[COMPANY NAME]

Eatery * Ice Cream Parlor

Business Plan

Contact: [NAME]
[ADDRESS]
[CITY, STATE ZIP]
XXX-XXX-XXXX Phone
XXX-XXX-XXXX Cell
XXX-XXX-XXXX Fax
[EMAIL]
 Confidentiality Agreement
The undersigned reader acknowledges that the information provided by [COMPANY NAME] in this
business plan is confidential; therefore, reader agrees not to disclose it without the express written
permission of [COMPANY NAME].

It is acknowledged by reader that information to be furnished in this business plan is in all respects
confidential in nature, other than information which is in the public domain through other means
and that any disclosure or use of same by reader may cause serious harm or damage to [COMPANY
NAME].

Upon request, this document is to be immediately returned to [COMPANY NAME].

___________________
Signature

___________________
Name (typed or printed)

___________________
Date

This is a business plan. It does not imply an offering of securities.

 Table of Contents

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

Chart: Highlights...................................................................................2
1.1 Objectives..........................................................................................2
1.2 Mission..............................................................................................2
1.3 Keys to Success..................................................................................3
2.0 Company Summary................................................................................3
2.1 Company Ownership............................................................................3
2.2 Start-up Summary..............................................................................4
Table: Start-up......................................................................................4
Chart: Start-up......................................................................................5
3.0 Services...............................................................................................6
4.0 Market Analysis Summary.......................................................................7
4.1 Market Segmentation...........................................................................7
Table: Market Analysis............................................................................7
Chart: Market Analysis (Pie)....................................................................8
4.2 Target Market Segment Strategy...........................................................8
4.3 Service Business Analysis.....................................................................8
4.3.1 Competition and Buying Patterns.....................................................9
5.0 Strategy and Implementation Summary..................................................10
5.1 SWOT Analysis..................................................................................10
5.1.1 Strengths....................................................................................10
5.1.2 Weaknesses................................................................................10
5.1.3 Opportunities..............................................................................10
5.1.4 Threats.......................................................................................11
5.2 Competitive Edge..............................................................................11
5.3 Marketing Strategy............................................................................11
5.4 Sales Strategy..................................................................................12
5.4.1 Sales Forecast.............................................................................12
Table: Sales Forecast.........................................................................12
Chart: Sales by Year..........................................................................13
5.5 Milestones........................................................................................14
Table: Milestones.................................................................................14
6.0 Management Summary.........................................................................14
6.1 Personnel Plan..................................................................................14
Table: Personnel..................................................................................14
7.0 Financial Plan......................................................................................15
7.1 Start-up Funding...............................................................................15
Table: Start-up Funding........................................................................15
7.2 Important Assumptions......................................................................16
7.3 Break-even Analysis..........................................................................16
Table: Break-even Analysis....................................................................16
Chart: Break-even Analysis...................................................................16
7.4 Projected Profit and Loss....................................................................17
Table: Profit and Loss...........................................................................17
Chart: Profit Monthly............................................................................18
Page 1
 Table of Contents

Chart: Profit Yearly...............................................................................18

Chart: Gross Margin Monthly..................................................................19
Chart: Gross Margin Yearly....................................................................19
7.5 Projected Cash Flow...........................................................................20
Table: Cash Flow..................................................................................20
Chart: Cash.........................................................................................21
7.6 Projected Balance Sheet.....................................................................22
Table: Balance Sheet............................................................................22
7.7 Business Ratios.................................................................................23
Table: Ratios.......................................................................................23
Table: Ratios (continued)......................................................................24
Table: Sales Forecast...................................................................................1
Table: Personnel.........................................................................................2
Table: Profit and Loss..................................................................................3
Table: Cash Flow.........................................................................................4
Table: Balance Sheet...................................................................................6

Page 2
 [[COMPANY NAME] 2010

1.0 Executive Summary

[COMPANY NAME]
Contact: [NAME]
[ADDRESS]
[CITY, STATE ZIP]
(XXX)XXX-XXXX Phone
(XXX)XXX-XXXX Cell
(XXX)XXX-XXXX Fax
[EMAIL]

[COMPANY NAME] was established in [DATE] and is located in [LOCATION]. [COMPANY NAME] is
a family managed restaurant whose owner, [NAME], brings over 15 years of managerial
experience in the Restaurant Industry. [COMPANY NAME] serves homemade recipes including
Breakfast, Lunch and Dinner and is open from 6:30 am until 9:00 pm seven days a week.
[COMPANY NAME] is a full-service family restaurant and ice-cream parlor resembling a country-
style kitchen that is clean, family friendly and geared towards social and business gatherings.
The decor is a genuine Americana theme including white lace curtains, ivy stenciling, handmade
patriotic hangings, an old wooden radio, a soda fountain, nostalgic pictures of Coca-Cola bottles
and classic cars. There is no similar dining experience within [COUNTY] County. [COMPANY
NAME] is favorably located off a highly traveled intersection [ADDRESS] just minutes from a 232
acre Park and Recreation Complex. The restaurant contains approximately 1,200 square feet of
commercial space with 60 parking spaces available on site.

The affordable menu features classic hometown recipes from burgers and soups to milkshakes
and banana splits. Seating capacity in the restaurant is 65, including 12 barstool seats at a
counter. There is a large outdoor deck covered by a canopy, which can accommodate an
additional 25 customers. The restaurant hosts community events including, after-school
functions, sports team functions, outdoor movies, and a weekly Sunday old-fashioned classic car
show. The restaurant prides itself on customer service and community involvement.

Clearly the competitive edge of [COMPANY NAME] is its reputation for quality food and
affordability. The homemade recipes are fresh, the portions are large and the desserts are
delicious. In addition, the clean atmosphere creates an inviting and comfortable meeting place
for individuals and groups, which is conveniently located with ease of access.

[COMPANY NAME] is seeking grant funding in the amount of $500,000. The funding will be used
to cover building expansions and updates, new equipment, and to hire additional staff. Based on
the detailed financial projections, [COMPANY NAME] future sales for Year 1, Year 2 and Year 3 are
expected to be $167,651, $250,000 and $300,000.

[NAME] [XXX-XXX-XXXX] | Executive Summary 1

 [[COMPANY NAME] 2010

Chart: Highlights

1.1 Objectives

[COMPANY NAME] has three main objectives:

1. To be rated one of the top sit-down dining restaurants in [COUNTY], [STATE].

2. To support the local youth in [COUNTY], [STATE].

3. To accomplish annual gross sales of $160,000 in 2010; $250,000 in 2011; and $300,000 in
2012.

1.2 Mission

The mission of [COMPANY NAME] is to provide an inexpensive eatery for families on the
go throughout the county of [COUNTY], [STATE]. In turn, the Restaurant's mission is also to give
back to the community by creating employment opportunities for high-school students, college
students and stay-at-home mothers; subsidizing programs and sports activities that are in
jeopardy of being deleted from high-school curriculum; and contribute to local organizations like
the Glee Club and others that are in need of assistance.

[NAME] [XXX-XXX-XXXX] | Executive Summary 2

 [[COMPANY NAME] 2010

1.3 Keys to Success

The keys to success of the Restaurant are as follows:

1. Good hometown cooking

2. Affordable prices
3. Daily community activities
4. Commitment towards youth and school activities

2.0 Company Summary

[COMPANY NAME]
Contact: [NAME]
[ADDRESS]
[CITY, STATE ZIP]
(XXX)XXX-XXXX Phone
(XXX)XXX-XXXX Cell
(XXX)XXX-XXXX Fax
[EMAIL]

[COMPANY NAME] was established in April 2010 and is located in the City of [CITY], [STATE] at
the [PLACE]. [COMPANY NAME] is a family managed restaurant whose owner, [NAME], brings
over 15 years of managerial experience in the Restaurant Industry. [COMPANY NAME] serves
homemade recipes including Breakfast, Lunch and Dinner and is open from 6:30 am until 9:00
pm seven days a week. [COMPANY NAME] is a full-service family restaurant and ice-cream
parlor resembling a country-style kitchen that is clean, family friendly and geared towards social
and business gatherings. The decor is a genuine Americana theme including white lace curtains,
ivy stenciling, handmade patriotic hangings, an old wooden radio, a soda fountain, nostalgic
pictures of Coca-Cola bottles and classic cars. There is no similar dining experience within
[COUNTY]. [COMPANY NAME] is favorably located off a highly traveled intersection just minutes
from a large Park and Recreation Complex. The restaurant contains approximately 1,200 square
feet of commercial space with 60 parking spaces available on site.

The affordable menu features classic hometown recipes from burgers and soups to milkshakes
and banana splits. Seating capacity in the restaurant is 65, including 12 barstool seats at a
counter. There is a large outdoor deck covered by a canopy which can accommodate an
additional 25. The restaurant hosts community events including, after-school functions, sports
team functions, outdoor movies, and a weekly Sunday old-fashioned classic car show. The
restaurant prides itself on customer service and community involvement.

2.1 Company Ownership

[COMPANY NAME] is a Limited Liability Company solely owned by [NAME], as [COMPANY NAME],
LLC. [NAME] brings over 15 years of managerial experience in the Restaurant Industry.

[NAME] [XXX-XXX-XXXX] | 2.0 Company Summary 3

 [[COMPANY NAME] 2010

2.2 Start-up Summary

Total start-up expense comes to $7,750. Start-up assets required include $62,200 including
$12,000 in initial cash to handle the operational expenses. The following table and chart show
the start-up costs for [COMPANY NAME].

Table: Start-up

Start-up

Requirements

Start-up Expenses
Legal $2,500
Stationery etc. $500
Insurance $650
Rent $2,100
Other $2,000
Total Start-up Expenses $7,750

Start-up Assets
Cash Required $12,000
Start-up Inventory $6,000
Other Current Assets $4,200
Long-term Assets $40,000
Total Assets $62,200

Total Requirements $69,950

[NAME] [XXX-XXX-XXXX] | 2.0 Company Summary 4

 [[COMPANY NAME] 2010

Chart: Start-up

[NAME] [XXX-XXX-XXXX] | 2.0 Company Summary 5

 [[COMPANY NAME] 2010

3.0 Services

[COMPANY NAME] affordable homemade menu offers Breakfast, Lunch, Dinner and Dessert
including:

 Breakfast Sandwiches
 Egg Platters
 Omelets
 Homemade Flapjacks/ French Toast
 Burgers
 Sandwiches
 Platters
 Healthy Choice
 Sides and Snacks
 Kids Menu
 Ice Cream Sundaes and Banana Splits

For a first-time visit, [NAME] recommends these dishes:

 Fresh-made chicken cutlets with corn, fresh-peeled mashed potatoes and applesauce
 Spaghetti and meatballs
 Grilled Salisbury steak
 Grilled Pork Chops
 Pulled-pork Sandwiches
 Meat loaf with mashed potatoes and gravy, string beans and a side salad

All prices are below $10.00. Recent specials include:

 Four sliders with fries and soda $5.00

 Pulled pork with fries $6.00
 Sausage, peppers, onions on sub roll with fries $6.00
 Sliced beef with fries and gravy on hard roll $6.00
 Fish and chips with slaw $6.00
 Chicken cutlet on hard roll with lettuce, tomato, mayo, side of slaw or potato salad $5.25
 Stuffed cabbage with fries $7.00
 Hot roast beef with fries and gravy $6.00

Eight kids' menu specials priced from $3.75 to $5.50 are each given kid-friendly titles:

 Horseback Riding (mini-Italian sub with fries)

 Miniature Golf (cheeseburger with fries)
 Movies (pizza burger with fries)
 Basketball (half-tuna sandwich with fries)

[COMPANY NAME] vegetable ingredients are all purchased fresh and locally from [COMPANY].
The soft and hard serve ice cream is from [COMPANY].

[COMPANY NAME] offers a meeting place for family, youth, business and community events. The
restaurant features a large outdoor deck and is located conveniently close to a [COMPANY]. The
restaurant is focused on community involvement, especially with the youth. In the near future,
[COMPANY NAME] will be expanding its facilities to include a larger deck and new canopies.

[NAME] [XXX-XXX-XXXX] | 3.0 Services 6

 [[COMPANY NAME] 2010

4.0 Market Analysis Summary

The U.S. restaurant industry, which consists of fast food, casual dining and upscale chains, is
facing its toughest stretch in three decades. This is due to declining guest traffic as well as a
decline in sales. To survive, restaurant operators will need to balance incentives and discounts
with added value and brand enhancement.

[COMPANY NAME] business plan focuses solely on the restaurant and dining industry. The
Company has the services necessary to flourish within this industry. The restaurant will market
its services to families seeking a dining experience away from daily routine, businesses, and
those looking for a place to celebrate a special event including birthdays, fund raisers,
organizations in need of a meeting place, etc. Forms of marketing include newspaper ads,
coupon specials in direct mail circulations, flyers, community involvement and word of mouth.

4.1 Market Segmentation

[CITY] is one of [STATE]’s most livable communities offering a wonderful quality of life for
residents young and old. While [CITY], [STATE] and the immediate area is the primary market,
[COMPANY NAME] market segment comes from the entire county of [COUNTY], [STATE] seeking
a unique and quality dining experience. The information contained in the market analysis table
displays the details of the County's residential and business populations.

Table: Market Analysis

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Growth CAGR
Customers
Residential 0.50% 491,000 493,455 495,922 498,402 500,894 0.50%
Businesses 0.07% 304,000 304,213 304,426 304,639 304,852 0.07%
Total 0.34% 795,000 797,668 800,348 803,041 805,746 0.34%

[NAME] [XXX-XXX-XXXX] | 4.0 Market Analysis Summary 7

 [[COMPANY NAME] 2010

Chart: Market Analysis (Pie)

4.2 Target Market Segment Strategy

The mission of [COMPANY NAME] is to provide an inexpensive eatery for families on the
go throughout the county of [COUNTY], [STATE]. In turn, the Restaurant's mission is also to give
back to the community by creating employment opportunities for high-school students, college
students and stay-at-home mothers; subsidizing programs and sports activities that are in
jeopardy of being deleted from high-school curriculum; and contribute to local organizations like
the Glee Club and others that are in need of assistance.

4.3 Service Business Analysis

With the economic downturn easing, the restaurant industry is expected to show gradual
improvement in 2010, according to the National Restaurant Association's 2010 Restaurant
Industry Forecast. Industry sales are projected to reach $580 billion this year, a 2.5 percent
increase in current dollars over 2009 sales. When adjusted for inflation, 2010 sales will be
essentially flat, which is an improvement over the 1.2 percent and 2.9 percent negative growth in
real sales that the industry experienced in 2008 and 2009, respectively. Restaurants will
continue to be strong contributors to the recovery of the nation's economy, with industry sales
representing 4 percent of the U.S. gross domestic product and employees comprising 9 percent
of the U.S. workforce. Despite job losses in 2009, the restaurant industry still outperformed the
national economy. Job growth is expected to resume in 2010, and the industry is projected to
add 1.3 million career and employment opportunities by 2020.

Continuing the trend from last year, the quick service restaurant segment is expected to fare
slightly better than the full-service segment as diners focus on value and specials. Quick service
restaurants are projected to post sales of $164.8 billion in 2010, a gain of 3.0 percent over
2009. Sales at full-service restaurants are projected to reach $184.2 billion in 2010, an increase
of 1.2 percent in current dollars over 2009. The eating-and-drinking place segment expected to
show the strongest growth in 2010 is social caterers, whose sales are expected to increase by 4.5

[NAME] [XXX-XXX-XXXX] | 4.0 Market Analysis Summary 8

 [[COMPANY NAME] 2010

percent. Among all commercial industry segments, the strongest growth is expected in retail-
host restaurants (including those located in gas/service stations and drug and grocery stores)
with a 4.9 percent sales increase.

The U.S. restaurant industry, which consists of fast food, casual dining and upscale chains, is
facing its toughest stretch in three decades. This is due to declining guest traffic as well as a
decline in sales. To survive, restaurant operators will need to balance incentives and discounts
with added value and brand enhancement.

[COMPANY NAME] provides a much needed family oriented restaurant with quality food and
beverages at reasonable prices. As simple as it may be, [COMPANY NAME] method of serving
delicious food while executing exceptional customer service has an important effect on the
bottom line: People want to give their business to those who appreciate it. Community
involvement, skillful use of advertising, coupons, and quality meals will bring the business the
Company desires.

4.3.1 Competition and Buying Patterns

According to the National Restaurant Association's 2010 Restaurant Industry Forecast, consumers
will continue to seek value, convenience and expanded menu options in 2010 – and restaurants
will deliver. Consumers forced to cut back on spending say they aren't dining out as often as
they would like, and this pent-up demand will turn into restaurant traffic as economic recovery
continues. The Association predicts that growth opportunities can be found in delivery and other
off-premise options, cooking classes and other interactive guest activities, and using new media
to reach new and returning guests.

Social media will become more critical to restaurant marketing this year. A good plan and solid
understanding of those tools – including Facebook, Twitter, Yelp, and YouTube – can help
operators mitigate the economic environment. "Word of mouth" has moved online, and more
consumers use the Web to browse menus, make reservations, and get recommendations from
other diners. Restaurants' use of e-mail, Internet and cell phone text messages in marketing
efforts is also a growing trend.

Restaurant operators continue to step up their efforts to go green, investing in energy-efficient

equipment and fixtures, using recyclable materials and reducing their water use. Green
initiatives not only help manage costs, they can also drive traffic. Four of 10 full-service and 31
percent of quick service operators plan to devote more resources to green initiatives in 2010 than
they did in 2009, and 4 in 10 consumers say they choose restaurants based on their conservation
practices.

Locally sourced food, sustainability, and health and nutrition will be the top trends on restaurant
menus this year. Seventy percent of consumers say they are more likely to visit restaurants that
offer locally produced food, and nearly three out of four say they are trying to eat healthier in
restaurants now than they did two years ago. The top 10 menu trends in the Association's
"What's Hot in 2010" survey of more than 1,800 professional chefs (American Culinary Federation
members) are: locally grown produce, locally sourced meat/seafood, sustainability as a culinary
theme, bite-size desserts, locally produced beer/wine, healthy kids' meals, half-potions,
farm/estate-branded ingredients, gluten-free/allergy-conscious items, and sustainable seafood.
Ethnic cuisine and flavors are also a hot menu trend this year, including regional ethnic cuisine
and fusion cuisine. Consumers are interested in trying French, Spanish, Japanese (other than
sushi), Thai, Cajun/Creole, soul food and sushi.

[NAME] [XXX-XXX-XXXX] | 4.0 Market Analysis Summary 9

 [[COMPANY NAME] 2010

[COMPANY NAME] primary local competitors are within a 2-mile radius that consists of two
Pizzerias, an upscale dining restaurant, two convenience stores and a sandwich shop. There is no
similar dining experience within [COUNTY]. [COMPANY NAME] strives to establish strong
communication and relationships with its customers to ensure they are satisfied with the services
and facility. If customers are happy they will recommend the restaurant to others in the area
and oftentimes word of mouth marketing provides more business than advertising.

5.0 Strategy and Implementation Summary

[COMPANY NAME] has clearly defined the target market and has differentiated the Company by
offering an inviting atmosphere and quality food to fulfill its customers' needs. Reasonable sales
targets have been established with an implementation plan designed to ensure the goals set forth
below are achieved.

5.1 SWOT Analysis

The SWOT analysis aids in displaying the internal strengths and weaknesses that [COMPANY
NAME] must address. It allows management to examine the opportunities presented to
[COMPANY NAME] as well as potential threats. The company's strengths will help it to succeed.
These strengths include: staff, management, affordability and quality food. Strengths are
valuable, but it is also important to realize the weaknesses [COMPANY NAME] must address.
These weaknesses include: size of the kitchen and building efficiency.

The Company's strengths will help it capitalize on emerging opportunities. These opportunities
include, but are not limited to, growth in blue-collar workers, strong reputation, local newspaper
feature and highway traffic. Threats that [COMPANY NAME] should be aware of include,
competition and negative press.

5.1.1 Strengths

1. Staff: high-school and college students employed at the restaurant draws crowds of family
and friends that is favorable to parents and community youth leaders
2. Management: over 15 years of managerial experience in the restaurant industry; well-known
and liked bus driver for the local high school
3. Affordability: food and beverage menu is priced reasonably to attract families
4. Quality food: all fresh ingredients including fresh chopped hamburger and vegetables,
featuring Jersey tomatoes; healthy options are available; ice-cream, milk-shakes and sundaes
are very popular

5.1.2 Weaknesses

1. Size of kitchen: the kitchen area needs to be enlarged to accommodate an additional grill and
dish washer
2. Building efficiency: the building's air conditioner and heating units need to be replaced along
with the new windows

[NAME] [XXX-XXX-XXXX] | 5.0 Strategy and Implementation Summary 10

 [[COMPANY NAME] 2010

5.1.3 Opportunities

1. Blue collar workers: although the restaurant is located in a white collar area, to-go orders are
on the rise from local construction workers as construction in the area expands
2. Reputation: the owner, [NAME], has built a customer following from his restaurant
experience including dinners and specials, dated back 10 years; this is expected to continue to
spread with [COMPANY NAME]
3. Newspaper feature: the restaurant has been recently featured in the [CITY], a local circulation
4. Highway traffic: traveling customers are expected to stop at the restaurant as they are
heading west along [PLACE] and are often backed up in traffic from the highway expansion road
work

5.1.4 Threats

1. Competition: the upscale restaurants offer a fine-dining experience

2. Negative press: possibly from unsatisfied customers

5.2 Competitive Edge

Clearly the competitive edge of [COMPANY NAME] is its reputation for quality food and
affordability. The homemade recipes are fresh, the portions are large and the desserts are
delicious. In addition, the clean atmosphere creates an inviting and comfortable meeting place
for individuals and groups that is conveniently located with ease of access.

5.3 Marketing Strategy

The marketing strategy of [COMPANY NAME] includes promotional efforts through the following
means:

 Coupons circulated in envelopes

 Youthful staff
 Newspaper Ads
 Flyers
 Strategic alliance with [COMPANY]

[NAME] [XXX-XXX-XXXX] | 5.0 Strategy and Implementation Summary 11

 [[COMPANY NAME] 2010

5.4 Sales Strategy

The owner of [COMPANY NAME] has excellent customer relation skills, work ethic, as well as an
in-depth understanding of the restaurant and dining industry; these skills are useful in making
customers comfortable in trusting [COMPANY NAME] to satisfy their dining and event needs.
Keeping customers satisfied and community involvement is an implicit part of building a
relationship that will encourage high customer referrals and repeat business.

5.4.1 Sales Forecast

The Monthly Sales Forecasted for the current year average $11,177 in Food Sales and $2,794 in
Beverage Sales. Forecasted Sales in Year 1 is a total of $167,651 with a 49% growth rate
for Year 2 and a 20% growth rate for Year 3.

Table: Sales Forecast

Sales Forecast
Year 1 Year 2 Year 3
Sales
Food $134,121 $200,000 $240,000
Beverage $33,530 $50,000 $60,000
Total Sales $167,651 $250,000 $300,000

Direct Cost of Sales Year 1 Year 2 Year 3

Food $26,824 $40,000 $48,000
Beverage $6,706 $10,000 $12,000
Subtotal Direct Cost of Sales $33,530 $50,000 $60,000

[NAME] [XXX-XXX-XXXX] | 5.0 Strategy and Implementation Summary 12

 [[COMPANY NAME] 2010

Chart: Sales Monthly

Chart: Sales by Year

[NAME] [XXX-XXX-XXXX] | 5.0 Strategy and Implementation Summary 13

 [[COMPANY NAME] 2010

5.5 Milestones

The management team has established some basic milestones to keep the business plan
priorities in place. Responsibility for implementation falls on the shoulders of [NAME]. Set forth
below are the mail milestones of this plan.

Table: Milestones

Milestones

Milestone Start Date End Date Budget Manager Department

Grant Funding 8/1/2010 2/1/2011 $6,400 Joseph Management
Building Additions 2/1/2011 4/1/2011 $40,000 Joseph Management
Equipment 2/1/2011 4/1/2011 $55,000 Joseph Management
Additions
Hire Additional Staff 2/1/2011 12/31/2012 $36,000 Joseph Management
Totals $137,400

6.0 Management Summary

[INSERT MANAGEMENT SUMMARY]

6.1 Personnel Plan

The staff currently consists of one full-time cook and five part-time and full-time waitresses. By
the end of Year 3, management expects to staff up to two cooks and seven part-time and full-
time wait staff. The detailed monthly personnel plan for the first year is included in the
appendix. The annual personnel estimates are included here.

Table: Personnel

Personnel Plan
Year 1 Year 2 Year 3
Management $0 $26,000 $26,780
Cooks $18,000 $36,000 $37,080
Waiting Staff $54,980 $56,629 $72,629
Total People 7 8 9

Total Payroll $72,980 $118,629 $136,489

[NAME] [XXX-XXX-XXXX] | 14
 [[COMPANY NAME] 2010

7.0 Financial Plan

[COMPANY NAME] is expected to grow an average of 35% a year with the success of the
$500,000 Grant expected in Year 1. The company plans to use the funds to cover a $40,000
building expansion and updates, $55,000 for new equipment, and $36,000 to hire additional
staff.

7.1 Start-up Funding

The start-up costs of [COMPANY NAME] will consist primarily of inventory and equipment. The
Company is seeking a $500,000 grant to cover the costs.

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund $7,750
Start-up Assets to Fund $62,200
Total Funding Required $69,950

Assets
Non-cash Assets from Start-up $50,200
Cash Requirements from Start-up $12,000
Additional Cash Raised $0
Cash Balance on Starting Date $12,000
Total Assets $62,200

Liabilities and Capital

Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $0

Capital

Planned Investment
Owner $0
Investor $0
Additional Investment Requirement $69,950
Total Planned Investment $69,950

Loss at Start-up (Start-up Expenses) ($7,750)

Total Capital $62,200

Total Capital and Liabilities $62,200

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 15

 [[COMPANY NAME] 2010

Total Funding $69,950

7.2 Important Assumptions

The assumptions used in this plan are that the Average Percent Variable Cost is 20% and
the Estimated Monthly Fixed Cost is expected to be $13,039.

7.3 Break-even Analysis

The Monthly Revenue needed to Break-even is $16,299.

Table: Break-even Analysis

Break-even Analysis

Monthly Revenue Break-even $16,299

Assumptions:
Average Percent Variable Cost 20%
Estimated Monthly Fixed Cost $13,039

Chart: Break-even Analysis

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 16

 [[COMPANY NAME] 2010

7.4 Projected Profit and Loss

[COMPANY NAME] expected net profit for Year 1, Year 2 and Year 3 is -$22,352, -$15,436 and
$483, respectively. Sales are expected to be $167,651, $250,000 and $300,000, for Year 1,
Year 2 and Year 3, respectively. The net profit as a percentage of sales is -13.33%, -6.17% and
0.16%, for Year 1, Year 2 and Year 3, respectively. Items that fall under "Other" expenses are
Phone/ Fax, Repair/Maintenance and Auto/Truck Expense.

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1 Year 2 Year 3
Sales $167,651 $250,000 $300,000
Direct Cost of Sales $33,530 $50,000 $60,000
Other Costs of Sales $0 $0 $0
Total Cost of Sales $33,530 $50,000 $60,000

Gross Margin $134,121 $200,000 $240,000

Gross Margin % 80.00% 80.00% 80.00%

Expenses
Payroll $72,980 $118,629 $136,489
Marketing/Promotion $2,400 $3,600 $4,800
Depreciation $1,050 $4,243 $4,243
Rent $23,100 $23,793 $24,507
Utilities $15,000 $15,450 $15,914
Insurance $3,600 $3,708 $3,819
Payroll Taxes $10,947 $17,794 $20,473
Other $27,396 $28,218 $29,064

Total Operating Expenses $156,473 $215,436 $239,309

Profit Before Interest and Taxes ($22,352) ($15,436) $691

EBITDA ($21,302) ($11,193) $4,934
Interest Expense $0 $0 $0
Taxes Incurred $0 $0 $207

Net Profit ($22,352) ($15,436) $483

Net Profit/Sales -13.33% -6.17% 0.16%

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 17

 [[COMPANY NAME] 2010

Chart: Profit Monthly

Chart: Profit Yearly

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 18

 [[COMPANY NAME] 2010

Chart: Gross Margin Monthly

Chart: Gross Margin Yearly

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 19

 [[COMPANY NAME] 2010

7.5 Projected Cash Flow

As portrayed in the Monthly Cash Flow chart, [BUSINESS NAME] net cash flow for Year 1, Year 2
and Year 3 is forecast to be $398,025, -$11,176 and $6,008, respectively. The Cash Balance is
projected at $410,025, $398,848 and $404,857 for Year 1, Year 2 and Year 3, respectively.

Table: Cash Flow

Pro Forma Cash Flow

Year 1 Year 2 Year 3
Cash Received

Cash from Operations

Cash Sales $167,651 $250,000 $300,000
Subtotal Cash from Operations $167,651 $250,000 $300,000

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $500,000 $0 $0
Subtotal Cash Received $667,651 $250,000 $300,000

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash Spending $72,980 $118,629 $136,489
Bill Payments $101,646 $142,547 $157,503
Subtotal Spent on Operations $174,626 $261,176 $293,992

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $0 $0 $0
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $95,000 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $269,626 $261,176 $293,992

Net Cash Flow $398,025 ($11,176) $6,008

Cash Balance $410,025 $398,848 $404,857

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 20

 [[COMPANY NAME] 2010

Chart: Cash

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 21

 [[COMPANY NAME] 2010

7.6 Projected Balance Sheet

[COMPANY NAME] Net Worth for Year 1, Year 2 and Year 3 is forecasted to be $539,848,
$524,412 and $524,896, respectively. The net worth results are based upon receipt of $500,000
in grant funds.

Table: Balance Sheet

Pro Forma Balance Sheet

Year 1 Year 2 Year 3
Assets

Current Assets
Cash $410,025 $398,848 $404,857
Inventory $1,554 $3,537 $3,416
Other Current Assets $4,200 $4,200 $4,200
Total Current Assets $415,779 $406,586 $412,473

Long-term Assets
Long-term Assets $135,000 $135,000 $135,000
Accumulated Depreciation $1,050 $5,293 $9,536
Total Long-term Assets $133,950 $129,707 $125,464
Total Assets $549,729 $536,293 $537,937

Liabilities and Capital Year 1 Year 2 Year 3

Current Liabilities
Accounts Payable $9,881 $11,881 $13,041
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $9,881 $11,881 $13,041

Long-term Liabilities $0 $0 $0
Total Liabilities $9,881 $11,881 $13,041

Paid-in Capital $569,950 $569,950 $569,950

Retained Earnings ($7,750) ($30,102) ($45,538)
Earnings ($22,352) ($15,436) $483
Total Capital $539,848 $524,412 $524,896
Total Liabilities and Capital $549,729 $536,293 $537,937

Net Worth $539,848 $524,412 $524,896

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 22

 [[COMPANY NAME] 2010

7.7 Business Ratios

The industry used for comparison to [COMPANY NAME] is "Full-Service Restaurants". The 49%
sales growth in the second year from the first year shown is due to the rapid expected growth
business from marketing efforts and referrals from customers. Third year growth is still expected
to be high and is forecast at 20%.

Table: Ratios

Ratio Analysis
Year 1 Year 2 Year 3 Industry
Profile
Sales Growth n.a. 49.12% 20.00% 1.65%

Percent of Total Assets

Inventory 0.28% 0.66% 0.64% 6.34%
Other Current Assets 0.76% 0.78% 0.78% 43.25%
Total Current Assets 75.63% 75.81% 76.68% 53.12%
Long-term Assets 24.37% 24.19% 23.32% 46.88%
Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 1.80% 2.22% 2.42% 25.40%

Long-term Liabilities 0.00% 0.00% 0.00% 73.91%
Total Liabilities 1.80% 2.22% 2.42% 99.31%
Net Worth 98.20% 97.78% 97.58% 0.69%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 80.00% 80.00% 80.00% 58.06%
Selling, General & 93.33% 86.17% 79.84% 23.02%
Administrative Expenses
Advertising Expenses 1.43% 1.44% 1.60% 1.74%
Profit Before Interest and -13.33% -6.17% 0.23% 6.52%
Taxes

Main Ratios
Current 42.08 34.22 31.63 1.25
Quick 41.92 33.93 31.37 1.00
Total Debt to Total Assets 1.80% 2.22% 2.42% 99.31%
Pre-tax Return on Net Worth -4.14% -2.94% 0.13% 4325.19%
Pre-tax Return on Assets -4.07% -2.88% 0.13% 29.65%

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 23

 [[COMPANY NAME] 2010

Table: Ratios (continued)

Additional Ratios Year 1 Year 2 Year 3

Net Profit Margin -13.33% -6.17% 0.16% n.a
Return on Equity -4.14% -2.94% 0.09% n.a

Activity Ratios
Inventory Turnover 21.08 19.64 17.26 n.a
Accounts Payable Turnover 11.29 12.17 12.17 n.a
Payment Days 27 27 29 n.a
Total Asset Turnover 0.30 0.47 0.56 n.a

Debt Ratios
Debt to Net Worth 0.02 0.02 0.02 n.a
Current Liab. to Liab. 1.00 1.00 1.00 n.a

Liquidity Ratios
Net Working Capital $405,898 $394,705 $399,432 n.a
Interest Coverage 0.00 0.00 0.00 n.a

Additional Ratios
Assets to Sales 3.28 2.15 1.79 n.a
Current Debt/Total Assets 2% 2% 2% n.a
Acid Test 41.92 33.93 31.37 n.a
Sales/Net Worth 0.31 0.48 0.57 n.a
Dividend Payout 0.00 0.00 0.00 n.a

[NAME] [XXX-XXX-XXXX] | 7.0 Financial Plan 24

 Appendix

Table: Sales Forecast

Sales
Forecast
Month Month Month Month Month Month Month Month Month Month Month Month
1 2 3 4 5 6 7 8 9 10 11 12
Sales
Food $10,000 $10,200 $10,404 $10,612 $10,824 $11,041 $11,262 $11,487 $11,717 $11,951 $12,190 $12,434
Beverage $2,500 $2,550 $2,601 $2,653 $2,706 $2,760 $2,815 $2,872 $2,929 $2,988 $3,047 $3,108
Total Sales $12,500 $12,750 $13,005 $13,265 $13,530 $13,801 $14,077 $14,359 $14,646 $14,939 $15,237 $15,542

Direct Cost Month Month Month Month Month Month Month Month Month Month Month Month
of Sales 1 2 3 4 5 6 7 8 9 10 11 12
Food $2,000 $2,040 $2,081 $2,122 $2,165 $2,208 $2,252 $2,297 $2,343 $2,390 $2,438 $2,487
Beverage $500 $510 $520 $531 $541 $552 $563 $574 $586 $598 $609 $622
Subtotal $2,500 $2,550 $2,601 $2,653 $2,706 $2,760 $2,815 $2,872 $2,929 $2,988 $3,047 $3,108
Direct Cost
of Sales

Page 1
 Appendix

Table: Personnel

Personnel Plan
Month Month Month Month Month Month Month Month Month Month Month Month
1 2 3 4 5 6 7 8 9 10 11 12
Management $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cooks $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Waiting Staff $4,375 $4,375 $4,419 $4,463 $4,508 $4,553 $4,598 $4,644 $4,691 $4,737 $4,785 $4,833
Total People 8 7 7 7 7 7 7 7 7 7 7 7

Total Payroll $5,875 $5,875 $5,919 $5,963 $6,008 $6,053 $6,098 $6,144 $6,191 $6,237 $6,285 $6,333

Page 2
 Appendix

Table: Profit and Loss

Pro Forma Profit

and Loss
Month Month Month Month Month Month Month Month Month Month Month Month
1 2 3 4 5 6 7 8 9 10 11 12
Sales $12,50 $12,75 $13,00 $13,26 $13,53 $13,80 $14,07 $14,35 $14,64 $14,93 $15,23 $15,54
0 0 5 5 0 1 7 9 6 9 7 2
Direct Cost of $2,500 $2,550 $2,601 $2,653 $2,706 $2,760 $2,815 $2,872 $2,929 $2,988 $3,047 $3,108
Sales
Other Costs of $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales
Total Cost of Sales $2,500 $2,550 $2,601 $2,653 $2,706 $2,760 $2,815 $2,872 $2,929 $2,988 $3,047 $3,108

Gross Margin $10,00 $10,20 $10,40 $10,61 $10,82 $11,04 $11,26 $11,48 $11,71 $11,95 $12,19 $12,43
0 0 4 2 4 1 2 7 7 1 0 4
Gross Margin % 80.00 80.00 80.00 80.00 80.00 80.00 80.00 80.00 80.00 80.00 80.00 80.00
% % % % % % % % % % % %

Expenses
Payroll $5,875 $5,875 $5,919 $5,963 $6,008 $6,053 $6,098 $6,144 $6,191 $6,237 $6,285 $6,333
Marketing/Promo $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
tion
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $350 $350 $350
Rent $0 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100
Utilities $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250
Insurance $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Payroll Taxes 15 $881 $881 $888 $894 $901 $908 $915 $922 $929 $936 $943 $950
%
Other $2,283 $2,283 $2,283 $2,283 $2,283 $2,283 $2,283 $2,283 $2,283 $2,283 $2,283 $2,283

Total Operating $10,78 $12,88 $12,94 $12,99 $13,04 $13,09 $13,14 $13,19 $13,25 $13,65 $13,71 $13,76
Expenses 9 9 0 0 2 4 6 9 2 6 1 6

Profit Before ($789) ($2,68 ($2,53 ($2,37 ($2,21 ($2,05 ($1,88 ($1,71 ($1,53 ($1,70 ($1,52 ($1,33
Interest and 9) 6) 8) 7) 3) 4) 2) 6) 5) 1) 2)
Taxes

Page 3
 Appendix

EBITDA ($789) ($2,68 ($2,53 ($2,37 ($2,21 ($2,05 ($1,88 ($1,71 ($1,53 ($1,35 ($1,17 ($982)
9) 6) 8) 7) 3) 4) 2) 6) 5) 1)
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 ($789) ($2,68 ($2,53 ($2,37 ($2,21 ($2,05 ($1,88 ($1,71 ($1,53 ($1,70 ($1,52 ($1,33
9) 6) 8) 7) 3) 4) 2) 6) 5) 1) 2)
Net Profit/Sales - - - - - - - - - - -9.98% -8.57%
6.31% 21.09 19.50 17.93 16.39 14.87 13.39 11.92 10.48 11.41
% % % % % % % % %

Page 4
 Appendix

Table: Cash Flow

Pro Forma
Cash Flow
Month Month Month Month Month Month Month Month Month 9 Month Month Month
1 2 3 4 5 6 7 8 10 11 12
Cash
Received

Cash from
Operations
Cash Sales $12,50 $12,75 $13,00 $13,26 $13,53 $13,80 $14,07 $14,35 $14,646 $14,93 $15,23 $15,54
0 0 5 5 0 1 7 9 9 7 2
Subtotal $12,50 $12,75 $13,00 $13,26 $13,53 $13,80 $14,07 $14,35 $14,646 $14,93 $15,23 $15,54
Cash from 0 0 5 5 0 1 7 9 9 7 2
Operations

Additional
Cash
Received
Sales Tax, 0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
VAT, %
HST/GST
Received
New $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Current
Borrowing
New Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
(interest-
free)
New Long- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
term
Liabilities
Sales of $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other
Current
Assets

Page 5
 Appendix

Sales of $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term
Assets
New $0 $0 $0 $0 $0 $0 $0 $0 $500,00 $0 $0 $0
Investmen 0
t Received
Subtotal $12,50 $12,75 $13,00 $13,26 $13,53 $13,80 $14,07 $14,35 $514,64 $14,93 $15,23 $15,54
Cash 0 0 5 5 0 1 7 9 6 9 7 2
Received

Page 6
 Appendix

Table: Cash Flow (continued)

Expenditure Mont Mont Mont Month Month Month Month Month Month Month Month Month
s h1 h2 h3 4 5 6 7 8 9 10 11 12

Expenditure
s from
Operations
Cash $5,875 $5,875 $5,919 $5,963 $6,008 $6,053 $6,098 $6,144 $6,191 $6,237 $6,285 $6,333
Spending
Bill $164 $4,998 $7,486 $9,577 $9,708 $9,769 $9,830 $9,893 $9,957 $10,022 $10,088 $10,155
Payments
Subtotal $6,039 $10,87 $13,40 $15,54 $15,71 $15,82 $15,92 $16,03 $16,147 $16,259 $16,373 $16,488
Spent on 3 5 0 6 1 8 7
Operations

Additional
Cash Spent
Sales Tax, $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
VAT,
HST/GST
Paid Out
Principal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Repayment
of Current
Borrowing
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Principal
Repayment
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Principal
Repayment
Purchase $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other
Current
Assets
Purchase $0 $0 $0 $0 $0 $0 $0 $0 $0 $95,000 $0 $0
Long-term
Assets
Page 7
 Appendix

Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal $6,039 $10,87 $13,40 $15,54 $15,71 $15,82 $15,92 $16,03 $16,147 $111,25 $16,373 $16,488
Cash Spent 3 5 0 6 1 8 7 9

Net Cash $6,461 $1,877 ($400) ($2,275 ($2,186 ($2,020 ($1,851 ($1,678 $498,49 ($96,321 ($1,135) ($946)
Flow ) ) ) ) ) 8 )
Cash $18,46 $20,33 $19,93 $17,66 $15,47 $13,45 $11,60 $9,928 $508,42 $412,10 $410,97 $410,02
Balance 1 9 9 4 8 8 7 7 6 1 5

Page 8
 Appendix

Table: Balance Sheet

Pro Forma
Balance
Sheet
Month Month Month Month Month Month Month Month Month Month Month Month
1 2 3 4 5 6 7 8 9 10 11 12
Assets Startin
g
Balance
s

Current
Assets
Cash $12,00 $18,46 $20,33 $19,93 $17,66 $15,47 $13,45 $11,60 $9,928 $508,42 $412,10 $410,97 $410,02
0 1 9 9 4 8 8 7 7 6 1 5
Inventory $6,000 $3,500 $1,350 $1,301 $1,327 $1,353 $1,380 $1,408 $1,436 $1,465 $1,494 $1,524 $1,554
Other $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200
Current
Assets
Total $22,20 $26,16 $25,88 $25,43 $23,19 $21,03 $19,03 $17,21 $15,56 $514,09 $417,80 $416,69 $415,77
Current 0 1 9 9 1 1 8 4 4 1 0 5 9
Assets

Long-term
Assets
Long-term $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,000 $135,00 $135,00 $135,00
Assets 0 0 0 0 0 0 0 0 0 0 0 0
Accumulat $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $350 $700 $1,050
ed
Depreciatio
n
Total Long- $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,00 $40,000 $134,65 $134,30 $133,95
term 0 0 0 0 0 0 0 0 0 0 0 0
Assets
Total $62,20 $66,16 $65,88 $65,43 $63,19 $61,03 $59,03 $57,21 $55,56 $554,09 $552,45 $550,99 $549,72
Assets 0 1 9 9 1 1 8 4 4 1 0 5 9

Page 9
 Appendix

Table: Balance Sheet (continued)

Liabiliti Mont Mont Mont Mont Month Month Month Month Month Month Month Month
es and h1 h2 h3 h4 5 6 7 8 9 10 11 12
Capital

Current
Liabilitie
s
Account $0 $4,750 $7,167 $9,253 $9,383 $9,441 $9,501 $9,561 $9,623 $9,685 $9,749 $9,815 $9,881
s
Payable
Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Borrowi
ng
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Current
Liabilitie
s
Subtotal $0 $4,750 $7,167 $9,253 $9,383 $9,441 $9,501 $9,561 $9,623 $9,685 $9,749 $9,815 $9,881
Current
Liabilitie
s

Long- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
term
Liabilitie
s
Total $0 $4,750 $7,167 $9,253 $9,383 $9,441 $9,501 $9,561 $9,623 $9,685 $9,749 $9,815 $9,881
Liabilitie
s

Paid-in $69,95 $69,95 $69,95 $69,95 $69,95 $69,950 $69,950 $69,950 $69,950 $569,95 $569,95 $569,95 $569,95
Capital 0 0 0 0 0 0 0 0 0
Retaine ($7,75 ($7,75 ($7,75 ($7,75 ($7,75 ($7,750 ($7,750 ($7,750 ($7,750 ($7,750 ($7,750 ($7,750 ($7,750
d 0) 0) 0) 0) 0) ) ) ) ) ) ) ) )
Earnings
Earnings $0 ($789) ($3,47 ($6,01 ($8,39 ($10,61 ($12,66 ($14,54 ($16,25 ($17,79 ($19,49 ($21,02 ($22,35
9) 4) 2) 0) 2) 7) 9) 4) 9) 0) 2)
Total $62,20 $61,41 $58,72 $56,18 $53,80 $51,590 $49,538 $47,653 $45,941 $544,40 $542,70 $541,18 $539,84
Capital 0 1 2 6 8 6 1 0 8
Page 10
 Appendix

Total $62,20 $66,16 $65,88 $65,43 $63,19 $61,031 $59,038 $57,214 $55,564 $554,09 $552,45 $550,99 $549,72
Liabilitie 0 1 9 9 1 1 0 5 9
s and
Capital

Net $62,20 $61,41 $58,72 $56,18 $53,80 $51,590 $49,538 $47,653 $45,941 $544,40 $542,70 $541,18 $539,84
Worth 0 1 2 6 8 6 1 0 8

Page 11