Section2

Team5
Spring2016








BusinessPlan

SuperiorLensProtection
BusinessIdea:Oleophobiceyewearlenscleaningsolution

TeamMembers: Signature EmailAddress:

BrianFirsching: ____________________firschbr@dukes.jmu.edu
ChrisMolloy: ____________________ molloycj@dukes.jmu.edu
AnandPersaud: ____________________ persauae@dukes.jmu.edu
EricTrainor: ____________________ trainoer@dukes.jmu.edu
BradVideon: ____________________ videonbc@dukes.jmu.edu
IanWalsh: ____________________ walshic@dukes.jmu.edu
 Executive Summary
Superior Lens Protection
Brian Firsching
228 Pennsylvania Avenue, Virginia Beach, VA, 23462
Phone: (703)623-0772
E-mail: [firschbr@dukes.jmu.edu]

Management: Business Description: Manufacturing of high quality

Titles: oleophobic coating
Chief Executive Officer
Chief Marketing Officer Products/Services: We are committed to guaranteeing
Chief Operating Officer that our lens cleaning product effectively applies to any
Certified Public Accountant eye wear surface and maintains a long term streak and oil
free lens. Sales volume from year one will increase from
Industry: Eyeglass Cleaning 664,268 units to 1,806,745 units at the end of year five. It
Manufacturing will cost our business $8.09 in variable costs to
manufacture and we will sell our product at a wholesale
Number of Employees: price of $19.41. Aculon will be sourcing most of the parts
Y1: 20 used in our final product.
Y5: 32
Competitive Advantage: Our competitive advantage is
Amount of Financing Sought: that Superior Lens Protection differentiate themselves
Approximately $1.3 Million from their competitors by offering a one-time application
of oleophobic spray that keeps eyeglass lenses streak and
Investment Sources: oil free from four to six months. Most eyeglass cleaning
Angel Investors products are not as effective and need to be applied daily
which becomes frustrating to the regular consumer. Our
Use of Funds: Salaries and wages, oleophobic treatment is the only solution within our
advertising and promotions industry that lasts multiple months before reapplying.

Product selling price: $19.41
Markets: Our target market can be described as the
power elite. The current size of this market is 8.3 million
consumers with an annual market growth of 1.5%.
Revenue will be generated through Internet sales of our
high standard oleophobic treatment.

Distribution Channels: We will be directing our distribution mainly through our website with USPS mailing
our product to consumers. Throughout our first five years we will continue to sell our product directly to our
customers primarily through e-commerce.

Competition: Our potential competitors include companies such as Walgreen's and Zeiss optics. Customers
who own glasses look for lens cleaning products that keep their eyeglasses clean for a long period of time
with fewer applications per unit. Superior Lens Protection will eliminate their competition by providing their
customers with a never before seen eyeglass lens cleaning remedy.

Financial Projections (Unaudited):

2017 2018 2019 2020 2021
Revenue: $12,933.3 $16,460.1 $22,940.8 $26,649.2 $27,101.2 (dollars in thousands)
EBIT: $(1,108.4) $2,005.3 $5,932.4 $8,255.2 $8,141.1
 Exhibit #1
Organizational Chart Superior Lens Protection
December 31, 2018

Board of Directors

Chief Executive
Officer

Human Resource
Certified Public Chief Marketing Chief Operating
Associate
Accountant Officer Officer
(Paychex)

Computer Science
Marketing Technician
Bookkeeper (2)
Associates (3) (Computer Science
Cooperation)

Information
Technology Shipper
Technician (USPS)
(360 IT Partners)

Customer
Service(4)

Front Line
Manager

Assembler &
Packager
Labeler
(4)
(2)

5
Exhibit #2

SLP December 31st 2018

Mandatory
Payroll
Deductions
Projected First (Itemized and
Position Salary/Wage Range Year Salary/Wage Priced) Benefits Total
FICA - $9,180 Standard
Chief Executive SUTA - $416 Benefits
Officer $120,000-$180,000 $120,000 FUTA - $420 $6,842 $139,366
FICA - $6,885 Standard
Chief Operating SUTA - $416 Benefits
Officer $90,000-$160,000 $90,000 FUTA - $420 $5,942 $105,544
FICA - $5,738 Standard
Chief Marketing SUTA - $416 Benefits
Officer $75,000-$120,000 $75,000 FUTA - $420 $5,492 $88,633
FICA - $4,689 Standard
Marketing Associates SUTA - $416 Benefits
(3) $33,460-$116,740 $61,290 FUTA - $420 $5,081 $219,530

FICA - $2,387 Standard

Customer Service SUTA - $416 Benefits
Representatives (4) $19,860-$51,630 $31,200 FUTA - $420 $4,178 $157,013

FICA - $5,044 Standard

Certified Public SUTA - $416 Benefits
Accountant $40,850-$115,950 $65,940 FUTA - $420 $5,221 $78,419
FICA - $2,787 Standard
SUTA - $416 Benefits
Book Keeping Clerk (2) $22,480-$56,470 $36,430 FUTA -$ 420 $4,335 $90,299
FICA - $5,465 Standard
SUTA - $416 Benefits
Front Line Manager $56,290-$158,170 $71,440 FUTA - $420 $5,386 $84,620
FICA - $2,388 Standard
Assembler and SUTA - $416 Benefits
Labeler (2) $21,660-$52,450 $31,220 FUTA - $420 $4,179 $78,551
FICA - $1,683 Standard
SUTA - $416 Benefits
Packagers (4) $17,040-$33,960 $22,000 FUTA - $420 $3,902 $115,524

Standard Benefits: 10 Days Vacation, 10 Days Paid Sick Leave, Direct Deposit, Health Insurance (70%
Coverage, PPO), Simple IRA, S/T Disability, L/T Disability

6
Exhibit #3: Market Segmentation and Targeting
Size (# of Priority
Segment Growth
People in Description level for Justification for Targeting
Name Projection
Segment) targeting
America's wealthiest households
People in this group are the country's
concentrated in the country's
wealthiest citizens who tend to purchase a
largest metropolitan areas, a third
high amount of luxury goods. This group
of this group's income is over
also maintains an active lifestyle and buy
$250,000 annually. This is the
designer sunglasses which they need to
1.492% nation's strongest market for
keep clean. Since we will be starting up as
Power Elite 8,331,937 Yearly purchasing luxury goods. This 1
an internet company, we wanted
Growth market stays current with
segments with a high ranking on internet
the latest fashion trends and tend
purchases. The Power Elite ranked second
to buy designer labels from high-
out of all the different segments which
end retailers. They are also
makes these consumers a prime target for
ranked second in internet
our product.
purchases.

Around 2/3 of households are

married couples with children
ranging from preschool to post-
grad. Most households contain
dual earners, creating a healthy 6-
figure income. They lead active
Flourishing 2% Yearly
6,565,217 lifestyles and wear eyprotection
Families Growth
when playing sports, or while on
vacation. Many prefer the ease
and convenience of shopping
through catalogs and websites
along with the assurance that they
are recieveing something of value.
These families have the money to spend
and have no problem spending it. Many
people already wear regular glasses, and
in addition to that, these families take
3 trips and participate in activities which
could be made more enjoyable by wearing
sunglasses. They want the highest quality
for themselves and their children and will
buy whatever makes that possible.

College educated consumers with

above average income enjoy being Consumers have high income and are
active in their lifestyle and in the fashion concious due to their urban
City College .725% Yearly
1,363,209 fashion scene. They are the top 2 lifestyle. Along with this they have the
Solos Growth
rated purchasers of online goods highest usage of online purchasing in the
and also rank highest in exercising. Mosaic segments.
Typically aged 25-45.

7
Fixed Costs 2017 2018 2019 2020
Advertising $ 2,586,661.00 $ 1,975,211.90 $ 1,835,267.61 $ 1,598,950.91
Salaries $ 803,910.00 $ 803,910.00 $ 803,910.00 $ 803,910.00
Rent/Mortgage $ 72,000.00 $ 72,000.00 $ 72,000.00 $ 72,000.00
Utilities $ 299,604.23 $ 307,214.18 $ 314,372.27 $ 321,634.27
Licence fees $ 3,685.32 $ 3,778.93 $ 3,866.98 $ 3,956.30
Interest on debt $ 93,156.70 $ 95,522.88 $ 97,748.56 $ 100,006.56
Insurance expense $ 55,960.00 $ 61,556.00 $ 67,152.00 $ 78,344.00
Other Overhead $ 12,284.40 $ 12,596.42 $ 12,889.92 $ 13,187.68

Total Fixed Cost $ 3,927,261.65 $ 3,331,790.31 $ 3,207,207.34 $ 2,991,989.71

Variable Costs
Shipping Label $ 0.50 $ 0.40 $ 0.22 $ 0.18
Microfiber Cloth $ 0.05 $ 0.05 $ 0.05 $ 0.05
Bottle $ 0.09 $ 0.09 $ 0.09 $ 0.09
Envelope $ 0.05 $ 0.05 $ 0.05 $ 0.05
Bottle Label $ 0.04 $ 0.03 $ 0.02 $ 0.02
Oleophobic Mixture $ 6.00 $ 6.00 $ 6.00 $ 6.00
Outbound transportation $ 1.09 $ 1.09 $ 1.09 $ 1.09
Labor cost (wages) $ 0.29 $ 0.38 $ 0.37 $ 0.37

Total Variable Cost $ 8.11 $ 8.09 $ 7.89 $ 7.85

Profit Margin 2.4 2.4 2.4 2.4

Price $ 19.47 $ 19.41 $ 18.92 $ 18.83

Breakeven Point (quantity) 345,800 294,204 290,531 272,362

Breakeven Point ($) $ 6,732,448.55 $ 5,711,640.54 $ 5,498,069.72 $ 5,129,125.22

We decided on a profit margin of 2.4 because it puts our price in a similar range to comparable oleoph
phone treatments. Due to demand for these products, they are commonly out of stock on Amazon. For this
reason, I feel that the product will have no problem competing with competitors in terms of price.
 2021
$ 1,355,058.88
$ 803,910.00
$ 72,000.00
$ 329,064.02
$ 4,047.69
$ -
$ 83,940.00
$ 13,492.31

$ 2,661,512.91

$ 0.16
$ 0.05
$ 0.09
$ 0.05
$ 0.02
$ 6.00
$ 1.09
$ 0.35

$ 7.81

2.4

$ 18.75

243,324

$ 4,562,593.56

e to comparable oleophobic
ck on Amazon. For this
in terms of price.
Exhibit #4: Market Quantification
Total Market
Annual
Potential Growth Market Annual Unit W/Sale Retail Annual $
Year purchase
(No. of Projection** Share*** Sales Price Price Revenue
amount****
Customers)*

2016 (ramp
up year) 16,260,363.30 2.13%
2017 16,606,709.04 2.13% 3% 1 664,268.36 $ 19.47 N/A $ 12,933,305.00
2018 16,960,431.94 2.13% 4% 1 848,021.60 $ 19.41 N/A $ 16,460,099.20
2019 17,321,689.14 2.13% 5% 1 1,212,518.24 $ 18.92 N/A $ 22,940,845.10
2020 17,690,641.12 2.13% 7% 1 1,415,251.29 $ 18.83 N/A $ 26,649,181.79
2021 18,067,451.78 2.13% 8% 1 1,445,396.14 $ 18.75 N/A $ 27,101,177.67
*Taken from Mosaic demographic analysis. Used in conjunction with census data to calculate number of people in the
U.S.who wear sunglasses/glasses in these markets. Each year is rising becasue of our marketshare growth.
**Taken from census projections for age group growth through the year 2020. Averaged out to create a yearly growth
projection. We don't expect to grab a larger percentage because there will be no exposure to customers who don't shop
online. In the future, our growth should improve once we advance our marketing strategies and access more markets.

***Taken from Maloney's 16% rule. We expect to meet our steady growth requirements and emerge into the market in the
first five years of operation.
****Assumption based off of Mintel consumer purchasing and interest combined with longevity of product. It isn't a
high number becasue our customers are expecting the product to last and be effective for several months in between
applications and each unit is meant to provide multiple uses.
Due to exclusive wholesale in the first few years all sales will be online. Despite our potential demand in retail
stores in the later few years of production, we will still continue to promote sales through e-commerce.

Breakeven Analysis
Unit
Average Total Fixed BEP in
Monthly Revenue Year Variabl
Price Costs Units
e Cost
January $ 775,998.30 6% 2017 $ 19.47 $ 3,927,261.65 $ 8.11 345,800
February $ 775,998.30 6% 2018 $ 19.41 $ 3,331,790.31 $ 8.09 294,204
March $ 905,331.35 7% 2019 $ 18.92 $ 3,207,207.34 $ 7.89 290,531
April $ 1,163,997.45 9% 2020 $ 18.83 $ 2,991,989.71 $ 7.85 272,362
May $ 1,293,330.50 10% 2021 $ 18.75 $ 2,661,512.91 $ 7.81 243,324
June $ 1,551,996.60 12% Our assumptions used in calculating both interest expenses
July $ 1,551,996.60 12% and insurance expenses came from comparable company
August $ 1,163,997.45 9% financial ratios relating to operating income. We also
September $ 1,034,664.40 8% assume that 1.7% of annual operating income should be
October $ 1,034,664.40 8% reinvested into advertising and marketing according to
November $ 905,331.35 7% industry ratios.
December $ 775,998.30 6%

8
Exhibit #5: Perceptual Map and Positioning Statement
Many applications
per unit

Short term Long term

cleanliness cleanliness

Few applications
per unit

Key:

Superior Lens Protection

Clearwipe Microfiber Lens Cleaner
Flents Wipe N' Clear
Mack's Lens Wipes
Sight Savers Lens Cleaner
Walgreens Lens Cleaner Spray
Walgreen Lens Wipes
Zeiss Lens Wipes

Positioning Statement: For people who live an active lifestyle, Superior Lens
Protection is an easy to use oleophobic spray that offers long term cleanliness
with only one application every few months.

9
Exhibit #6: Marketing Mix
Product/Service Branding
Our name, Superior Lens Protection promises our customers that our product gurantees the safety and security of their
lenses. Our brand will become known for quality and consistency.
Pricing
2017 2018 2019 2020 2021
Unit Variable Cost: $8.11 $8.09 $7.89 $7.85 $7.81
Wholesale Price: $19.47 $19.41 $18.92 $18.83 $18.75
Retail Price: N/A N/A N/A N/A N/A
Other oleophobic solutions are similarly priced, but intended for different uses. Our unique, long lasting protection
provides enough added value from not having to continuously re apply the solution to your lenses that charging slightly
above the competition shouldn't be an issue.
Distribution/Location Strategy
Superior Lens Protection will distribute solely via a direct channel for at least the first two years of operations.
Customers will go on our website to purchase the product and then we will ship it directly to them. We are only selling
online for at least two years because our target market is so large that it would be extremely difficult and expensive to
reach the entire market. Our company is located in Virginia Beach, VA. We feel that there would be a high demand for
our product in that region and shipping to those residents would be simple.

Promotional Strategy
2017 2018 2019 2020 2021
Total IMC Budget: $2,586,661.00 $1,975,211.90 $1,835,267.61 $1,598,950.91 $1,355,058.88
Advertising Exp: $517,332.20 $395,042.38 $367,053.52 $319,790.18 $271,011.78
Sales Promos Exp: 0 0 0 0 0
Direct Marketing Exp: $1,034,664.40 $790,084.76 $734,107.04 $639,580.36 $542,023.55
IMC Production Exp: $646,665.25 $493,802.98 $458,816.90 $399,737.73 $338,764.72
PR Expense: $387,999.15 $296,281.79 $275,290.14 $239,842.64 $203,258.83
We will use spyware and advertise on websites that our customers are likely to visit. Our target market is full of people
who are frequent online shoppers, so we should be able to reach a large percentage of our potential market strictly
through online advertising. Another means of promotion outside of our vector is word of mouth.

No. of Salespeople: N/A N/A N/A N/A N/A If applicable

Compensation Method: N/A
Our sales management plan is to run ad campaigns in order to generate traffic to our website where we will offer direct
shipping to the customers when they order our product online.

10
Exhibit 7: Process Map

Raw Materials Assemble Package Finished Goods

Source 2400/hr 480/hr

Q2 Q1 F2 B1 F1

Ship
or Deliver
Store

Warehouse

Deliver

For each major quality step:

Quality What is How How will you ensure quality?
Step measured? often?
Q1 Length of Effect Once a Apply solution to multiple lenses, stress test them once a week to
week ensure consistency.
Q2 Integrity of the Every Pick random bottles out and test to see if the lid had been screwed on
Bottle Day tight enough and that the spray function works.

For each critical failure point:

Failure Brief description How will you How will you recover if this failure occurs?
Point prevent this failure?
F1 Increase monitoring of Intervene if data If an employee does not meet production quota,
process for capacity in reveals unexpected then we can conduct weekly performance
packaging changes appraisals until standard utilization is met.
F2 Assembly Machine Steady maintenance of Find an alternative way to assemble the product
Malfunction the machine that will still be efficient and meet demand.

11
Operations Exhibit 8: Quality Assurance
Indicate the Why is this dimension important, given your industry & Identify the Quality
Dimensions target market? Step(s) on the Process
of Quality on Flowchart / Service
which you will Blueprint to which this
focus. corresponds.
Reliability People will choose our product because of its long term effect Raw Materials
and ability to maintain the quality of their lenses. The quality of
the materials that we include in the production of our spray will
directly correlate to how well our customers will rely on its effect.
Performance We want to develop customer loyalty through the easy and Finished Goods
effective way to use our product and our target market is filled
with a customer base that has very high expectations, given that
our product is much more expensive than alternative lens
treatment products.
Perceived We have to present our product in a way that illustrates our Packaging
Quality status above the rest of the competition. We are targeting a
wealthy market and the way we package our product is a key
determinant in how customers will view its quality.
Convenience Our product is easy to use, lasts a long time and will help our Finished Goods
customers live an easier life. Customers in our target market live
active lifestyles and dont have time to constantly be worrying
about cleaning their lenses. Our goal is to offer a product that
provides a convenient, long term solution to a common problem.

Use the space below to describe any additional Proactive Quality Assurance Plans that are not connected
to a specific activity on your Process Flowchart / Service Blueprint.
Upon arrival of the raw materials to the warehouse there will be a sample taken and used for a test. In this test we
will apply the solution to glass surfaces and examine the effects of the oleophobic solution on the median.

Describe any reactive quality assurance plans. Include a recovery plan should a customer receive poor
quality goods and/or services.
If a customer were to receive poor quality goods from us, then we would offer them a return of their original
product and replace it at no cost to the customer. We will then look into what caused the problem itself and
determine what action needs to be taken in order to prevent the defect from reoccurring. Due to us operating
strictly through online sales it is imperative that we provide as much of a customer friendly atmosphere as possible.

If you will utilize a quality/process improvement methodology, indicate which:

NA TQM Six Sigma ISO Benchmarking
Other (specify what):
Note: You will not use all of them; only those with highest relevance.
Provide a specific explanation of how your chosen quality methodology relates to your business and how
it will be applied:
ISO-9001 will help us maintain the quality of our product by receiving third party assistance in maintaining our
premier level of quality. By presenting an ISO certification we can generate a high level of customer trust. This will
positively impact our business by physically maintaining the quality of our product and keeping our workers trying
their hardest to not only meet our standards, but that of our customers and the ISO inspectors.
 Operations Exhibit 9A: Inventory, Suppliers and Distribution

RAW MATERIAL INVENTORY & SUPPLIER SELECTION If your organization does not have raw material inventory, please check this box: NA
Item(s) Supplier Name & Reason for selecting this Supplier lead Frequency of System of Mode(s) of
Location (City, supplier time (in days) replenishment Management Transportation
State, Country) (in days)
Bottle Labels Guangzhou Yifeng Low cost labels, which have 15 days 30 days ABC System Highway Rail
Printing and SGS certification. Waterway Air
Packaging Company,
Ltd. Guangdong,
China
Bottles Yuyao Subir The quality of the spray nozzle 30 days 30 days ABC System Highway Rail
packaging CO.,LTD and it cuts down on our Waterway Air
production requirement with
the nozzle included
Solution Aculon, Inc. San Aculon is an award-winning 10 days 30 days ABC System Highway Rail
Diego, CA, USA and proven supplier to multiple Waterway Air
industries. Safety data is also
provided by Aculon.
http://www.aculon.com/pdfs/
Aculon%20Multi-
Surface%20Oleophobic%20Tr
eatment%20SDS%2015%20Jul
y%202015.pdf
Microfiber Wenzhou Linyao Large supply ability with 30 days 456 days ABC System Highway Rail
Cloth International affordable costs Waterway Air
Trading Co., Ltd.
China (Mainland)
Envelopes Envelope Superstore, Low cost and large quantity 10 days 45 days ABC System Highway Rail
Hiram, GA, USA order capability Waterway Air

Shipping Labels Wuxi Solong Low cost and quick 20 days 20 days ABC System Highway Rail
Information Paper replenishment rate, ISO-9001 Waterway Air
Co., LTD. certified
Jiangsu, China
(Mainland)

FINISHED GOODS INVENTORY If your organization does not have finished goods inventory, please check this box: NA
Finished goods produced Frequency of shipping Average level of Amount of safety stock on
(per hour) finished goods Finished goods site
inventory on site
At the end of Year 1 360 goods/hour Once per day 49,972 goods 49,972 goods
At the end of Year 2 480 goods/hour Once per day 104,298 goods 104,298 goods
At the end of Year 3 660 goods/hour Once per day 96,922 goods 96,922 goods
At the end of Year 4 840 goods/hour Once per day 251,309 goods 251,309 goods
At the end of Year 5 960 goods/hour Once per day 97,895 goods 97,895 goods

What is the lifespan of your finished
goods inventory?
How will you manage perishability of
Finished Goods Inventory?
DISTRIBUTION
NA According to the supplier, the oleophobic solution has a shelf life of 2 years
unopened and ~1 minute when opened due to the quick drying nature of the
solution.
http://www.aculon.com/pdfs/multisurfaceoleophobictds.pdf
NA In order to prevent any loss of finished goods, we will make sure each 3ml
bottle is securely capped. As long as the fluid stays sealed, it should remain
fresh for 2 years.
If your organization does not require distribution, please check this box: NA

Name of transportation provider/carrier Reason(s) for selecting this provider/carrier Frequency of Pick Up / Drop off
USPS USPS has the lowest costs across the board Upon schedule, once per day

13
Exhibit 10: Capacity

Demand Hours of Capacity Utilization

(per hour) Operation (per hour) (%)
At Start Up 204.89 units Monday - Friday 526.32 38.93%
8AM - 5PM
At the end of Year 1 236.05 units Monday - Friday 526.3 44.85%
8AM - 5PM
At the end of Year 2 360.30 units Monday - Friday 526.32 68.46%
8AM - 5PM
At the end of Year 3 472.66 units Monday - Friday 526.32 89.80%
8AM - 5PM
At the end of Year 4 637.84 units Monday - Friday 1,052.63 60.59%
8AM - 5PM
At the end of Year 5 763.83 units Monday - Friday 1,052.63 72.56%
8AM - 5PM

Bottleneck Brief description of
Bottleneck
Packaging Since packaging will be
done manually by hand,
this process will be the
slowest and most time
consuming.
How will you manage the bottleneck identified on your Process
Map to ensure you can appropriately serve or supply your
customers?
In order to compensate for the increased amount of time and labor
necessary in this process, we will divert more labor to this step of the
assembly line rather than bottling. There will also be a quota system
in place that each employee in the warehouse will be required to
meet.

Additional resources (beyond your bottleneck) must be appropriately allocated to support operations.
Identify which resources have a significant impact on your capacity at start up and describe why these
are appropriate amounts of resources to start up your organization.
The resource that we need to appropriately allocate to support operations is the oleophobic fluid. This will have
the biggest impact on everything because without making sure that we properly use it, we will fail to meet
demand and lose a large part of our investment.
Describe all/any adjustments you will make as resource requirements vary with time. Be specific
regarding which key resources will be adjusted, when and how. If you will make multiple adjustments,
explain each adjustment.
We will adjust our supply of the oleophobic solution in accordance with our desired production level so we
dont have an excess amount of units that will use up their shelf life, sitting in our warehouse. Since the
oleophobic solution is the most expensive and the only perishable component of the finished product, its
preservation is key to long term success. Also, at the end of year three we will have to purchase a second liquid
bottling and labeling machine to assure that our demand does not exceed supply per hour. By purchasing a
second machine we will have to hire two extra assembly workers.

How will you manage seasonality?
We will count the seasonal changes as
average points when we expect our sales
to be lower, and in the months we expect
it to be higher will seem much higher
NA Seasonality will change our demand levels because more people
will be wearing sunglasses and going outside when the weather is
warm in the summer time. We will produce more in the winter
months when the demand is low, so we wont have to push
production too hard when the demand spikes over the summer.

14
 Group 5
Proforma Income Statement
Exhibit #11 Income Statement

For the Year Ended December 31, Year 1 Year 2 Year 3 Year 4 Year 5
12/31/2017 % 12/31/2018 % 12/31/2019 % 12/31/2020 % 12/31/2021 %

Sales Revenue1 $ 12,933,305 100.00% $ 16,460,099 100.00% $ 22,940,845 100.00% $ 26,649,182 100.00% $ 27,101,178 100.00%
COGS2 $ 9,382,457 72.54% 10,259,770 62.33% 12,670,268 55.23% 13,997,009 52.52% 14,692,856 54.21%
Gross Profit $ 3,550,848 27.46% $ 6,200,329 37.67% $ 10,270,577 44.77% $ 12,652,173 47.48% $ 12,408,322 45.79%

General and Administrative Expenses

Salaries Expense $ 954,350 7.38% $ 998,350 6.07% $ 1,042,350 4.54% $ 1,148,790 4.31% $ 1,192,790 4.40%
Payroll Expenses3 73,008 0.56% 76,374 0.46% 79,740 0.35% 87,882 0.33% 91,248 0.34%
Employee Benefits4 93,474 0.72% 101,278 0.62% 109,082 0.48% 125,244 0.47% 133,048 0.49%
Utilities Expense $ 299,604.23 2.32% 307,214 1.87% 314,372 1.37% 321,634 1.21% 329,064 1.21%
Depreciation Expense5 8,546 0.07% 14,646.10 0.09% 10,459.79 0.05% 7,589.00 0.03% 5,545.20 0.02%
Rent Expense 72,000 0.56% 72,000 0.44% 72,000 0.31% 72,000 0.27% 72,000 0.27%
Website Expense6 35,000 0.27% 18,000 0.11% 18,000 0.08% 18,000 0.07% 18,000 0.07%
Advertising and Promotion Expense7 $2,586,661 20.00% 1,975,212 12.00% 1,835,268 8.00% 1,598,951 6.00% 1,355,059 5.00%
Licensing Expense8 $ 3,685.32 0.03% 3,779 0.02% 3,867 0.02% 3,956 0.01% 4,048 0.01%
Wasted Product Expense9 140,991 1.09% 184,845 1.12% 247,746 1.08% 313,813 1.18% 357,120 1.32%
Employee Training10 19,200 0.15% 2,400 0.01% 2,400 0.01% 3,600 0.01% 2,400 0.01%
ISO-9001 Expense11 24,000 0.19% 4,000 0.02% 4,000 0.02% 4,000 0.02% 4,000 0.01%
Credit Card Expense12 323,333 2.50% 411,502 2.50% 573,521 2.50% 666,230 2.50% 677,529 2.50%
Legal Expense13 25,347 0.20% 25,389 0.15% 25,337 0.11% 25,332 0.10% 25,332 0.09%
Total General and Administrative Expenses
$ 4,659,199 36.02% $ 4,194,990 25.49% $ 4,338,143 $ 4,397,022 $ 4,267,184
Earnings Before Interest and Taxes $ (1,108,351) -8.57% $ 2,005,339 12.18% $ 5,932,434 $ 8,255,151 $ 8,141,138

Interest Expense14 $93,156.70 $95,522.88 $97,748.56 $100,006.56 0

Earnings Before Taxes $ (1,201,507) $ 1,909,817 $ 5,834,686 $ 8,155,144 $ 8,141,138

Income Tax Expense15 $ 775,998 $ 987,606 6.00% $ 1,376,451 6.00% $ 1,598,951 6.00% $ 1,626,071 6.00%

Net Income (Loss) $ (1,977,506) $ 922,211 5.60% $ 4,458,235 19.43% $ 6,556,193 24.60% $ 6,515,068 24.04%

Statement of Retained Earnings

Beginning Balance of Retained Earnings $ 1,300,000 $ (677,506) $ 244,705 $ 4,702,940 $ 11,259,134

Net Income (Loss) (1,977,506) 922,211 4,458,235 6,556,193 6,515,068

Ending Retained Earnings $ (677,506) $ 244,705 $ 4,702,940 $ 11,259,134 $ 17,774,201

15
 Group 5
Proforma Balance Sheet
Exhibit #12 Balance Sheet As of Inception Date Ending Date Ending Date Ending Date Ending Date Ending
Date % Year 1 % Year 2 % Year 3 % Year 4 % Year 5 %
ASSETS

Current Assets

Cash and Cash Equivalents1 $ 1,240,196 95.40% $ 299,421 19.55% $ 47,273 2.66% $ 4,174,090 65.90% 7,705,845 68.14% 15,409,546 86.45%
Accounts Receivable2 - 0.00% 775,998 50.65% 848,022 47.76% 1,376,450.71 11.95% 1,598,951 14.14% 1,626,071 9.12%
Inventory3 - 0.00% 405,273 26.45% 843,771 47.52% 756,961 11.95% 1,972,776 17.45% 764,560 4.29%
Short Term Investments - 0.00% - 0.00% - 0.00% 0.00% 0.00% 0.00%
Total Current Assets4 $ 1,240,196 95.40% $ 1,480,692 96.65% $1,739,066 97.94% $ 6,307,502 99.59% $ 11,277,571 99.73% $ 17,800,177 99.86%

Fixed (Long-Term) Assets

Machinery and Equipment5 59,804 4.60% 59,804 3.90% 59,804 3.37% 59,804 0.94% 71,804 0.63% 71,804 0.40%
Buildings - 0.00% - 0.00% 0.00% 0.00% 0.00% 0.00%
Land - 0.00% - 0.00% 0.00% 0.00% 0.00% 0.00%
Total Gross Fixed Assets6 $ 59,804 4.60% $ 59,804 3.90% $ 59,804 3.37% $ 59,804 0.94% $ 71,804 0.63% $ 71,804 0.40%
Less: Accumulated Depreciation7 - 0.00% (8,546) -0.56% (23,192) -1.31% (33,652) -0.53% (41,241) -0.36% (46,786) -0.26%
Net Fixed Assets8 $ 59,804 4.60% $ 51,258 3.35% $ 36,612 2.06% $ 26,152 0.41% $ 30,563 0.27% $ 25,018 0.14%

Other Long Term Assets

Long Term Investments - 0.00% - 0.00% - 0.00% - 0.00% 0.00% - 0.00%

Intangibles, Net of Amortization - 0.00% - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
Total Other Long Term Assets $ - 0.00% $ - 0.00% $ - 0.00% $ - 0.00% 0.00% $ - 0.00%

Total Assets9 $ 1,300,000 100.00% $ 1,531,950 100.00% $1,775,678 100.00% $ 6,333,654 100.00% $ 11,308,135 100.00% $ 17,825,195 100.00%

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities -

Current Liabilities

Accounts Payable5 - 0.00% - 0.00% 0.00% - 0.00% - 0.00% - 0.00%

Accrued Salaries and Wages11 - 0.00% 36,706 2.40% 38,398 2.16% 40,090 0.63% 44,184 0.39% 45,877 0.26%
Accrued Payroll Taxes and Benefits12 0 0.28% 3,595 0.23% 3,895 0.22% 4,195 0.07% 4,817 0.04% 5,117 0.03%
Notes Payable - 0.00% - 0.00% 0.00% 0.00% - 0.00% - 0.00%
Current Maturity of LT Debt - 0.00% - 0.00% 0.00% 0.00% - 0.00% 0.00%
Income Taxes Payable13 $ 775,998

Total Current Liabilities14 $ - 0.00% $ 816,299 53.28% $ 42,293 2.38% $ 44,286 0.70% $ 49,001 0.43% $ 50,994 0.29%

Long-Term Liabilities

LT Debt Less Current Maturities15 $ 1,300,000 100.00% $ 1,393,157 90.94% $1,488,680 83.84% $ 1,586,428 25.05% $ - 0.00% $ - 0.00%

Total Liabilities16 $ 1,300,000 100.00% 2,209,455.92 144.23% $1,530,973 86.22% $ 1,630,714 25.75% $ 49,001 0.43% $ 50,994 0.29%

STOCKHOLDER'S EQUITY

Common Stock - 0.00% - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%

Retained Earnings16 - 0.00% (677,506) -44.23% 244,705 13.78% 4,702,940 74.25% 11,259,134 99.57% 17,774,201 99.71%
Total Stockholders' Equity17 $ - 0.00% $ (677,506) -44.23% $ 244,705 13.78% $ 4,702,940 74.25% $ 11,259,134 99.57% $ 17,774,201 99.71%

Total Liabilities and Stockholders' Equity $ 1,300,000 100.00% $ 1,531,950 100.00% $1,775,678 100.00% $ 6,333,654 100.00% $ 11,308,135 100.00% $ 17,825,195 100.00%

16
Group 5
Proforma Statement of Cash Flows
Exhibit #13 Cash Flows
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
Cash Flows From (For) Operations
Net Income (Loss)1 $ (1,977,506) $ 922,211 $ 4,458,235 $ 6,556,193 $ 6,515,068
Depreciation and Amoritization2 101,703 110,169 108,208 107,596 5,545
Changes in Current Assets
Accounts Receivable3 (775,998) (72,023) (528,429) (222,500) (27,120)
Inventory4 (405,273) (438,498) 86,810 (1,215,815) 1,208,216

Changes in Current Liabilities

Accounts Payable - - - - -
Accrued Salaries and Wages5 36,706 1,692 1,692 4,094 1,692
Accrued Payroll Taxes and Benefits6 3,595 300 300 622 300
Income Taxes Payable7 775,998 (775,998)
Cash From (For) Operating Activities $ (2,240,775) $ (252,147) $ 4,126,817 $ 5,230,189 $ 7,703,701

Cash Flow (For) From Investing Activities

Fixed Asset Purchases - - (12,000) -
Short Term Investments - - - - -
Long Term Investments6 -
Net Cash Flows (For) From Investing $ - $ - $ - $ (12,000) $ -

Cash Flow From (For) Financing Activities

Issuance of Common Stock $ - $ - $ - $ -

Short Term Debt Borrowings -
Long Term Debt Borrowings 1,300,000 - - - -
Short Term Debt Payments - -
Long Term Debt Payments - - - (1,686,435)
Dividends Paid to Stockholders7 - - - - -
Cash Flows From (For) Financing $ 1,300,000 $ - $ - $ (1,686,435) $ -

Net Change in Cash $ (940,775) $ (252,147) $ 4,126,817 $ 3,531,755 $ 7,703,701

Beginning Cash Balance $ 1,240,196 $ 299,421 $ 47,273 $ 4,174,090 $ 7,705,845

Net Change in Cash $ (940,775) $ (252,147) $ 4,126,817 $ 3,531,755 $ 7,703,701

Ending Cash Balance $ 299,421 $ 47,273 $ 4,174,090 $ 7,705,845 $ 15,409,546

17
Exhibit # 14

Year 1 Year 2 Year 3 Year 4 Year 5

Current Ratio 1.81 41.12 142.43 230.15 349.07

Operating Cycle (in days) 15.77 30.02 21.81 51.44 18.99

Net Operating Cycle (in days) 15.77 30.02 21.81 51.44 18.99

Operating Breakeven (In Units) 1081870.08 2149542.14 2069166.03 1930315.94 1717105.10

Gross Profit Margin 27.46% 37.67% 44.77% 47.48% 45.79%

Operating Profit Margin -8.57% 5.60% 19.43% 24.60% 0.00%

Net Profit Margin -15.29% 0.00% 5.60% 5.60% 19.43%

Fixed Asset Turnover $ 252.32 $ 449.58 $ 877.20 $ 871.93 $ 1,083.26

Total Asset Turnover Ratio $ 8.44 $ 9.27 $ 3.62 $ 2.36 $ 1.52

Debt Ratio 144.23% 86.22% 25.75% 0.43% 0.29%

Debt-Equity Ratio $ (3.26) $ 6.26 $ 0.35 $ 0.00 $ 0.00

Equity Multiplier -2.26 7.26 1.35 1.00 1.00

Cash Flow to Debt $ (1.01) $ (0.16) $ 2.53 $ 106.74 $ 151.07

Return on Assets $ (1.29) $ 0.52 $ 0.70 $ 0.58 $ 0.37

Return on Equity $ 2.92 $ 3.77 $ 0.95 $ 0.58 $ 0.37

18
Notes to the Financial Statements

Income Statement

1. Sales revenue is based on Mintel statistics stating a 4% market growth and consumer survey
indicating that 60% of glasses wearers would purchase our product.

2. COGS based on variable costs found in Breakeven Point Marketing Lab

3. Payroll taxes consist of 6% FUTA, 5.2% SUTA, FICA (6.2% Social Security, 1.45% Medicare).

4. Employee benefits consist of health insurance (70% coverage of $2,727.90 per employee), simple IRA
(up to 3% matching contribution), workers compensation (2.04% for new businesses in VA), S/T
Disability ($228.00 per employee), L/T Disability ($237.00 per employee), Direct Deposit ($49.40 for 26
transactions per employee).

5. Depreciation calculated using MACRS, classifying asssets as having a 7 year life. See Depreciation
expense tab for calculations for: bottling machine(s), Shipping label printer, fork lift, and pallet jack.

6. Website expense based on estimations for small sized corporation according to Talino Designs.

7. Advertising expenses taken from the total IMC budget.

8. Licenses expense estimated from $300/month for a standard business license, adjusted for inflation

9. Wasted Product expense is estimated at 1% of total output. Cost is estimated high until procedures
are implemented and tested.

10. Employee training estimated at $1200 a year per employee.

11. ISO-9001 expenses based on the 9000 store cost estimations. In the first year, an external quality
manager will help set ISO-9001 safety standard protocols. The remaining years will simply include audits
of processes.

12. Credit card sales estimated at 2.5% of sales revenue since sales will be exclusively online. Expense
rate estimated by CardFellow LLC.

13. We will be paying the lawyer 25% of the median salary. This is to maintain a lawyer on retainer for
potential legal issues regarding health concerns and safety.

14. Interest expense based on industry averages of 7% of operating income.

15. Income tax calculated using 6% Virginia corporation rate; no double taxation due to S-Corp status.
Balance Sheet

1. Cash and Cash Equivalents are equal to the Ending Cash Balance from the previous year's statement
of cash flows.

2. Accounts Receivable is the amount of sales in December that cannot be collected until January.

3. Inventory amount found by multiplying the Finished Goods inventory on site at the end of the year by
the unit variable cost for each respective year.

4. Total current assets is the sum of cash, accounts receivable, and inventory

5. Machinery and equipment increases after three years because we purchase another machine to meet
demand.

6. Total Gross Fixed Assets only consists of our bottling/labeling machine.

7. Depreciation calculated using MACRS, classifying asssets as having a 7 year life. See Dpreciation
expense tab for calculations for: bottling machine (alibaba), fork lift.

8. Our Total Net Assets in the value of the accumulated depreciation subtracted from the gross fixed
assets.

9. Total assets calculated by summing Current and Long term assests.

10. Accrued salaries are using the last two weeks of each year.

11. Accrued payroll expenses estimated presuming wages paid on a bi-weekly basis.

12. Income taxes payable calculated by multiplying sales revenue by an estimated 6%.

13. Total current liabilities is the sum of accrued salary, accrued payroll, and income taxes payable.

14. Current Maturities is the amount we originally borrowed added to the interest.

15. Total Liabilities is the sum of current liabilities and current maturitites.

16. Retained Earnings is the beginning balance minus the net income (loss).

17. Total Stockholder's Equity is equal to Retained Earnings because we don't have any common stock.
Statement of Cash Flows

1. Net Income (Loss) is taken from the Income Statement

2. Depreciation calculated using MACRS, classifying assets as having a 7 year useful life.

3. Accounts Receivable is the amount of sales in December that cannot be collected until January

4. Inventory amount found by multiplying the Finished Goods inventory on site at the end of the year by
the unit variable cost for each respective year.

5. Accrued salaries are using the last two weeks of each year.

6. Accrued payroll expenses estimated presuming wages paid on a bi-weekly basis.

7. Income taxes payable calculated by multiplying sales revenue by an estimated 6%.

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VA/

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https://www.irs.gov/Retirement-Plans/Choosing-a-Retirement-Plan-SIMPLE-IRA-Plan

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http://www.mutualofomaha.com/disability-insurance/plan/quote.php

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from https://www.donrowe.com/usage-chart-a/259.htm
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2016, from http://kff.org/report-section/ehbs-2015-section-one-cost-of-health-insurance/

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http://www.electricitylocal.com/states/virginia/

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KD2-00-48000000 - Datamax-O'Neil M4206 Bar code Printer. (n.d.). Retrieved February 24,

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Don't see what you are looking for?Get A Free Custom Salary Report . Retrieved

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http://www.payscale.com/research/US/Job=Legal_Counsel/Salary

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Capital and Term Loans for Emerging Companies [PDF]. San Francisco.

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maintenance-rental-property/

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states/

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2013.pdf


MEMO




To: Mr.BobEliason,Mr.MarkGraham,Dr.MertTolkmen,andMr.ThomasWood

From Section Team Team

: #: 2 #
: 5 Name
: Group5

AnandPersaud,BradVideon,ChristopherMolloy,IanWalsh,EricTrainor,

CC: andBrianFirsching

Date: Spring,2016

Re: IdeaSubmission

Clarity,asimplewordthatfewpeoplethinkabout.Visionisoneofourmostimportant
faculties,andoftenitdeterioratesquickly.Forthisreason,manyofusrequireglasses.Ever
beenfrustratedbyendlesslydirtyeyeglassesorsunglasses?Doessimplywashingthemwith
waterquicklyleavestreakmarksandattractdust?Ifso,theanswerisanoleophobictreatment.
Simpletreatmentscanbeperformedonyourown.Asimplesprayandanevenwipeoftheliquid
acrossyourlenswillleaveyourglassesstreakfreeandoilfreeforupto6months!

Witharelativelyuntappedmarket,oleophobictreatmentshaveoftengoneunrecognizedfor
 theirpotentialusesindailyactivities.Onetreatmentcanbeappliedsimplybysprayinganeven
layeronthelensthenwiping.Thetreatmentdriesquicklyandissothinyouwillnotnoticeany
difference.Thedaysofgreasyanddirtyglassesaregone.

Applicationsofthistreatmentcanalsoincludewindowsincarsandotherglasssurfacesthatyou
wouldliketotreat.Theopportunitiesareendlessandthemarkethasnotreachedintothese
realms.Weenvisionthatourproductwillsellwellinbeachfrontpropertiesandsunglassretailers
inspecific.However,theapplicationforourproductwouldreachintoanyopticsretailer
includingbutnotlimitedto:divegear,scubaequipment,sunglasses,glasses,andotherglass
surfacesyouwishtoprotect.

IdeaOverviewForm
Willyourfirmfunctionasamanufacturer,retailerorsomeotherformofdistributor?
Manufacturer
Wherewillyourfacilitiesbelocated? Delaware,Wilmington
Wherewillyousellyour Beachfrontproperties,glassesretailers,and
product/service? online
Willtherebewebbasedsales?Yes
Whoareyourcustomers? Customerswillbeindividualsbuyingsunglassesand
Provideasdetaileda peopleinbeachareas.
descriptionaspossible.
Whywilltheywanttopayfor Providesacleanlensforsunglassesthatlastsfora
yourproduct/service? longamountoftime.
Whatwillyousellyourproduct/servicefor?(Estimateretailor $26
wholesaleprice).
Whatdoyouthinkitwillcosttomake/deliveryourproduct/service? $13
Iftheideaisdependentonaspecific Theideaisnotdependentonanyspecific
technology,describeitandindicateif technology.Thetechnologycurrentlyexistsfor
thattechnologyiscurrentlyavailable. creatingoleophobiccoating.
Ifnot,isdevelopmentofthe
technologyfeasible?
 WhatistheNAICScode(s)&Industry(orindustries)in Insertresponsehere
whichyouwillbeoperating?

AreyousellingB2B,B2Corboth?Both
Whatisthelegalformofyourbusiness?SCorporation
Capitalization(selectonecategory):Chooseanitem.

TeamMemberBiographicalInformation

MynameisEricTrainorandIamfromLaurel,MD.Iamajunior
financemajoratJamesMadisonUniversityandplantograduate
in2017.IgraduatedfromOurLadyofGoodCounselHighSchool
in2013andcurrentlyworkatJamesMadisonUniversity
Recreation(UREC)asanOperationsSupervisor.

MynameisChrisMolloyandIamfromMelville,NewYork.Iam
currentlyaJuniorstudyingAccounting.IamamemberofAlpha
KappaPsiprofessionalbusinessfraternityaswellastheJMUSki
andSnowboardRacingTeam.




MynameisBradVideonandIamfromWestChester,PA.I
amanundergradjunioratJMUstudyingBusiness
Marketingandplantograduatein2017.Lastly,Iama
brotherandthePhilanthropyChairofthePiKappaAlpha
fraternity.



MynameisAnandPersaud,andIamaJuniorFinance
majorfromBurke,Virginia.IgraduatedfromJamesW.
RobinsonSecondaryschoolinFairfax,VAin2013.Iam
expectingtograduateinthespringof2017

MynameisBrianFirschingandImaJuniorBusiness
ManagementmajorfromSterling,Virginia.I
graduatedfromPotomacFallsHighSchoolin2013
andexpecttograduatefromJamesMadison
UniversityintheSpringof2017.