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Justin Seafood Market

Executive Summary

Justin Seafood Market has been providing customers with the finest quality seafood for five years. The business is primarily wholesale to area restaurants. We purchase seafood directly from local fishermen and contacts all along the Florida panhandle. This allows us to pick from the finest selection of seafood available anywhere. Currently, we sell to over sixty restaurants. This a 10% increase over last year and we estimate that we will have additional restaurants as customers next year.

Justin Seafood Market plans to expand our storefront and sell direct to the public. In our expanded market, we will bring our commitment of quality, freshness and great prices to the public. By purchasing in large quantities we are able to pass the savings on to our customer. 

The planned renovation will cost $150,000. Additional service staff will be hired to assist customers. Bill Justin, owner of Justin Seafood Market, will invest $50,000 in the expansion and also secure a $100,000 short-term loan.

1.1 Objectives

  • Establish Justin Seafood Market as the leader in selling fresh seafood to the public.
  • Increase the number of customers buying from Justin Seafood Market by 10% over the next two years.
  • Establish a Seafood Discount Club for customers that will build customer loyalty.

1.2 Mission

The mission of Justin Seafood Market is to offer customers the best seafood prices on the highest quality seafood.

1.3 Keys to Success

  • Superior products will promote customer loyalty.
  • A location that will assure walk-in traffic.
  • A program that will create customer loyalty.
Wholesale food business plan, executive summary chart image

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.

Wholesale food business plan, company summary chart image

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.

Products

Justin Seafood Market currently provides numerous seafood products to restaurants in the Florida panhandle.  The market’s new public retail outlet will focus on popular seafood selections that will bring customers into the store.

Justin Seafood Market will have the following retail products:

  • Jumbo Fresh Gulf Shrimp;
  • Alaskan King Crab;
  • Florida Lobster;
  • Sea Scallops;
  • Fresh Gulf Fish Filets;
  • Yellowfin Tuna;
  • Grouper;
  • Snapper;
  • Amberjack.

Market Analysis Summary

Tallahassee has a population of over 160,000 residents but the area receives thousands of day tourists each year. Justin Seafood Market is located in the busiest commercial section of Tallahassee with excellent foot traffic. Expanding the market’s storefront by 5,000 ft. will create an inviting environment for the public. The market’s interior design will focus on the motif of an open air fish market. We will advertise the market as a place where the public can get quality seafood at wholesale prices.

4.1 Market Segmentation

Justin Seafood Market is focused on two customer groups:

  • Urban professional working downtown.
  • Day tourists.
Wholesale food business plan, market analysis summary chart image

Market Analysis
2002 2003 2004 2005 2006
Potential Customers Growth CAGR
Urban Professionals 10% 30,000 33,000 36,300 39,930 43,923 10.00%
Day Tourists 0% 60,000 60,000 60,000 60,000 60,000 0.00%
Total 3.66% 90,000 93,000 96,300 99,930 103,923 3.66%

Strategy and Implementation Summary

Justin Seafood Market will expand its storefront and sell direct to the public. The market is known as a wholesale operation and we will use that identity to advertise the new service to the public. We will ask the public “Why pay retail when you can get better quality at wholesale prices!” Additional staff will be hired to serve the public.

5.1 Competitive Edge

The competitive edge of Justin Seafood Market is the market’s commitment of quality, freshness and great prices. The market’s location also assures excellent tourist and resident foot traffic.

5.2 Sales Strategy

Justin Seafood Market will employ two sales approaches for its target customers.

  • For Urban Professionals: The market will promote membership in its Seafood Discount Club.  Residents will be encouraged to join for $20 a year.  As a member, all purchases will be discounted $1 per pound.  This will result in considerable saving for members who shop regularly at the market.
  • For the Day Tourist: The market will offer free 24-hour shipping of purchases in excess of  $100.  The customer will be able to select the day the seafood will be shipped. The customers will then receive a regular newsletter that will include an invitation to purchase seafood again with same free shipping option.

5.2.1 Sales Forecast

The following is a very conservative sales forecast for the next three years. We anticipate actual sales will be much higher after the renovation, but we want to plan for other contingencies.

Wholesale food business plan, strategy and implementation summary chart image

Wholesale food business plan, strategy and implementation summary chart image

Sales Forecast
2002 2003 2004
Sales
Over-counter $334,000 $350,000 $380,000
Shipped $122,000 $140,000 $155,000
Restaurant Deliveries $720,000 $800,000 $900,000
Total Sales $1,176,000 $1,290,000 $1,435,000
Direct Cost of Sales 2002 2003 2004
Over-counter $166,500 $173,000 $188,000
Shipped $64,100 $74,000 $81,000
Restaurant Deliveries $359,000 $409,000 $459,000
Subtotal Direct Cost of Sales $589,600 $656,000 $728,000

Management Summary

Prior to beginning Justin Seafood Market, Bill Justin worked as an account manager for William’s Wholesale Foods and Wilson Seafood for ten years.  In his last position with Wilson Seafood, Bill developed an excellent network of fishing contacts in the Florida panhandle, generating sales in excess of $2 million annually. His strength has always been his customer relation skills.

Bill Justin has a BA in marketing from Florida State University.  His first position after graduation was as a shift manager with Johnson Seafood Restaurant.  In three years, he was promoted to the manager position.  During that time, Bill demonstrated the ability to effectively manage a large staff.

6.1 Personnel Plan

The personnel for Justin Seafood Market is as follows:

  • Manager;
  • Market staff (4 by year end);
  • Delivery crew (4 by year end);
  • Sales staff (4 by year end);
  • Cleanup crew (2);
Personnel Plan
2002 2003 2004
Manager $36,000 $38,000 $40,000
Market Staff (2-4) $71,750 $90,000 $96,000
Clean-up Crew (2) $45,600 $47,000 $49,000
Delivery Staff (2-4) $82,000 $102,000 $108,000
Sales Staff (3-4) $110,000 $130,000 $140,000
Total People 15 15 15
Total Payroll $345,350 $407,000 $433,000

Financial Plan

The following is the financial plan for expansion of Justin Seafood Market to include a new retail market space.

7.1 Break-even Analysis

The following table and chart show our Break-even Analysis for the coming year.

Wholesale food business plan, financial plan chart image

Break-even Analysis
Monthly Revenue Break-even $95,418
Assumptions:
Average Percent Variable Cost 50%
Estimated Monthly Fixed Cost $47,579

7.2 Projected Profit and Loss

The following table and charts highlight the projected profit and loss for three years.

Wholesale food business plan, financial plan chart image

Wholesale food business plan, financial plan chart image

Pro Forma Profit and Loss
2002 2003 2004
Sales $1,176,000 $1,290,000 $1,435,000
Direct Cost of Sales $589,600 $656,000 $728,000
Other Production Expenses $0 $0 $0
Total Cost of Sales $589,600 $656,000 $728,000
Gross Margin $586,400 $634,000 $707,000
Gross Margin % 49.86% 49.15% 49.27%
Expenses
Payroll $345,350 $407,000 $433,000
Sales and Marketing and Other Expenses $24,000 $30,000 $40,000
Depreciation $9,600 $9,600 $9,600
Renovation Expenses $150,000 $0 $0
Utilities $6,000 $6,000 $6,000
Insurance $0 $0 $0
Rent $36,000 $36,000 $36,000
Payroll Taxes $0 $0 $0
Other $0 $0 $0
Total Operating Expenses $570,950 $488,600 $524,600
Profit Before Interest and Taxes $15,450 $145,400 $182,400
EBITDA $25,050 $155,000 $192,000
Interest Expense $10,675 $8,331 $5,885
Taxes Incurred $1,432 $41,121 $52,955
Net Profit $3,342 $95,948 $123,561
Net Profit/Sales 0.28% 7.44% 8.61%

7.3 Projected Cash Flow

The following table and chart highlight the projected cash flow for three years.

Wholesale food business plan, financial plan chart image

Pro Forma Cash Flow
2002 2003 2004
Cash Received
Cash from Operations
Cash Sales $705,600 $774,000 $861,000
Cash from Receivables $397,286 $506,616 $562,065
Subtotal Cash from Operations $1,102,886 $1,280,616 $1,423,065
Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $100,000 $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 $50,000 $0 $0
Subtotal Cash Received $1,252,886 $1,280,616 $1,423,065
Expenditures 2002 2003 2004
Expenditures from Operations
Cash Spending $345,350 $407,000 $433,000
Bill Payments $800,535 $797,744 $869,803
Subtotal Spent on Operations $1,145,885 $1,204,744 $1,302,803
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $21,600 $21,600 $21,600
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $2,860 $2,860 $2,860
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $1,170,345 $1,229,204 $1,327,263
Net Cash Flow $82,541 $51,412 $95,801
Cash Balance $132,541 $183,953 $279,754

7.4 Projected Balance Sheet

The following table highlights the projected balance sheet for three years.

Pro Forma Balance Sheet
2002 2003 2004
Assets
Current Assets
Cash $132,541 $183,953 $279,754
Accounts Receivable $96,800 $106,184 $118,119
Inventory $69,850 $77,716 $86,246
Other Current Assets $50,000 $50,000 $50,000
Total Current Assets $349,191 $417,853 $534,120
Long-term Assets
Long-term Assets $80,000 $80,000 $80,000
Accumulated Depreciation $24,600 $34,200 $43,800
Total Long-term Assets $55,400 $45,800 $36,200
Total Assets $404,591 $463,653 $570,320
Liabilities and Capital 2002 2003 2004
Current Liabilities
Accounts Payable $76,973 $64,547 $72,113
Current Borrowing $78,400 $56,800 $35,200
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $155,373 $121,347 $107,313
Long-term Liabilities $17,140 $14,280 $11,420
Total Liabilities $172,513 $135,627 $118,733
Paid-in Capital $50,000 $50,000 $50,000
Retained Earnings $178,736 $182,078 $278,027
Earnings $3,342 $95,948 $123,561
Total Capital $232,078 $328,027 $451,587
Total Liabilities and Capital $404,591 $463,653 $570,320
Net Worth $232,078 $328,027 $451,587

7.5 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 5146, Fish and Seafood, are shown for comparison.

Ratio Analysis
2002 2003 2004 Industry Profile
Sales Growth 65.49% 9.69% 11.24% 4.60%
Percent of Total Assets
Accounts Receivable 23.93% 22.90% 20.71% 33.30%
Inventory 17.26% 16.76% 15.12% 25.40%
Other Current Assets 12.36% 10.78% 8.77% 24.00%
Total Current Assets 86.31% 90.12% 93.65% 82.70%
Long-term Assets 13.69% 9.88% 6.35% 17.30%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 38.40% 26.17% 18.82% 47.70%
Long-term Liabilities 4.24% 3.08% 2.00% 10.10%
Total Liabilities 42.64% 29.25% 20.82% 57.80%
Net Worth 57.36% 70.75% 79.18% 42.20%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 49.86% 49.15% 49.27% 14.20%
Selling, General & Administrative Expenses 46.23% 45.05% 43.86% 9.00%
Advertising Expenses 1.02% 1.16% 1.39% 0.30%
Profit Before Interest and Taxes 1.31% 11.27% 12.71% 0.80%
Main Ratios
Current 2.25 3.44 4.98 1.64
Quick 1.80 2.80 4.17 0.97
Total Debt to Total Assets 42.64% 29.25% 20.82% 57.80%
Pre-tax Return on Net Worth 2.06% 41.79% 39.09% 3.60%
Pre-tax Return on Assets 1.18% 29.56% 30.95% 8.40%
Additional Ratios 2002 2003 2004
Net Profit Margin 0.28% 7.44% 8.61% n.a
Return on Equity 1.44% 29.25% 27.36% n.a
Activity Ratios
Accounts Receivable Turnover 4.86 4.86 4.86 n.a
Collection Days 57 72 71 n.a
Inventory Turnover 10.91 8.89 8.88 n.a
Accounts Payable Turnover 11.14 12.17 12.17 n.a
Payment Days 28 33 28 n.a
Total Asset Turnover 2.91 2.78 2.52 n.a
Debt Ratios
Debt to Net Worth 0.74 0.41 0.26 n.a
Current Liab. to Liab. 0.90 0.89 0.90 n.a
Liquidity Ratios
Net Working Capital $193,818 $296,507 $426,807 n.a
Interest Coverage 1.45 17.45 30.99 n.a
Additional Ratios
Assets to Sales 0.34 0.36 0.40 n.a
Current Debt/Total Assets 38% 26% 19% n.a
Acid Test 1.17 1.93 3.07 n.a
Sales/Net Worth 5.07 3.93 3.18 n.a
Dividend Payout 0.00 0.00 0.00 n.a

Appendix

Sales Forecast
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales
Over-counter 0% $10,000 $10,000 $16,000 $16,000 $21,000 $26,000 $30,000 $40,000 $45,000 $40,000 $40,000 $40,000
Shipped 0% $2,000 $3,000 $5,000 $7,000 $9,000 $11,000 $14,000 $15,000 $17,000 $13,000 $10,000 $16,000
Restaurant Deliveries 0% $30,000 $30,000 $50,000 $55,000 $55,000 $60,000 $70,000 $80,000 $80,000 $70,000 $70,000 $70,000
Total Sales $42,000 $43,000 $71,000 $78,000 $85,000 $97,000 $114,000 $135,000 $142,000 $123,000 $120,000 $126,000
Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Over-counter $5,000 $5,000 $8,000 $8,000 $10,000 $13,000 $15,000 $20,000 $22,500 $20,000 $20,000 $20,000
Shipped $1,100 $1,600 $2,600 $3,800 $4,500 $5,500 $7,500 $8,000 $8,500 $6,500 $6,000 $8,500
Restaurant Deliveries $15,000 $15,000 $25,000 $27,000 $27,000 $30,000 $35,000 $40,000 $40,000 $35,000 $35,000 $35,000
Subtotal Direct Cost of Sales $21,100 $21,600 $35,600 $38,800 $41,500 $48,500 $57,500 $68,000 $71,000 $61,500 $61,000 $63,500
Personnel Plan
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Manager 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Market Staff (2-4) 0% $3,500 $3,500 $3,500 $5,250 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
Clean-up Crew (2) 0% $3,800 $3,800 $3,800 $3,800 $3,800 $3,800 $3,800 $3,800 $3,800 $3,800 $3,800 $3,800
Delivery Staff (2-4) 0% $4,000 $4,000 $4,000 $6,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000
Sales Staff (3-4) 0% $7,500 $7,500 $7,500 $7,500 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000
Total People 10 10 10 12 15 15 15 15 15 15 15 15
Total Payroll $21,800 $21,800 $21,800 $25,550 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800

General Assumptions
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales $42,000 $43,000 $71,000 $78,000 $85,000 $97,000 $114,000 $135,000 $142,000 $123,000 $120,000 $126,000
Direct Cost of Sales $21,100 $21,600 $35,600 $38,800 $41,500 $48,500 $57,500 $68,000 $71,000 $61,500 $61,000 $63,500
Other Production Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $21,100 $21,600 $35,600 $38,800 $41,500 $48,500 $57,500 $68,000 $71,000 $61,500 $61,000 $63,500
Gross Margin $20,900 $21,400 $35,400 $39,200 $43,500 $48,500 $56,500 $67,000 $71,000 $61,500 $59,000 $62,500
Gross Margin % 49.76% 49.77% 49.86% 50.26% 51.18% 50.00% 49.56% 49.63% 50.00% 50.00% 49.17% 49.60%
Expenses
Payroll $21,800 $21,800 $21,800 $25,550 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800
Sales and Marketing and Other Expenses $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Depreciation $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800
Renovation Expenses $60,000 $40,000 $20,000 $30,000 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $88,100 $68,100 $48,100 $61,850 $38,100 $38,100 $38,100 $38,100 $38,100 $38,100 $38,100 $38,100
Profit Before Interest and Taxes ($67,200) ($46,700) ($12,700) ($22,650) $5,400 $10,400 $18,400 $28,900 $32,900 $23,400 $20,900 $24,400
EBITDA ($66,400) ($45,900) ($11,900) ($21,850) $6,200 $11,200 $19,200 $29,700 $33,700 $24,200 $21,700 $25,200
Interest Expense $983 $966 $949 $932 $915 $898 $881 $864 $847 $830 $813 $796
Taxes Incurred ($20,455) ($14,300) ($4,095) ($7,075) $1,345 $2,851 $5,256 $8,411 $9,616 $6,771 $6,026 $7,081
Net Profit ($47,728) ($33,366) ($9,554) ($16,507) $3,139 $6,651 $12,263 $19,625 $22,437 $15,799 $14,061 $16,523
Net Profit/Sales -113.64% -77.60% -13.46% -21.16% 3.69% 6.86% 10.76% 14.54% 15.80% 12.84% 11.72% 13.11%

Pro Forma Cash Flow
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cash Received
Cash from Operations
Cash Sales $25,200 $25,800 $42,600 $46,800 $51,000 $58,200 $68,400 $81,000 $85,200 $73,800 $72,000 $75,600
Cash from Receivables $11,843 $12,403 $16,813 $17,573 $28,493 $31,293 $34,160 $39,027 $45,880 $54,093 $56,547 $49,160
Subtotal Cash from Operations $37,043 $38,203 $59,413 $64,373 $79,493 $89,493 $102,560 $120,027 $131,080 $127,893 $128,547 $124,760
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 $100,000 $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 $50,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $187,043 $38,203 $59,413 $64,373 $79,493 $89,493 $102,560 $120,027 $131,080 $127,893 $128,547 $124,760
Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Expenditures from Operations
Cash Spending $21,800 $21,800 $21,800 $25,550 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800 $31,800
Bill Payments $22,010 $60,089 $54,951 $73,298 $71,029 $52,671 $65,902 $79,546 $94,189 $89,393 $64,439 $73,017
Subtotal Spent on Operations $43,810 $81,889 $76,751 $98,848 $102,829 $84,471 $97,702 $111,346 $125,989 $121,193 $96,239 $104,817
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 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment $238 $238 $238 $238 $238 $238 $238 $238 $238 $238 $240 $240
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 $45,848 $83,927 $78,789 $100,886 $104,867 $86,509 $99,740 $113,384 $128,027 $123,231 $98,279 $106,857
Net Cash Flow $141,195 ($45,724) ($19,375) ($36,513) ($25,374) $2,984 $2,820 $6,642 $3,053 $4,663 $30,268 $17,903
Cash Balance $191,195 $145,471 $126,096 $89,583 $64,209 $67,193 $70,013 $76,656 $79,708 $84,371 $114,639 $132,541
Pro Forma Balance Sheet
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Assets Starting Balances
Current Assets
Cash $50,000 $191,195 $145,471 $126,096 $89,583 $64,209 $67,193 $70,013 $76,656 $79,708 $84,371 $114,639 $132,541
Accounts Receivable $23,686 $28,643 $33,440 $45,027 $58,653 $64,160 $71,667 $83,107 $98,080 $109,000 $104,107 $95,560 $96,800
Inventory $30,050 $23,210 $23,760 $39,160 $42,680 $45,650 $53,350 $63,250 $74,800 $78,100 $67,650 $67,100 $69,850
Other Current Assets $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
Total Current Assets $153,736 $293,048 $252,671 $260,283 $240,916 $224,019 $242,210 $266,370 $299,536 $316,808 $306,128 $327,299 $349,191
Long-term Assets
Long-term Assets $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
Accumulated Depreciation $15,000 $15,800 $16,600 $17,400 $18,200 $19,000 $19,800 $20,600 $21,400 $22,200 $23,000 $23,800 $24,600
Total Long-term Assets $65,000 $64,200 $63,400 $62,600 $61,800 $61,000 $60,200 $59,400 $58,600 $57,800 $57,000 $56,200 $55,400
Total Assets $218,736 $357,248 $316,071 $322,883 $302,716 $285,019 $302,410 $325,770 $358,136 $374,608 $363,128 $383,499 $404,591
Liabilities and Capital Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Current Liabilities
Accounts Payable $20,000 $58,279 $52,506 $70,909 $69,288 $50,490 $63,267 $76,402 $91,181 $87,254 $62,013 $70,363 $76,973
Current Borrowing $0 $98,200 $96,400 $94,600 $92,800 $91,000 $89,200 $87,400 $85,600 $83,800 $82,000 $80,200 $78,400
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $20,000 $156,479 $148,906 $165,509 $162,088 $141,490 $152,467 $163,802 $176,781 $171,054 $144,013 $150,563 $155,373
Long-term Liabilities $20,000 $19,762 $19,524 $19,286 $19,048 $18,810 $18,572 $18,334 $18,096 $17,858 $17,620 $17,380 $17,140
Total Liabilities $40,000 $176,241 $168,430 $184,795 $181,136 $160,300 $171,039 $182,136 $194,877 $188,912 $161,633 $167,943 $172,513
Paid-in Capital $0 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
Retained Earnings ($37,964) $178,736 $178,736 $178,736 $178,736 $178,736 $178,736 $178,736 $178,736 $178,736 $178,736 $178,736 $178,736
Earnings $216,700 ($47,728) ($81,094) ($90,649) ($107,156) ($104,017) ($97,365) ($85,102) ($65,477) ($43,040) ($27,241) ($13,180) $3,342
Total Capital $178,736 $181,008 $147,642 $138,087 $121,580 $124,719 $131,371 $143,634 $163,259 $185,696 $201,495 $215,556 $232,078
Total Liabilities and Capital $218,736 $357,248 $316,071 $322,883 $302,716 $285,019 $302,410 $325,770 $358,136 $374,608 $363,128 $383,499 $404,591
Net Worth $178,736 $181,008 $147,642 $138,087 $121,580 $124,719 $131,371 $143,634 $163,259 $185,696 $201,495 $215,556 $232,078