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Trestle Creek Cabinets

Executive Summary

Trestle Creek Cabinets will be formed as a cabinet company specializing in custom cabinets for the high-end residential, resort, and commercial market. Its founders have extensive experience in the construction and cabinet industry. Trestle Creek Cabinets will operate under the umbrella of Trestle Creek, Inc., a construction company sharing staff, office space, and administration costs. However, for the purpose of business planning, we are treating Trestle Creek Cabinets as a separate company.

Over some years of being involved with the construction of luxury homes, the company owners have seen a need for a cabinet line with a broad selection of design choices, high-end finishes, along with top of the line organization, customer service, and quality. Trestle Creek Cabinets will meet those customers needs. Building a strong market position in the high-end residential, resort, and commercial development segments, the company projects revenues to grow substantially between FY1 and FY3. By maintaining an average gross margin of over 25%, the company estimates handsome net profits by FY3.

The company owners have provided the capital to cover the start-up expenses. The company currently seeks a 3-year commercial loan to cover the operating expenses.

1.1 Objectives

The company objectives are:

  • To be a top cabinet supplier to luxury homes in the regional market.
  • Revenues to more than double Year1 levels by the end of Year2.
  • Aim to have 70% of sales in high-end residential customer segment.
  • 20% of sales in mid-range residential customer segment.
  • 10% of sales in commercial development segment.
  • To have a showroom within 3 months in a prominent retail space.

1.2 Mission

To deliver a high-quality product, on time and within budget while also providing a fast, error free ordering system.

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Company Summary

Trestle Creek Cabinets is a new company that will provide expertise and quality in the cabinet supplier market while meeting the demanding organizational, scheduling, and quality needs of architects, owners, and construction professionals.

2.1 Start-up Summary

Total start-up expenses, including tools, software, stationery, and related expensesare shown below. Two co-owners, Martin Kribs and Brent Palmer, will provide the bulk of the start-up financing. At the same time, the company plans to receive a 3-year commercial loan facility, which will help meet the cash flow requirements.

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Start-up
Requirements
Start-up Expenses
Business Cards $100
Drill Press $1,916
Cabinet Jacks $713
Kitchen Builder Software $2,495
Lateral File $236
Sign $1,154
Seat Cushions $338
Phone Transfer $64
First/Last/ Deposit $2,400
Marketing $4,430
Level Package $1,005
Sure Trak Software $499
Estimating Data Base $2,200
Software Lease Buyout $7,092
Total Start-up Expenses $24,642
Start-up Assets
Cash Required $89,299
Other Current Assets $14,478
Long-term Assets $0
Total Assets $103,777
Total Requirements $128,419
Start-up Funding
Start-up Expenses to Fund $24,642
Start-up Assets to Fund $103,777
Total Funding Required $128,419
Assets
Non-cash Assets from Start-up $14,478
Cash Requirements from Start-up $89,299
Additional Cash Raised $0
Cash Balance on Starting Date $89,299
Total Assets $103,777
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $40,000
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $40,000
Capital
Planned Investment
Martin Kribs $75,265
Brent Palmer $13,154
Other $0
Additional Investment Requirement $0
Total Planned Investment $88,419
Loss at Start-up (Start-up Expenses) ($24,642)
Total Capital $63,777
Total Capital and Liabilities $103,777
Total Funding $128,419

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Products

Our product is essentially made with two main components.

  1. The boxes and shelves will be ordered from two different suppliers (Cab Parts, Scheers), and will be delivered in kitset form. They can be finished with custom veneers.
  2. The doors, panels, and drawer fronts will come from four different suppliers: Bergmeyer Manufacturing, Homestead Woods, Decore, and Southwest Door Company. We will have 4-6 custom designs, with unlimited different custom finishes, available from Bergmeyer Manufacturing. The other suppliers will provide their stock products.
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Market Analysis Summary

Trestle Creek Cabinets will be focusing on architects, owners, and contractors in the regional area who are involved in high-end residential, resort, and commercial development segments.

In 2000, a total of 219 new residential homes worth $168 million were constructed in the Teton County, WY. If we take an average of $40,000 per kitchen, (probably conservative), and multiply that by the 219 homes, that gives us a total of $8,760,000 in kitchens installed for the year. We plan to acquire 4-5% of the market share of this residential segment in our first year. We do not think this is unreachable, especially in a still growing market.

Teton County, Idaho has great potential as three new resort developments, Teton Springs Golf & Fishing Club, Grand Targhee Resort Expansion, and Teton Country Club, come on line.

The following table outlines to total market potential of the three major customer segments in the Teton County.

4.1 Target Market Segment Strategy

Trestle Creek Cabinets will be focusing on contacting contractors and architects that deal with the luxury home market. Making ourselves known to these entities will generate some strong leads, along with getting personal recommendations to the home owners.

There are plans to upgrade office space to a showroom in a high visibility location. This will give us exposure to new home builders that are looking for our product.

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Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
High-end residential 3% 5,260 5,418 5,581 5,748 5,920 3.00%
Mid-range residential 5% 3,500 3,675 3,859 4,052 4,255 5.00%
Commercial development 7% 10,000 10,700 11,449 12,250 13,108 7.00%
Total 5.55% 18,760 19,793 20,889 22,050 23,283 5.55%

4.2 Industry Analysis

There are two main types of cabinet suppliers in the industry.

  1. Resellers of complete cabinet sets using stock items where the cabinets turn up completely built. Usually have no shop facilities but do have show rooms.
  2. Custom shops with full, in-house fabrication facilities. They are usually very product orientated and under-perform with customer support.

Trestle Creek Cabinets can provide high volume work, superior project management, and excellent quality while maintaining a low overhead.

4.2.1 Competition and Buying Patterns

The high-end cabinet market understands the concept of service and support, and is more likely to pay for it when the offering is clearly stated.

There are many competitors in the local market. Although each of them deliver a quality product, we feel they fail to deliver a full turnkey package. There are four factors that govern the cost of all kitchen projects: Scope, Product, Design, and Services. Most people mistakenly think that the size of the project and the choice of brand name products will make for the best results. But it is the design and a company’s services that will have the greatest impact on the quality and value of the customers investment.

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Strategy and Implementation Summary

Teton County, Wyoming and Idaho are experiencing steady growth in the high-end residential markets and there is a general consensus of continued growth in the area. Taking part in this growth, while providing attention to the design development, ordering process, project management, and installation will put us on the road to success.

5.1 Competitive Edge

Our competitive edge is our ability to provide high volumes and flexibility in style, while maintaining a quality product backed by excellent service.

5.2 Sales Strategy

Our sales strategy is to make ourselves known through mailings, print advertising, and personal contact to architects and contractors who are primarily involved with the design/construction of commercial development and luxury homes.

Having a showroom will be a sales tool in itself. A showroom will give us exposure to the general public, new arrivals to the area, and construction professionals.

5.2.1 Sales Forecast

The following table shows projected cabinet sales. As the company gets established in the market, we anticipate strong sales growth over the next three years.

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Sales Forecast
Year 1 Year 2 Year 3
Sales
Cabinets $442,000 $1,000,000 $1,500,000
Other $0 $0 $0
Total Sales $442,000 $1,000,000 $1,500,000
Direct Cost of Sales Year 1 Year 2 Year 3
Cabinets $301,600 $725,000 $1,087,500
Other $0 $0 $0
Subtotal Direct Cost of Sales $301,600 $725,000 $1,087,500

5.3 Milestones

The accompanying table lists important program milestones, with dates and managers in charge, and budgets for each. The milestone schedule indicates our emphasis on planning for implementation.

Milestones
Milestone Start Date End Date Budget Manager Department
Business Plan 1/15/2001 1/31/2001 $2,000 Brent & Marty Marketing
Online Research 1/15/2001 1/19/2001 $350 Brent Marketing
Open Accounts with Suppliers 1/15/2001 1/26/2001 $350 Brent Web
Door Research 1/15/2001 1/26/2001 $500 Brent & Marty Web
Design Doors 1/15/2001 1/26/2001 $450 Marty Department
Order Sample Doors 1/22/2001 2/1/2001 $1,000 Marty Department
Design Sales Literature 1/22/2001 1/31/2001 $1,000 Brent & Marty Department
Print Sales Literature 2/1/2001 2/7/2001 $300 Brent Department
Make Industry Contacts 1/15/2001 2/28/2001 $1,000 Marty & Brent Department
Showroom Feasability Study 1/25/2001 1/31/2001 $1,000 Marty & Brent Department
Totals $7,950

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Management Summary

Martin Kribs, President, has 20 years of construction experience, from general contracting, construction management, and having his own cabinet business.

Brent Palmer, V. President, has three years of construction experience and spent the last six years in management within the hospitality industry.

As the company grows, we will take on an administration/showroom assistant.

6.1 Personnel Plan

This table shows salaries for the whole company. Salary increases are kept to a minimum to help the growth of the company. An administrative assistant will be hired later in the year.

Monthly details for this year can be found in the appendix.

Personnel Plan
Year 1 Year 2 Year 3
Martin Kribs $24,000 $38,000 $45,000
Brent Palmer $24,000 $35,000 $40,000
Carpenters $18,000 $60,000 $85,000
Administration Assistant $12,000 $24,000 $25,000
Total People 4 6 7
Total Payroll $78,000 $157,000 $195,000

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Financial Plan

Below are the initial financial goals for the company:

  • Obtain an operating line of credit from a financial institution.
  • Finance growth through retained earnings.
  • Operate on a 25-30% gross margin.

The financial plan for Trestle Creek Cabinets is outlined in the following sections.

7.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following table as annual assumptions.

General Assumptions
Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 16.25% 15.00% 16.25%
Other 0 0 0

7.2 Break-even Analysis

As the business settles in and start-up/showroom costs are met, average monthly operating costs will increase and then stabilize. The average per unit price is for a 24″ base unit. This table shows we need to sell 16 units or 32 lineal feet of cabinets a month to break even.

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Break-even Analysis
Monthly Revenue Break-even $38,806
Assumptions:
Average Percent Variable Cost 68%
Estimated Monthly Fixed Cost $12,327

7.3 Projected Profit and Loss

Our projected profit and loss is shown in the following table.

Pro Forma Profit and Loss
Year 1 Year 2 Year 3
Sales $442,000 $1,000,000 $1,500,000
Direct Cost of Sales $301,600 $725,000 $1,087,500
Other $0 $0 $0
Total Cost of Sales $301,600 $725,000 $1,087,500
Gross Margin $140,400 $275,000 $412,500
Gross Margin % 31.76% 27.50% 27.50%
Expenses
Payroll $78,000 $157,000 $195,000
Sales and Marketing and Other Expenses $45,680 $44,600 $61,000
Depreciation $0 $0 $0
Utilities $3,000 $4,000 $5,000
Insurance $1,140 $1,300 $1,500
Rent $8,400 $9,000 $12,000
Payroll Taxes $11,700 $23,550 $29,250
Other $0 $0 $0
Total Operating Expenses $147,920 $239,450 $303,750
Profit Before Interest and Taxes ($7,520) $35,550 $108,750
EBITDA ($7,520) $35,550 $108,750
Interest Expense $4,000 $3,336 $1,937
Taxes Incurred $0 $4,832 $17,357
Net Profit ($11,520) $27,382 $89,456
Net Profit/Sales -2.61% 2.74% 5.96%

7.4 Projected Cash Flow

We do not expect to have major problems with cash flow as most of our contracts will require a 50% deposit upon signing.

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Pro Forma Cash Flow
Year 1 Year 2 Year 3
Cash Received
Cash from Operations
Cash Sales $110,500 $250,000 $375,000
Cash from Receivables $281,813 $687,272 $1,068,792
Subtotal Cash from Operations $392,313 $937,272 $1,443,792
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 $0 $0 $0
Subtotal Cash Received $392,313 $937,272 $1,443,792
Expenditures Year 1 Year 2 Year 3
Expenditures from Operations
Cash Spending $78,000 $157,000 $195,000
Bill Payments $349,852 $774,249 $1,182,673
Subtotal Spent on Operations $427,852 $931,249 $1,377,673
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 $13,289 $14,681
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $427,852 $944,538 $1,392,354
Net Cash Flow ($35,539) ($7,266) $51,438
Cash Balance $53,759 $46,494 $97,932

7.5 Projected Balance Sheet

The balance sheet shows a healthy growth of net worth and a strong financial position.

Pro Forma Balance Sheet
Year 1 Year 2 Year 3
Assets
Current Assets
Cash $53,759 $46,494 $97,932
Accounts Receivable $49,688 $112,415 $168,623
Other Current Assets $14,478 $14,478 $14,478
Total Current Assets $117,925 $173,387 $281,033
Long-term Assets
Long-term Assets $0 $0 $0
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $0 $0 $0
Total Assets $117,925 $173,387 $281,033
Liabilities and Capital Year 1 Year 2 Year 3
Current Liabilities
Accounts Payable $25,668 $67,037 $99,908
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $25,668 $67,037 $99,908
Long-term Liabilities $40,000 $26,711 $12,030
Total Liabilities $65,668 $93,748 $111,938
Paid-in Capital $88,419 $88,419 $88,419
Retained Earnings ($24,642) ($36,162) ($8,780)
Earnings ($11,520) $27,382 $89,456
Total Capital $52,257 $79,639 $169,095
Total Liabilities and Capital $117,925 $173,387 $281,033
Net Worth $52,257 $79,639 $169,095

7.6 Business Ratios

The following table contains important ratios for the woodworking industry, as determined by the Standard Industry Classification (SIC) Code, #1751, .

Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth 0.00% 126.24% 50.00% 7.90%
Percent of Total Assets
Accounts Receivable 42.13% 64.83% 60.00% 35.00%
Other Current Assets 12.28% 8.35% 5.15% 30.30%
Total Current Assets 100.00% 100.00% 100.00% 71.50%
Long-term Assets 0.00% 0.00% 0.00% 28.50%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 21.77% 38.66% 35.55% 42.70%
Long-term Liabilities 33.92% 15.41% 4.28% 14.30%
Total Liabilities 55.69% 54.07% 39.83% 57.00%
Net Worth 44.31% 45.93% 60.17% 43.00%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 31.76% 27.50% 27.50% 31.60%
Selling, General & Administrative Expenses 34.37% 24.76% 21.45% 16.70%
Advertising Expenses 1.27% 0.80% 1.00% 0.50%
Profit Before Interest and Taxes -1.70% 3.56% 7.25% 3.40%
Main Ratios
Current 4.59 2.59 2.81 1.64
Quick 4.59 2.59 2.81 1.28
Total Debt to Total Assets 55.69% 54.07% 39.83% 57.00%
Pre-tax Return on Net Worth -22.04% 40.45% 63.17% 7.50%
Pre-tax Return on Assets -9.77% 18.58% 38.01% 17.40%
Additional Ratios Year 1 Year 2 Year 3
Net Profit Margin -2.61% 2.74% 5.96% n.a
Return on Equity -22.04% 34.38% 52.90% n.a
Activity Ratios
Accounts Receivable Turnover 6.67 6.67 6.67 n.a
Collection Days 58 39 46 n.a
Accounts Payable Turnover 14.63 12.17 12.17 n.a
Payment Days 27 21 25 n.a
Total Asset Turnover 3.75 5.77 5.34 n.a
Debt Ratios
Debt to Net Worth 1.26 1.18 0.66 n.a
Current Liab. to Liab. 0.39 0.72 0.89 n.a
Liquidity Ratios
Net Working Capital $92,257 $106,350 $181,125 n.a
Interest Coverage -1.88 10.66 56.14 n.a
Additional Ratios
Assets to Sales 0.27 0.17 0.19 n.a
Current Debt/Total Assets 22% 39% 36% n.a
Acid Test 2.66 0.91 1.13 n.a
Sales/Net Worth 8.46 12.56 8.87 n.a
Dividend Payout 0.00 0.00 0.00 n.a

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Appendix

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
Cabinets 0% $0 $0 $42,000 $12,500 $80,000 $30,000 $50,000 $55,000 $60,000 $45,000 $37,500 $30,000
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Sales $0 $0 $42,000 $12,500 $80,000 $30,000 $50,000 $55,000 $60,000 $45,000 $37,500 $30,000
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
Cabinets $0 $0 $0 $9,000 $57,600 $21,000 $36,000 $41,500 $48,000 $36,000 $30,000 $22,500
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $0 $0 $0 $9,000 $57,600 $21,000 $36,000 $41,500 $48,000 $36,000 $30,000 $22,500
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
Martin Kribs 0% $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Brent Palmer 0% $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Carpenters 0% $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Administration Assistant 0% $0 $0 $0 $0 $0 $0 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Total People 3 3 3 3 3 3 4 4 4 4 4 4
Total Payroll $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500

General Assumptions
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Plan Month 1 2 3 4 5 6 7 8 9 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% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0

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 $0 $0 $42,000 $12,500 $80,000 $30,000 $50,000 $55,000 $60,000 $45,000 $37,500 $30,000
Direct Cost of Sales $0 $0 $0 $9,000 $57,600 $21,000 $36,000 $41,500 $48,000 $36,000 $30,000 $22,500
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $0 $0 $0 $9,000 $57,600 $21,000 $36,000 $41,500 $48,000 $36,000 $30,000 $22,500
Gross Margin $0 $0 $42,000 $3,500 $22,400 $9,000 $14,000 $13,500 $12,000 $9,000 $7,500 $7,500
Gross Margin % 0.00% 0.00% 100.00% 28.00% 28.00% 30.00% 28.00% 24.55% 20.00% 20.00% 20.00% 25.00%
Expenses
Payroll $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500
Sales and Marketing and Other Expenses $1,150 $1,150 $21,646 $1,800 $5,184 $1,550 $5,150 $2,150 $1,550 $1,400 $1,400 $1,550
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Insurance $95 $95 $95 $95 $95 $95 $95 $95 $95 $95 $95 $95
Rent $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700
Payroll Taxes 15% $825 $825 $825 $825 $825 $825 $1,125 $1,125 $1,125 $1,125 $1,125 $1,125
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $8,520 $8,520 $29,016 $9,170 $12,554 $8,920 $14,820 $11,820 $11,220 $11,070 $11,070 $11,220
Profit Before Interest and Taxes ($8,520) ($8,520) $12,984 ($5,670) $9,846 $80 ($820) $1,680 $780 ($2,070) ($3,570) ($3,720)
EBITDA ($8,520) ($8,520) $12,984 ($5,670) $9,846 $80 ($820) $1,680 $780 ($2,070) ($3,570) ($3,720)
Interest Expense $333 $333 $333 $333 $333 $333 $333 $333 $333 $333 $333 $333
Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Profit ($8,853) ($8,853) $12,651 ($6,003) $9,513 ($253) ($1,153) $1,347 $447 ($2,403) ($3,903) ($4,053)
Net Profit/Sales 0.00% 0.00% 30.12% -48.03% 11.89% -0.84% -2.31% 2.45% 0.74% -5.34% -10.41% -13.51%

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 Received
Cash from Operations
Cash Sales $0 $0 $10,500 $3,125 $20,000 $7,500 $12,500 $13,750 $15,000 $11,250 $9,375 $7,500
Cash from Receivables $0 $0 $0 $1,050 $30,763 $11,063 $58,750 $23,000 $37,625 $41,375 $44,625 $33,563
Subtotal Cash from Operations $0 $0 $10,500 $4,175 $50,763 $18,563 $71,250 $36,750 $52,625 $52,625 $54,000 $41,063
Additional Cash Received
Sales Tax, VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Current Borrowing $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
Subtotal Cash Received $0 $0 $10,500 $4,175 $50,763 $18,563 $71,250 $36,750 $52,625 $52,625 $54,000 $41,063
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
Expenditures from Operations
Cash Spending $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500
Bill Payments $112 $3,353 $4,037 $23,488 $14,736 $63,646 $25,383 $43,737 $46,350 $51,648 $39,703 $33,658
Subtotal Spent on Operations $5,612 $8,853 $9,537 $28,988 $20,236 $69,146 $32,883 $51,237 $53,850 $59,148 $47,203 $41,158
Additional Cash Spent
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 $5,612 $8,853 $9,537 $28,988 $20,236 $69,146 $32,883 $51,237 $53,850 $59,148 $47,203 $41,158
Net Cash Flow ($5,612) ($8,853) $963 ($24,813) $30,526 ($50,584) $38,367 ($14,487) ($1,225) ($6,523) $6,797 ($96)
Cash Balance $83,687 $74,834 $75,797 $50,984 $81,511 $30,927 $69,294 $54,807 $53,582 $47,059 $53,855 $53,759
Pro Forma Balance Sheet
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Assets Starting Balances
Current Assets
Cash $89,299 $83,687 $74,834 $75,797 $50,984 $81,511 $30,927 $69,294 $54,807 $53,582 $47,059 $53,855 $53,759
Accounts Receivable $0 $0 $0 $31,500 $39,825 $69,063 $80,500 $59,250 $77,500 $84,875 $77,250 $60,750 $49,688
Other Current Assets $14,478 $14,478 $14,478 $14,478 $14,478 $14,478 $14,478 $14,478 $14,478 $14,478 $14,478 $14,478 $14,478
Total Current Assets $103,777 $98,165 $89,312 $121,775 $105,287 $165,051 $125,905 $143,022 $146,785 $152,935 $138,787 $129,083 $117,925
Long-term Assets
Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accumulated Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Assets $103,777 $98,165 $89,312 $121,775 $105,287 $165,051 $125,905 $143,022 $146,785 $152,935 $138,787 $129,083 $117,925
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 $3,242 $3,242 $23,054 $12,570 $62,821 $23,928 $42,198 $44,615 $50,318 $38,573 $32,773 $25,668
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 $3,242 $3,242 $23,054 $12,570 $62,821 $23,928 $42,198 $44,615 $50,318 $38,573 $32,773 $25,668
Long-term Liabilities $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
Total Liabilities $40,000 $43,242 $43,242 $63,054 $52,570 $102,821 $63,928 $82,198 $84,615 $90,318 $78,573 $72,773 $65,668
Paid-in Capital $88,419 $88,419 $88,419 $88,419 $88,419 $88,419 $88,419 $88,419 $88,419 $88,419 $88,419 $88,419 $88,419
Retained Earnings ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642) ($24,642)
Earnings $0 ($8,853) ($17,707) ($5,056) ($11,059) ($1,547) ($1,800) ($2,953) ($1,607) ($1,160) ($3,563) ($7,467) ($11,520)
Total Capital $63,777 $54,923 $46,070 $58,721 $52,717 $62,230 $61,977 $60,823 $62,170 $62,617 $60,213 $56,310 $52,257
Total Liabilities and Capital $103,777 $98,165 $89,312 $121,775 $105,287 $165,051 $125,905 $143,022 $146,785 $152,935 $138,787 $129,083 $117,925
Net Worth $63,777 $54,923 $46,070 $58,721 $52,717 $62,230 $61,977 $60,823 $62,170 $62,617 $60,213 $56,310 $52,257

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