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Flyleaf Books
Company Summary
Flyleaf will be a limited liability corporation registered in the state of Ohio. The company will be jointly owned by Mr. James Vinck, a former head librarian of the Philadelphia City Library, and his wife Aracela.
Flyleaf Books will be establishing its store in one of the busiest section of Brecksville, an outlying suburb of Cleveland. This area is well know for its upscale residents and high-quality establishments. Our facility is a former 8,000 square ft. furniture store which allows the company to stock a large amount of inventory.
2.1 Company Ownership
Flyleaf will be a limited liability corporation registered in the state of Ohio. The company will be jointly owned by Mr. James Vinck, a former head librarian of the Philadelphia City Library, and his wife Aracela. Due to high start-up costs, the income and dividends to the principals will be limited for at least the first three years of operation.
The company plans to be leveraged through private investment and a limited number of loans. Mr. Vinck is establishing this firm as a growth-oriented endeavor in order to supplement his retirement, continue meeting people with similar interests, and to leave a viable business to his children. Flyleaf Books will be establishing its store at 14539 Greenhouse Ave NW, one of the busiest section of Brecksville, an outlying suburb of Cleveland. This area is well know for its upscale residents and high-quality establishments. Our facility is a former 8,000 square ft. furniture store which allows the company to stock a large amount of inventory. This facility is located in the front of the Loeman’s Square strip mall. This is an excellent location since it is across the street from the Twin Towers shopping mall. Other establishments within this strip mall include Fry’s Food and Drug, Subway Sandwiches, Boaters World, Michael’s Arts and Crafts, Office Depot, and Jared Jewelry. The company expects to begin offering its services in July.
2.2 Start-up Summary
Our start-up expenses come to $178,000, which are largely single time fees associated with opening the store. These costs are financed by both private investment and short- and long-term SBA guaranteed loans.
| Start-up | |
| Requirements | |
| Start-up Expenses | |
| Legal | $2,400 |
| Pre-sale advertising/marketing | $4,000 |
| Land location and finders fee | $20,000 |
| Insurance | $1,780 |
| Rent | $6,000 |
| Expensed Equipment | $25,000 |
| Initial store facilities | $50,000 |
| Other | $3,000 |
| Total Start-up Expenses | $112,180 |
| Start-up Assets | |
| Cash Required | $33,820 |
| Start-up Inventory | $16,000 |
| Other Current Assets | $8,000 |
| Long-term Assets | $8,000 |
| Total Assets | $65,820 |
| Total Requirements | $178,000 |
| Start-up Funding | |
| Start-up Expenses to Fund | $112,180 |
| Start-up Assets to Fund | $65,820 |
| Total Funding Required | $178,000 |
| Assets | |
| Non-cash Assets from Start-up | $32,000 |
| Cash Requirements from Start-up | $33,820 |
| Additional Cash Raised | $0 |
| Cash Balance on Starting Date | $33,820 |
| Total Assets | $65,820 |
| Liabilities and Capital | |
| Liabilities | |
| Current Borrowing | $15,000 |
| Long-term Liabilities | $75,000 |
| Accounts Payable (Outstanding Bills) | $8,000 |
| Other Current Liabilities (interest-free) | $10,000 |
| Total Liabilities | $108,000 |
| Capital | |
| Planned Investment | |
| Mr. James Vinck | $50,000 |
| Mrs. Aracela Vinck | $20,000 |
| Additional Investment Requirement | $0 |
| Total Planned Investment | $70,000 |
| Loss at Start-up (Start-up Expenses) | ($112,180) |
| Total Capital | ($42,180) |
| Total Capital and Liabilities | $65,820 |
| Total Funding | $178,000 |