Professional Documents
Culture Documents
Business Plan
Executive Summary
Introduction
Within reach;
Nicholl’s Town, ANDROS, Bahamas - Farmers in North Andros have won support from
wholesalers, hoteliers, restaurateurs, chefs and the Ministry of Tourism following a
weekend convention, Hosted by Bahamas Agricultural and Industrial Corporation (BAIC), it
marked the second time buyers, mainly from New Providence, and farmers met to discuss
the way forward in food production, For Patrick Treco of Continental Food, the farmers
“are doing a real good job. We have a good season ahead of us and definitely we will be
supporting Androsians and all farmers in The Bahamas.
“The government system has to protect Bahamian farmers so that they can get their
products to the buyers to sell without sending them to the dump, and also “The permit
system needs to be tightened so that a lot of Bahamian products can reach the consumer in
The Bahamas and a lot of money will end up staying in The Bahamas instead of going to
Florida.”
Star Farms is being formed from the accomplishment and successful vegetable farms, and
live stocks farms in the surrounding and greater Bahamas. With the implementation of
long-researched horticultural and agronomic techniques, as well as compost and soil
blending technology now being exploit by government agencies and farmer groups alike.
Star Farms is a company striving to become a combination of cutting edge, highest quality,
and efficient food technology and production. We shall be committed to the improvement
of food taste and nutritional quality. It is being founded to build upon an extensive array of
biological and horticultural education, experience, and the research of its founders. This is
further coupled with the experience of foreign farmers from Cuba and Haiti alike with a
vase numbers of years experience in the related industry which shall assist in the day to
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Business Plan
day operation, the current manager Yamilesys Castillo Pozo Cash, collectively in
consultation with the present owner Kennedy Cash.
The Company
Star Farms is a Caribbean based Farmers group of individuals; in collaboration with foreign
based farmers combined collectively sharing and producing strategies and new concepts in
the related field of farming, Star Farms is located in Nassau, Bahamas, whose mission is to
provide high quality, nutritional, and flavorful vegetables, fruits and live stocks for
consumption in both near and remote regions of the Caribbean, but meanly in the Bahamas.
Additionally the company proposes to provide high quality planting materials for use
nationwide.
The idea behind the business is to provide healthy and delicious livestock’s, vegetables and
fruit to the public. In addition to vegetables and fruits, the company plans to produce and
market manure compost garden amendment products.
Star Farm's management team is led by Mr. Kennedy Cash as Business Manager and
overseer, who has extensive knowledge of the industry. Mr Manson Castillo, Cuban
national, Field Manager and who has extensive knowledge and expertise in the raising of
live stocks, Mrs Yamilesys Castillo Pozo Cash, Operations manager, The company expects to
employ four temporary employees during the start-up location phase, five employees on a
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permanent basis, and three part-time employees and additional employees as products
increases and work load stretches.
Products
Star Farms plans to concentrate on vegetables as its primary product. This includes
growing carrots, tomatoes, romaine lettuce, leeks, red onions, summer squash, spinach,
pumpkins, winter squash, globe beets, and winter greens amongst many other vegetables.
The company's farm, will have a capacity sufficient to produce in excess of 400,000 lbs. of
vegetables per year.
The company plans to utilize traditional and more advanced plant technologies to produce
new cultivars of strawberries and lima beans with locally-adapted superior characteristics
for Andros rich soil growing area.
This strategy will allow Star Farms to produce crops during most of the year and will allow
double cultivation of the greenhouses with almost no additional heating necessary in the
winter months.
The Market
Over the past decade the market for organic food has grown by 15% to 20% and every year
40% of Bahamian consumers occasionally reach for something labeled organic. Sales for
organic foods are expected to top in the area estimated around $20 million this year. Sales
by farmers' markets have increased by 69% since 1995, to 200 markets in Nassau, and
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about 2 to 3 thousand in the entire Bahamas, and the number of farmers who sells has
more than tripled to 67,000. About one hundred thousand Bahamians weekly now get their
fresh food directly from the farmers who grew it. This makes for an excellent environment
for a industry participant such as Star Farms that is willing to compete in a niche market
and be first to the market record sales with new products.
Financial Considerations
The company is seeking government grant in terms of venue in Andros, start up funding, in
the amount of $50,000 in both short-term and long-term, private loans to finance the
modern equipment necessary for cultivation and development, modernized the facilities,
and cover start-up expenses and first year losses. It is estimated that the company will
begin to make a profit in Year 2 of operations. The company does not expect to have any
cash flow problems during the first four years of operations.
1.1 Mission
Star Farms is a Caribbean -based company, whose mission is to provide high quality,
nutritional, and flavorful fruits & vegetables for consumption in both near and remote
regions of Nassau, the Bahamas. Additionally the company will provide high quality
planting materials for Use Island wide.
Company Summary
Star Farms is a start skillful group of experience local farmers with national wide foreign
expert cultivators with numerous years of experience and by recent union of marriage
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become a family based operation, to add and which is also conserved within their portfolios
in service thereof successfully, Livestock’s and vegetable farms abroad. The idea behind
the business is to provide healthy and delicious vegetables and fruit with the blend,
combination of livestock’s to the public locally. In addition to the above mention, the
company plans to produce and market manure compost garden amendment products.
Projected revenues for Year 1; $-60,000 – 80,000, respectively. Additionally the company
estimates that once fully operational, income per product, per annum would be as follows;
vegetable ($110,000) manure ($24,000) and horticulture ($12,000).
Start-up Expenses
Legal $1,500
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Seed $600
Consultants $3,000
Insurance $5,000
Other $10,000
Start-up Assets
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Total Requirements $
Products
While at La Maya Farm Manson, steadily used and experimented with compost and
fertilized with manure of different kinds. The most important things with manure usage is
to eliminate the viable weed seed drawback by thoroughly composting the manure, to add
enough cellulose on product to bring it to the proper ratio and to bring its water content to
proper levels. A properly composted manure product has no seeds that will germinate and
proliferate in it. Additionally, a properly composted manure product has something a
chemically formulated synthetic fertilizer does not have: enzymes. Enzymes are critical for
producing a truly nutritious and superior flavored product. Research has shown that the
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superior flavor of a fruit or vegetable is closely related to vitamin content and folic acid
content in green vegetables.
Vegetables
Star Farms first line of production will be the green vegetable and red vegetable. During the
summer months Star Farms will be growing carrots, romaine lettuce, leeks, red onions,
summer squash, and spinach. In the fall, production will center on pumpkins, winter
squash, globe beets and winter greens. To add with the growth of the popular organic food
niche, Star Farms will make its focal point to produce on the intermediate organic label.
This means that approximately 70% of the food production process will be organic and all
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organic foods produced by Star Farms will be eligible for the "contains organic ingredients"
label. The company's farm will make its goal to have a capacity sufficient to produce in
excess of 200,000 plus lbs. of vegetables per year.
Strawberries
The company's more technical horticultural aspects include efforts to utilize traditional and
more advanced plant technologies to produce new cultivars of crops such as strawberries
and lima beans with locally-adapted superior characteristics for the Andros growing area.
Flavor, disease resistance, adaptability to green-house culture, fall and winter season
production are factors being combined in greens cultivation to tap into the $6.05 pint berry
market of the fall and winter.
Star Farms strategy is a combination of the two technologies during the cool winter months
which will allow the utilization of normally wasted space in the greenhouses for the high
price winter greens production. This will allow double cultivation of the greenhouses with
almost no additional heating necessary in this climate.
3.2 Technology
The company is currently seeking contact with farmers around the Caribbean in order to
learn about and acquire new hybrids of strawberries and vegetables that are hardier and
grow faster in our local microclimates. These and other available species and systems will
be constantly tracked.
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In the meantime, the company plans are to explore the livestock’s industry we believes this
to be a high revenue venture with retail prices running in excess of 7.00 per pound in most
places. The company also believes that if livestock’s production is successful then it could
become the second best endeavor of Star Farms.
Production facility with all the necessary capital equipment approximately five acres from
the current farm. Grant of this facility would allow Star Farms to begin production and to
capitalize on this higher margin product. What makes this most attractive is the two
ventures have significant joint cost potential, allowing for a reduction in marginal costs for
all products and creation of real economies of scale that would provide Star Farms with a
competitive advantage.
The organic market provides less than 2% of the nation's food supply and takes up less
than 1% of its cropland. But organic farms are flourishing as never before. Over the past
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decade the market for organic food has grown by 15 to 20% and every year 40% of U.S. and
locally based consumers occasionally reach for something labeled organic. Sales for organic
foods are expected to top $11 million this year. Conglomerates as big as Super Value,
Budget Meat Mart, Fresh Market are now launching or buying organic lines and selling
them in their mainstream supermarkets.*
With no subsidies and no middle men, farmers' markets has increased by 79% since 1995,
to 137 markets in the Bahama islands, and the number of farmers who sell at them has
more than tripled, the Agriculture Department has reported. About fifty thousand
Bahamians a week now get their fresh food directly from the farmers who grew it. "Right
now, green markets are growing faster than anything in agriculture.
These numbers, of course, represent a very thin slice of the big pie of national food.
Farmers' markets reported about $2 million in sales last year, compared with more than
$200 million in overall farm revenue. Barely 3% of the nation's 300 hundred farmers sell
some of what they grow directly to consumers.
But in an era of big-package food stores, when 3 major grocery chains control the purchase
of 50% of fresh food, plus the top hotels and restaurants the proliferation of open-air
markets has come out of nowhere, giving more consumers an option and allowing many
small farmers to stay in business.**
The target customers include oriental vegetable markets demanding organic and semi-
organic green vegetables, vegetable processors, and private individual buyers through
direct selling and farmers markets. The company will continue to service the existing
customers of the purchased vegetable farms. In its greens production the company will
target virtually all main food outlets. The company plans to use the Internet as one of its
marketing channels in the future.
In addition the target customer shall also have the options to Fruits and Live stocks
opportunities or preferences, private individual buyers through direct selling and farmers
markets. Star Farms entails to going forward intents to practically pursue all main food
outlets. With internet marketing alongside flyers, posters and still ads as its advertising,
promotion, and selling channels
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Vegetables:
Vegetable processors.
Product-Bagged Manure:
Bulk customers.
Fruits:
Fruits processors.
Livestock’s
The company will also promote and market to new customers we shall established list use
ads in all of the media arena, live liners, cinemas ads, flyers, posters, we also intent to take
advantage of E-blast with the local telephone companies which has all of the consumers
phone numbers and listings,
Andros the in Bahamas is one of the premier farming areas of the commonwealth of the
Bahamas. This creates an intensely competitive environment with a large number of
industry participants. Since almost all of the produce is considered to be commodities, and
large scale buyers are more consolidated than the farmers themselves, overall margins are
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small and rivalries for wholesaler contracts are strong. Competitive threats come from
three main segments:
Direct competition in the individual buyers market segment comes from three farms in the
immediate area including the farm, farm, and the
________________vegetable farm. Each of these competitors has produce stands as well as
selling to local farmers' markets. However, our focus on shall be
___________________________________________________________________.
The Market Analysis Pie shown below reflects the total number of potential customers for
Farmers Group. The number of Oriental markets and vegetable processors represent
national estimates of industry participants, whereas the number of individual buyers
represents the estimated annual number of individuals that will be driving by the farm.
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MARKET ANALYSIS
Relocate and expand fruits, Green Acres vegetable system and livestock’s.
Have the composting system in full production by early spring of the second year.
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The company's long-term plan is to phase out whichever products are least lucrative and
replace them with products that are practical and cost efficient.
Reduced overhead by fully realizing crop output potential and economies of scale
through joint costs.
Star Farms will initially market and supply its products to target customers. The company
is further exploring marketing opportunities on the Internet, cinemas, flyers, E blast. To
this extent, in addition the company would like to set up a website to market its products.
The company will utilize aggressive advertising strategies to further market its products.
These strategies include the promotion of products through the sponsoring of spots on
cooking shows and exhibitions, and also engaging prominent chefs to help promote this
flourishing and thriving industry.
The company sets its pricing based on market rates as far as fruits, vegetable and
livestock’s products are concerned.
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Star Farms pricing for strawberries will exceed the average market price for the following
reasons:
At StarFarms, the sales process is primarily the same for fruits, vegetables as it is for
composting products, in that both products will be mainly sold through wholesale
marketing. As in the past, live shipments will be delivered by contract carriers in special
oxygenated tanks carrying 8,000 fruits, vegetables or more, and will be continued as
demanded. StarFarms bagged manure products will be delivered and unloaded in sizable
wholesale quantities by the pallet.
Smaller, more local orders will significantly increase the overall sales when the 300-450
live vegetables carrying tank system is put into service late.
The company's average sales cycle from first contact to closing of the sale is approximately
2 to 8 days for vegetable products. Star Farms plans to shorten this cycle. Furthermore, the
company estimates that from first contact to sale conclusion, the cycle for fresh fruits,
vegetables and livestock’s will run 2 days or less. Composted products sale cycle should run
from 2 to 8 days.
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Direct sales contacts of vegetable markets by delivery personnel, as well as cold calling by
telephone of potential market outlets, will also be employed.
Sales Forecast
The following table and charts show our projected sales.
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SALES FORECAST
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Sales
Other $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0
Management Summary
Star Farms management team is led by Mr. Kennedy Cash, Business Manager, and the
current manager of Cienfuegos Farmers Fruits, Vegetable Farm, who has extensive
knowledge of the industry and has been tracking vegetable trends for 15 years, Mr Mason
Castillo operations and specialist in livestock’s Fruits and vegetables farm in Santiago La
Maya Cuba farms.
The company's management philosophy is based on responsibility and mutual respect. Star
Farm has an environment created freshly and structure that encourages fruitful
productivity and respect for customers and fellow employees, guaranteeing to perform the
highest standard of service.
Overall, Star Farm will have 12 personnel. The company expects to employ 5 temporary
employees during the equipment start up location phase, 4 employees on a permanent
basis, and 3 part-time employee. The Star Farms team is organized into three groups:
Management
Management will be responsible for supervising and participating in the daily operations of
the facility. Management consists of:
Daily Maintenance
Contract Personnel
They will be utilized initially for the moving and setting up of the Fruits and vegetable farm,
greenhouses, and the building of the manure composting facility.
PERSONNEL PLAN
TOTAL PEOPLE 7 7 7 7 7
The company is seeking to raise of $50,000 for the purpose of financing the acquisition of
the Green 10 Acres Fruits 10 Acres Vegetable Farm and !0 Acres livestock’s Farm, facilities
modifications, equipment, and funding operating expenses. Another $60,000 will be
invested in the company by seeking governmental grants. The following is a breakdown of
how the funds will be used:
Breakdown of Use of
Funds
Acquisition:
Property Grant
Sub-total $40,000.00
Operating Expenses:
Salaries $14,400.00
Sub-total $89,400
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Total $89,400
START-UP FUNDING
Assets
Liabilities
Capital
Planned Investment
Investor 1 $250,000
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Investor 2 $250,000
Investor 3 $250,000
Investor 4 $250,000
Other $0
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This financial projection is based on sales volume at the levels described in the sales
forecast section and presents, to the best of management's knowledge, the company's
expected assets, liabilities, capital, and revenues and expenses. The projections reflect
management's judgment of the expected conditions and its expected course of action given
the hypothetical assumptions.
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Nature of Operations
The company is in the business of fruits, vegetable and livestock’s farming, greens
cultivation, and composting. The company expects to be operating in 2017.
Revenues
The company's revenue is derived primarily from the sale of fruits, vegetable and
livestock’s, strawberries, and bagged composted manure products.
Expenses
The company's expenses are primarily those of salaries, utilities, and insurance costs. Other
expenses are based on management's estimates and industry averages.
GENERAL ASSUMPTIONS
Plan Month 1 2 3 4 5
Other 0 0 0 0 0
BREAK-EVEN ANALYSIS
Assumptions:
As the profit and loss table shows, Star Farms expects a steady growth in profitability over
the next few years.
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Expenses
Depreciation $0 $0 $0 $0 $0
Payroll Taxes $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0
The chart and table below contain the cash flow assumptions and projections for Farmers
Group during the first five years of plan implementation. Year 1 monthlies are presented in
the appendix.
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Cash Received
Additional Cash
Received
New Current $0 $0 $0 $0 $0
Borrowing
New Long-term $0 $0 $0 $0 $0
Liabilities
Sales of Long-term $0 $0 $0 $0 $0
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Assets
Expenditures from
Operations
Other Liabilities $0 $0 $0 $0 $0
Principal Repayment
Purchase Long-term $0 $0 $0 $0 $0
Assets
Assets
Current Assets
Accounts $0 $0 $0 $0 $0
Receivable
Long-term
Assets
Accumulated $0 $0 $0 $0 $0
Depreciation
Current
Liabilities
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Other Current $0 $0 $0 $0 $0
Liabilities
The business ratios given below are contrasted to industry standards within the Bahamas
and. Within the category of fruits, vegetables and livestock’s functioning in close proximity
to one another, research has shown that there can be significant distinction , diversity from
industry standards due to farm size, product life cycle, and capital resources.
Star Farms is a start-up venture, and therefore has a more heavy debt to impartiality ratio
than most existing farms. Furthermore, due to its move into a niche market, the company is
expected to spend a bit more on advertising than its competitors. The first two years of
operations are expected also to have a higher growth rate than average as it gains market
share set for the future of Star Farms.
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RATIO ANALYSIS
Percent of
Total Assets
Percent of
Sales
Expenses
Main Ratios
Activity Ratios
Collection 60 0 0 0 0 n.a
Days
Debt Ratios
Liquidity
Ratios
Additional
Ratios
Appendix
SALES FORECAST
Sales
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0
Direct Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9
Cost of
Sales
Other $0 $0 $0 $0 $0 $0 $0 $0 $0
GENERAL ASSUMPTIONS
MONT MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
H1 2 3 4 5 6 7 8 9 10
Plan 1 2 3 4 5 6 7 8 9 10
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Month
Current 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Interest
Rate
Long- 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
term
Interest
Rate
Tax 30.00 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Rate %
Other 0 0 0 0 0 0 0 0 0 0
Cash
Received
Cash from
Operations
Additional
Cash
Received
New Current $0 $0 $0 $0 $0 $0 $0 $0
Borrowing
New Other $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
(interest-
free)
New Long- $0 $0 $0 $0 $0 $0 $0 $0
term
Liabilities
Sales of Other $0 $0 $0 $0 $0 $0 $0 $0
Current
Assets
Sales of Long- $0 $0 $0 $0 $0 $0 $0 $0
term Assets
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New $0 $0 $0 $0 $0 $0 $0 $0
Investment
Received
Expenditures
from
Operations
Bill Payments $30,250 $7,507 $7,509 $7,573 $7,571 $7,508 $10,129 $91,730 $
Additional
Cash Spent
Sales Tax, $0 $0 $0 $0 $0 $0 $0 $0
VAT,
HST/GST Paid
Out
Current
Borrowing
Other $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Principal
Repayment
Long-term $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Principal
Repayment
Purchase $0 $0 $0 $0 $0 $0 $0 $0
Other Current
Assets
Purchase $0 $0 $0 $0 $0 $0 $0 $0
Long-term
Assets
Dividends $0 $0 $0 $0 $0 $0 $0 $0
Net Cash ($41,750) ($19,007) ($16,009) ($8,573) ($1,696) $867 $32,246 ($15,105) (
Flow
Cash Balance $203,650 $184,643 $168,634 $160,061 $158,365 $159,232 $191,478 $176,373
Assets Starting
Balances
Current
Assets
Long-term
Assets
Accumulated $0 $0 $0 $0 $0 $0 $0
Depreciation
ASSETS
TOTAL $1,145,400$1,103,650$1,084,643$1,069,334$1,062,261$1,055,490$1,041,082$1,131,
ASSETS
Current
Liabilities
Other $0 $0 $0 $0 $0 $0 $0
Current
Liabilities
TOTAL $1,145,400$1,103,650$1,084,643$1,069,334$1,062,261$1,055,490$1,041,082$1,131,
LIABILITIES
AND
CAPITAL
Net Worth $315,400 $296,393 $277,387 $262,013 $254,940 $253,229 $253,906 $269,
TOTAL $800 $800 $7,667 $17,867 $28,033 $38,233 $68,833 $119,833 $82,4
COST OF
SALES
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Gross ($800) ($800) $2,333 $7,133 $11,967 $16,767 $31,167 $55,167 $37,5
Margin
Gross 0.00% 0.00% 23.33% 28.53% 29.92% 30.48% 31.17% 31.52% 31.31
Margin %
Expenses
Payroll $11,500 $11,500 $11,000 $7,500 $7,000 $9,500 $9,000 $9,500 $10,0
Sales and $950 $950 $950 $950 $950 $950 $950 $950 $9
Marketing
and Other
Expenses
Depreciation $0 $0 $0 $0 $0 $0 $0 $0
Gas and Oil $170 $170 $170 $170 $170 $170 $170 $170 $1
Payroll 15% $0 $0 $0 $0 $0 $0 $0 $0
Taxes
Other $0 $0 $0 $0 $0 $0 $0 $0
Total $13,540 $13,540 $13,040 $9,540 $9,040 $11,540 $11,040 $11,540 $12,0
Operating
Expenses
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Profit Before ($14,340) ($14,340) ($10,707) ($2,407) $2,927 $5,227 $20,127 $43,627 $25,5
Interest and
Taxes
EBITDA ($14,340) ($14,340) ($10,707) ($2,407) $2,927 $5,227 $20,127 $43,627 $25,5
Interest $4,667 $4,667 $4,667 $4,667 $4,638 $4,550 $4,527 $4,527 $4,5
Expense
Taxes $0 $0 $0 $0 $0 $0 $0 $0
Incurred
Net Profit ($19,007) ($19,007) ($15,373) ($7,073) ($1,711) $677 $15,600 $39,100 $21,0
Net 0.00% 0.00% -153.73% -28.29% -4.28% 1.23% 15.60% 22.34% 17.50
Profit/Sales
PERSONNEL PLAN
Business 0% $1,500 $1,500 $1,500 $1,500 $1,500 $2,500 $2,500 $2,500 $2,500 $
Manager
Executive 0% $1,500 $1,500 $1,500 $1,500 $1,500 $2,500 $2,500 $2,500 $2,500 $
Director
Manager 0% $0 $0 $0 $0 $0 $0 $0 $0 $1,000 $
Trainee
Logistic 0% $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $
engineer
Heavy 0% $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $
equipment
TOTAL 12 12 12 7 7 7 7 7 7
PEOPLE
Total $11,500 $11,500 $11,000 $7,500 $7,000 $9,500 $9,000 $9,500 $10,000 $1
Payroll
Nicholl’s Town, ANDROS, Bahamas - Farmers in North Andros have won support from
wholesalers, hoteliers, restaurateurs, chefs and the Ministry of Tourism following a
weekend convention.
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Hosted by Bahamas Agricultural and Industrial Corporation (BAIC), it marked the second
time buyers, mainly from New Providence, and farmers met to discuss the way forward in
food production.
“We are serious about food production, as all Bahamians ought to be,” said BAIC executive
chairman Edison M. Key. “It is the country’s first line of defense.”
Farms, many of which utilise drip fertigation, were arrayed in early tomatoes, egg plants,
zucchinis, cabbages, sweet peppers, sweet potatoes, yams and peas.
Delegates toured the North Andros Agri-industrial park where greenhouse technology is
being taught; the government’s packing house; docks; and the BAIC livestock operation.
It is estimated that $500 million worth of food products are imported into the country each
year.
“It was a great experience,” said Ms Gibson, manager Culinary Tourism. “We join forces
with BAIC and all associated entities to increase the demand for Bahamian produce and
fuel the economy with local funds rather than importing so many items.”