization with benchmarks that they must reach. The following table details
the different milestones, the timeline for them and the responsible party.

Chart: Milestones

Table: Milestones

Milestones
Milestone
Completion of the business plan
First tournament
Profitability
$250K in revenue
Totals

Start Date
1/1/2003
1/1/2003
1/1/2003
1/1/2003

End Date
2/1/2003
3/1/2003
10/30/2004
10/30/2004

Budget
$0
$0
$0
$0
$0

Manager
SS
HP
BK
SS

Department
Bus. Dev.
Marketing
Accounting
Sales

Page 14

Foosball Hall

6.0 Web Plan Summary

The website will be used as a form of communication aimed primarily at the competitive
players. The competitive players are those that use the Internet to stay in touch with the rest of
the foosball community. This community, as perviously mentioned, is somewhat small but close
knit. The Internet provides the perfect communication medium. The casual players are unlikely
to use the website much, they will be looking for a casual place to have fun and pass the time
and an Internet search is usually not used to find new places.
The website will provide viewers with information regarding the services and products offered
by Foosball Hall. In addition to providing information, the website will be linked into the
different associations websites as a venue for tournament play.
6.1 Website Marketing Strategy
The website will be marketed in two ways. The first will be submissions to popular search
engines such as Google. This will allow people who are searching for Madison based foosball to
reach Foosball Hall's website. The second marketing strategy is the complimentary linking of
sites with the local and regional foosball associations. With complimentary links used, surfers
who are already on a complimentary website such as the associations website will be guided to
Foosball Hall's site and hopefully made aware of the new venue for foosball play.
6.2 Development Requirements
The development requirements for the site will be met by a computer science student. This type
of student will be used for two reasons: the typical below market rates, and the technical
expertise that they offer.
7.0 Management Summary
Foosball Hall is being led by Stan Spinner. Stan received his undergraduate degree in
philosophy from University of Wisconsin-Stevens Point. It was here that Stan was first
introduced to foosball. His fraternity had a table and he immediately enjoyed the game. At his
fraternity there were always people lined up waiting to play.
During his undergraduate days, Stan managed a pool hall. This was valuable because it taught
him general business skills, paid well, and required his time at night, preventing a conflict with
his schooling. Stan recognized that his ultimate dream was to create his own business, to be his
own boss. With this in mind, and recognizing his reasonable assessment that his business skill
set was not totally complete, Stan decided to enroll in The University of Wisconsin's MBA
Entrepreneurship Program.
At this point Stan was aware that having a foosball hall was a viable business opportunity.
While the immediacy of starting it as soon as possible to be the first to market was valuable, he
recognized his deficiencies in his skill set and ultimately decided to continue school and begin
his business after his degree was completed. Having this insight as to his work passion and how
to execute it was invaluable to Stan as he went through all his course work with
the goal of starting his own business when he graduated.

Page 15

Foosball Hall

7.1 Personnel Plan

Stan will be the driving force behind Foosball Hall. His responsibilities include but not limited to:
vendor relations and product procurement, marketing, sales, accounting (initially), tournament
formation and management, and bar tending. In addition to Stan the following positions will
need to be filled:

Bartender: In addition to tending bar and serving drinks, this position will help with the
cleaning and busing of tables as well as opening and closing activities. When it is slow the
position will also assist in the limited food preparation. There will be multiple bartenders,
typically having part-time shifts.

Bartender assistant: This position will back up the bartender in any activities that are
needed such as cleaning, busing tables, assistance will table rental. This position will also
help out with many of the back-end activities. There will be multiple people holding this
position.

Bookkeeper: This position will be filled during month five when business begins to pick up.
Initially Stan will be taking care of these functions, however once business picks up there is
no value added for Stan to do these functions so he will hire someone on a part-time basis.

Table: Personnel

Personnel Plan
Year 1

Year 2

Year 3

Stan
Bartenders
Bartender assistants
Bookkeeper
Total People

$24,000
$17,800
$14,500
$7,200
8

$26,000
$36,000
$18,600
$6,000
8

$33,000
$56,000
$20,000
$12,000
8

Total Payroll

$63,500

$86,600

$121,000

8.0 Financial Plan

The following sections outline important financial information.
8.1 Important Assumptions
The following table details important Financial Assumptions.
Table: General Assumptions

General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other

Year 1

Year 2

Year 3

1
10.00%
10.00%
30.00%
0

2
10.00%
10.00%
30.00%
0

3
10.00%
10.00%
30.00%
0

Page 16

Foosball Hall

8.2 Break-even Analysis

The Break-even Analysis indicates that monthly revenue of approximately $12,000 will be
needed to reach the break-even point.
Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even

$12,837

Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost

22%
$10,001

Chart: Break-even Analysis

Page 17

Foosball Hall

8.3 Projected Profit and Loss

The following table and charts show the Projected Profit and Loss.

Chart: Profit Monthly

Chart: Profit Yearly

Page 18

Foosball Hall

Chart: Gross Margin Monthly

Chart: Gross Margin Yearly

Page 19

Foosball Hall

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1

Year 2

Year 3

Sales
Direct Cost of Sales
Other Costs of Goods
Total Cost of Sales

$148,581
$32,816
$0
$32,816

$210,712
$46,558
$0
$46,558

$291,599
$64,430
$0
$64,430

Gross Margin
Gross Margin %

$115,765
77.91%

$164,154
77.90%

$227,169
77.90%

$63,500
$4,800
$7,992
$14,400
$4,200
$9,600
$9,525
$6,000

$86,600
$4,000
$7,992
$15,000
$4,200
$9,600
$12,990
$6,000

$121,000
$4,000
$7,992
$16,000
$4,200
$9,600
$18,150
$6,000

$120,017

$146,382

$186,942

Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred

($4,252)
$3,740
$0
$0

$17,772
$25,764
$0
$5,332

$40,227
$48,219
$0
$12,068

Net Profit
Net Profit/Sales

($4,252)
-2.86%

$12,440
5.90%

$28,159
9.66%

Expenses
Payroll
Sales and Marketing and Other Expenses
Depreciation
Rent
Utilities
Insurance
Payroll Taxes
Other
Total Operating Expenses

Page 20

Foosball Hall

8.4 Projected Cash Flow

The following chart and table display Projected Cash Flow.
Table: Cash Flow

Pro Forma Cash Flow

Year 1

Year 2

Year 3

$148,581
$148,581

$210,712
$210,712

$291,599
$291,599

$0
$0
$0
$0
$0
$0
$0
$148,581

$0
$0
$0
$0
$0
$0
$0
$210,712

$0
$0
$0
$0
$0
$0
$0
$291,599

Year 1

Year 2

Year 3

$63,500
$74,171
$137,671

$86,600
$102,328
$188,928

$121,000
$131,919
$252,919

$0
$0
$0
$0
$0
$0
$0
$137,671

$0
$0
$0
$0
$0
$0
$0
$188,928

$0
$0
$0
$0
$0
$0
$0
$252,919

$10,910
$55,210

$21,784
$76,994

$38,680
$115,674

Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance

Page 21

Foosball Hall

Chart: Cash

Page 22

Foosball Hall

8.5 Projected Balance Sheet

The following table presents the Projected Balance Sheet.
Table: Balance Sheet

Pro Forma Balance Sheet

Year 1

Year 2

Year 3

$55,210
$3,000
$58,210

$76,994
$3,000
$79,994

$115,674
$3,000
$118,674

$40,000
$7,992
$32,008
$90,218

$40,000
$15,984
$24,016
$104,010

$40,000
$23,976
$16,024
$134,698

Year 1

Year 2

Year 3

Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

$7,170
$0
$0
$7,170

$8,522
$0
$0
$8,522

$11,051
$0
$0
$11,051

Long-term Liabilities
Total Liabilities

$0
$7,170

$0
$8,522

$0
$11,051

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$95,000
($7,700)
($4,252)
$83,048
$90,218

$95,000
($11,952)
$12,440
$95,488
$104,010

$95,000
$488
$28,159
$123,647
$134,698

Net Worth

$83,048

$95,488

$123,647

Assets
Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities

Page 23

Foosball Hall

8.6 Business Ratios

Foosball Hall's Business Ratios. SIC industry class: Pool parlor - 7999.0403.
Table: Ratios

Ratio Analysis
Year 1

Year 2

Year 3

Industry Profile

n.a.

41.82%

38.39%

5.73%

Other Current Assets

Total Current Assets
Long-term Assets
Total Assets

3.33%
64.52%
35.48%
100.00%

2.88%
76.91%
23.09%
100.00%

2.23%
88.10%
11.90%
100.00%

33.26%
43.21%
56.79%
100.00%

Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth

7.95%
0.00%
7.95%
92.05%

8.19%
0.00%
8.19%
91.81%

8.20%
0.00%
8.20%
91.80%

21.91%
28.81%
50.72%
49.28%

100.00%
77.91%
80.78%
0.00%
-2.86%

100.00%
77.90%
72.00%
0.00%
8.43%

100.00%
77.90%
68.25%
0.00%
13.80%

100.00%
100.00%
76.43%
2.77%
1.89%

8.12
8.12
7.95%
-5.12%
-4.71%

9.39
9.39
8.19%
18.61%
17.09%

10.74
10.74
8.20%
32.53%
29.86%

1.18
0.80
1.76%
61.12%
4.52%

Additional Ratios

Year 1

Year 2

Year 3

Net Profit Margin

Return on Equity

-2.86%
-5.12%

5.90%
13.03%

9.66%
22.77%

n.a
n.a

11.34
27
1.65

12.17
28
2.03

12.17
27
2.16

n.a
n.a
n.a

0.09
1.00

0.09
1.00

0.09
1.00

n.a
n.a

$51,040
0.00

$71,472
0.00

$107,623
0.00

n.a
n.a

0.61
8%
8.12
1.79
0.00

0.49
8%
9.39
2.21
0.00

0.46
8%
10.74
2.36
0.00

n.a
n.a
n.a
n.a
n.a

Sales Growth
Percent of Total Assets

Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets

Activity Ratios
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout

Page 24

Appendix
Table: Sales Forecast

Sales Forecast
Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$2,511
$1,356
$1,180
$477
$5,524

$2,787
$1,505
$1,310
$530
$6,131

$3,254
$1,757
$1,529
$618
$7,159

$4,587
$2,477
$2,156
$872
$10,091

$4,354
$2,351
$2,046
$827
$9,579

$5,656
$3,054
$2,658
$1,075
$12,443

$3,877
$2,094
$1,822
$737
$8,529

$6,141
$3,316
$2,886
$1,167
$13,510

$8,454
$4,565
$3,973
$1,606
$18,599

$8,654
$4,673
$4,067
$1,644
$19,039

$9,848
$5,318
$4,629
$1,871
$21,666

$7,414
$4,004
$3,485
$1,409
$16,311

Sales
Alcohol
Soft drinks
Food
Table fees
Total Sales
Direct Cost of Sales

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

Alcohol

$628

$697

$814

$1,147

$1,089

$1,414

$969

$1,535

$2,114

$2,164

$2,462

$1,854

Soft drinks

$339

$376

$439

$619

$588

$764

$523

$829

$241

$247

$281

$211

Food

$389

$432

$505

$711

$675

$877

$601

$952

$1,311

$1,342

$1,527

$1,150

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$1,356

$1,505

$1,757

$2,477

$2,352

$3,055

$2,094

$3,317

$3,666

$3,752

$4,270

$3,215

Table fees
Subtotal Direct Cost of Sales

Page 1

Appendix
Table: Personnel

Personnel Plan
Stan
Bartenders
Bartender assistants
Bookkeeper
Total People
Total Payroll

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

$2,000
$0
$0
$0
1

$2,000
$0
$0
$0
1

$2,000
$1,500
$1,200
$0
6

$2,000
$1,500
$1,200
$0
6

$2,000
$1,700
$1,400
$900
6

$2,000
$1,700
$1,400
$900
7

$2,000
$1,900
$1,550
$900
8

$2,000
$1,900
$1,550
$900
8

$2,000
$1,900
$1,550
$900
8

$2,000
$1,900
$1,550
$900
8

$2,000
$1,900
$1,550
$900
8

$2,000
$1,900
$1,550
$900
8

$2,000

$2,000

$4,700

$4,700

$6,000

$6,000

$6,350

$6,350

$6,350

$6,350

$6,350

$6,350

Page 2

Appendix
Table: General Assumptions

General Assumptions
Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

10

11

12

Current Interest Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Long-term Interest Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Tax Rate

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

Plan Month

Other

Month 12

Page 3

Appendix
Table: Profit 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

$5,524

$6,131

$7,159

$10,091

$9,579

$12,443

$8,529

$13,510

$18,599

$19,039

$21,666

$16,311

Direct Cost of Sales

$1,356

$1,505

$1,757

$2,477

$2,352

$3,055

$2,094

$3,317

$3,666

$3,752

$4,270

$3,215

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$1,356

$1,505

$1,757

$2,477

$2,352

$3,055

$2,094

$3,317

$3,666

$3,752

$4,270

$3,215

Other Costs of Goods

Total Cost of Sales
Gross Margin

$4,168

$4,626

$5,401

$7,614

$7,227

$9,388

$6,435

$10,193

$14,933

$15,286

$17,396

$13,096

Gross Margin %

75.45%

75.45%

75.45%

75.45%

75.45%

75.45%

75.45%

75.45%

80.29%

80.29%

80.29%

80.29%

$2,000

$2,000

$4,700

$4,700

$6,000

$6,000

$6,350

$6,350

$6,350

$6,350

$6,350

$6,350

$400

$400

$400

$400

$400

$400

$400

$400

$400

$400

$400

$400

Expenses
Payroll
Sales and Marketing and Other
Expenses
Depreciation

$666

$666

$666

$666

$666

$666

$666

$666

$666

$666

$666

$666

$1,200

$1,200

$1,200

$1,200

$1,200

$1,200

$1,200

$1,200

$1,200

$1,200

$1,200

$1,200

Utilities

$350

$350

$350

$350

$350

$350

$350

$350

$350

$350

$350

$350

Insurance

$800

$800

$800

$800

$800

$800

$800

$800

$800

$800

$800

$800

$300
$500

$300
$500

$705
$500

$705
$500

$900
$500

$900
$500

$953
$500

$953
$500

$953
$500

$953
$500

$953
$500

$953
$500

$6,216

$6,216

$9,321

$9,321

$10,816

$10,816

$11,219

$11,219

$11,219

$11,219

$11,219

$11,219

Profit Before Interest and Taxes

($2,048)

($1,590)

($3,920)

($1,707)

($3,589)

($1,428)

($4,783)

($1,025)

$3,715

$4,068

$6,177

$1,878

EBITDA

($1,382)

($924)

($3,254)

($1,041)

($2,923)

($762)

($4,117)

($359)

$4,381

$4,734

$6,843

$2,544

Interest Expense

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Taxes Incurred

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Net Profit

($2,048)

($1,590)

($3,920)

($1,707)

($3,589)

($1,428)

($4,783)

($1,025)

$3,715

$4,068

$6,177

$1,878

Net Profit/Sales

-37.07%

-25.93%

-54.75%

-16.92%

-37.47%

-11.47%

-56.08%

-7.59%

19.97%

21.37%

28.51%

11.51%

Rent

Payroll Taxes
Other
Total Operating Expenses

15%

Page 4

Appendix
Table: Cash Flow

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

Cash Sales

$5,524

$6,131

$7,159

$10,091

$9,579

$12,443

$8,529

$13,510

$18,599

$19,039

$21,666

$16,311

Subtotal Cash from Operations

$5,524

$6,131

$7,159

$10,091

$9,579

$12,443

$8,529

$13,510

$18,599

$19,039

$21,666

$16,311

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

New Other Liabilities (interest-free)

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Long-term Liabilities

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Investment Received

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$5,524

$6,131

$7,159

$10,091

$9,579

$12,443

$8,529

$13,510

$18,599

$19,039

$21,666

$16,311

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$2,000

$2,000

$4,700

$4,700

$6,000

$6,000

$6,350

$6,350

$6,350

$6,350

$6,350

$6,350

$164

$4,911

$5,077

$5,736

$6,435

$6,525

$7,175

$6,337

$7,531

$7,871

$7,972

$8,437

$2,164

$6,911

$9,777

$10,436

$12,435

$12,525

$13,525

$12,687

$13,881

$14,221

$14,322

$14,787

Sales Tax, VAT, HST/GST Paid Out

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Principal Repayment of Current Borrowing

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Other Liabilities Principal Repayment

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Long-term Liabilities Principal Repayment

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Dividends

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Subtotal Cash Spent

$2,164

$6,911

$9,777

$10,436

$12,435

$12,525

$13,525

$12,687

$13,881

$14,221

$14,322

$14,787

Net Cash Flow

$3,361

($780)

($2,618)

($345)

($2,856)

($82)

($4,995)

$823

$4,718

$4,818

$7,343

$1,523

Cash Balance

$47,661

$46,881

$44,263

$43,917

$41,062

$40,980

$35,985

$36,808

$41,525

$46,343

$53,687

$55,210

Cash Received
Cash from Operations

Additional Cash Received

Sales Tax, VAT, HST/GST Received
New Current Borrowing

Subtotal Cash Received

Expenditures

0.00%

Expenditures from Operations

Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent

Page 5

Appendix

Page 6

Appendix
Table: Balance Sheet

Pro Forma Balance Sheet

Assets

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$44,300
$3,000
$47,300

$47,661
$3,000
$50,661

$46,881
$3,000
$49,881

$44,263
$3,000
$47,263

$43,917
$3,000
$46,917

$41,062
$3,000
$44,062

$40,980
$3,000
$43,980

$35,985
$3,000
$38,985

$36,808
$3,000
$39,808

$41,525
$3,000
$44,525

$46,343
$3,000
$49,343

$53,687
$3,000
$56,687

$55,210
$3,000
$58,210

$40,000
$0
$40,000
$87,300

$40,000
$666
$39,334
$89,995

$40,000
$1,332
$38,668
$88,549

$40,000
$1,998
$38,002
$85,265

$40,000
$2,664
$37,336
$84,253

$40,000
$3,330
$36,670
$80,732

$40,000
$3,996
$36,004
$79,984

$40,000
$4,662
$35,338
$74,323

$40,000
$5,328
$34,672
$74,480

$40,000
$5,994
$34,006
$78,531

$40,000
$6,660
$33,340
$82,683

$40,000
$7,326
$32,674
$89,361

$40,000
$7,992
$32,008
$90,218

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Starting Balances

Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

$0
$0
$0
$0

$4,743
$0
$0
$4,743

$4,887
$0
$0
$4,887

$5,522
$0
$0
$5,522

$6,218
$0
$0
$6,218

$6,285
$0
$0
$6,285

$6,965
$0
$0
$6,965

$6,087
$0
$0
$6,087

$7,269
$0
$0
$7,269

$7,606
$0
$0
$7,606

$7,690
$0
$0
$7,690

$8,190
$0
$0
$8,190

$7,170
$0
$0
$7,170

Long-term Liabilities
Total Liabilities

$0
$0

$0
$4,743

$0
$4,887

$0
$5,522

$0
$6,218

$0
$6,285

$0
$6,965

$0
$6,087

$0
$7,269

$0
$7,606

$0
$7,690

$0
$8,190

$0
$7,170

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$95,000
($7,700)
$0
$87,300
$87,300

$95,000
($7,700)
($2,048)
$85,252
$89,995

$95,000
($7,700)
($3,638)
$83,662
$88,549

$95,000
($7,700)
($7,558)
$79,742
$85,265

$95,000
($7,700)
($9,265)
$78,035
$84,253

$95,000
($7,700)
($12,853)
$74,447
$80,732

$95,000
($7,700)
($14,281)
$73,019
$79,984

$95,000
($7,700)
($19,064)
$68,236
$74,323

$95,000
($7,700)
($20,089)
$67,211
$74,480

$95,000
($7,700)
($16,374)
$70,926
$78,531

$95,000
($7,700)
($12,307)
$74,993
$82,683

$95,000
($7,700)
($6,130)
$81,170
$89,361

$95,000
($7,700)
($4,252)
$83,048
$90,218

Net Worth

$87,300

$85,252

$83,662

$79,742

$78,035

$74,447

$73,019

$68,236

$67,211

$70,926

$74,993

$81,170

$83,048

Page 7