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Columbia Cleaners
Customers can choose payment either at the time of eac h delivery, or by monthly credit card
billing. At the end of eac h month we will send statements to eac h c ontrac t customer, itemizing
service fees and the charge for the service to their credit cards for payment.
The business provides a new door-to-door dry cleaning, laundry, and alteration service in
Hillsboro, OR and surrounding neighborhoods that will surely attrac t customer attention.
Working customers may find this service is convenient for them and want to try it. If they are
satisfied with the service quality they will likely bec ome repeat customers. When the
patronage happens continuously, they bec ome loyal customers of the service. These
customers will recommend Columbia Cleaners to their friends and coworkers. As more and more
customers use this service, Columbia Cleaners' image is enhanced and we will gain more and
more market share.
Sales forecast gradually increase over the first year and comprise total sales of $324,700. We
project modest net profits the first year. Our second and third year net profits are expec ted to
grow substantially.
1.1 Objectives
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In providing laundry and garment alteration services for customers in the Hillsboro area, Columbia
Cleaners aims to:
1.2 Mission
We will offer dry cleaning, laundry, and clothing alteration services with free home pickup and
delivery. Our high quality and convenience will save time for working customers.
Start-up financing will be through owner investment and bank loans, with a line of credit
established for operations eventualities.
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Startup expenses, funded through a combination of owner's equity capital and a commercial
loan, are summarized in the table below.
Leasing equipment: Buying new mac hines costs approximately $50,000 as opposed
to leasing which c osts $20,000 per year including maintenance. Evaluating the leasing solution
shows NPV higher than that of buying mac hines. Moreover, the business is new and has less
experience in maintenance and repair of mac hine breakdown, therefore the optimal solution is
leasing mac hines. The following mac hines will be leased:
Capital plan: The owner will invest $40,000 in the business. Additional capital for the business in
the amount of $20,000 will be borrowed from a bank.
· Buying a van, and office/fac ilities equipment (c omputer, printer, fax, telephone
instrument, tables, chairs, shelving, work tables, rac ks, etc.) and initial leasing of
laundry mac hines: approx. $27,000
· Buying another van in April: $10,000 (see the Cash Flow Table later in the document)
Loan: Lending plan has to be completed and submitted to the bank 6 months before starting the
business. Loan will be needed two months in advance. Annual interest of 10% has to be paid
on the long-term loans secured with fixed assets.
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Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal $1,000
Stationery etc. $1,200
Brochures $3,000
Recruitment & training $1,000
Insurance $700
Rent $1,200
Utilities $700
Leased equipment $1,667
Expensed equipment $10,000
Other $2,533
Total Start-up Expenses $23,000
Start-up Assets
Cash Required $10,000
Start-up Inventory $2,000
Other Current Assets $0
Long-term Assets $15,000
Total Assets $27,000
3.0 Services
Columbia Cleaners is going to provide the following services for customers with free home pick-up
and delivery in the Hillsboro area:
· Dry cleaning
· Laundry for personal clothes and large items such as blankets, duvets, curtains, etc.
· Alteration service
Operations plan
There are two ways for customers to take part in the service. Customers can sign contrac ts
with Columbia Cleaners to get regularly scheduled service, or, if it is more convenient, they
can order over the telephone or via e-mail.
Customers can choose payment either at the time of eac h delivery, or by monthly credit card
billing. We will send statements to eac h c ontrac t customer, itemizing service fees and the
charge for the service to their credit cards for payment, at the end of eac h month.
No retail shop will be rented in order to reduce the operation cost. An operations fac ility for
installing mac hines and equipment, washing and cleaning ac tivities, and storing not yet cleaned
and cleaned garments and items is needed. The operations fac ility will require about 2,000
square feet divided into four main sections as following:
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3. Storing cleaned garments after finishing prior to delivery
4. Garment alteration workroom
The whole operation proc ess will be controlled and monitored by a laundry expert employee,
and generally managed by the business owner.
We will be targeting both full-time and part-time employed customers who would value the
convenience of our service. Demographic research shows that the total population of the
Hillsboro-Beaverton area is about 350,000, of which about 250,000 are in the labor force. Of
the later, approx. 220,000 are employed full time, 20,000 are employed part time and the rest
are unemployed, as summarized in the table below.
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The personal service industry is very fragmented overall. The Metropolitan Portland area is no
exception to that, with numerous small providers servicing the community's needs for laundry
and dry cleaning. In the city of Hillsboro there are about half-dozen dry cleaners, some of
which also provide laundry and garment alteration services. However, almost none of them,
except Convenient Door-to-Door Dry Cleaning, provide the convenience of the door-to-door
service.
The business success will depend on quality and convenience of the service, customer
opinions, and competitor response.
Optimism
The business provides a new door-to-door dry cleaning, laundry, and alteration service in
Hillsboro that will surely attrac t customer attention. Working customers may find this service is
convenient for them and want to try it. If they are satisfied with the service quality they will
likely bec ome repeat customers. When the patronage happens continuously, they bec ome loyal
customers of the service. These customers will recommend Columbia Cleaners to their
friends and coworkers. As more and more customers use this service, Columbia Cleaners' image is
enhanced and we will gain more and more market share.
If we attain monthly and annual sales at least as forecasted, total costs and expenses, including
any unanticipated charges, will not exceed our estimates and therefore the monthly and
annual profit will be satisfac torily ac hieved.
Columbia Cleaners is a start-up and as such has less experience and begins with no market share
at all. Assertive, effective initial marketing efforts will be nec essary to gain a customer base. If
existing competitors see us as a major threat and they resort to overtly aggressive and
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Columbia Cleaners
debilitating ac tions it will be very difficult for us to bec ome an established player in the
marketplac e. Risks caused by competitors are possible, therefore the business has to monitor
and evaluate its performance frequently, and collect customer evaluations and suggestions in
order to continually improve.
The worst case scenario would be that the business cannot support itself on an ongoing basis.
The costs of doing business may be under-estimated, or sales and profit may be less than
expec ted, making the business difficult in finance. Moreover, in c ase of social economic
recession, political changes, or inflation, the business may perform even worse than has been
forecasted.
By understanding and addressing this need, our new dry cleaning, laundry and alteration
service will be established, providing door to door service free of delivery charge. We make our
customers' lives simpler by saving them time, and eliminating waiting in queues, parking problems,
forgetting to collect clothes, missing meals, and going home late.
Strengths:
· We offer a relatively new, door-to-door service for dry cleaning, and laundry,
providing another choice for customers.
· We provide quick and convenient service in order to save customer’s time.
Weaknesses:
Opportunities:
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· People tend to spend more time on leisure ac tivities rather than doing the house work.
· Participation within a steadily growing service. The forecast of the dry cleaning and
laundry service goes steadily up through 2010.
· There is a high likelihood of repeat business.
· The ability to dec rease the fixed costs as the sales volume increases.
Threats:
· If the business is successful, there will be new competitors who supply the same kind of
service.
· New technology changes may bring out new family washing mac hines for dry cleaning.
Product: Free home pickup and delivery service, coming to customers' houses between 6 pm - 9
pm three times per week. We provide convenience and high quality dry cleaning, laundry, and
alteration services.
Price: Normally, new businesses set their initial prices lower than their competitors. In
our situation however, the business has higher costs for our delivery service and promotions to
increase customers' awareness and establish our brand name. We will set our prices to match
those of our competitors. The pricing sc heme is based on a per service price. Moreover, the
business targets working and professional customers who often pay less attention to price than
the quality and convenience of service. Kelvin Clancy (in Kotler, 2003) shows that only
between 15 and 35 percent of buyers are price sensitive. People with higher incomes are willing
to pay more for features, customer service, quality, and convenience.
Promotion:
· Advertise our new service in the loc al press, the Internet, public areas such as buses and
train stations, shopping centers and supermarkets etc., and drop advertising material into
families' mailboxes.
· Offer 10% disc ount as an incentive for customers who sign one- year contrac ts.
· Issue coupons with lower price for loyal customers.
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The laundry expert will be in c harge of the operation and the quality of garment cleaning.
Workers will be responsible for cleaning and classifying work and have duty to report daily work
to the laundry expert. The expert has to report their working results and problems to the
director.
Two part-time drivers for picking up and delivering clothes work from 5:30 pm - 9:30 pm three
times a week.
The staff should be able to carry out working conditions and requirements:
Owner Full-time 1 23 40
Laundry Full-time 1 12 40
expert
Workers Part-time 2 9 48
Drivers Part-time 2 7 24
Total - 6 51 152
From April 2005, the business has more customers and bec omes busier, thus new staff (a worker
and a driver) are employed. The business prefers to hire extra part-time workers and drivers
sharing the total needed working hours. In c ase one of them bec omes sick or busy, other staff
can replac e him therefore the working proc ess will not be effected.
An average 5% increase in all salaries is planned for the following two years of operations.
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Table: Personnel
Personnel Plan
Year 1 Year 2 Year 3
Director/Accountant $48,000 $50,400 $52,920
Laundry expert $24,960 $26,208 $27,518
Worker-1 $11,232 $11,794 $12,383
Worker-2 $11,232 $11,794 $12,383
Worker-3 $8,424 $8,845 $9,287
Driver-1 $4,368 $4,586 $4,816
Driver-2 $4,368 $4,586 $4,816
Driver-3 $3,276 $3,440 $3,612
Other $0 $0 $0
Total People 8 8 8
The owner will invest $40,000 in the business. Additional capital for the business in the amount
of $20,000 will be borrowed from a bank.
The lending plan has to be completed and submitted to the bank 6 months before starting the
business. The loan will be needed two months in advance. Annual interest of 10% has to be paid
on the long-term loans secured with fixed assets.
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Columbia Cleaners
Assets
Non-cash Assets from Start-up $17,000
Cash Requirements from Start-up $10,000
Additional Cash Raised $10,000
Cash Balance on Starting Date $20,000
Total Assets $37,000
Liabilities
Current Borrowing $0
Long-term Liabilities $20,000
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $20,000
Capital
Planned Investment
J.C. Copperbeech $40,000
Other investors $0
Additional Investment Requirement $0
Total Planned Investment $40,000
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Assumptions:
Average Percent Variable Cost 11%
Estimated Monthly Fixed Cost $17,097
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Expenses
Payroll $115,860 $121,653 $127,736
Marketing/Promotion $2,250 $2,700 $3,000
Depreciation $4,500 $4,000 $5,000
Rent $14,400 $15,000 $16,000
Utilities $11,100 $12,000 $13,000
Telecommunications $4,800 $5,000 $5,500
Insurance $10,200 $11,000 $12,000
Payroll Taxes $0 $0 $0
Maintenance $1,200 $1,500 $2,000
Gas $5,250 $6,500 $7,500
Equipment lease $20,000 $20,000 $20,000
Office cleaning $3,600 $4,000 $5,000
Other $12,000 $20,000 $30,000
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Current Assets
Cash $84,792 $193,536 $369,586
Inventory $4,008 $5,085 $6,610
Other Current Assets $0 $0 $0
Total Current Assets $88,800 $198,621 $376,196
Long-term Assets
Long-term Assets $25,000 $25,000 $25,000
Accumulated Depreciation $4,500 $8,500 $13,500
Total Long-term Assets $20,500 $16,500 $11,500
Total Assets $109,300 $215,121 $387,696
Current Liabilities
Accounts Payable $15,289 $15,799 $20,522
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $15,289 $15,799 $20,522
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Table: Ratios
Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth n.a. 30.00% 30.00% 4.37%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 89.02% 89.02% 89.02% 100.00%
Selling, General & Administrative Expenses 71.36% 64.07% 58.43% 77.90%
Advertising Expenses 0.00% 0.00% 0.00% 2.06%
Profit Before Interest and Taxes 25.84% 36.11% 44.06% 2.41%
Main Ratios
Current 5.81 12.57 18.33 1.70
Quick 5.55 12.25 18.01 1.28
Total Debt to Total Assets 31.98% 16.49% 10.37% 61.40%
Pre-tax Return on Net Worth 110.19% 83.74% 69.00% 4.39%
Pre-tax Return on Assets 74.95% 69.93% 61.85% 11.38%
Activity Ratios
Inventory Turnover 11.85 10.19 10.30 n.a
Accounts Payable Turnover 9.75 12.17 12.17 n.a
Payment Days 27 30 27 n.a
Total Asset Turnover 2.97 1.96 1.42 n.a
Debt Ratios
Debt to Net Worth 0.47 0.20 0.12 n.a
Current Liab. to Liab. 0.44 0.45 0.51 n.a
Liquidity Ratios
Net Working Capital $73,511 $182,821 $355,674 n.a
Interest Coverage 42.66 77.50 122.93 n.a
Additional Ratios
Assets to Sales 0.34 0.51 0.71 n.a
Current Debt/Total Assets 14% 7% 5% n.a
Acid Test 5.55 12.25 18.01 n.a
Sales/Net Worth 4.37 2.35 1.58 n.a
Dividend Payout 0.00 0.00 0.00 n.a
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
Sales
Dry Cleaning 0% $4,176 $5,364 $6,156 $8,280 $9,216 $9,720 $10,728 $11,520 $12,456 $12,924 $13,212 $13,140
Laundry 0% $6,612 $8,493 $9,747 $13,110 $14,592 $15,390 $16,986 $18,240 $19,722 $20,463 $20,919 $20,805
Alteration Services 0% $812 $1,043 $1,197 $1,610 $1,792 $1,890 $2,086 $2,240 $2,422 $2,513 $2,569 $2,555
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Sales $11,600 $14,900 $17,100 $23,000 $25,600 $27,000 $29,800 $32,000 $34,600 $35,900 $36,700 $36,500
Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Dry Cleaning 12% $501 $644 $739 $994 $1,106 $1,166 $1,287 $1,382 $1,495 $1,551 $1,585 $1,577
Laundry 8% $529 $679 $780 $1,049 $1,167 $1,231 $1,359 $1,459 $1,578 $1,637 $1,674 $1,664
Alteration Services 30% $244 $313 $359 $483 $538 $567 $626 $672 $727 $754 $771 $767
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $1,274 $1,636 $1,878 $2,525 $2,811 $2,965 $3,272 $3,514 $3,799 $3,942 $4,030 $4,008
Page 1
Appendix
Table: Personnel
Personnel Plan
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Director/Accountant 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Laundry expert 0% $2,080 $2,080 $2,080 $2,080 $2,080 $2,080 $2,080 $2,080 $2,080 $2,080 $2,080 $2,080
Worker-1 0% $936 $936 $936 $936 $936 $936 $936 $936 $936 $936 $936 $936
Worker-2 0% $936 $936 $936 $936 $936 $936 $936 $936 $936 $936 $936 $936
Worker-3 0% $0 $0 $0 $936 $936 $936 $936 $936 $936 $936 $936 $936
Driver-1 0% $364 $364 $364 $364 $364 $364 $364 $364 $364 $364 $364 $364
Driver-2 0% $364 $364 $364 $364 $364 $364 $364 $364 $364 $364 $364 $364
Driver-3 0% $0 $0 $0 $364 $364 $364 $364 $364 $364 $364 $364 $364
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total People 6 6 6 8 8 8 8 8 8 8 8 8
Total Payroll $8,680 $8,680 $8,680 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980
Page 2
Appendix
Table: Profit and Loss
Gross Margin $10,326 $13,264 $15,222 $20,475 $22,789 $24,035 $26,528 $28,486 $30,801 $31,958 $32,670 $32,492
Gross Margin % 89.02% 89.02% 89.02% 89.02% 89.02% 89.02% 89.02% 89.02% 89.02% 89.02% 89.02% 89.02%
Expenses
Payroll $8,680 $8,680 $8,680 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980 $9,980
Marketing/Promotion $150 $150 $150 $200 $200 $200 $200 $200 $200 $200 $200 $200
Depreciation $250 $250 $250 $417 $417 $417 $417 $417 $417 $417 $417 $417
Rent $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 $700 $700 $700 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
Telecommunications $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400
Insurance $700 $700 $700 $900 $900 $900 $900 $900 $900 $900 $900 $900
Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Maintenance $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100
Gas $250 $250 $250 $500 $500 $500 $500 $500 $500 $500 $500 $500
Equipment lease $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667
Office cleaning 15% $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Other $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
Total Operating Expenses $15,397 $15,397 $15,397 $17,663 $17,663 $17,663 $17,663 $17,663 $17,663 $17,663 $17,663 $17,663
Profit Before Interest and Taxes ($5,070) ($2,133) ($174) $2,811 $5,126 $6,372 $8,865 $10,823 $13,138 $14,295 $15,007 $14,829
EBITDA ($4,820) ($1,883) $76 $3,228 $5,542 $6,789 $9,281 $11,240 $13,554 $14,712 $15,424 $15,246
Interest Expense $164 $164 $164 $164 $164 $164 $164 $164 $164 $164 $164 $164
Taxes Incurred ($1,570) ($689) ($101) $794 $1,489 $1,862 $2,610 $3,198 $3,892 $4,239 $4,453 $4,400
Net Profit ($3,664) ($1,608) ($237) $1,853 $3,473 $4,346 $6,091 $7,461 $9,082 $9,892 $10,390 $10,266
Net Profit/Sales -31.59% -10.79% -1.38% 8.06% 13.57% 16.10% 20.44% 23.32% 26.25% 27.55% 28.31% 28.12%
Page 3
Appendix
Table: Cash Flow
Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Net Cash Flow $2,384 $112 $894 ($5,720) $4,201 $4,991 $7,368 $8,374 $10,202 $10,501 $10,957 $10,525
Cash Balance $22,384 $22,496 $23,390 $17,671 $21,872 $26,863 $34,232 $42,606 $52,808 $63,310 $74,267 $84,792
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Appendix
Table: Balance Sheet
Current Assets
Cash $20,000 $22,384 $22,496 $23,390 $17,671 $21,872 $26,863 $34,232 $42,606 $52,808 $63,310 $74,267 $84,792
Inventory $2,000 $1,726 $1,636 $1,878 $2,525 $2,811 $2,965 $3,272 $3,514 $3,799 $3,942 $4,030 $4,008
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $22,000 $24,111 $24,132 $25,268 $20,196 $24,683 $29,828 $37,504 $46,120 $56,607 $67,251 $78,297 $88,800
Long-term Assets
Long-term Assets $15,000 $15,000 $15,000 $15,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Accumulated Depreciation $0 $250 $500 $750 $1,167 $1,583 $2,000 $2,417 $2,833 $3,250 $3,667 $4,083 $4,500
Total Long-term Assets $15,000 $14,750 $14,500 $14,250 $23,833 $23,417 $23,000 $22,583 $22,167 $21,750 $21,333 $20,917 $20,500
Total Assets $37,000 $38,861 $38,632 $39,518 $44,029 $48,100 $52,828 $60,087 $68,286 $78,357 $88,585 $99,213 $109,300
Liabilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Current Liabilities
Accounts Payable $0 $5,858 $7,238 $8,360 $11,018 $11,615 $11,998 $13,166 $13,904 $14,894 $15,229 $15,468 $15,289
Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $0 $5,858 $7,238 $8,360 $11,018 $11,615 $11,998 $13,166 $13,904 $14,894 $15,229 $15,468 $15,289
Long-term Liabilities $20,000 $19,666 $19,666 $19,666 $19,666 $19,666 $19,666 $19,666 $19,666 $19,666 $19,666 $19,666 $19,666
Total Liabilities $20,000 $25,524 $26,904 $28,026 $30,684 $31,281 $31,664 $32,832 $33,570 $34,560 $34,895 $35,134 $34,955
Paid-in Capital $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000
Retained Earnings ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000) ($23,000)
Earnings $0 ($3,664) ($5,272) ($5,508) ($3,655) ($182) $4,164 $10,254 $17,716 $26,798 $36,689 $47,079 $57,345
Total Capital $17,000 $13,336 $11,729 $11,492 $13,345 $16,819 $21,164 $27,255 $34,716 $43,798 $53,690 $64,080 $74,345
Total Liabilities and Capital $37,000 $38,861 $38,632 $39,518 $44,029 $48,100 $52,828 $60,087 $68,286 $78,357 $88,585 $99,213 $109,300
Net Worth $17,000 $13,336 $11,729 $11,492 $13,345 $16,819 $21,164 $27,255 $34,716 $43,798 $53,690 $64,080 $74,345
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