Thanks for downloading a sample plan

from Bplans.com

A sample plan is a great way to get started, but you can’t just print this plan out and turn
it into the bank. You’re still going to have to put in all your own information and do all of
your own financial forecasts.

With LivePlan, you can easily use this sample as inspiration and create your own plan,
complete with financial tables and graphs. You’ll also be able to:

• Save time with linked financial tables (the formulas are built in,
so you don’t have to do the calculations!)
• Benefit from tons of help, advice, and resources.
• Present your plan with confidence, with automatic charts and
graphs corresponding to your financial data.
• Work on your plan anywhere, on any computer.

“For 20 dollars I ended up getting a quarter of a million dollars of funding. That’s worth
it!” – Todd C. Tablegate

Click here to save 50% off the first month of LivePlan!

Cover Page
Parkdale Meats

Business Plan

This sample business plan has been made available to users of Business Plan Pro®,
business planning software published by Palo Alto Software, Inc. Names, locations and
numbers may have been changed, and substantial portions of the original plan text may
have been omitted to preserve confidentiality and proprietary information.

You are welcome to use this plan as a starting point to create your own, but you do not
have permission to resell, reproduce, publish, distribute or even copy this plan as it exists
here.

Requests for reprints, academic use, and other dissemination of this sample plan should
be emailed to the marketing department of Palo Alto Software at
marketing@paloalto.com. For product information visit our website: www.paloalto.com or
call: 1-800-229-7526.

Copyright © Palo Alto Software, Inc., 1995-2009 All rights reserved.

Legal Page

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.

 Table of Contents

1.0 Executive Summary..................................................................................................................................1

Chart: Highlights.......................................................................................................................................2
1.1 Objectives.................................................................................................................................................2
1.2 Mission.......................................................................................................................................................2
1.3 Keys to Success.....................................................................................................................................2
2.0 Company Summary..................................................................................................................................3
2.1 Company Ownership............................................................................................................................3
2.2 Start-up Summary................................................................................................................................3
Table: Start-up..........................................................................................................................................3
Chart: Start-up..........................................................................................................................................4
3.0 Products.........................................................................................................................................................4
4.0 Market Analysis Summary......................................................................................................................5
4.1 Market Segmentation...........................................................................................................................6
Table: Market Analysis............................................................................................................................6
Chart: Market Analysis (Pie).................................................................................................................7
4.2 Target Market Segment Strategy....................................................................................................7
4.3 Industry Analysis...................................................................................................................................7
4.3.1 Competition and Buying Patterns............................................................................................8
5.0 Strategy and Implementation Summary...........................................................................................9
5.1 Competitive Edge...................................................................................................................................9
5.2 Marketing Strategy...............................................................................................................................9
5.3 Sales Strategy........................................................................................................................................9
5.3.1 Sales Forecast...............................................................................................................................10
Table: Sales Forecast........................................................................................................................10
Chart: Sales Monthly.........................................................................................................................11
Chart: Sales by Year..........................................................................................................................11
5.4 Milestones...............................................................................................................................................11
Table: Milestones....................................................................................................................................12
Chart: Milestones....................................................................................................................................12
6.0 Management Summary..........................................................................................................................12
6.1 Personnel Plan......................................................................................................................................13
Table: Personnel......................................................................................................................................13
7.0 Financial Plan.............................................................................................................................................13
7.1 Start-up Funding..................................................................................................................................13
Table: Start-up Funding.......................................................................................................................13
7.2 Important Assumptions.....................................................................................................................14
7.3 Break-even Analysis...........................................................................................................................14
Table: Break-even Analysis.................................................................................................................14
Chart: Break-even Analysis.................................................................................................................15
7.4 Projected Profit and Loss..................................................................................................................15
Table: Profit and Loss............................................................................................................................15
Chart: Profit Monthly.............................................................................................................................16
Chart: Profit Yearly.................................................................................................................................17
Chart: Gross Margin Monthly..............................................................................................................17
Chart: Gross Margin Yearly.................................................................................................................18
7.5 Projected Cash Flow...........................................................................................................................18
Table: Cash Flow.....................................................................................................................................18
Chart: Cash...............................................................................................................................................19
7.6 Projected Balance Sheet...................................................................................................................19
Table: Balance Sheet.............................................................................................................................19
Page 1
 Table of Contents

7.7 Business Ratios.....................................................................................................................................20

Table: Ratios.............................................................................................................................................20
Table: Sales Forecast.......................................................................................................................................1
Table: Personnel................................................................................................................................................2
Table: Personnel................................................................................................................................................2
Table: Profit and Loss......................................................................................................................................3
Table: Profit and Loss......................................................................................................................................3
Table: Cash Flow................................................................................................................................................4
Table: Cash Flow................................................................................................................................................4
Table: Balance Sheet.......................................................................................................................................6
Table: Balance Sheet.......................................................................................................................................6

Page 2
 Hilibsan Meats

1.0 Executive Summary

Overview

Hilibsan Meats, is a startup specialty butcher shop to be launched in the coming year.
It will sell a wide menu of meats to customers including medium- and high-income
residents of hilibsan, as well as high-income residents of neighboring towns, and high-
end caterers.

The Company

Hilibsan Meats is established as a limited liability company owned by its two co-
founders. The store will be managed and directed by Robert Suidae, a veteran butcher
with fifteen years experience in butcher shops and Eryka Auroch, an experienced retail
food-service manager. Auroch will serve as the company's CEO and Suidae as the
company's COO.

Products and Service

Parkdale Meats will sell aged beef, free-range poultry, fresh pork and domestic lamb.
Upon request, the store will sell wild game such as buffalo, alligator, kangaroo, quail,
and other specially requested items. The products will be purchased from suppliers
within a 100-mile radius of the store to have minimal impact on the environment and
to maintain product freshness. Products will be purchased as whole animals and
butchered in the store by trained butchers. The sales staff will offer suggestions of
substitutions or help customers fulfill their orders through special orders in order to
make sure all customers leave satisfied.

The Market

The meat and poultry industry is the largest segment of U.S. agriculture. Total meat
and poultry production in 2007 reached more than 91 billion pounds. U.S. meat
consumption was 55% red meat (beef, veal, lamb, pork, and mutton), 8.2% fish, and
36.8% poultry in 2007. Meat is sold through retail establishments including
restaurants, grocery stores, and butcher shops. Independent butcher shops have
decreased in number over the last ten years, as sales of meet have fallen slightly and
moved increasingly to grocery stores and big box retailers. However, this has created
an opportunity for specialty butcher shops in markets which provide only basic options
through these larger retailers.

Competition

Competitors for Parkdale Meats fall into the following categories:

 Grocery Stores - 7 stores in greater Parkdale area

 Big box retailers (Wal-Mart and Costco)
 Butcher shops (Red's Meats and Bay Avenue Butchers)

Page 1
 Hilibsan Meats

Parkdale Meats will establish its competitive edge through the expertise of its
founders. Robert Suidae brings with him existing relationships with the best suppliers
of meat as well as an understanding of the craft of butchering. Coupled with Eryka
Auroch's understanding of food service management, sales record in business to
business sales, and financial acumen, the pair will have an edge over the town's other
butcher shops and grocery stores within its niche market.

Financial Considerations

Funding for the launch of the business will be provided primarily by equity from the
two partners. Each will contribute in equal share from their savings to launch the
business. The remainder of financing will be made up in temporary credit card
debt taken on by the two founders and accounts payable from delayed payments on
start-up costs. The business seeks a business loan to finance the purchase of the
equipment needed.

The business will reach positive cash flow in its 8th month of operation, allowing for
expedited repayment of its loan obligations, as well as for dividends to be paid to the
owners. Revenue will top $XXXXX and profit will reach about $XXXX in the third year
of operation.

Chart: Highlights

1.1 Objectives

Parkdale Meats will measure its success by its ability to achieve the following
objectives:

1. Build sales to $XXXXX annually within three years.

Page 2
 Hilibsan Meats

2. Receive 60% of sales through advance orders, either by phone or Internet, with
40% of sales through walk-up traffic.
3. Achieve cash flow break-even within six months.
4. Become profitable by the second year of operation.

1.2 Mission

Parkdale Meats is a specialty butcher shop which seeks to serve the highest quality
meats, cut to customer specifications, and become the foremost specialty meats
provider in the greater Parkdale area.

1.3 Keys to Success

Parkdale Meats must follow these principles in order to achieve success in its market:

1. Maintain high quality standards for its suppliers and continuously monitor this
quality.
2. Preserve meats in optimal conditions to maintain freshness while in the store.
3. Maintain excellence in the skill of butchering meats through hiring, training, and
supervision of staff.
4. Listen carefully to customer needs and respond with custom-cut products, whether
in person, over the phone, or through Internet orders.

2.0 Company Summary

Parkdale Meats is a startup specialty butcher shop to be launched in the coming year.
It will sell aged beef, free-range poultry, fresh pork and domestic lamb. Upon request,
the store will sell wild game such as buffalo, alligator, kangaroo, quail, and other
specially requested items. Customers will include medium- and high-income residents
of Parkdale, as well as high-income residents of neighboring towns, and high-end
caterers and restaurants.

The store will be managed and directed by Robert Suidae, a veteran butcher
with fifteen years experience in butcher shops and Eryka Auroch, an experienced retail
food-service manager. Auroch will serve as the company's CEO and Suidae as the
company's COO.

2.1 Company Ownership

Parkdale Meats is established as a limited liability company with 49% ownership by

Robert Suidae and 51% ownership by Eryka Auroch. The partners will share in
management responsibilities with final decisions falling to Eryka Auroch where there
are differences of opinion. The partnership agreement allows for one partner to buy
out the other in the case that the partnership must be dissolved and sets
predetermined methods to determine the company's valuation in that case.

Page 3
 Hilibsan Meats

2.2 Start-up Summary

The following summary table shows the projected start-up costs over the three months
prior to the store's opening.

Start-up expenses for Parkdale Meats include initial insurance premiums covering both
general liability and product liability, as well as business renter's insurance, rent for 1
month's security and 2 months to allow for build-out of the retail space, pre-launch
marketing to cover flyers, a direct mail campaign, and advertisements in local papers,
the development of a website with e-commerce capabilities to take orders and sell
meats directly, and the normal legal expenses for consultation and permitting.

Inventory on-hand at any given time must be low as all meats must be kept extremely
fresh and so will be ordered on a weekly basis or even more often. Other current
assets include office and store furniture, shelving, a computer, phone system, and
tools. Long-term assets include the refrigerator unit for the shop, refrigerated display
cases, window displays, store fixtures, a refrigerated delivery van and additional
investments in improvements to the retail location.

A significant amount of cash is required to fund the first year of operations until the
business reaches break-even.

Page 4
 Hilibsan Meats

Table: Start-up

Start-up

Requirements

Start-up Expenses
Legal $10,000
Stationery etc. $1,000
Insurance $2,000
Rent $4,800
Pre-Launch Marketing $5,000
Website Development $10,000
Total Start-up Expenses $32,800

Start-up Assets
Cash Required $80,000
Start-up Inventory $2,000
Other Current Assets $20,000
Long-term Assets $80,000
Total Assets $182,000

Total Requirements $214,800

Chart: Start-up

Page 5
 Hilibsan Meats

3.0 Products

Parkdale Meats will provide the following products on a regular basis:

Aged Beef:

 Filet Mignon
 Kebab
 London Broil
 Porterhouse Steak
 Rib-Eye Steak
 Roast Beef
 Shell Steak
 Sirloin Burger
 Sirloin Steak
 Skirt Steak
 Strip Steak
 T-Bone Steak

Domestic Lamb:

 Chop
 Flank
 Leg

Fresh Pork:

 Boiling Bacon
 Chop
 Rasher
 Sausage

Free-Range Poultry:

 Chicken Kiev
 Chicken Cordon Bleu
 Cutlet
 Kebab

Upon request, the store will sell wild game such as buffalo, alligator, kangaroo, quail
and more. All products can be cut to the customer's specifications.

The products will be purchased from suppliers within a 100-mile radius of the store to
have minimal impact on the environment through trucking costs and to maintain
product freshness. Products will be purchased as whole animals and butchered in the
store by trained butchers. They will be sold while fresh. While products may be
replenished within a few days, there is the possibility of certain items running out
because of high sales and going out of stock until new shipments may arise. The sales

Page 6
 Hilibsan Meats

staff will offer suggestions of substitutions or help customers fulfill their orders
through special orders in order to make sure all customers leave satisfied.

Page 7
 Hilibsan Meats

4.0 Market Analysis Summary

The American Meat Institute provides the following statistics about the American meat
industry:

The meat and poultry industry is the largest segment of U.S. agriculture. Total meat
and poultry production in 2007 reached more than 91 billion pounds.

In 2007, the meat and poultry industry processed

9 billion chickens
34.2 million cattle
271 million turkeys
2.7 million sheep
109 million hogs and lambs

In 2007, American meat companies produced

36.6 billion pounds of chicken
26.5 billion pounds of beef
21.9 billion pounds of pork
6 billion pounds of turkey
334 million pounds of veal, lamb and mutton

Top Livestock Producing States 2007

Cattle - Colorado, Texas and Nebraska
Hog - Iowa, North Carolina and Illinois
Chicken - Georgia, Arkansas and Alabama
Turkey - Minnesota, North Carolina and Arkansas

There are 6,032 federally inspected meat and poultry slaughtering and processing
plants in the United States.

U.S. meat consumption was 55% red meat (beef, veal, lamb, pork, and mutton), 8.2%
fish, and 36.8% poultry in 2007. Americans spend 6.4% of disposable income on food
at home.

Meat is sold through retail establishments including restaurants, grocery stores, and
butcher shops. Independent butcher shops have decreased in number over the last
ten years, as sales of meet have fallen slightly and moved increasingly to grocery
stores and big box retailers. However, this has created an opportunity for specialty
butcher shops in markets which provide only basic options through these larger
retailers.

4.1 Market Segmentation

Parkdale potential customers are divided into the following groups as shown in the
market analysis table:

Page 8
 Hilibsan Meats

Parkdale High-Income Households: Annual household income of over $100,000 in

Parkdale (80% of which consist of two adults).

Parkdale Medium-Income Households: Annual household income of $50,000 to

$100,000 in Parkdale (50% of which consist of two adults and 50% of which consist of
one adult).

Neighboring Town High-Income Households: Annual household income of over

$100,000 in the five towns bordering Parkdale (80% of which consist of two adults).

Caterers: Upscale catering businesses in a 15 mile radius of Parkdale.

Restaurants: Upscale restaurants in a 15 mile radius of Parkdale.

Table: Market Analysis

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Growth CAGR
Customers
Parkdale High- 3% 9,000 9,225 9,456 9,692 9,934 2.50%
Income
Households
Parkdale Medium- 3% 25,000 25,625 26,266 26,923 27,596 2.50%
Income
Households
Neighboring Town 3% 25,000 25,625 26,266 26,923 27,596 2.50%
High-Income
Households
Caterers 4% 25 26 27 28 29 3.78%
Restaurants 5% 60 63 66 69 72 4.66%
Total 2.50% 59,085 60,564 62,081 63,635 65,227 2.50%

Page 9
 Hilibsan Meats

Chart: Market Analysis (Pie)

4.2 Target Market Segment Strategy

Market segmentation for Parkdale Meats is based on the specific market opportunity in
the Parkdale area. While low-income households are perfectly content with purchasing
the meat options at local grocery stores and big box retailers, households with a
greater level of disposable income are interested in expanding their options for home
cooked meats. Furthermore, these customers entertain in their homes to a greater
extent than low-income households and prefer to offer high-quality or rarer meat
options at these events.

It is expected that customers from neighboring towns will be more likely to travel to
Parkdale if they have higher levels of disposable income to allow for the time and gas
expense of this travel. For this reason, high-income households will be targeted at
first in neighboring towns.

Caterers, especially those serving high-end corporate and private events, and upscale
restaurants seek high-quality specialty meats at wholesale prices. Parkdale Meats will
sell in bulk to catering businesses and restaurants at a substantial discount from retail
prices, while still allowing for margin. Caterers and restaurants will be required to
order in advance to allow for specialty orders of meats and not deplete the products
available at the retail location for immediate purchase.

4.3 Industry Analysis

The American Meat Institute provides the following analysis:

"The meat industry is unique because it relies on live animals as its raw materials.
Within livestock production, there is a classic, livestock price cycle. Prices rise and fall
as producers raise more animals in response to high prices or low supply, and then
Page 10
 Hilibsan Meats

cease producing when livestock inventories become high and prices fall. At the low
points in the livestock price cycle, some livestock producers have called for reviews of
meat packing industry structure to determine if the structure may be causing a price
decline. Each review has found that industry structure is not to blame for livestock
prices. Rather, the basic laws of supply and demand most often are the cause."

Elsewhere, researchers find a wave of consolidation occurring in the meat industry

since the 1990s, spurred by the growth of several major grocery chains such as Wal-
Mart.

In general, "consumers are eagerly buying more conveniently prepared food products
of consistent quality, despite the sluggish growth of overall food spending" write
researchers Barkema, Drabenstott and Novack, "...and nearly 40 percent of the
consumer's food dollar is spent in restaurants and other eating establishments".

Despite, and in fact because, of these changes, there is a growing need for sales of
specialty meats to the niche market who can afford and desire them, as they are no
longer served well by grocery stores and large retailers.

4.3.1 Competition and Buying Patterns

Competitors for Parkdale Meats fall into the following categories:

 Grocery Stores (Stop & Shop, A & P, Gorman's Market, etc.) - 7 stores in greater
Parkdale area
 Big box retailers (Wal-Mart and Costco)
 Butcher shops (Red's Meats and Bay Avenue Butchers)

Grocery stores provide basic meat options at relatively low prices. They are chosen by
customers interested in buying meat along with all of their grocery and food needs,
and not traveling far from their home. These customers will sacrifice some quality and
options for price and convenience.

Big box retailers serve clients interested in the lowest price and able to sacrifice some
convenience (longer waits and longer travel times) for the lowest price. They offer
meats of the same range of options and quality as grocery stores.

Red's Meats has been in existence for 25 years and primarily serves customers who
value the store's history. These customers have typically been buying meats at Red's
for at least five years and live within five miles of the store in Parkdale. The customers
are aging, on average. Because its meats are only slightly higher quality than grocery
stores, Red's does not serve caterers and restaurants, but sells products primarily to
medium income households.

Bay Avenue Butchers was established ten years ago and focuses only on high-quality
red meat and not poultry. They sell meats to caterers and restaurants, but these
businesses would likely consider using a different vendor which could provide a wider
range of options. Bay Avenue Butchers has high prices for its retail meats and serves
only high-income households.

Page 11
 Hilibsan Meats

Indirect competitors (and also potential competitors) include restaurants, as

consumers interested in specialty meats may choose to eat out instead of cook the
meal themselves.

5.0 Strategy and Implementation Summary

To implement its plan, Parkdale Meats will attempt to:

1. Establish its retail location by signing a lease once funding is secured.

2. Begin by targeting high-income residents of Parkdale and the surrounding towns, as
well as medium-income residents of Parkdale and business customers (upscale
caterers and restaurants).
3. Business customers and retail customers will be grown as separate revenue
streams, but will reinforce each other.

5.1 Competitive Edge

Parkdale Meats will establish its competitive edge through the expertise of its
founders. Robert Suidae brings with him existing relationships with the best suppliers
of meat as well as an understanding of the craft of butchering. He has trained a
number of assistant butchers who have gone on to take head positions at grocery
stores and butcher shops. Coupled with Eryka Auroch's understanding of food service
management, sales record in business to business sales, and financial acumen, the
pair will have an edge over the town's other butcher shops and grocery stores within
its niche market.

5.2 Marketing Strategy

The marketing strategy of Parkdale Meats is to establish anticipation of the store's

opening in the community so that it can hit the ground running with retail sales
immediately upon launch. To that end, the following tactics will be used:

 Direct mail of flyers to a select list of 5,000 high income households.

 Advertisements in local newspapers and magazines.
 Flyers in the downtown area around the site of the store.
 Launch of the website in anticipation of opening.
 Yellow Pages listing.

To market to businesses, Parkdale Meats will join the local Chamber of Commerce and
Food Provider organizations to network and market to other members.

After opening, the following tactics will be used going forward:

 Direct mail to additional households with higher incomes.

 Search engine marketing via local Google ads.
 Email newsletter describing developments in meat offerings to business customers
and certain households.

Page 12
 Hilibsan Meats

5.3 Sales Strategy

The sales strategy for the business includes both retail sales and business sales
strategies.

Retail sales will be based on the marketing of the store and its location, explained in
the marketing plan section. At an operational level, orders will be taken in person by
clerks working the floor of the store (two on duty at any given time), or by the office
clerk over the phone or Internet. Orders for specific cuts will be transmitted from
these clerks to the butchers on duty who will prepare the cuts. They will be packaged,
priced, and prepared for sale by the floor clerks.

Customers will be greeted with a standard greeting and served to meet their
satisfaction with the greatest care taken to provide quick service to walk-in
customers. A machine will give numbers to waiting customers so they can be served
in an orderly fashion. Waiting customers will have a few seats in the store to sit in
while waiting.

The business sales strategy relies on prospecting by Eryka Auroch to establish sales to
caterers and restaurants. She will research, contact, and present to these businesses,
drawing on her past sales experience. As a partner of the business, she will work to
maximize this revenue stream to increase profits, rather than because of commissions
on sales.

5.3.1 Sales Forecast

The sales forecast table represents the business scaling up sales quickly in the first
year as the community recognizes the high quality of its products and as in-roads are
made with the dozens of area caterers and restaurants.

Retail sales will be the greatest driver of sales growth and represents the best margins
for the business, with a 100% markup over cost. Special orders are more expensive to
provide, but will provide a vital line of business that will encourage high-income
customers to use the store. Their cost of sales will be 60% of sales.

Products sold to businesses will be sold at lower rates, but costs will also be reduced
through bulk ordering and the ease of working with businesses in an ongoing way. The
cost of sales to businesses will be 60% as well. This category, including both catering
and restaurant sales, will represent a larger portion of sales than retail sales. The
presence of the store and the brand name it establishes will allow caterers and
restaurants to advertise the fact that they purchase their meats from Parkdale Meats
without any fear, as customers will see it as a mark of quality.

Page 13
 Hilibsan Meats

Table: Sales Forecast

Sales Forecast
Year 1 Year 2 Year 3
Sales
Retail Regular Sales $197,904 $300,000 $375,000
Retail Special Orders $79,151 $150,000 $185,000
Catering Business Sales $71,840 $150,000 $200,000
Restaurant Sales $129,816 $225,000 $325,000
Total Sales $478,711 $825,000 $1,085,000

Direct Cost of Sales Year 1 Year 2 Year 3

Retail Meats $98,952 $150,000 $187,500
Special Order Meats $47,491 $90,000 $111,000
Business Meats $120,994 $225,000 $315,000
Subtotal Direct Cost of Sales $267,436 $465,000 $613,500

Chart: Sales Monthly

Page 14
 Hilibsan Meats

Chart: Sales by Year

5.4 Milestones

Eryka Auroch will manage all marketing and sales activities. As discussed earlier, the
business's website must be completed month's before opening to provide information
for those who see flyers and ads prior to the launch. Search engine marketing will be
an ongoing expense after the launch, and business prospecting by Eryka Auroch will be
continued as needed to establish a foundation of restaurants and caterers to sell to.

Table: Milestones

Milestones

Milestone Start Date End Date Budget Manager Department

Website Development 8/1/2009 10/1/2009 $10,000 EA Sales
Design Flyers and Ads 8/1/2009 9/1/2009 $1,000 EA Sales
Direct Mail Campaign 9/1/2009 10/1/2009 $2,000 EA Sales
Newspaper Ad 9/1/2009 10/1/2009 $2,000 EA Sales
Campaign
Search Engine 10/1/2009 9/30/2010 $10,000 EA Sales
Marketing
Business Sales 9/15/2009 12/1/2009 $500 EA Sales
Prospecting
Totals $25,500

Page 15
 Hilibsan Meats

Chart: Milestones

6.0 Management Summary

The management of Parkdale Meats will consist of Eryka Auroch and Robert Suidae.

Eryka Auroch, CEO, will manage sales, marketing, and finances for the business. This
will include training sales staff, managing all marketing programs, and being the liaise
to the website developer and accountant for the business.

Robert Suidae, COO, will design the store's floor plan, plan, order and install all
equipment purchases, establish operations procedures, train butchering staff and
operations staff, and establish relationships with all suppliers.

Two employees will initially include a full-time sales/operations clerk and one assistant
butcher.

6.1 Personnel Plan

The personnel forecast reflects modest raises for all staff each year. The CEO and COO
will be primarily compensated through profits. It is expected that lower-level staff may
turn over, but the positions will be systematized to an extent that this does not disrupt
the business.

Table: Personnel

Personnel Plan
Year 1 Year 2 Year 3
CEO $36,000 $36,000 $36,000
COO $36,000 $36,000 $36,000
Page 16
 Hilibsan Meats

Assistant Butcher $38,400 $40,000 $42,000

Sales & Operations Staff $36,000 $38,000 $40,000
Total People 4 4 4

Total Payroll $146,400 $150,000 $154,000

7.0 Financial Plan

The business will grow after startup from its own cash flow. Significant growth is
possible in the initial target markets before there is a need to take on additional staff
or move to a larger facility. These are possibilities after the first three years, as is
opening an additional retail location in an area that will not compete with Parkdale
Meats' first location.

7.1 Start-up Funding

Funding for the launch of the business will be provided primarily by equity from the
two partners. Each will contribute in equal share from their savings to launch the
business.

The remainder of financing will be made up in temporary credit card debt taken on by
the two founders and accounts payable from delayed payments on start-up costs.

The business seeks a business loan to finance the purchase of the equipment needed.
These assets can be held as collateral in this loan.

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund $32,800
Start-up Assets to Fund $182,000
Total Funding Required $214,800

Assets
Non-cash Assets from Start-up $102,000
Cash Requirements from Start-up $80,000
Additional Cash Raised $0
Cash Balance on Starting Date $80,000
Total Assets $182,000

Liabilities and Capital

Liabilities
Current Borrowing $40,000
Long-term Liabilities $40,000
Accounts Payable (Outstanding Bills) $4,800
Other Current Liabilities (interest-free) $0

Page 17
 Hilibsan Meats

Total Liabilities $84,800

Capital

Planned Investment
Robert Suidae $65,000
Eryka Auroch $0
Additional Investment Requirement $65,000
Total Planned Investment $130,000

Loss at Start-up (Start-up Expenses) ($32,800)

Total Capital $97,200

Total Capital and Liabilities $182,000

Total Funding $214,800

7.2 Important Assumptions

Interest rates and the tax rate reflect the current economic environment that Parkdale
Meats will operate within.

7.3 Break-even Analysis

Due to the monthly break even in sales, overall company break even is expected in the
tenth month of operation.

Table: Break-even Analysis

Break-even Analysis

Monthly Revenue Break-even $42,371

Assumptions:
Average Percent Variable Cost 56%
Estimated Monthly Fixed Cost $18,700

Page 18
 Hilibsan Meats

Chart: Break-even Analysis

7.4 Projected Profit and Loss

Additional direct cost of sales reflects the costs of packaging, gas for deliveries, credit
card transaction fees, and other direct costs of the meat preparation and order
fulfillment processes. Gross margins are based on the industry markup for butchered
meats.

Marketing expenses will be higher in the first year to announce the opening of the firm
and will drop after that. Most expenses will show small increases each year as the
business will remain in the same location over the first three years. Profit will rise
sharply over the first three years as sales are spread over these relatively stable
expenses.

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1 Year 2 Year 3
Sales $478,711 $825,000 $1,085,000
Direct Cost of Sales $267,436 $465,000 $613,500
Other Costs of Sales $23,936 $41,250 $54,250
Total Cost of Sales $291,372 $506,250 $667,750

Gross Margin $187,339 $318,750 $417,250

Gross Margin % 39.13% 38.64% 38.46%

Expenses
Payroll $146,400 $150,000 $154,000
Page 19
 Hilibsan Meats

Marketing/Promotion $18,000 $13,000 $14,000

Depreciation $8,040 $8,040 $8,040
Rent $19,200 $20,160 $21,168
Utilities $2,400 $2,520 $2,646
Insurance $2,400 $2,520 $2,646
Payroll Taxes $21,960 $22,500 $23,100
Other $6,000 $6,300 $6,615

Total Operating Expenses $224,400 $225,040 $232,215

Profit Before Interest and Taxes ($37,061) $93,710 $185,035

EBITDA ($29,021) $101,750 $193,075
Interest Expense $7,725 $3,933 $1,400
Taxes Incurred $0 $26,933 $55,090

Net Profit ($44,786) $62,844 $128,544

Net Profit/Sales -9.36% 7.62% 11.85%

Chart: Profit Monthly

Page 20
 Hilibsan Meats

Chart: Profit Yearly

Chart: Gross Margin Monthly

Page 21
 Hilibsan Meats

Chart: Gross Margin Yearly

7.5 Projected Cash Flow

The business will pay back its current borrowing in credit card debt over the first and
second years of operation, and its long-term loan over the first three years of
operation, after smaller payments in the first year.

Cash on hand will allow for dividends to be paid to the partners in the second and third
years of operation.

Table: Cash Flow

Pro Forma Cash Flow

Year 1 Year 2 Year 3
Cash Received

Cash from Operations

Cash Sales $478,711 $825,000 $1,085,000
Subtotal Cash from Operations $478,711 $825,000 $1,085,000

Additional Cash Received

Sales Tax, VAT, HST/GST Received $33,510 $57,750 $75,950
New Current Borrowing $0 $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 $0 $0 $0
Subtotal Cash Received $512,221 $882,750 $1,160,950

Page 22
 Hilibsan Meats

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash Spending $146,400 $150,000 $154,000
Bill Payments $321,065 $621,800 $779,090
Subtotal Spent on Operations $467,465 $771,800 $933,090

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $33,510 $57,750 $75,950
Principal Repayment of Current Borrowing $24,000 $16,000 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $6,000 $13,332 $13,332
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $50,000 $100,000
Subtotal Cash Spent $530,975 $908,882 $1,122,372

Net Cash Flow ($18,754) ($26,132) $38,578

Cash Balance $61,246 $35,113 $73,691

Chart: Cash

Page 23
 Hilibsan Meats

7.6 Projected Balance Sheet

The balance sheet shows long-term liabilities will be paid off over the first three years
and retained earnings will increase in the company, despite dividends being paid. The
business will increasingly develop means to finance its own growth in future years.

Table: Balance Sheet

Pro Forma Balance Sheet

Year 1 Year 2 Year 3
Assets

Current Assets
Cash $61,246 $35,113 $73,691
Inventory $13,219 $16,844 $16,863
Other Current Assets $20,000 $20,000 $20,000
Total Current Assets $94,465 $71,957 $110,554

Long-term Assets
Long-term Assets $80,000 $80,000 $80,000
Accumulated Depreciation $8,040 $16,080 $24,120
Total Long-term Assets $71,960 $63,920 $55,880
Total Assets $166,425 $135,877 $166,434

Liabilities and Capital Year 1 Year 2 Year 3

Current Liabilities
Accounts Payable $64,010 $49,951 $65,296
Current Borrowing $16,000 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $80,010 $49,951 $65,296

Long-term Liabilities $34,000 $20,668 $7,336

Total Liabilities $114,010 $70,619 $72,632

Paid-in Capital $130,000 $130,000 $130,000

Retained Earnings ($32,800) ($127,586) ($164,742)
Earnings ($44,786) $62,844 $128,544
Total Capital $52,414 $65,258 $93,802
Total Liabilities and Capital $166,425 $135,877 $166,434

Net Worth $52,414 $65,258 $93,802

Page 24
 Hilibsan Meats

7.7 Business Ratios

The business ratios for Parkdale Meats are compared here against specialty food stores
of over $1 million annual revenue.

Table: Ratios

Ratio Analysis
Year 1 Year 2 Year 3 Industry
Profile
Sales Growth n.a. 72.34% 31.52% -0.06%

Percent of Total Assets

Inventory 7.94% 12.40% 10.13% 23.32%
Other Current Assets 12.02% 14.72% 12.02% 33.42%
Total Current Assets 56.76% 52.96% 66.43% 82.61%
Long-term Assets 43.24% 47.04% 33.57% 17.39%
Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 48.08% 36.76% 39.23% 37.13%

Long-term Liabilities 20.43% 15.21% 4.41% 30.43%
Total Liabilities 68.51% 51.97% 43.64% 67.55%
Net Worth 31.49% 48.03% 56.36% 32.45%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 39.13% 38.64% 38.46% 19.29%
Selling, General & Administrative 48.49% 31.02% 26.61% 8.62%
Expenses
Advertising Expenses 3.76% 1.58% 1.29% 0.29%
Profit Before Interest and Taxes -7.74% 11.36% 17.05% 1.72%

Main Ratios
Current 1.18 1.44 1.69 1.90
Quick 1.02 1.10 1.43 1.28
Total Debt to Total Assets 68.51% 51.97% 43.64% 67.55%
Pre-tax Return on Net Worth -85.45% 137.57% 195.77% 26.22%
Pre-tax Return on Assets -26.91% 66.07% 110.33% 8.51%

Additional Ratios Year 1 Year 2 Year 3

Net Profit Margin -9.36% 7.62% 11.85% n.a
Return on Equity -85.45% 96.30% 137.04% n.a

Activity Ratios
Inventory Turnover 48.00 30.94 36.40 n.a
Accounts Payable Turnover 5.94 12.17 12.17 n.a
Payment Days 27 34 26 n.a
Total Asset Turnover 2.88 6.07 6.52 n.a

Debt Ratios
Debt to Net Worth 2.18 1.08 0.77 n.a

Page 25
 Hilibsan Meats

Current Liab. to Liab. 0.70 0.71 0.90 n.a

Liquidity Ratios
Net Working Capital $14,454 $22,006 $45,258 n.a
Interest Coverage -4.80 23.82 132.15 n.a

Additional Ratios
Assets to Sales 0.35 0.16 0.15 n.a
Current Debt/Total Assets 48% 37% 39% n.a
Acid Test 1.02 1.10 1.43 n.a
Sales/Net Worth 9.13 12.64 11.57 n.a
Dividend Payout 0.00 0.80 0.78 n.a

Page 26
 Appendix

Table: Sales Forecast

Sales Forecast
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Sales
Retail Regular Sales $5,000 $6,000 $7,200 $8,640 $10,368 $12,442 $14,930 $17,916 $21,499 $25,799 $30,959 $37,151
Retail Special Orders $2,000 $2,400 $2,880 $3,456 $4,147 $4,976 $5,971 $7,165 $8,598 $10,318 $12,382 $14,858
Catering Business Sales $0 $1,000 $1,675 $2,252 $2,887 $3,911 $5,601 $6,756 $8,546 $9,932 $12,588 $16,693
Restaurant Sales $0 $2,000 $3,291 $4,446 $6,063 $7,769 $10,289 $13,333 $15,853 $19,213 $21,942 $25,617
Total Sales $7,000 $11,400 $15,046 $18,794 $23,465 $29,098 $36,790 $45,170 $54,496 $65,261 $77,871 $94,319

Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Retail Meats $2,500 $3,000 $3,600 $4,320 $5,184 $6,221 $7,465 $8,958 $10,750 $12,900 $15,480 $18,576
Special Order Meats $1,200 $1,440 $1,728 $2,074 $2,488 $2,986 $3,583 $4,299 $5,159 $6,191 $7,429 $8,915
Business Meats $0 $1,800 $2,980 $4,019 $5,370 $7,008 $9,534 $12,053 $14,639 $17,487 $20,718 $25,386
Subtotal Direct Cost of $3,700 $6,240 $8,308 $10,413 $13,042 $16,214 $20,581 $25,310 $30,548 $36,577 $43,627 $52,876
Sales

Page 1
 Appendix

Table: Personnel

Personnel Plan
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
CEO $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
COO $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Assistant Butcher $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200
Sales & Operations Staff $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Total People 4 4 4 4 4 4 4 4 4 4 4 4

Total Payroll $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200

Page 2
 Appendix

Table: Profit and Loss

Pro Forma Profit and

Loss
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Sales $7,000 $11,400 $15,046 $18,794 $23,465 $29,098 $36,790 $45,170 $54,496 $65,261 $77,871 $94,319
Direct Cost of Sales $3,700 $6,240 $8,308 $10,413 $13,042 $16,214 $20,581 $25,310 $30,548 $36,577 $43,627 $52,876
Other Costs of Sales $350 $570 $752 $940 $1,173 $1,455 $1,840 $2,259 $2,725 $3,263 $3,894 $4,716
Total Cost of Sales $4,050 $6,810 $9,060 $11,352 $14,216 $17,669 $22,421 $27,569 $33,272 $39,840 $47,520 $57,592

Gross Margin $2,950 $4,590 $5,986 $7,442 $9,250 $11,428 $14,370 $17,601 $21,223 $25,421 $30,351 $36,727
Gross Margin % 42.14% 40.26% 39.79% 39.60% 39.42% 39.28% 39.06% 38.97% 38.95% 38.95% 38.98% 38.94%

Expenses
Payroll $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200
Marketing/Promotion $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Depreciation $670 $670 $670 $670 $670 $670 $670 $670 $670 $670 $670 $670
Rent $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Payroll Taxes 15% $1,830 $1,830 $1,830 $1,830 $1,830 $1,830 $1,830 $1,830 $1,830 $1,830 $1,830 $1,830
Other $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500

Total Operating $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700
Expenses

Profit Before Interest ($15,750) ($14,110) ($12,714) ($11,258) ($9,450) ($7,272) ($4,330) ($1,099) $2,523 $6,721 $11,651 $18,027
and Taxes
EBITDA ($15,080) ($13,440) ($12,044) ($10,588) ($8,780) ($6,602) ($3,660) ($429) $3,193 $7,391 $12,321 $18,697
Interest Expense $804 $775 $746 $717 $688 $658 $629 $600 $571 $542 $513 $483
Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Profit ($16,554) ($14,885) ($13,460) ($11,975) ($10,138) ($7,930) ($4,960) ($1,699) $1,953 $6,180 $11,138 $17,543

Page 3
 Appendix

Net Profit/Sales -236.49% -130.57% -89.46% -63.71% -43.20% -27.25% -13.48% -3.76% 3.58% 9.47% 14.30% 18.60%

Page 4
 Appendix

Table: Cash Flow

Pro Forma Cash Flow

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Cash Received

Cash from Operations

Cash Sales $7,000 $11,400 $15,046 $18,794 $23,465 $29,098 $36,790 $45,170 $54,496 $65,261 $77,871 $94,319
Subtotal Cash from $7,000 $11,400 $15,046 $18,794 $23,465 $29,098 $36,790 $45,170 $54,496 $65,261 $77,871 $94,319
Operations

Additional Cash Received

Sales Tax, VAT, HST/GST 7.00% $490 $798 $1,053 $1,316 $1,643 $2,037 $2,575 $3,162 $3,815 $4,568 $5,451 $6,602
Received
New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
(interest-free)
New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets
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 $7,490 $12,198 $16,099 $20,110 $25,108 $31,135 $39,366 $48,332 $58,311 $69,830 $83,322 $100,921

Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12

Expenditures from
Operations
Cash Spending $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200 $12,200
Bill Payments $5,120 $9,757 $14,120 $16,228 $18,524 $21,509 $25,118 $30,145 $35,375 $41,207 $47,983 $55,978
Subtotal Spent on $17,320 $21,957 $26,320 $28,428 $30,724 $33,709 $37,318 $42,345 $47,575 $53,407 $60,183 $68,178
Operations

Additional Cash Spent

Page 5
 Appendix

Sales Tax, VAT, HST/GST $490 $798 $1,053 $1,316 $1,643 $2,037 $2,575 $3,162 $3,815 $4,568 $5,451 $6,602
Paid Out
Principal Repayment of $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Current Borrowing
Other Liabilities Principal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Repayment
Long-term Liabilities $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Principal Repayment
Purchase Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets
Purchase Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $20,310 $25,255 $29,873 $32,244 $34,867 $38,246 $42,393 $48,007 $53,889 $60,475 $68,133 $77,281

Net Cash Flow ($12,820) ($13,057) ($13,774) ($12,134) ($9,759) ($7,111) ($3,028) $325 $4,421 $9,354 $15,189 $23,640
Cash Balance $67,180 $54,122 $40,348 $28,214 $18,455 $11,344 $8,316 $8,641 $13,062 $22,417 $37,605 $61,246

Table: Balance Sheet

Pro Forma
Balance Sheet
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Assets Starting
Balances

Current Assets
Cash $80,000 $67,180 $54,122 $40,348 $28,214 $18,455 $11,344 $8,316 $8,641 $13,062 $22,417 $37,605 $61,246
Inventory $2,000 $925 $1,560 $2,077 $2,603 $3,261 $4,054 $5,145 $6,328 $7,637 $9,144 $10,907 $13,219
Other Current $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000
Assets
Total Current $102,000 $88,105 $75,683 $62,425 $50,818 $41,716 $35,398 $33,462 $34,969 $40,699 $51,561 $68,512 $94,465
Assets

Long-term Assets
Page 6
 Appendix

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 $0 $670 $1,340 $2,010 $2,680 $3,350 $4,020 $4,690 $5,360 $6,030 $6,700 $7,370 $8,040
Depreciation
Total Long-term $80,000 $79,330 $78,660 $77,990 $77,320 $76,650 $75,980 $75,310 $74,640 $73,970 $73,300 $72,630 $71,960
Assets
Total Assets $182,000 $167,435 $154,343 $140,415 $128,138 $118,366 $111,378 $108,772 $109,609 $114,669 $124,861 $141,142 $166,425

Liabilities and Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
Capital 10 11 12

Current Liabilities
Accounts $4,800 $9,289 $13,582 $15,614 $17,811 $20,677 $24,119 $28,973 $34,009 $39,617 $46,128 $53,771 $64,010
Payable
Current $40,000 $38,000 $36,000 $34,000 $32,000 $30,000 $28,000 $26,000 $24,000 $22,000 $20,000 $18,000 $16,000
Borrowing
Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Subtotal Current $44,800 $47,289 $49,582 $49,614 $49,811 $50,677 $52,119 $54,973 $58,009 $61,617 $66,128 $71,771 $80,010
Liabilities

Long-term $40,000 $39,500 $39,000 $38,500 $38,000 $37,500 $37,000 $36,500 $36,000 $35,500 $35,000 $34,500 $34,000
Liabilities
Total Liabilities $84,800 $86,789 $88,582 $88,114 $87,811 $88,177 $89,119 $91,473 $94,009 $97,117 $101,128 $106,271 $114,010

Paid-in Capital $130,000 $130,000 $130,000 $130,000 $130,000 $130,000 $130,000 $130,000 $130,000 $130,000 $130,000 $130,000 $130,000
Retained ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800) ($32,800)
Earnings
Earnings $0 ($16,554) ($31,439) ($44,899) ($56,874) ($67,011) ($74,941) ($79,901) ($81,600) ($79,647) ($73,467) ($62,329) ($44,786)
Total Capital $97,200 $80,646 $65,761 $52,301 $40,326 $30,189 $22,259 $17,299 $15,600 $17,553 $23,733 $34,871 $52,414
Total Liabilities $182,000 $167,435 $154,343 $140,415 $128,138 $118,366 $111,378 $108,772 $109,609 $114,669 $124,861 $141,142 $166,425
and Capital

Net Worth $97,200 $80,646 $65,761 $52,301 $40,326 $30,189 $22,259 $17,299 $15,600 $17,553 $23,733 $34,871 $52,414

Page 7