Justin Seafood Market
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.
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