Justin Seafood Market

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Wholesale Food Business Plan

Company Summary

Justin Seafood Market is primarily a wholesaler to area restaurants. Bill Justin, owner of Justin Seafood Market, has utilized his wholesale background, his experience in the restaurant industry, and his contacts with the area's fishermen to build a loyal customer base.

Bill wants to open a seafood market to the public by renovating the building's storefront to accommodate the public.

2.1 Company Ownership

Bill Justin is the owner of Justin Seafood Market.

2.2 Company History

Bill Justin started Justin Seafood Market in response to the dramatic growth of the Florida panhandle. Over the past five years, the population has increased by 30% in communities along the panhandle. But most importantly, tourists have returned to the area.  Last year tourists spent over 400 million dollars with panhandle businesses. A significant portion of those sales were with the area's loyalty. Currently, there are over 1,350 restaurants but that number grows by 15% annually.

Against this backdrop of growth, Bill Justin launched his market. Starting with ten customers Justin Seafood Market now serves sixty restaurants.

Past Performance
1999 2000 2001
Sales $560,000 $644,000 $710,600
Gross Margin $270,000 $320,000 $350,000
Gross Margin % 48.21% 49.69% 49.25%
Operating Expenses $150,000 $170,000 $190,000
Collection Period (days) 0 0 15
Inventory Turnover 0.00 0.00 0.00
Balance Sheet
1999 2000 2001
Current Assets
Cash $40,000 $50,000 $50,000
Accounts Receivable $0 $0 $23,686
Inventory $0 $0 $30,050
Other Current Assets $20,000 $30,000 $50,000
Total Current Assets $60,000 $80,000 $153,736
Long-term Assets
Long-term Assets $80,000 $80,000 $80,000
Accumulated Depreciation $5,000 $10,000 $15,000
Total Long-term Assets $75,000 $70,000 $65,000
Total Assets $135,000 $150,000 $218,736
Current Liabilities
Accounts Payable $10,000 $12,000 $20,000
Current Borrowing $0 $0 $0
Other Current Liabilities (interest free) $0 $0 $0
Total Current Liabilities $10,000 $12,000 $20,000
Long-term Liabilities $30,000 $20,000 $20,000
Total Liabilities $40,000 $32,000 $40,000
Paid-in Capital $0 $0 $0
Retained Earnings ($67,000) ($80,000) ($37,964)
Earnings $162,000 $198,000 $216,700
Total Capital $95,000 $118,000 $178,736
Total Capital and Liabilities $135,000 $150,000 $218,736
Other Inputs
Payment Days 0 0 30
Sales on Credit $0 $0 $284,240
Receivables Turnover 0.00 0.00 12.00

2.3 Company Locations and Facilities

Justin Seafood Market is located at 3456 Main Street, Tallahassee, Florida. After renovation, the market will have an additional 5,000 ft. of floor space that will be used for the new retail operation.