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 Table of Contents

This is a business plan. It does not imply an offering of securities.

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
Page
 Table of Contents

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
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

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 Parkdale Meats

1.0 Executive Summary

Overview

Parkdale 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
Parkdale, as well as high-income residents of neighboring towns, and high-end caterers.

The Company

Parkdale 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)

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

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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

Highlights

$1,000,000

$800,000
Sales
$600,000
Gross Margin

Net Profit
$400,000

$200,000

$0
Year 1 Year 2 Year 3

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.

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:
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 Parkdale Meats

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.

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.

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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

Start-up

$200,000

$180,000

$160,000

$140,000

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$0
Expenses Assets Investment Loans

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

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 Parkdale 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:  

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).

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 Parkdale Meats

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 Customers Growth CAGR
Parkdale High-Income 3% 9,000 9,225 9,456 9,692 9,934 2.50%
Households
Parkdale Medium-Income 3% 25,000 25,625 26,266 26,923 27,596 2.50%
Households
Neighboring Town High- 3% 25,000 25,625 26,266 26,923 27,596 2.50%
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%

Chart: Market Analysis (Pie)

Market Analysis (Pie)

Parkdale High-Income Households

Parkdale Medium-Income Households

Neighboring Town High-Income Households

Caterers

Restaurants

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.

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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 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.

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 Parkdale Meats

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.

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.

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 Parkdale Meats

 Search engine marketing via local Google ads.

 Email newsletter describing developments in meat offerings to business customers and
certain households.

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.

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11 12
Table: Sales Forecast

10 Month
9 Month
8 Month
Sales Forecast

7 Month
Year 1 Year 2 Year 3
Sales

6 Month
Retail Regular Sales $197,904 $300,000 $375,000
Retail Special Orders $79,151 $150,000 $185,000

5 Month
Catering Business Sales $71,840 $150,000 $200,000
Restaurant Sales $129,816 $225,000 $325,000

4 Month
Total Sales $478,711 $825,000 $1,085,000

3 Month
Direct Cost of Sales Year 1 Year 2 Year 3
Retail Meats $98,952 $150,000 $187,500

2 Month
Special Order Meats $47,491 $90,000 $111,000
Business Meats $120,994 $225,000 $315,000

1 Month
Subtotal Direct Cost of Sales $267,436 $465,000 $613,500

Month
Month
Chart: Sales Monthly

Sales Monthly
$100,000
$90,000

$80,000
Retail Regular Sales
$70,000

$60,000 Retail Special Orders

$50,000 Catering Business Sales
$40,000
Restaurant Sales
$30,000
$20,000

$10,000
$0

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 Parkdale Meats

Chart: Sales by Year

Sales by Year

$1,100,000
$1,000,000
$900,000
$800,000
Retail Regular Sales

$700,000 Retail Special Orders

$600,000
Catering Business Sales
$500,000
Restaurant Sales
$400,000
$300,000
$200,000
$100,000
$0
Year 1 Year 2 Year 3

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 Campaign 9/1/2009 10/1/2009 $2,000 EA Sales
Search Engine Marketing 10/1/2009 9/30/2010 $10,000 EA Sales
Business Sales Prospecting 9/15/2009 12/1/2009 $500 EA Sales
Totals $25,500

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Chart: Milestones

Milestones

Website Development

Design Flyers and Ads

Direct Mail Campaign

Newspaper Ad Campaign

Search Engine Marketing

Business Sales Prospecting

Q3 `09 Q4 Q1 `10 Q2 Q3

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
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

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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
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

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 Parkdale Meats

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

Chart: Break-even Analysis

Break-even Analysis
$16,000

$12,000

$8,000

$4,000

$0

($4,000)

($8,000)

($12,000)

($16,000)

$0 $14,000 $28,000 $42,000 $56,000 $70,000

$7,000 $21,000 $35,000 $49,000 $63,000 $77,000

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
Page 15
 Parkdale Meats

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
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

Profit Monthly

$20,000

$16,000

$12,000

$8,000

$4,000

$0

($4,000)

($8,000)

($12,000)

($16,000)
Month 1 Month 3 Month 5 Month 7 Month 9 Month 11
Month 2 Month 4 Month 6 Month 8 Month 10 Month 12

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 Parkdale Meats

Chart: Profit Yearly

Profit Yearly

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$0

($20,000)

($40,000)
Year 1 Year 2 Year 3

Chart: Gross Margin Monthly

Gross Margin Monthly

$40,000

$36,000

$32,000

$28,000

$24,000

$20,000

$16,000

$12,000

$8,000

$4,000

$0
Month 1 Month 3 Month 5 Month 7 Month 9 Month 11
Month 2 Month 4 Month 6 Month 8 Month 10 Month 12

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 Parkdale Meats

Chart: Gross Margin Yearly

Gross Margin Yearly

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0
Year 1 Year 2 Year 3

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

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

Page 18
 9 Mon
8 Month 10
Parkdale Meats

MonthMonth
Subtotal Spent on Operations $467,465 $771,800 $933,090

7
Additional Cash Spent

Month
Sales Tax, VAT, HST/GST Paid Out $33,510 $57,750 $75,950

6
Principal Repayment of Current Borrowing $24,000 $16,000 $0

Month
Other Liabilities Principal Repayment $0 $0 $0

5
Long-term Liabilities Principal Repayment $6,000 $13,332 $13,332

Month
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0

4
Dividends $0 $50,000 $100,000

Month
Subtotal Cash Spent $530,975 $908,882 $1,122,372

Month 3
Net Cash Flow ($18,754) ($26,132) $38,578

2
Cash Balance $61,246 $35,113 $73,691

MonthMonth
1
Chart: Cash

Cash
$70,000

$60,000

$50,000

$40,000
Net Cash Flow
$30,000
Cash Balance
$20,000

$10,000

$0

($10,000)

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 Parkdale 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

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 Parkdale 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 Expenses 48.49% 31.02% 26.61% 8.62%
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
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 21
 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 10 Month 11 Month 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 10 Month 11 Month 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 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

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 10 Month 11 Month 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 10 Month 11 Month 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 Expenses $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700 $18,700

Profit Before Interest and Taxes ($15,750) ($14,110) ($12,714) ($11,258) ($9,450) ($7,272) ($4,330) ($1,099) $2,523 $6,721 $11,651 $18,027
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
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 3
 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 10 Month 11 Month 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 Operations $7,000 $11,400 $15,046 $18,794 $23,465 $29,098 $36,790 $45,170 $54,496 $65,261 $77,871 $94,319

Additional Cash Received

Sales Tax, VAT, HST/GST Received 7.00% $490 $798 $1,053 $1,316 $1,643 $2,037 $2,575 $3,162 $3,815 $4,568 $5,451 $6,602
New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $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 10 Month 11 Month 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 Operations $17,320 $21,957 $26,320 $28,428 $30,724 $33,709 $37,318 $42,345 $47,575 $53,407 $60,183 $68,178

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $490 $798 $1,053 $1,316 $1,643 $2,037 $2,575 $3,162 $3,815 $4,568 $5,451 $6,602
Principal Repayment of Current Borrowing $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $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

Page 4
 Appendix
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 10 Month 11 Month 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 Assets $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
Total Current Assets $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

Long-term Assets
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 Depreciation $0 $670 $1,340 $2,010 $2,680 $3,350 $4,020 $4,690 $5,360 $6,030 $6,700 $7,370 $8,040
Total Long-term Assets $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
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 Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Current Liabilities
Accounts Payable $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
Current Borrowing $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
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $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

Long-term Liabilities $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
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 Earnings ($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 $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 and Capital $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

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 5
Appendix

Page 1