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REVENUE FORMULA FOR COUNTRY HOUSE (2010)

Working Space
Restaurant Check
Bar Check COGS
Avg. drink price
14 Avg. drink price
16 Restaurant 0.36
Avg. rest. plate
56 Avg. bar plate0 Bar 0.18
Avg. rest. check
70 Avg. bar check
16

Rest.
Rest. Rest. T.O.
T.O. Rest. T.O.
12 T.O. 12
-6 6 - 10 10 - pm -
# of Rest. Seats
pm pm 2 am 2 am
159 180 260 100 540

Bar
Bar Bar T.O.
T.O. T.O.
12 Bar T.O. 12
-6 6 10 - pm -
# of Bar Seats
pm - 10 pm 2 am 2 am
220 80 200 220 500

TOTAL CUSTOMER TURNOVER/ DAY (REST.) 540

TOTAL CUSTOMER TURNOVER/ DAY (BAR) 500

WEEKLY REST SALES SCHEDULE Total


Sales/
Mon Tues Wed ThursFri Sat Sun Week
May N/A 324 351 378 432 540 486 2,511 TOTAL SALES/ WEEK (REST.) MAY
% Change -0.4 -0.35 -0.3 -0.2 0 -0.1 TOTAL SALES/ WEEK (REST.) JUNE
TOTAL SALES/ WEEK (REST.) JULY
June N/A 378 405 459 540 648 594 3,024 TOTAL SALES/ WEEK (REST.) AUGUST
% Change -0.3 -0.25 ### 0 0.2 0.1 TOTAL SALES/ WEEK (REST.) SEPT
TOTAL SALES/ WEEK (REST.) OCT
July N/A 432 513 648 702 756 675 3,726 TOTAL SALES/ WEEK (REST.) NOV
% Change -0.2 -0.05 0.2 0.3 0.4 0.25

August N/A 540 594 675 756 729 702 3,996


% Change 0 0.1 0.25 0.4 0.35 0.3 TOTAL SALES/ WEEK (BAR) MAY
TOTAL SALES/ WEEK (BAR) JUNE
Sept N/A 459 486 486 459 648 621 3,159 TOTAL SALES/ WEEK (BAR) JULY
% Change -0.15 -0.1 -0.1 -0.15 0.2 0.15 TOTAL SALES/ WEEK (BAR) AUGUST
TOTAL SALES/ WEEK (BAR) SEPT
October N/A 405 378 432 405 594 486 2,700 TOTAL SALES/ WEEK (BAR) OCT
% Change -0.25 -0.3 -0.2 -0.25 0.1 -0.1 TOTAL SALES/ WEEK (BAR) NOV
November N/A 270 324 324 351 378 378 2,025
% Change -0.5 -0.4 -0.4 -0.35 -0.3 -0.3

Monthly Meals Served


WEEKLY BAR SALES SCHEDULE Total
Sales/
Mon Tues Wed ThursFri Sat Sun Week Annualized
May N/A 300 350 400 450 500 450 2,450
% Change -0.4 -0.3 -0.2 -0.1 0 -0.1

June N/A 350 400 425 500 600 550 2,825


% Change -0.3 -0.2 ### 0 0.2 0.1

July N/A 450 550 575 600 625 600 3,400


% Change -0.1 0.1 0.15 0.2 0.25 0.2

August N/A 550 575 600 625 650 625 3,625


% Change 0.1 0.15 0.2 0.25 0.3 0.25

Sept N/A 425 450 475 500 550 575 2,975


% Change -0.15 -0.1 ### 0 0.1 0.15

October N/A 300 350 375 400 450 425 2,300


% Change -0.4 -0.3 ### -0.2 -0.1 -0.15

November N/A 250 300 300 325 350 325 1,850


% Change -0.5 -0.4 -0.4 -0.35 -0.3 -0.35

ANNUAL BAR PROJECTION MODEL


I. ConservativeBar Annual Revenue
II. MID Liquor
III. AggressiveFood

ANNUAL BAR PROJECTION MODEL


I. ConservativeRest. Annual Revenue
II. MID Liquor
III. AggressiveFood

ANNUAL TOTAL RESTAURANT + BAR REVENUE

COSTS OF GOODS SOLD


ITEM
Avg.
Covers/ Price/ Weekly Covers/ Monthly
Week Seating Sales Month Sales Adjustment
Adj. Monthly Sales
COGS
ALES/ WEEK (REST.) MAY 2,511 70 175,770 10,044 703,080 ### 175,770.00 ###
ALES/ WEEK (REST.) JUNE3,024 70 211,680 12,096 846,720 846,720.00 ###
ALES/ WEEK (REST.) JULY3,726 70 260,820 14,904 ### 1,043,280.00 ###
ALES/ WEEK (REST.) AUGUST
3,996 70 279,720 15,984 ### 1,118,880.00 ###
ALES/ WEEK (REST.) SEPT3,159 70 221,130 12,636 884,520 884,520.00 ###
ALES/ WEEK (REST.) OCT 2,700 61 164,700 10,800 658,800 658,800.00 ###
ALES/ WEEK (REST.) NOV 2,025 55 111,375 8,100 445,500 445,500.00 ###
21,141 ### 84,564 ### ### 5,173,470 ###

Avg.
Price/ Weekly Covers/ Monthly
Seating Sales Month Sales Adjustment
Adj. Monthly Sales
ALES/ WEEK (BAR) MAY 2,450 16 39,200 9,800 156,800 ### 39,200.00 7,056.00
ALES/ WEEK (BAR) JUNE 2,825 16 45,200 11,300 180,800 180,800.00 ###
ALES/ WEEK (BAR) JULY 3,400 16 54,400 13,600 217,600 217,600.00 ###
ALES/ WEEK (BAR) AUGUST
3,625 16 58,000 14,500 232,000 232,000.00 ###
ALES/ WEEK (BAR) SEPT 2,975 16 47,600 11,900 190,400 190,400.00 ###
ALES/ WEEK (BAR) OCT 2,300 14 32,200 9,200 128,800 128,800.00 ###
ALES/ WEEK (BAR) NOV 1,850 12 22,200 7,400 88,800 88,800.00 ###
19,425 ### 77,700 ### ### 1,077,600 193,968
### ### 6,251,070 ###

### 84,564
12

###
Restaurant Comps
Rank Restaurant Location 08 Sales Avg. dinner
Meals
check
served
Seats Sq. Ft.
20 21' Club New York City ### 144 138,790 150 (N/A )
34 Balthazar New York City ### 60 250,000 205 (N/A )
45 Del Posto New York City ### 125 112,000 175 ###
53 Morimoto New York City ### 95 115,021 199 (N/A )
58 Juniors (Times
New York
Square)
City ### 15.5 770,000 218 (N/A )
75 Asia de Cuba
New York City ### 66 197,000 170 (N/A )
76 Gotham Bar New
& Grill
York City ### 95 153,000 175 5,000
78 Bryant ParkNew
Grill
York City ### 48 252,000 180 ###
81 Quality Meats
New York City ### 93 124,000 138 ###
88 China GrillNew York City ### 67 210,000 185 (N/A )
89 Megu New York City ### 94 84,000 205 (N/A )
99 Maloney &NewPorcelli
York City ### 86 135,000 200 (N/A )
Average (annual) ### 82 ### 183
Daily 580
Annualized 2010 2011 2012 2013 2014
Managing Partners 70000

Executive Chef 80000 65000


General Manager 50000 40000

Director of Finance 40000 40000


Director of Operations 40000 35000
Director of Sales
Promotions Director 40000 35000

ob Title
2004
2005
2006
2007
2008
% Change from 2007
Chef/Owner
-
-
-
$94,288
$85,179
down 9.7%
Executive Chef
$74,696
$75,596
$73,260
$77,611
$74,869
down 3.5%
Chef de Cuisine
-
$57,890
$60,993
$59,896
$56,367
down 5.9%
Sous Chef
$39,275
$39,305
$40,375
$42,104
$44,205
up 4.8%
Line Cook (hourly)
$11.20
$12.64
$12.40
$13.07
$12.90
down 1.3%
Pastry Chef*
$47,865
$50,581
$48,818
$53,017
$46,228
down 12.8%
Personnel Expense
Non-
Avera Peak Peak Base Base
Personn ge Averag Expen Non- Expens Operati Expen
el Salary e Hours Peak se Peak e on se

Sous Chef 15 12 1 180 1 180 0 0


Line Cook 12 12 3 432 2 288 1 144
Prep Cook 10 12 3 360 2 240 1 120
Waiter 5 10 12 600 7 350 2 100
Bartender 8 10 7 560 4 320 2 160
Bussers 8 10 5 400 2 160 1 80
Cleaners 8 10 4 320 3 240 2 160
Monthl
Total ### 1,778 764
y
Person
nel
Expens
Month Category
e
May Non-Peak53,340
June Peak 85,560
July Peak 85,560
August Peak 85,560
SeptemberNon-Peak53,340
October Base 22,920
NovemberBase 22,920
###
PRE-OPERATING EXPENSES

LEASE ACQUISTION
Security Deposit 62,400
Cost of Lease 100,000
Total Lease Costs 162,400

GENERAL
Six Months Rent 124,800
Marketing 40,000
Public Relations 36,000
Insurance Deposit 15,000
Liquor License 5,000
Legal Fees 10,000
Health Department Permits 1,500
Uniforms 6,500
Beer, Wine & Liquor Inventory 50,640
Food Inventory 464,940
Printing 5,000
Utilities Deposit 5,750
Three Months Utilities Bills 15,750
Working Capital 1,326,220
Miscellaneous 50,000
Total Pre-Opening Cost 2,157,100

LEASE IMPROVEMENTS
Construction, Materials & Finishing25,000
Plumbing, Electrician & HVAC 25,000
Total Lease Improvements 50,000

EQUIPMENT & FIXTURES


Updated Kitchen Equipment 27,500
Exterior Signage 2,500
Bar 3,500
Sound System 7,500
Security System 4,500
Micros Point of Sale system(POS) 15,000
Wiring (Internet,Phone,Micros) 5,000
Telephone 5,000
Furniture & Fixures (FF&E) 45,000
Glassware, Dishes, Utensils 15,000
Total Equipment & Fixtures 130,500

GRAND TOTAL 2,500,000


2010
      35.00% - Cost of goods sold (food) 0.35 May Adjustment -0.75
      17.00% - Employee payroll. 0.17 Cost of Liquor Sold
      00.25% - Credit card charges. 0
      00.33% - Marketing fees. 0
      2.00% - Management fees. 0.02
      2.00% - Advertising. 0.02
      2.00% - Management bonus. 0.02
      3.03% - Employee payroll taxes and0.03
benefits.
      1.50% - Paper and cleaning. 0.02
      63.11% - Total variable costs. 0.63

8.6 Business Ratios

Ratio Analysis
Industry
Year 1 Year 2 Year 3 Profile
Sales
Growth 0.00% 15.00% 15.00% 0.00%

Percent
of Total
Assets
Other
Current 100.00
Assets 0.00% 0.00% 0.00% %
Total
Current 100.00 100.00 100.00 100.00
Assets % % % %
Long-
term
Assets 0.00% 0.00% 0.00% 0.00%
Total 100.00 100.00 100.00 100.00
Assets % % % %

Current
Liabilitie
s 9.55% 13.92% 10.96% 0.00%
Long-
term
Liabilitie
s 79.69% 41.51% 23.30% 0.00%
Total
Liabilitie
s 89.23% 55.43% 34.26% 0.00%
Net 100.00
Worth 10.77% 44.57% 65.74% %
Percent
of Sales
100.00 100.00 100.00 100.00
Sales % % % %
Gross
Margin 67.00% 67.00% 67.00% 0.00%
Selling,
General
&
Administ
rative
Expense
s 64.07% 66.34% 63.47% 0.00%
Advertisi
ng
Expense
s 1.98% 2.31% 2.05% 0.00%
Profit
Before
Interest
and
Taxes 27.43% 24.02% 27.68% 0.00%

Main
Ratios
Current 10.47 7.18 9.13 0
Quick 10.47 7.18 9.13 0
Total
Debt to
Total
Assets 89.23% 55.43% 34.26% 0.00%
Pre-tax
Return
on Net 1027.28 152.23
Worth % % 94.42% 0.00%
Pre-tax
Return
on 110.61
Assets % 67.85% 62.07% 0.00%

Addition
al Ratios Year 1 Year 2 Year 3
Net
Profit
Margin 17.07% 14.92% 17.60% n.a
Return
on 673.50
Equity % 98.95% 61.77% n.a
Activity
Ratios
s
Payable
Turnove
r 25.75 12.17 12.17 n.a
Payment
Days 27 21 28 n.a
Asset
Turnove
r 4.25 2.96 2.31 n.a

Debt
Ratios
Debt to
Net
Worth 8.29 1.24 0.52 n.a
Current
Liab. to
Liab. 0.11 0.25 0.32 n.a

Liquidity
Ratios
Net
Working $200,97 $316,14 $481,66
Capital 3 7 8 n.a
Interest
Coverag
e 19.7 22.61 35.45 n.a

Addition
al Ratios
Assets
to Sales 0.24 0.34 0.43 n.a
Debt/To
tal
Assets 10% 14% 11% n.a
Test 10.47 7.18 9.13 n.a
Sales/N
et Worth 39.45 6.63 3.51 n.a
Dividend
Payout 0.14 0.14 0.13 n.a