Willow Park Golf Course
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 | |||||||||||||
| Memberships/Use Fees | 0% | $20,000 | $30,000 | $40,000 | $40,000 | $40,000 | $45,000 | $45,000 | $50,000 | $45,000 | $40,000 | $25,000 | $25,000 |
| Day Use Fees (for 1 or more days) | 0% | $20,000 | $20,000 | $20,000 | $30,000 | $30,000 | $35,000 | $35,000 | $40,000 | $35,000 | $30,000 | $15,000 | $15,000 |
| Golf Lessons | 0% | $8,000 | $16,000 | $20,000 | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $10,000 | $10,000 |
| Snacks | 0% | $16,000 | $24,000 | $24,000 | $24,000 | $24,000 | $24,000 | $24,000 | $24,000 | $24,000 | $24,000 | $12,000 | $12,000 |
| Pro Shop | 0% | $4,000 | $10,000 | $8,000 | $7,000 | $7,000 | $4,000 | $5,000 | $6,000 | $5,000 | $4,500 | $8,000 | $12,000 |
| Driving Range | 0% | $5,000 | $6,000 | $7,000 | $8,000 | $9,000 | $11,000 | $11,000 | $12,000 | $11,000 | $9,000 | $8,000 | $6,000 |
| Total Sales | $73,000 | $106,000 | $119,000 | $129,000 | $135,000 | $144,000 | $145,000 | $157,000 | $145,000 | $132,500 | $78,000 | $80,000 | |
| 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 | |
| Memberships/Use Fees | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Day Use Fees (for 1 or more days) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Golf Lessons | $4,000 | $8,000 | $10,000 | $10,000 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $5,000 | $5,000 | |
| Snacks | $4,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $3,000 | $3,000 | |
| Pro Shop | $1,400 | $4,000 | $3,600 | $3,000 | $3,000 | $1,500 | $2,300 | $2,700 | $2,300 | $1,500 | $3,000 | $4,000 | |
| Driving Range | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | |
| Subtotal Direct Cost of Sales | $11,150 | $19,750 | $21,350 | $20,750 | $23,250 | $21,750 | $22,550 | $22,950 | $22,550 | $21,750 | $12,750 | $13,750 | |
| 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 | ||
| Manager | 0% | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 |
| Assistant Manager | 0% | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 |
| Pro Shop Manager/Head Teaching Pro | 0% | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
| Greeens/Landscape Superintendent | 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 |
| Course Staff | 0% | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 |
| Snack Shop Staff | 0% | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 |
| Pro Shop Staff | 0% | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 |
| Greens Maintenance Staff | 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 |
| Golf Cart Maintenance Staff | 0% | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 |
| Other | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total People | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | |
| Total Payroll | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | |
| 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% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |
| 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 | $73,000 | $106,000 | $119,000 | $129,000 | $135,000 | $144,000 | $145,000 | $157,000 | $145,000 | $132,500 | $78,000 | $80,000 | |
| Direct Cost of Sales | $11,150 | $19,750 | $21,350 | $20,750 | $23,250 | $21,750 | $22,550 | $22,950 | $22,550 | $21,750 | $12,750 | $13,750 | |
| Other Production Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total Cost of Sales | $11,150 | $19,750 | $21,350 | $20,750 | $23,250 | $21,750 | $22,550 | $22,950 | $22,550 | $21,750 | $12,750 | $13,750 | |
| Gross Margin | $61,850 | $86,250 | $97,650 | $108,250 | $111,750 | $122,250 | $122,450 | $134,050 | $122,450 | $110,750 | $65,250 | $66,250 | |
| Gross Margin % | 84.73% | 81.37% | 82.06% | 83.91% | 82.78% | 84.90% | 84.45% | 85.38% | 84.45% | 83.58% | 83.65% | 82.81% | |
| Expenses | |||||||||||||
| Payroll | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | |
| Sales and Marketing and Other Expenses | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | |
| Depreciation | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | $2,380 | |
| Leased Equipment | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | |
| Utilities | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $1,500 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | |
| Insurance | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | |
| Lease | $20,833 | $20,833 | $20,833 | $20,833 | $20,833 | $20,833 | $20,833 | $20,833 | $20,833 | $20,833 | $20,833 | $20,837 | |
| Payroll Taxes | 15% | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 | $7,350 |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total Operating Expenses | $95,563 | $95,563 | $95,563 | $95,563 | $95,563 | $95,563 | $94,063 | $93,863 | $93,863 | $93,863 | $93,863 | $93,867 | |
| Profit Before Interest and Taxes | ($33,713) | ($9,313) | $2,087 | $12,687 | $16,187 | $26,687 | $28,387 | $40,187 | $28,587 | $16,887 | ($28,613) | ($27,617) | |
| EBITDA | ($31,333) | ($6,933) | $4,467 | $15,067 | $18,567 | $29,067 | $30,767 | $42,567 | $30,967 | $19,267 | ($26,233) | ($25,237) | |
| Interest Expense | $2,475 | $2,450 | $2,426 | $2,401 | $2,376 | $2,351 | $2,326 | $2,302 | $2,277 | $2,252 | $2,227 | $2,202 | |
| Taxes Incurred | ($10,856) | ($3,529) | ($102) | $3,086 | $4,143 | $7,301 | $7,818 | $11,366 | $7,893 | $4,391 | ($9,252) | ($8,946) | |
| Net Profit | ($25,332) | ($8,234) | ($237) | $7,200 | $9,668 | $17,035 | $18,242 | $26,520 | $18,417 | $10,245 | ($21,588) | ($20,874) | |
| Net Profit/Sales | -34.70% | -7.77% | -0.20% | 5.58% | 7.16% | 11.83% | 12.58% | 16.89% | 12.70% | 7.73% | -27.68% | -26.09% | |
| 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 | $73,000 | $106,000 | $119,000 | $129,000 | $135,000 | $144,000 | $145,000 | $157,000 | $145,000 | $132,500 | $78,000 | $80,000 | |
| Subtotal Cash from Operations | $73,000 | $106,000 | $119,000 | $129,000 | $135,000 | $144,000 | $145,000 | $157,000 | $145,000 | $132,500 | $78,000 | $80,000 | |
| 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 | $73,000 | $106,000 | $119,000 | $129,000 | $135,000 | $144,000 | $145,000 | $157,000 | $145,000 | $132,500 | $78,000 | $80,000 | |
| 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 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | $49,000 | |
| Bill Payments | $1,193 | $36,799 | $65,859 | $69,622 | $69,991 | $76,610 | $74,012 | $76,367 | $79,381 | $74,604 | $68,939 | $38,718 | |
| Subtotal Spent on Operations | $50,193 | $85,799 | $114,859 | $118,622 | $118,991 | $125,610 | $123,012 | $125,367 | $128,381 | $123,604 | $117,939 | $87,718 | |
| 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 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | $2,976 | |
| 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 | $53,169 | $88,775 | $117,835 | $121,598 | $121,967 | $128,586 | $125,988 | $128,343 | $131,357 | $126,580 | $120,915 | $90,694 | |
| Net Cash Flow | $19,831 | $17,225 | $1,165 | $7,402 | $13,033 | $15,414 | $19,012 | $28,657 | $13,643 | $5,920 | ($42,915) | ($10,694) | |
| Cash Balance | $54,431 | $71,655 | $72,820 | $80,223 | $93,255 | $108,669 | $127,681 | $156,338 | $169,981 | $175,901 | $132,986 | $122,292 | |
| 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 | $34,600 | $54,431 | $71,655 | $72,820 | $80,223 | $93,255 | $108,669 | $127,681 | $156,338 | $169,981 | $175,901 | $132,986 | $122,292 |
| Inventory | $30,000 | $18,850 | $21,725 | $23,485 | $22,825 | $25,575 | $23,925 | $24,805 | $25,245 | $24,805 | $23,925 | $14,025 | $15,125 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $64,600 | $73,281 | $93,380 | $96,305 | $103,048 | $118,830 | $132,594 | $152,486 | $181,583 | $194,786 | $199,826 | $147,011 | $137,417 |
| Long-term Assets | |||||||||||||
| Long-term Assets | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 | $210,000 |
| Accumulated Depreciation | $0 | $2,380 | $4,760 | $7,140 | $9,520 | $11,900 | $14,280 | $16,660 | $19,040 | $21,420 | $23,800 | $26,180 | $28,560 |
| Total Long-term Assets | $210,000 | $207,620 | $205,240 | $202,860 | $200,480 | $198,100 | $195,720 | $193,340 | $190,960 | $188,580 | $186,200 | $183,820 | $181,440 |
| Total Assets | $274,600 | $280,901 | $298,620 | $299,165 | $303,528 | $316,930 | $328,314 | $345,826 | $372,543 | $383,366 | $386,026 | $330,831 | $318,857 |
| 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 | $34,608 | $63,538 | $67,296 | $67,434 | $74,146 | $71,470 | $73,716 | $76,889 | $72,271 | $67,662 | $37,031 | $48,907 |
| 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 | $34,608 | $63,538 | $67,296 | $67,434 | $74,146 | $71,470 | $73,716 | $76,889 | $72,271 | $67,662 | $37,031 | $48,907 |
| Long-term Liabilities | $300,000 | $297,024 | $294,048 | $291,072 | $288,096 | $285,120 | $282,144 | $279,168 | $276,192 | $273,216 | $270,240 | $267,264 | $264,288 |
| Total Liabilities | $300,000 | $331,632 | $357,586 | $358,368 | $355,530 | $359,266 | $353,614 | $352,884 | $353,081 | $345,487 | $337,902 | $304,295 | $313,195 |
| Paid-in Capital | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 |
| Retained Earnings | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) | ($625,400) |
| Earnings | $0 | ($25,332) | ($33,566) | ($33,803) | ($26,603) | ($16,935) | $100 | $18,342 | $44,862 | $63,279 | $73,524 | $51,936 | $31,062 |
| Total Capital | ($25,400) | ($50,732) | ($58,966) | ($59,203) | ($52,003) | ($42,335) | ($25,300) | ($7,058) | $19,462 | $37,879 | $48,124 | $26,536 | $5,662 |
| Total Liabilities and Capital | $274,600 | $280,901 | $298,620 | $299,165 | $303,528 | $316,930 | $328,314 | $345,826 | $372,543 | $383,366 | $386,026 | $330,831 | $318,857 |
| Net Worth | ($25,400) | ($50,732) | ($58,966) | ($59,203) | ($52,003) | ($42,335) | ($25,300) | ($7,058) | $19,462 | $37,879 | $48,124 | $26,536 | $5,662 |
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