BUSINESS PLAN ABC TAXI SERVICE INC.
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- Aleesha Nichols
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1 BUSINESS PLAN ABC TAXI SERVICE INC.
2 Confidentiality Agreement The undersigned reader acknowledges that the information provided by in this business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of. It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause serious harm or damage to. Upon request, this document is to be immediately returned to. Signature Name (typed or printed) Date This is a business plan. It does not imply an offering of securities.
3 Table of Contents 1.0 Executive Summary Mission...1 Chart: Highlights Objectives Company Summary Company Ownership Start-up Summary...3 Table: Start-up...3 Table: Start-up Funding...4 Chart: Start-up Services Market Analysis Summary Market Segmentation...5 Table: Market Analysis...6 Chart: Market Analysis (Pie) Target Market Segment Strategy Competition and Buying Patterns Strategy and Implementation Summary Sales Strategy Sales Forecast...8 Chart: Sales Monthly...9 Chart: Sales by Year...9 Table: Sales Forecast Competitive Edge Milestones...10 Table: Milestones Management Summary Personnel Plan...11 Table: Personnel Financial Plan Important Assumptions...11 Table: General Assumptions Break-even Analysis...12 Chart: Break-even Analysis...12 Table: Break-even Analysis Projected Profit and Loss...13 Table: Profit and Loss Projected Balance Sheet...14 Table: Balance Sheet Projected Cash Flow...15 Table: Cash Flow...15 Chart: Cash Business Ratios...16 Table: Ratios...17 Table: Sales Forecast...1 Table: Personnel...2 Table: General Assumptions...3 Page 1
4 Table of Contents Table: Profit and Loss...4 Table: Cash Flow...5 Table: Balance Sheet...6 Page 2
5 1.0 Executive Summary ABC Taxi Service Inc is a Toronto-based taxi service. ABCTSI provides limousine like service without the typical high limousine price. Although ABCTSI cars are not true stretch limousines, they are late model high-end luxury vehicles. ABCTSI is lead by Mohammed Hakim Zadah, a transportation industry veteran. ABCTSI has forecasted sales of $611,890 by year three PLUS MEMBERSHIPS AND DISPATCH FEES The Market and Services Offered The market is a large one with over 1.5 million potential customers The Competitive Edge ABCTSI recognizes that their key to success will be providing unmatched customer service. ABCTSI has infused the importance of customer service into the drivers' jobs by offering financial incentives to the drivers for superior service. This will ensure that the best customer service will be offered at every level and interaction with the company. Management Team ABCTSI was founded and is run by Mohammed Hakim Zadah. Mohammed began his transportation career as a taxi driver. Mohammed's logistics and customer service experience will be essential to the success of ABCTSI. The logistics experience will provide ABCTSI with hyper-efficient operations and the customer service experience will support their competitive edge. 1.1 Mission The Mission of ABC Taxi Servive Inc (ABCTSI) is to provide the customer the finest transportation service available. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall in to place. Our services will exceed the expectations of our customers. ABCTSI mission is to establish a universal licensing plan to be held only by owner operators. To have all or most of the taxi drivers under one main umbrella whereby they pay an annual membership fee and monthly dispatch fee to one orginazation. The drivers will by a mutal agreement between the management of ABCTSI and all the members, share in the profits of the corporation. Page 1
6 1.2 Objectives The objectives for the first three years of operation include: 1. To create a service-based company whose primary goal is to exceed customer's expectations. 2. To increase customers by 20% per year through superior performance and word-ofmouth referrals. 3. To develop a sustainable Taxi company serving the GTA 4. To establish the only company in which it's members share in the profits 5. To establish with the help of the Toronto government a Universal License for owner operators 2.0 Company Summary ABCTSI offers a general taxi service for the GTA. ABCTSI will offer their service 24 hours a day to most neighborhoods in the GTA. ABCTSI will be priced less than a limousine service but more than a group shuttle service. Mohammed Hakim Zadah will be working full time as the Manager and have four other employees. 2.1 Company Ownership ABCTSI is an Ontario corporation founded and owned by Mohammed Hakim Zadah. Page 2
7 2.2 Start-up Summary Table: Start-up Start-up Requirements Start-up Expenses Legal $0 Stationery etc. $0 Insurance $0 Rent $0 Computer $0 Other $0 Total Start-up Expenses $0 Start-up Assets Cash Required $0 Other Current Assets $0 Long-term Assets $0 Total Assets $0 Total Requirements $0 Page 3
8 Table: Start-up Funding Start-up Funding Start-up Expenses to Fund $0 Start-up Assets to Fund $0 Total Funding Required $0 Assets Non-cash Assets from Start-up $0 Cash Requirements from Start-up $0 Additional Cash Raised $35,000 Cash Balance on Starting Date $35,000 Total Assets $35,000 Liabilities and Capital Liabilities Current Borrowing $0 Long-term Liabilities $0 Accounts Payable (Outstanding Bills) $0 Other Current Liabilities (interest-free) $0 Total Liabilities $0 Capital Planned Investment Investor 1 $35,000 Other $0 Additional Investment Requirement $0 Total Planned Investment $35,000 Loss at Start-up (Start-up Expenses) $0 Total Capital $35,000 Total Capital and Liabilities $35,000 Total Funding $35,000 Page 4
9 3.0 Services ABCTSI provides a general Taxi and Airport transportation solution for the GTA. ABCTSI can provide airport travel on short notice if cars are available, but they generally work with a reservation system. A customer would call up in advance and provide ABCTSI with flight information. ABCTSI would schedule the pick up time and then call and send an to confirm the pickup. For pick up at the airport, ABCTSI would meet the customer outside of baggage claim after the customer has picked up their luggage and would drive them home. 4.0 Market Analysis Summary ABCTSI will be focusing on families as well as business travelers. Both groups will likely demand our services. The families will utilize our service because it is convenient and less expensive than if they drove themselves and paid for long-term parking of their car. Business travelers will use our service because it offers a limousine-like service (other than the fact that ABCTSI does not use limousines) where the traveler has a ride waiting for them when their planes comes in, but the service is less expensive than normal limousine services. Since the service is fairly comparable to a louisine service, companies will encourage their workers to utilize ABCTSI as a cost saving measure, particularly in this economic downturn. 4.1 Market Segmentation Our customers can be divided into two groups: families/individuals on pleasure trips, and business travelers. Page 5
10 The first group is taking a trip for pleasure and will either be an individual or a family. Their choices are to either drive and park in long term parking, take a taxi, or use a limousine service. This group does not typically mind paying a bit more for a solution that takes care of their transportation to and from the airport. Since they are are on vacation, they appreciate having a service that gets them to the airport in a seamless way so they do not have to worry about anything. All they have to do is make the reservation and show up at the arranged pickup point. The second group is the business traveler. In the past a company would typically hire a limousine service to pick up their worker. The company would always pay for the service. With ABCTSI as an alternative, there is a transportation service that functions like a limousine (you can preschedule pickup dates and be taken directly home or to the airport) but without the overly fancy car and the associated high price. As companies are always looking at ways to cut costs, ABCTSI offers a very reasonable solution in terms of comfort and cost. The business traveler will not notice anything different with ABCTSI versus a limo service other than the vehicle they are traveling won't be a limo, but will still be a sufficiently large and comfortable car. Table: Market Analysis Market Analysis Potential Customers Growth CAGR Individual/families 9% 578, , , , , % Business travelers 8% 425, , , , , % Total 8.58% 1,003,000 1,089,020 1,182,442 1,283,905 1,394, % 4.2 Target Market Segment Strategy ABCTSI will be targeting these two groups because they consistently travel, and ABCTSI solution makes traveling easy for them. While a slow economy has some effect on travel. In general north Americans tend to travel more each year, this trend beginning in the early 1980s. These Page 6
11 groups are particularly attractive to ABCTSI because they will always need to get to the airport and they are willing to pay a bit extra for the luxury of having someone take them there instead of being required to get themselves there. Please note, however, ABCTSI is only slightly more expensive for trips under four days; over four days it is more cost effective to use ABCTSI. Compared to driving a personal vehicle and paying for long-term parking. In regard to the business customers, it is generally accepted practice for the company to provide the transportation for their employees. For trips over four days, there is no question that ABCTSI is more cost effective. Under four days ABCTSI service is slightly more expensive than driving oneself and parking, however, companies are more than willing to pay a bit extra as their employee is giving up a decent amount of their free time to go on the trip for work and the business recognizes and appreciates this. Of course for the companies already willing to pay limousine prices, ABCTSI will appear as a way of reducing travel costs with no appreciable loss in service quality. 4.3 Competition and Buying Patterns Currently in Toronto there are several competing Taxi and airport transportation systems: 1. Public transportation: TTC provides rapid transit service to the airport. While this is an inexpensive alternative there are several disadvantages. The service does not run all hours of the night. 2. Taxi service: Taxis do provide service to and from the airport, however, travelers cannot book the trip in advance, forcing them to call right before they want to travel. The level of service is inconsistent from taxi service to taxi service as well as from occasion to occasion. Taxis can also be quite expensive if city dwellers are going out to the suburbs. 3. Airport parking: Airport parking can be cost effective if it is for fewer than four days. Driving oneself has the advantage of not having to deal with anyone else, the flip side to this however is they must do everything for themselves. Lastly, there is always the risk of damage to their car when it is parked and all airport parking facilities have drivers sign a waiver absolving the lot from responsibility if anything happens to the car. 4. Shuttle service: This option packs a few different people into a van and takes them to the airport. This is a less expensive option, however, it takes longer to make the commute due to the other customers that are traveling Additionally, travelers lose out on the personalized service relative to ABCTSI or a limousine service. The buying patterns of these services vary based on the length of the trip, who is paying for it, and if it is a last minute or planned in advance trip. The longer the trip, the more economical a transportation option is relative to airport parking. A large percentage of business travelers use an upscale airport transportation solution like ABCTSI or a limousine service for their employees. People who are just scraping by to go on vacation are likely to choose the least costly option, public transportation. Lastly, if the trip is planned at the last minute, taxi service might be the only option however, ABCTSI will offer last minute rides if cars are available. 5.0 Strategy and Implementation Summary ABCTSI's marketing/sales strategy will be two pronged, one to address each of our two segmented targeted groups: 1. Families/individuals: In addition to some advertising, we will be working with associations such as CAA and other community groups to try to build up a network of users.abctsi believes that working with these groups will provide us with steady flow of Page 7
12 customers. Additionally, since a lot of these groups have close knit among member referrals will be quite powerful when they are coming from a member who already has established a trust bond with other organizational members. 2. Business travelers: ABCTSI will be contacting the travel department of many of the different companies in Toronto that have a lot of employees traveling and informing them about our service and offering them an introductory discount. This will be an important segment to win over as companies routinely have employees traveling throughout the year. Businesses are also valuable because once the initial contact is made, the relationship can be turned into a steady stream of business. 5.1 Sales Strategy As stated earlier, we will be going after both families/individuals as well as business travelers. ABCTSI will have a different strategy for each group. For the individuals, ABCTSI will use contacts through membership associations and clubs to build customers. Customers that are a part of an association tend to put more trust in a service provider when the service provider is aligned with the association. ABCTSI will offer a discount for the association members to try to build up a following. Our selling spiel will be total convenience at a cost that is competitive with the price that they currently pay when they leave their car in the parking lot. Offering the ability to schedule in advance pick up from home and then pick up from airport should be a big selling point. People like convenience, and people are willing to pay for conveniences. One phone call to arrange all of your transport needs to the airport is quite a convenience. Our strategy of wooing the business travelers will be a campaign to introduce ABCTSI to the different travel departments of the larger companies in the area. The initial contact will be a letter/brochure describing our services along with a pricing guide. ABCTSI will then follow that up with a phone call to try to receive a commitment from the company. By including the pricing information within the brochure, ABCTSI believes that this will catch the eyes of the companies' travel departments as they are acutely aware of the costs that they are paying now and ABCTSI believes that they can convert the lead into a customer by offering essentially the same service of a limo company at a reduced rate Sales Forecast The first month will be spent setting up the business. It is unlikely that everything will be ready to go so that we could begin to take fares. By month two the business office will be in order, brochures will have been sent out and ABCTSI will have been working with associations to create visibility for the company. ABCTSI will have two drivers and will be paying a base monthly wage on the assumption that ABCTSI wants to have the drivers ready when fares come up but there is not likely to be enough fares to support the wages of the two drivers. Page 8
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14 Table: Sales Forecast Sales Forecast FY 2012 FY 2013 FY 2014 Sales Individuals/families $72,000 $53,900 $59,290 Business Travellers $60,000 $66,000 $72,600 Memberships $60,000 $150,000 $240,000 Dispatch Fees $60,000 $150,000 $240,000 Total Sales $252,000 $419,900 $611,890 Direct Cost of Sales FY 2012 FY 2013 FY 2014 Individuals/families $22,050 $24,255 $26,681 Business travelers $27,000 $29,700 $32,670 Subtotal Direct Cost of Sales $49,050 $53,955 $59, Competitive Edge ABCTSI competitive advantage will be based on an incentive system that rewards the drivers/ members economically when they achieve good service, develop repeat customers and act in a team fashion instead of competing against other company drivers. This incentive system will reward drivers when: 1. The company receives positive feedback about the driver (a feedback system will be set up). 2. The customer is turned into a repeat customer. 3. The driver develops new customers. 4. The driver acts in manners that are team based instead of for individual gain. Through this complicated but purposeful system, ABCTSI is incentivizing behavior that they believe will help the company succeed, while not rewarding behavior that is destructive to the company. 5.3 Milestones ABCTSI will have several milestones to aim for: 1. Business plan completion. This will be done as a road map for the organization. While we do not need a business plan to raise capital, it will be an indispensable tool for the ongoing performance and improvement of the company. 2. Set up office. 3. Profitability. 4. Bringing on board the fourth driver. 5. Establish the universal license 6. Attract 300 members in the first year and 800 by year three Page 10
15 Table: Milestones Milestones Milestone Start Date End Date Budget Manager Department Business plan completion 31/10/ /11/2011 $0 ABC Department Set up office 31/10/ /11/2011 $0 ABC Department Profitability 31/10/ /11/2011 $0 ABC Department Fourth drive hired 31/10/ /11/2011 $0 ABC Department Totals $0 6.0 Management Summary ABC Taxi Service Inc. is owned and operated by Mohammed Hakim Zadah. He has over 15 years experiance in the taxi service industry. 6.1 Personnel Plan The staff will consist of Mohammed working full time in the back office. Mohammed will be responsible for setting up the appointments as well as the marketing to develop customers. By month two, Mohammed will be bringing on board a part-time employee to help him out in answering the phones and setting up appointments for fares. Month two will also bring two drivers to ABCTSI. The head count will remain the same until month five when a third driver will be brought on board. Lastly, month 11 will see a fourth driver brought on board. Table: Personnel Personnel Plan FY 2012 FY 2013 FY 2014 Mohammed $36,000 $36,000 $36,000 Part-time employee $8,800 $16,500 $16,500 Driver $20,600 $21,600 $21,600 Total People Total Payroll $65,400 $74,100 $74, Financial Plan The following sections will detail important financial information. 7.1 Important Assumptions The following table highlights some of the important financial assumptions for ABCTSI. Page 11
16 Table: General Assumptions ABC TAXI SERVICE INC. General Assumptions FY 2012 FY 2013 FY 2014 Plan Month Current Interest Rate 8.00% 8.00% 8.00% Long-term Interest Rate 8.00% 8.00% 8.00% Tax Rate 18.00% 18.00% 18.00% Other Break-even Analysis The Break-even Analysis indicates that ABCTSI must have $15,016 in revenue to break even. Table: Break-even Analysis Break-even Analysis Monthly Revenue Break-even $16,101 Assumptions: Average Percent Variable Cost 19% Estimated Monthly Fixed Cost $12,967 Page 12
17 7.3 Projected Profit and Loss The following table will indicate projected profit and loss. Table: Profit and Loss Pro Forma Profit and Loss FY 2012 FY 2013 FY 2014 Sales $252,000 $419,900 $611,890 Direct Cost of Sales $49,050 $53,955 $59,351 Other $0 $0 $0 Total Cost of Sales $49,050 $53,955 $59,351 Gross Margin $202,950 $365,945 $552,539 Gross Margin % 80.54% 87.15% 90.30% Expenses Payroll $65,400 $74,100 $74,100 Sales and Marketing and Other Expenses $3,100 $3,600 $3,600 Depreciation $28,500 $51,300 $41,040 Web site maintenance $600 $600 $600 Utilities $1,200 $1,200 $1,200 Insurance $5,400 $5,400 $5,400 Rent $6,000 $6,000 $6,000 Payroll Taxes $5,400 $5,800 $6,000 Members profit allocation $40,000 $100,000 $160,000 Total Operating Expenses $155,600 $248,000 $297,940 Profit Before Interest and Taxes $47,350 $117,945 $254,599 EBITDA $75,850 $169,245 $295,639 Interest Expense $21,920 $20,080 $18,160 Taxes Incurred $4,577 $17,616 $42,559 Net Profit $20,853 $80,249 $193,880 Net Profit/Sales 8.27% 19.11% 31.69% Page 13
18 7.4 Projected Balance Sheet The following table will indicate the projected balance sheet. Table: Balance Sheet Pro Forma Balance Sheet Assets FY 2012 FY 2013 FY 2014 Current Assets Cash $143,628 $227,512 $445,715 Other Current Assets $0 $0 $0 Total Current Assets $143,628 $227,512 $445,715 Long-term Assets Long-term Assets $285,000 $285,000 $285,000 Accumulated Depreciation $28,500 $79,800 $120,840 Total Long-term Assets $256,500 $205,200 $164,160 Total Assets $400,128 $432,712 $609,875 Liabilities and Capital FY 2012 FY 2013 FY 2014 Current Liabilities Accounts Payable $41,275 $17,610 $24,893 Current Borrowing $263,000 $239,000 $215,000 Other Current Liabilities $40,000 $40,000 $40,000 Subtotal Current Liabilities $344,275 $296,610 $279,893 Long-term Liabilities $0 $0 $0 Total Liabilities $344,275 $296,610 $279,893 Paid-in Capital $35,000 $35,000 $35,000 Retained Earnings $0 $20,853 $101,102 Earnings $20,853 $80,249 $193,880 Total Capital $55,853 $136,102 $329,982 Total Liabilities and Capital $400,128 $432,712 $609,875 Net Worth $55,853 $136,102 $329,982 Page 14
19 7.5 Projected Cash Flow The following chart and table will indicate projected cash flow. Table: Cash Flow Pro Forma Cash Flow Cash Received FY 2012 FY 2013 FY 2014 Cash from Operations Cash Sales $252,000 $419,900 $611,890 Subtotal Cash from Operations $252,000 $419,900 $611,890 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $285,000 $0 $0 New Other Liabilities (interest-free) $40,000 $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 $577,000 $419,900 $611,890 Expenditures FY 2012 FY 2013 FY 2014 Expenditures from Operations Cash Spending $65,400 $74,100 $74,100 Bill Payments $95,972 $237,916 $295,586 Subtotal Spent on Operations $161,372 $312,016 $369,686 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 Principal Repayment of Current Borrowing $22,000 $24,000 $24,000 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 Purchase Other Current Assets $0 $0 $0 Purchase Long-term Assets $285,000 $0 $0 Dividends $0 $0 $0 Subtotal Cash Spent $468,372 $336,016 $393,686 Net Cash Flow $108,628 $83,884 $218,204 Cash Balance $143,628 $227,512 $445,715 Page 15
20 7.6 Business Ratios The business ratios table below is generated by the planning software using the interconnected tables. Standard industry ratios, based upon Standard Industrial Classification Code (SIC) 4111, Local and Suburban Transit, are shown for comparison. Page 16
21 Table: Ratios Ratio Analysis FY 2012 FY 2013 FY 2014 Industry Profile Sales Growth n.a % 45.72% 3.70% Percent of Total Assets Other Current Assets 0.00% 0.00% 0.00% 45.30% Total Current Assets 35.90% 52.58% 73.08% 64.40% Long-term Assets 64.10% 47.42% 26.92% 35.60% Total Assets % % % % Current Liabilities 86.04% 68.55% 45.89% 31.20% Long-term Liabilities 0.00% 0.00% 0.00% 25.20% Total Liabilities 86.04% 68.55% 45.89% 56.40% Net Worth 13.96% 31.45% 54.11% 43.60% Percent of Sales Sales % % % % Gross Margin 80.54% 87.15% 90.30% 66.70% Selling, General & Administrative Expenses 86.04% 65.37% 60.12% 46.50% Advertising Expenses 0.36% 0.21% 0.19% 0.50% Profit Before Interest and Taxes 18.79% 28.09% 41.61% 2.90% Main Ratios Current Quick Total Debt to Total Assets 86.04% 68.55% 45.89% 56.40% Pre-tax Return on Net Worth 45.53% 71.91% 71.65% 4.60% Pre-tax Return on Assets 6.36% 22.62% 38.77% 10.50% Additional Ratios FY 2012 FY 2013 FY 2014 Net Profit Margin 8.27% 19.11% 31.69% n.a Return on Equity 37.34% 58.96% 58.75% n.a Activity Ratios Accounts Payable Turnover n.a Payment Days n.a Total Asset Turnover n.a Debt Ratios Debt to Net Worth n.a Current Liab. to Liab n.a Liquidity Ratios Net Working Capital ($200,647) ($69,098) $165,822 n.a Interest Coverage n.a Additional Ratios Assets to Sales n.a Current Debt/Total Assets 86% 69% 46% n.a Acid Test n.a Sales/Net Worth n.a Dividend Payout n.a Page 17
22 Appendix Table: Sales Forecast Sales Forecast Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Sales Individuals/families $4,000 $4,000 $4,000 $5,000 $5,000 $6,000 $6,000 $7,000 $7,000 $8,000 $8,000 $8,000 Business Travellers $4,000 $4,000 $4,000 $4,000 $5,000 $5,000 $5,000 $5,000 $6,000 $6,000 $6,000 $6,000 Memberships $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 Dispatch Fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 Total Sales $18,000 $18,000 $18,000 $19,000 $20,000 $21,000 $21,000 $22,000 $23,000 $24,000 $24,000 $24,000 Direct Cost of Sales Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Individuals/families $1,350 $1,350 $1,350 $1,800 $1,800 $1,800 $1,800 $1,800 $2,250 $2,250 $2,250 $2,250 Business travelers $1,800 $1,800 $1,800 $1,800 $2,250 $2,250 $2,250 $2,250 $2,700 $2,700 $2,700 $2,700 Subtotal Direct Cost of Sales $3,150 $3,150 $3,150 $3,600 $4,050 $4,050 $4,050 $4,050 $4,950 $4,950 $4,950 $4,950 Page 1
23 Appendix Table: Personnel Personnel Plan Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Mohammed 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 Part-time employee 0% $0 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 Driver 0% $0 $2,200 $2,200 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 Total People Total Payroll $3,000 $6,000 $6,000 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 Page 2
24 Appendix Table: General Assumptions General Assumptions Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Plan Month Current Interest Rate 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% Long-term Interest Rate 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% Tax Rate 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% Other Page 3
25 Appendix Table: Profit and Loss Pro Forma Profit and Loss Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Sales $18,000 $18,000 $18,000 $19,000 $20,000 $21,000 $21,000 $22,000 $23,000 $24,000 $24,000 $24,000 Direct Cost of Sales $3,150 $3,150 $3,150 $3,600 $4,050 $4,050 $4,050 $4,050 $4,950 $4,950 $4,950 $4,950 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Cost of Sales $3,150 $3,150 $3,150 $3,600 $4,050 $4,050 $4,050 $4,050 $4,950 $4,950 $4,950 $4,950 Gross Margin $14,850 $14,850 $14,850 $15,400 $15,950 $16,950 $16,950 $17,950 $18,050 $19,050 $19,050 $19,050 Gross Margin % 82.50% 82.50% 82.50% 81.05% 79.75% 80.71% 80.71% 81.59% 78.48% 79.38% 79.38% 79.38% Expenses Payroll $3,000 $6,000 $6,000 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 Sales and Marketing and Other $150 $175 $200 $225 $250 $300 $300 $300 $300 $300 $300 $300 Expenses Depreciation $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 Web site maintenance $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 Utilities $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 Insurance $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 Rent $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 Payroll Taxes 15% $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 Members profit allocation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $40,000 Total Operating Expenses $7,075 $10,100 $10,125 $9,750 $9,775 $9,825 $9,825 $9,825 $9,825 $9,825 $9,825 $49,825 Profit Before Interest and Taxes $7,775 $4,750 $4,725 $5,650 $6,175 $7,125 $7,125 $8,125 $8,225 $9,225 $9,225 ($30,775) EBITDA $10,150 $7,125 $7,100 $8,025 $8,550 $9,500 $9,500 $10,500 $10,600 $11,600 $11,600 ($28,400) Interest Expense $1,900 $1,887 $1,873 $1,860 $1,847 $1,833 $1,820 $1,807 $1,793 $1,780 $1,767 $1,753 Taxes Incurred $1,058 $515 $513 $682 $779 $953 $955 $1,137 $1,158 $1,340 $1,343 ($5,855) Net Profit $4,818 $2,348 $2,338 $3,108 $3,549 $4,339 $4,350 $5,181 $5,274 $6,105 $6,116 ($26,673) Net Profit/Sales 26.76% 13.04% 12.99% 16.36% 17.75% 20.66% 20.71% 23.55% 22.93% 25.44% 25.48% % Page 4
26 Appendix Table: Cash Flow Pro Forma Cash Flow Cash Received Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Cash from Operations Cash Sales $18,000 $18,000 $18,000 $19,000 $20,000 $21,000 $21,000 $22,000 $23,000 $24,000 $24,000 $24,000 Subtotal Cash from Operations $18,000 $18,000 $18,000 $19,000 $20,000 $21,000 $21,000 $22,000 $23,000 $24,000 $24,000 $24,000 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 $285,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Other Liabilities (interest-free) $40,000 $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 $343,000 $18,000 $18,000 $19,000 $20,000 $21,000 $21,000 $22,000 $23,000 $24,000 $24,000 $24,000 Expenditures Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Expenditures from Operations Cash Spending $3,000 $6,000 $6,000 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 Bill Payments $260 $7,790 $7,277 $7,308 $7,936 $8,483 $8,685 $8,681 $8,874 $9,757 $9,920 $11,002 Subtotal Spent on Operations $3,260 $13,790 $13,277 $12,908 $13,536 $14,083 $14,285 $14,281 $14,474 $15,357 $15,520 $16,602 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 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 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 $285,000 $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 $288,260 $15,790 $15,277 $14,908 $15,536 $16,083 $16,285 $16,281 $16,474 $17,357 $17,520 $18,602 Net Cash Flow $54,740 $2,210 $2,723 $4,092 $4,464 $4,917 $4,715 $5,719 $6,526 $6,643 $6,480 $5,398 Cash Balance $89,740 $91,950 $94,673 $98,765 $103,229 $108,146 $112,861 $118,580 $125,106 $131,749 $138,230 $143,628 Page 5
27 Appendix Table: Balance Sheet Pro Forma Balance Sheet Assets Starting Balances Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Current Assets Cash $35,000 $89,740 $91,950 $94,673 $98,765 $103,229 $108,146 $112,861 $118,580 $125,106 $131,749 $138,230 $143,628 Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Current Assets $35,000 $89,740 $91,950 $94,673 $98,765 $103,229 $108,146 $112,861 $118,580 $125,106 $131,749 $138,230 $143,628 Long-term Assets Long-term Assets $0 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 Accumulated Depreciation $0 $2,375 $4,750 $7,125 $9,500 $11,875 $14,250 $16,625 $19,000 $21,375 $23,750 $26,125 $28,500 Total Long-term Assets $0 $282,625 $280,250 $277,875 $275,500 $273,125 $270,750 $268,375 $266,000 $263,625 $261,250 $258,875 $256,500 Total Assets $35,000 $372,365 $372,200 $372,548 $374,265 $376,354 $378,896 $381,236 $384,580 $388,731 $392,999 $397,105 $400,128 Liabilities and Capital Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Current Liabilities Accounts Payable $0 $7,547 $7,034 $7,044 $7,653 $8,193 $8,396 $8,386 $8,549 $9,426 $9,589 $9,579 $41,275 Current Borrowing $0 $285,000 $283,000 $281,000 $279,000 $277,000 $275,000 $273,000 $271,000 $269,000 $267,000 $265,000 $263,000 Other Current Liabilities $0 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Subtotal Current Liabilities $0 $332,547 $330,034 $328,044 $326,653 $325,193 $323,396 $321,386 $319,549 $318,426 $316,589 $314,579 $344,275 Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Liabilities $0 $332,547 $330,034 $328,044 $326,653 $325,193 $323,396 $321,386 $319,549 $318,426 $316,589 $314,579 $344,275 Paid-in Capital $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 Retained Earnings $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Earnings $0 $4,818 $7,165 $9,504 $12,612 $16,161 $20,500 $24,850 $30,031 $35,305 $41,410 $47,526 $20,853 Total Capital $35,000 $39,818 $42,165 $44,504 $47,612 $51,161 $55,500 $59,850 $65,031 $70,305 $76,410 $82,526 $55,853 Total Liabilities and Capital $35,000 $372,365 $372,200 $372,548 $374,265 $376,354 $378,896 $381,236 $384,580 $388,731 $392,999 $397,105 $400,128 Net Worth $35,000 $39,818 $42,165 $44,504 $47,612 $51,161 $55,500 $59,850 $65,031 $70,305 $76,410 $82,526 $55,853 Page 6
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