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Table of Contents

1.0 Executive Summary....................................................................................................................................1 Chart: Highlights.......................................................................................................................................2 1.1 Objectives................................................................................................................................................2 1.2 Mission....................................................................................................................................................2 1.3 Keys to Success.......................................................................................................................................3 2.0 Company Summary.....................................................................................................................................3 2.1 Company Ownership..............................................................................................................................3 2.2 Start-up Summary...................................................................................................................................4 Chart: Start-up...........................................................................................................................................4 Table: Start-up...........................................................................................................................................5 3.0 Services.......................................................................................................................................................5 4.0 Market Analysis Summary.........................................................................................................................7 4.1 Market Segmentation..............................................................................................................................7 Table: Market Analysis.............................................................................................................................7 Chart: Market Analysis.............................................................................................................................8 4.2 Target Market Segment Strategy............................................................................................................8 4.3 Service Business Analysis......................................................................................................................9 4.3.1 Competition and Buying Patterns..................................................................................................10 5.0 Location.....................................................................................................................................................12 5.1 Facilities and Equipment......................................................................................................................13 5.2 Suppliers and Alliances.........................................................................................................................13 5.3 Inventory...............................................................................................................................................13 5.4 Legal Environment................................................................................................................................13 5.5 Policies and Procedures........................................................................................................................14 6.0 Strategy and Implementation Summary...................................................................................................14 6.1 Competitive Edge..................................................................................................................................14 6.2 Marketing Strategy................................................................................................................................15 6.3 Sales Strategy........................................................................................................................................15 6.3.1 Sales Forecast.................................................................................................................................16 Table: Sales Forecast..........................................................................................................................17 Chart: Sales Monthly..........................................................................................................................18 Chart: Sales by Year...........................................................................................................................18 7.0 Web Plan Summary...................................................................................................................................19 7.1 Website Marketing Strategy.................................................................................................................19 7.2 Development Requirements..................................................................................................................19 8.0 Management Summary.............................................................................................................................20 8.1 Management Team................................................................................................................................20 8.2 Personnel Plan.......................................................................................................................................21 Table: Personnel......................................................................................................................................21 9.0 Financial Plan............................................................................................................................................22 9.1 Start-up Funding...................................................................................................................................22 Table: Start-up Funding..........................................................................................................................23 .....................................................................................................................................................................23 9.3 Break-even Analysis.............................................................................................................................25 Page 1

.......................................25 9...........................................................5 Page 2 ...........................................................................................................................................................................29 ..........................................................................................................................................................................................................................................5 Projected Cash Flow..............................................................................................7 Business Ratios.....................................................................................................................................................................................................................................................................................................27 Chart: Gross Margin Monthly......................................................................................................................................33 Table: Sales Forecast..........................................................................................1 Table: Personnel..............................6 Projected Balance Sheet...31 9.........................................1 ................................................................................................................................................................................................................................................................................................3 Table: Cash Flow......................................................................................................................................................................................................................................................................................................................................................................................26 Chart: Profit Yearly............................................................................................................................4 Table: Balance Sheet...........................................................................................................26 Chart: Profit Monthly.....2 Table: Profit and Loss...........27 Chart: Gross Margin Yearly...............................................................................................................................................32 Table: Ratios...................................................................................................32 Table: Balance Sheet..........................................................................................30 Chart: Cash.........................................................................................................................32 9.................................Table of Contents Chart: Break-even Analysis.......2 ...............................................................................................................................................4 Projected Profit and Loss.............28 Table: Profit and Loss................................................................................................................................................................25 ............................................................25 Table: Break-even Analysis...............................................................................................................................33 ......29 9.................................30 Table: Cash Flow............................................................................................................................................................................................................................................................................................

By importing our products directly from a private label bakery in the UP we avoid high labor costs. The majority of these funds will be used for corporate design. pie warmers. vegetable and fruit pies made using oldcountry traditional family recipes from the UP . freezers and miscellaneous one-time furnishings must be Page 1 . and the one with the greatest growth potential. refrigerators. With an exclusive import license that could be used to sell frozen product through supermarkets and bulk wholesale food chains. and additional warehousing and production facility costs. The third will be a focus on superior customer service and education. remodeling and lease payments three months prior to opening. The proposed business location for the first UPer Crust Pies store will be in downtown Yubetchatown. The second will be our unique value-for-money product line. Our next largest market. UPer Crust Pies is a Limited Liability Company. We have plans to expand the company through further retail outlets and are focused on developing a business model that is favorable to franchise possibilities. We have identified four main keys to our success.0 Executive Summary UPer Crust Pies will specialize in meat. expensive investment in manufacturing and production equipment. Our major costs will be limited to product purchasing. with the intent of using a portion of shares to raise capital. We will also sell frozen pies in lunch and family sizes that can be cooked at home in an oven or microwave. Our largest target market is young adults and business people (42%). Start-up costs include initial inventory for the first store including shipping and cold storage fees associated with the product. Equipment assets such as a commercial oven. Our marketing strategy will be to attract new customers. word-of-mouth advertising and strategic alliances. We will continually assess all aspects of the business and interact with our customers personally. ambient display cases. is families with children (36%). shipping and cold storage. UPer Crust Pies could quickly and clearly establish itself as the market leader. At this stage five possible sites are being considered in three areas. educate those customers and then create a loyal customer base. and the fourth key will be employee retention through training and internal promotion. UPer Crust Pies is currently seeking a bank loan with an additional private investment contribution from outside investors. and our final target market will be 15-24 year olds which includes students (22%). entertainment book coupons. evaluating food choices for popularity and keeping favorites on the menu as we rotate weekly and seasonal specials. UPer Crust Pies will attract consumers through highly visible signage. Our products are low fat and free of genetically modified ingredients and will be complemented by an assortment of fresh premium salads and desserts. All membership shares are currently owned by Lina and Olie Mackinac-Gogebic.Michigan's Upper Peninsula.UPer Crust Pies 1. The first is to secure stores in highly visible locations. print media advertising. UPer Crust Pies will target three market segments within the core metro district. Our sales strategy includes hiring employees who genuinely enjoy their jobs. Our pies will be baked fresh everyday and sold hot directly to customers through our retail stores. flyers.

000 $0 Year 1 Year 2 Year 3 Sales Gross Margin Net Profit 1. In the second year. Responsible profit will fairly compensate owners and investors for their risk and reward employees for their hard work. an additional two stores.000 $300. the company will add two more stores and in the third year. Chart: Highlights Highlights $700. In addition. UPer Crust Pies anticipates the need for liquid cash for operating expenses. Develop a business model that is favorable to expansion. Maintain a healthy average gross margin. Compared to industry standards we have forecasted a very conservative growth rate for the first three years of operations. We seek fair and responsible profit.000 $400. UPer Crust Pies has forecasted a modest growth rate for the first year of business.000 $200. Page 2 . enough to keep the company financially healthy and ensure continued growth and development. The addition of these stores will increase the gross revenue in the second and third years.2 Mission Customer satisfaction and education are our paramount missions. loyalty and commitment.000 $500.UPer Crust Pies purchased. 1.000. unforseen expenses and to help cover wages for the first three months of business.000 $100. Establish five store locations by the end of the third year. We will endeavor to meet the highest standards of excellence through superb customer service and consistent product delivery in a friendly and comforting environment.1 Objectives • • • • Achieve first year sales above $120.000 $600.

All membership shares are currently owned by Lina and Olie Mackinac-Gogebic. based on the investment requirements established in the financial section of this plan. clean presentation. UPer Crust Pies will offer hot ready-to-go meat and fruit pies and frozen take-home options as well as an assortment of fresh salads and cold beverages. Store design: visually attractive.UPer Crust Pies Employee welfare.0 Company Summary UPer Crust Pies is a specialty meat and fruit pie retailer importing its products from Michigan's Upper Peninsula.3 Keys to Success • • • • • • • Locations: visibility. Unique products: differentiation.1 Company Ownership UPer Crust Pies is a Limited Liability Company. A second and possibly third round of private investment may be considered to aid the company's expansion plans in years two and three of operations. Page 3 . site remodeling. UPer Crust Pies is currently seeking a bank loan and an additional private investment contribution from outside investors and family members. It is our responsibility to provide employees with a friendly. Employee retention: training. Quality controls: genetically modified free policy.000. articulate and informative. high traffic patterns. Service: cheerful. 2. Implementing a sound business model into our first store will aid expansion plans and open up the possibility of franchising. no direct competition. At present there are only two small competitors servicing the entire U. marketing and various other operating expenses. participation. relaxed atmosphere.S. shop rental. Lina and Olie Mackinac-Gogebic will maintain ownership of no less than 51% of the company. The company has plans to expand with an additional four stores in the local megalopolis over the next three years. Every employee will be treated fairly. fast and efficient operations. Marketing: positive image. professional. Major costs include initial inventory purchases. equipment purchases. with dignity and the utmost respect. 1. comfortable and challenging work environment with opportunities for growth and development. word-of-mouth advertising. 2.A. personnel wages. with the intent of using a portion of these shares to raise private investment through outside investors and family members. and training are equally important to our success. educational. convenient access. If all funds are raised. Projected gross sales for the first year of business are expected to be over $120. We are considering five possible locations for its first store in downtown Yubetchatown. competitive pricing. consistency. recognition programs. ongoing education. Reinvestment of earnings will be the backbone of this business after start-up and will ensure future growth and achievement of the company's goals.

shipping and cold storage fees associated with buying the product inventory. ambient display cases. and the majority of these funds will be used for corporate design.000 $140.UPer Crust Pies 2.000 $20.000 $160. packaging.000 $100.000 $80. unforseen company expenses and to help cover wages for the first three months of business. Chart: Start-up Start-up $200. Purchases of equipment assets such as a commercial oven.000 $40. re-modeling and to pay rent for three months prior to opening.000 $120.2 Start-up Summary Start-up expenses and assets are shown below. The company anticipates the need for liquid cash for operating expenses.000 $60. refrigerators and freezers and miscellaneous one-time furnishings are necessary.000 $0 Expenses Assets Investment Loans Page 4 . No legal costs will be incurred as the owners have agreed to trade a stock option with the company's legal counsel in return for on-going legal services. pie warmers. Start-up assets include initial inventory for the first store including purchasing.000 $180.

Usually eaten hot from a paper bag. What is a Pie? The meat pie is a traditional old-country food consisting of savory fillings in a pastry shell. UPer Crust Pies are low in fat. New technology in manufacturing has enabled New Zealand producers to develop a pie that can be heated by microwave in less than three minutes with the pastry remaining flaky as if it had been cooked in a convection oven for thirty minutes.000 $12.000 $3. After oven baking. with flaky golden pastry and savory fillings. steak. bacon and egg.000 3. but in the entire United States. Traditional fillings include beef and cheese.000 $0 $600 $2. UPer Crust Pies will bring the Upper Peninsula pie experience to the Page 5 .0 Services UPer Crust Pies will specialize in quality pies and pastries.000 $240. imported frozen from the Upper Peninsula of Michigan and baked fresh every day. The company will also sell frozen pies that can be taken home and cooked in an oven or microwave.200 $700 $9.UPer Crust Pies Table: Start-up Start-up Requirements Start-up Expenses Legal Stationery Liability insurance Rent (3 months prior to opening) Computer Licenses Corporate design Web design & implementation Lease-hold improvements Total Start-up Expenses Start-up Assets Cash Required Start-up Inventory Other Current Assets Long-term Assets Total Assets Total Requirements $118. pies are put into warmers and held at a steady temperature to ensure rapid service and high customer satisfaction. The premium taste.000 $0 $65.000 $8.000 $195. free of genetically modified ingredients and made with premium ingredients. the pie is unpretentious comfort food.500 $20.000 $45. Savory samples will also be offered to first-time visitors.000 $1. and chicken and vegetable to name a few. Our pies experience will be complemented by an assortment of premium salads and desserts as well as cold beverages. presentation and quality of our pies will not only be unique in Yubetchatown and the greater megalopolis area.

creamy cheese sauce and slices of bacon wrapped in a low-fat flaky pastry. Desserts & Fruit Pies: Low-fat lattice-top dessert pies in cherry. Chicken & Vegetable: Chicken breast with garden vegetables in creamy white sauce and wrapped in a low-fat flaky pastry. Potato Top: A traditional Shepherds pie with lean ground minced beef and a creamy mashed potato topping. wrapped in a low-fat flaky pastry. apricot.S. Chicken & Vegetable: Succulent chicken breast and garden vegetables in a creamy white sauce wrapped in low-fat flaky pastry. Page 6 . Bacon & Egg: Two whole eggs cracked on top of lean shoulder bacon.UPer Crust Pies U. wrapped in a low-fat flaky pastry. Bacon & Double Cheese: Lean beef in a rich gravy. apple and a selection of cheese cakes. Bacon & Egg: One egg cracked on top of a lean slice of shoulder bacon wrapped in a lowfat flaky pastry. creamy Indian delight prepared in a low-fat flaky pastry. The Menu The Classic Pie Selection (6. and endeavor to establish the humble meat pie as gourmet fare for Americans while bringing a taste of home to "UPers" living throughout America. custard. apple. Beef. Steak & Mushroom: Chunky steak prepared in a smooth dark sauce with fresh sliced mushrooms in a low-fat flaky pastry. Butter Chicken: Chicken breast in a smooth. Cracked Pepper: Prime strips of beef in rich creamy sauce complimented with spicy cracked pepper corns. Steak: Prime lean steak in rich hearty gravy wrapped in a low-fat flaky pastry. Steak & Cheese: Chunky steak in a rich hearty gravy with fresh herbs and spices. Rolls & Savories: Sausage rolls.25 oz) • • • • • • • • Beef: Lean savory ground beef in a smooth sauce with fresh herbs and spices in a low-fat pastry. Cheese & Tomato: Ground beef in dark gravy with low fat cheese. garden tomatoes and wrapped in a low-fat flaky pastry. beef rolls. Beef & Cheese: Ground beef in rich gravy mixed with pizza blended cheese and wrapped in a low-fat flaky pastry. garlic and cheese rolls and small savories all wrapped in a low-fat flaky pastry. The Gourmet Pie Selection (9. Vegetarian: Garden vegetables prepared in a smooth creamy sauce and wrapped in a true light vegetable pastry. Beef.5 oz) • • • • • • • • • Thai Chicken: Succulent chicken breast in a creamy oriental sauce wrapped in a light lowfat flaky pastry. Steak & Cheese: Chunky steak in a dark gravy mixed with pizza blended cheese and wrapped in a low-fat flaky pastry.

Potato Salad. However. Greek Salad. Yubetchatown’s trade area consists of approximately 160. Fruit Salad.442 82.662 122. Table: Market Analysis Market Analysis Year 1 Potential Customers 15-24 Year Olds Young Adults and Businesspeople Families with Children Total Growth 2% 3% 3% 2. Apple and Orange Juice.621 126.75% Page 7 . 36% are 35-59 and 15% are over 60 years of age.75% 80.5 million people. Our next largest market and the one with the greatest growth potential is families with children followed by the 15-24 year-old segment. 4. home to approximately 3.00% 3.00% 2. Carrot. retail. 4.428 87.UPer Crust Pies Salads: Caesar Salad.000 residents and is home to a diverse economic base including corporate offices.208 345. 14. Within this population we will focus on three separate groups with different needs: 1524 year olds (including students).935 Year 2 Year 3 Year 4 Year 5 CAGR 2. With a growth rate of 8. Cold Beverages: Coke.000 and the median age is 34 years old. It is anticipated that Yubetchatown will become the largest city in south Bigriver Valley. energy drinks.1 Market Segmentation UPer Crust Pies intends to market to a wide customer base.311 137. Of the south Bigriver Valley population 13% are under 14.5% Yubetchatown’s population is projected to grow well over 100.498 318.560 and a geographic area of 29 square miles. French Salad. spring water. industrial and manufacturing companies and one of the largest warehouse and distribution centers in North America. Sprite. 7-Up.275 125.5% are 15-24. we have defined the following groups as targeted segments that contribute to our growth projections: • • • 15-24 Year Olds Young Adults and Businesspeople Families with Children The largest target market is young adults and businesspeople.963 327.950 118.000 by 2008.188 83. It is an integral part of greater Megalopolis.182 85. Yubetchatown is the seventh largest city in the state with a population of 84. The median household income in the Yubetchatown area is around $91.921 129. young adults and business people (25-34) and families with children under 14.532 336. Yubetchatown is centrally located in the Bigriver Valley.282 115.0 Market Analysis Summary The market we will engage in first is the downtown Yubetchatown district.00% 3.729 122.630 129.599 133.5 % are 25-34. Demographically the UPer Crust Pie customer will come from all age and income levels of the market. 21.994 354.

cosmopolitan or have an individuality value. but also create long-term customers in their children.m. We will aggressively target single and working mothers who tend to turn to fast and convenient food choices to accommodate family demands. great taste and the uniqueness they receive. They have disposable incomes which they tend to spend on immediate gratification items.UPer Crust Pies Chart: Market Analysis Market Analysis 15-24 Year Olds Young Adults and Businesspeople Families with Children 4. Page 8 . we not only generate a large volume of immediate business. Families with children are a growing population.2 Target Market Segment Strategy 15-24 year olds go out for fast food more than any other age group. both numerically and in their choice for convenient foods. especially food products they perceive to be unique. Satisfaction of this group will provide a vital long-term revenue stream. By targeting this group. to 2 p. Our downtown location and increasing customer base will probably draw in customers outside of our targeted groups to include visitors and downtown shoppers. The lunch business is driven by individuals. Young adults and businesspeople have the potential of providing large volume sales to the company during the peak hours of 11 a. Two-income families have less time to prepare meals so they are an easy group to market to because their lifestyle is very specific.m. We believe these customers will be glad to pay a reasonable price for our products in exchange for high quality. Because these individuals are the most open to trying new foods they are vitally important in building an effective word-of-mouth marketing strategy. Many go out to lunch to get out of the office setting or have business meetings at lunch either in or out of the office. We will endeavor to accommodate surrounding businesses placing phone-in orders for business meetings.

696 in 2003. In 2002 total meat consumption (red meat.S.S. a substantial increase when compared to 2000 sales of $141. has 277.. that’s one for every 1. should continue to grow solidly over the next few years.096.488. Technomic Inc. better physical eating conditions and superior customer service. a Chicago based research firm. Increases in income. frozen pie sales were $339.705. prepared and packaged for busy customers to eat at home. poultry and fish) reached 195 pounds per person.000 frozen pie sales in 2000. consumers will spend 53% of every food dollar on meals.UPer Crust Pies 4. According to the U. At that time.000. The NPD 2003 Consumer Spending Survey also found that 18 to 34 year olds are turning towards new dining venues that are more likely to serve specialty foods like. vegetable pies. suggests the most successful food companies in 2020 are likely to be those that tap most effectively into Americans' appreciation for diversity in their lives. Retailer's Bakery Association stated in 2001 that bakeries will become the new springboard for successful retail meal programs. Although statistics complied by the American Institute of Baking stated that frozen pot pies contributed $68. An estimated 70% of total pie sales in the U. The United States Pie Industry The U. 57 pounds more than the average annual Page 9 .488. pot pies.600 compared to fresh pie sales in 2000 which totaled $182.'s 2003 Consumer Spending Survey indicated the recent drop in the economy has encouraged more people to eat ‘on-the-go’ fast foods. snacks and beverages away from home.000 to the total figure of $141. consumption of food away from home accounted for 47% of total food expenditures in 2001. are sweet pies. According to Technomic Inc.S. According to the Bakery Production & Marketing Red Book. especially the insatiable desire for new and different food choices.S. consumer’s passion for meat and poultry.567. sandwiches.S.3 Service Business Analysis The United States Fast Food Industry The U. Inc. NPD found that consumers frequenting these types of outlets are interested in higher quality food preparation and taste. take out sales accounted for 67% of total sales at the top 25 limited service chains. especially when coupled with exposure to new and different foods. total U. will stimulate Americans' continuing quest for increased variety in their diets. total sales in the fast food industry will exceed $577 billion.208 fast-food outlets from coast to coast. Mexican wraps and home meal replacements instead of fried foods. pasta and sandwiches.S. and are willing to pay a higher price. The Association believes there are unlimited opportunities for fresh pizza. The strong demand for takeout food.602. An increase in consumer demand for the convenience of pot pies corresponds with U.000 people. Food on the run has now become the food of choice from executives to blue collar workers. quiche. soup.S. department of Agriculture. up from 45% in 1990 and 26% in 1960. The National Restaurant Association estimates that by 2010. especially with a significant decline in the cost difference between dining out and cooking at home..121. fresh pie sales for 2003 were $204. Total U. The NPD Group. including both frozen and fresh pies.

The company is presently struggling to fulfill the demands of having a second retail outlet. Chequamegon offers fresh single and multi-pack pies in as well as a range of sausage rolls and savories.UPer Crust Pies consumption in the 1950s. well ahead of their closest competitor on 15% share. Each American consumed an average of 7 pounds more red meat than in the 1950s. Product is sometimes baked twice and then sold frozen to customers in order to fulfill demands.7% market share.1 Competition and Buying Patterns Within the restaurant and fast food industry there are several different segments: • • • • • • Fast food: McDonald's. single pies. frozen family pies and multi-pack pies are being used as convenient value-for-money family meal solutions.3. The Upper Peninsula Pie Industry The pie is considered the national food of Michigan's Upper Peninsula and the pie making business is a serious endeavor. Business hours at the home store are 9:00 am to 5:30 pm Tuesday to Saturday and at Bass Street 10:00 am to 6:00 pm Monday to Sunday. Chequamegon also produces frozen family pies. 46 pounds more poultry and 4 pounds more fish and shellfish. Product is sometimes overcooked or very dry and equipment is not reliable. According to Rosemary Ontonagon. Burger King Pizza: delivery and dine in Buffets: all you can eat Lounges: combining food and alcohol Fine dining: typically restaurants at the highest price point Fast-casual: combination of fast service and sit down dining Local Competitors The Tintagel Pasty Company The Tintagel Pasty Company has been operating since 1998. Sausage rolls and savories are being used for more social occasions. Pie sales contributed substantially to the UP's economy according to a statistics report in 2002. 4. regularly running out of product or unable to fulfill customer requests during peak times of the year. Single pies are purchased with snacking in mind. marketing manager for Chequamegon. Although the atmosphere is relaxed and inviting at both stores. a small retail outlet on Bass Street in the heart of downtown which is supplied by their original store. a lack of seating has affected customer choice at the Bass Street location. The quality of the company’s products can vary from week to week. The company recently opened its second store. The company is owned and operated by Anne Thracite. Punch cards (buy nine get one free) have been adopted in the last two years and have Page 10 . Limited planning and organization have affected the company and there are no procedures or sufficient systems in place to deal with rapid expansion or substantial increases in production. being a handy product for households to have on hand for hungry family members. UP brand Chequamegon is the present market leader in fresh pies with a 54. a Cornish woman with no previous baking or relevant industry experience. frozen single sausage rolls and unbaked sausage rolls.

25 to $3. Indian Butter Chicken.000 in bars and Irish pubs alone.000 and $100. The estimated gross profit for the company after the cost of goods in 2000 was $70.531. The majority of his clientele hail from British Mediterranean areas. There are also spinach and sausage rolls ($2. Customers include a variety of curious first timers and local business people. 2002 $82. beef and cheese and a shepherd’s pie. and Beef Stroganoff. in 2001 $69. These figures show a healthy growth rate of over 20% in the last 3 years of business. Currently he operates out of a rented nightclub kitchen after hours. Cornish dry foods sold through the store are imported by the owner through her brother in Falmouth. on the East Coast and has been operating since December 2003. in 2003 $100. There are around 2. Gross profit after three months of business at this store was $22.029. U. He has no previous baking or relevant industry experience. wages have averaged between 25-30%. $3. The company’s products include six varieties of beef pie.000 gross. Ham and Brie. These figures do not take into account the gross profit of the new Bass Street store which started operations in late October 2004. one in 20 has enquired as to whether the company offers franchise opportunities. He sells his pies to several midtown pubs. Based on income and expenses over the last five years.K. The Quern Flour Bakery (Tidalborestad) The Quern Flour Bakery is based in Tidalborestad. three varieties of Chicken pie and one vegetable pie. Quern Flour Bakery now offers overnight shipping via FedEx anywhere in the country. Of the customers that have entered both stores. Cornwall. Of the customers that have entered both stores. Maltese owner and operator Siggiewi Gozo is a former corporate recruiter with an Masters Degree in Psychology who originally came to Tidalborestad for a job with a national sportswear company. Beverages are out-sourced and delivered weekly by Fizzy Beverage also locally based. cost of goods around 20% and rent around 20%. There is a strong expatriate base and loyal customer following at both stores. Family size (9 inch. one in five has asked for sweet pies and desserts.75) and Party size (2 inch.730.353. All product ingredients are presently bought by the owner and purchased at locally.729 and in 2004 around $132. He also makes a breakfast egg and bacon pie and a sausage roll.75). Thai Curry Chicken. In early 2004 Gozo was making and selling about 400 pies per month. $10. A one man shoe-string operation.UPer Crust Pies aided in sales and repeat business.300 Maltese and Gibraltarian customers in Tidalborestad that make up the company's customer Page 11 . Shipping of frozen product accounts for around 30% of the gross profit for each year.00 per dozen). caters events around town and delivers by the dozen directly to customers' homes by bicycle or subway. Based on the present growth rate and an influx of tourists during the summer months the annual gross profit of the Pike Street store alone is estimated to be between $90. Business is now good enough for him to take on extra staff and to scout a bigger location for the bakery. $10.185. In January of 2005 he sold 4. plain Chicken. Siggiewi works 15 hour days to make between 700 and 900 pies per week. including steak and mushroom.50 each) and rotational weekly specials that include. Quern Flour produces seven varieties for the Tidalborestad market. Pies come in Lunch size (5 inch.

Uniqueness. the challenge is to stand out from competitors. All the ingredients considered carefully. Quern Flour Bakery pies retail for up to $5. People tend to eat out because it’s quicker than preparing a meal themselves.000 gross. Despite customer unpredictability. Each will need approximately 500-700 square feet. Buying Patterns The most difficult function in predicting customer buying patterns is following the fine line of baking too much product or not having enough product left to serve customers late in the day. pie warmers and ambient display cases. Despite implementing sophisticated POS systems that track hourly sales figures. To develop the perfect pie crust. an eating area and a restroom. Convenience. there is no predictable pattern of daily activity. but as one that offers consistently high-quality food and a distinctive atmosphere. Price. counter and serving area. The operating space will consist of an oven. Quern Flour supplies around six restaurants and pubs with frozen and hot pies within the Tidalborestad area. Hours of operation will depend entirely on the area and final location of each store. central downtown Yubetchatown. The business will operate from Monday through Sunday. The stores will be located on high traffic commuter routes and close to shopping facilities in order to catch customers going to or from work. Many customers associate low price with lower quality. The flagship ‘chunky steak’ pie is made from sirloin steak and all cuts of meat are inspected to make sure there is no gristle. not only as an alternative fast food option. As consumers seek variety and new experiences. Based on the current market Siggiewi Gozo expects the company to quadruple turnovers by 2005. and the area of Chambers Street and 18th Avenue. and last year the company turned over $90. This area will include freezer space for onsite storage of frozen product. cold beverage display. or on a shopping expedition. Gozo also caters for holiday parties and his pies were served at some consulates during morning tea in 2004. Page 12 . particularly when there are so many different options available. buying patterns typically revolve around several different factors: • • • • • Quality.0 Location The proposed business location for the first UPer Crust store will be in downtown Yubetchatown. The menu items must meet minimum levels of quality for people to be willing to spend money on the food. Low price or lowest price is not essential.00. so is convenient parking for the end-of-workday traffic stopping to pick up hot food to go or frozen meal solutions. Location. while they are out for lunch. Five possible sites are being considered in three areas: the new Yubetchatown Station presently under construction. Quern Flour Bakery sources special margarine directly from Malta. One Tuesday could be a sellout and the next Tuesday there could be pie warmers left full of product. 5.UPer Crust Pies base. Proximity to home or work is very important.

The company is also currently seeking reputable organizations to supply its stores with fresh salads and desserts on a daily basis. Credit and delivery policies will be established. Cold beverages will also be delivered directly to stores according to demand.to three-day schedule. rolls and a small selection of dessert pies.00. The application fee is $300. Due to the company's expansion plans in years two and three. it is important that our suppliers have regional and possibly national coverage. service.1 Facilities and Equipment Pie warmers are custom designed and manufactured display cases. It will establish a relationship with a reputable shipping company and a freight agent to aid in the smooth transition of product from the UP to our distribution center. 5.4 Legal Environment A submission of application for a food license to the State Department of Health will include prepared plans and specifications for review and approval before the construction or remodeling of the initial establishment. dependant on turnover. Factors such as history. shipping and receiving is expected to be two months. production.UPer Crust Pies 5. This permit is $10. and will also establish contracts with a beverage company to provide popular product brands. UPer Crust Pies wishes to establish long-term loyal relationships with its suppliers. Perishables such as salads and some desserts will be delivered fresh directly to our stores on a daily or two. reputation. will also be purchased. 5. Commercial ovens. desserts and cold beverages. uniform in design. Frozen and chilled pastries will be distributed to stores on a weekly basis. A small back-up supply of products will also be kept on site.00 and is obtained after a simple exam. The State Department of Health will conduct one or more pre-operational inspections to verify that the establishment is constructed and equipped in accordance with the approved plans and in compliance with the Food Code. and will be kept frozen on site. This lead time will be reviewed constantly and altered in accordance with company expansion and seasonal demands. reliability. cash registers and point of sale (POS) accounting systems will be necessary capital asset acquisitions. The State Department of Health also requires that each employee possess a Food Handlers Permit. Page 13 .3 Inventory Our imported products will be stored locally with a company that specializes in cold storage. to avoid fluctuating costs the company will endeavor to build a fixed product rate into the contracts. product guarantees and liability issues will be crucial in the final decision. although this will depend on sales volumes and product demand during the first year of business.2 Suppliers and Alliances UPer Crust Pies is in negotiations with two Michigan Upper Peninsula pie manufacturers to supply frozen pies. Chilled and ambient display cases that house salads. Lead time for ordering. 5. delivery system.

5. Visa or MasterCard credit cards. Strategic Assumptions: • • • Every resident in the greater Yubetchatown area is a potential customer. training. 6. pastries.0 Strategy and Implementation Summary UPer Crust Pies will penetrate the commuter and captive consumer markets by setting up stores in highly visible and accessible locations. Although our unique products will initially captivate a curious market and compete on a consistency level.S. and the latest operating systems and technology. Page 14 . UPer Crust Pies has identified its market as busy.5 Policies and Procedures Establishing company policies and procedures will be important the company's growth and employee development. An appropriate insurance policy will also be taken out in accordance with State Department of Health regulations. This market desires exciting. modern baking and presentation equipment. new-tasting products with familiar ingredients for lunch time or while commuting to or from work or school. A fast and unique food alternative: We offer our customers a completely new experience through our pies.1 Competitive Edge UPer Crust Pies' unique products and focus on the customers experience will give it a significant market edge and differentiate the company from its competitors. Each location gives us an opportunity to increase customer awareness. The company has several distinct advantages over its two leading competitors. Food and Drug Administration Food Code standards. mobile people whose time is already at a premium. feel and taste of our products when compared to the competition will initially establish a sense of curiosity. The following policies and procedures will be adopted: • • • • Development of an employee policy handbook Development of a company procedures and systems handbook Clearly defined employee job descriptions. Marketing to our target segments will expose us to additional new customers.UPer Crust Pies The company will adhere to the State Department of Health and U. customers expect product consistency. reviews and monthly meetings An open-door policy for employee suggestions and concerns The company’s credit policy will be to accept only cash. salads and desserts. 6. followed by a value for money reputation and eventually a loyal following of pie lovers and connoisseurs. it will be our fast and cheerful customer service that will differentiate us from competitors and keep our customers returning. its authentic products. With the proliferation of coffee and fastfood chains across America. The look.

The cleanliness. Entertainment book coupons: Create initial customer awareness and economic incentive to try our products. 6. color scheme and nostalgic Upper Peninsula/Great Lakes images will create a completely new experience. The importance of the experience: With so many fast food restaurants and prepared foods being offered at grocery markets. Word of mouth: Unsurpassed customer service and our unique products will help develop strong word-of-mouth advertising and in turn help extend the company brand. Flyers: Distributed to local businesses to create customer awareness. Print media advertising: Weekly and monthly food and dining out guides will be used for print advertising. We realize that our business is a lot more than just pies.3 Sales Strategy We intend to succeed by giving our customers a combination of delicious food in an appealing environment with outstanding customer service. Our goal is to be known as a unique food experience with superior customer service. The effectiveness of these books diminishes after approximately eight months and UPer Crust Pies will turn to more cost effective marketing. the customer experience becomes extremely important as an effective way of distinguishing offerings. Once a customer enters our store. The following marketing strategies will be employed in the first year of business: Signage: Highly visible. Our products will be served fast and ready to consume and will be an alternative to the usual fast-food options available in today's market. This memory is what is communicated to their friends and colleagues. It is this experience that remains in the customer's mind well after they have consumed their food.UPer Crust Pies Products are made from the finest quality ingredients and are low in fat and free of genetically modified foods. It’s our pies. smoke-free environment. Page 15 . The store environment will play a major role in a positive customer experience. educate those customers and create a loyal base. Alliances: Although the company is primarily in the fast-food industry. accompanied with buyone get one-free coupons during our Grand Opening. To establish a loyal customer base.2 Marketing Strategy The focus of our marketing strategy will be to attract new customers. such as the authentic Upper Peninsula pies. 6. it is our job to make sure their experience with us is enjoyable. will not be available anywhere else. our people and the experience the customers have in our stores. eye catching and recognizable signs and logos at each store. Many products. it is vitally important we develop repeat business. it's unique products and cultural origins could be used as a tourism vehicle to promote the Upper Peninsula through a strategic alliance with Michigan Tourism.

3. With this information we will be able to streamline our food line to match local tastes and encourage more people to eat at the pie shop. Evaluating food choices and keeping favorites on the menu as we rotate weekly and seasonal specials. We need to sell the company as well as the product.UPer Crust Pies Our pies will be cooked throughout the day. However. This individual's knowledge will also help establish technology guidelines for the company. We need to offer fast service at peak times. this must be done in a respectful fashion. UPer Crust Pies envisions the first three months of sales to be fairly slow due to limited product awareness. Interacting with our customers personally.1 Sales Forecast Our sales forecast shows modest estimates for the first year of operations beginning in July 2005. We can accomplish this by: • • • • Hiring employees who appreciate our unique products. we will negotiate a flat purchase price for the first three years of business to compensate for fluctuating economic conditions. We have projected a 60% gross mark up over the first three years of business. We will seek a professional who has experience in how to tie in POS systems to the Internet and inventory controls. meal deals and weekly menu specials and keep accurate track of what types of pies and associated foods sell well through a customer feedback program. One employee will be preparing the customer's order. We will also offer fresh baked samples free of charge to those who enter our store for the first time. In the second year. We have therefore forecasted a 5% growth rate over the first year. Our sales strategy requires consistently high quality food and fast service in a relaxed atmosphere. We will offer punch cards. ensuring they can be served with confidence while guaranteeing our customers supreme freshness and taste. so they know that their feedback goes directly to the owners. the other one will be taking care of the sales transaction. and must never be used to make a customer feel uncomfortable or ignorant. Employees will be empowered to resolve issues and are encouraged to seek assistance from managers for any conflicts they are unable to resolve. Our knowledge is a resource. Continually assessing the quality of all aspects of the business and immediately addressing any issues. UPer Crust Pies Page 16 . at least two employees will be servicing customers. To speed up customer service. All employees will go through a comprehensive training process on how to offer customers the finest experience. In the first year of business we will implement a Point-of-Sale (POS) computerized cash register system that will make tracking and managing receipts and charitable contributions more robust. Cost control is a critical focus for UPer Crust Pies. 6. Keeping costs low while increasing sales will be vital to the company's profitability in subsequent years. All sales data logged on our computerized POS system will be analyzed for marketing purposes. Part of our mission is to educate our customers about pies. the competitive nature of the market and existing customer loyalty. Because we are importing our product from Michigan.

796 $227. an additional two stores.552 $61. Compared to industry standards we have taken a very conservative 10% growth rate over the first three years of operations.904 $40.173 $67. Table: Sales Forecast Sales Forecast Year 1 Sales Pies & Pastry Pies & Pastry (Frozen) Desserts Desserts (Frozen) Salads Cold Beverages Total Sales Direct Cost of Sales Pies & Pastry Pies & Pastry (Frozen) Desserts Desserts (Frozen) Salads Cold Beverages Subtotal Direct Cost of Sales $56. The addition of these stores will nearly triple the gross revenue in the second year and increase half again as much in the third year.820 $200.S.589 $5.905 $1.408 $407.127 $34. We would sell frozen products that could be shipped overnight via DHL or FedEx to customers throughout the U.921 $102.531 $18.104 $43.993 $29.652 $12.589 Year 1 $19. Pie and pastry sales should be higher in winter because of food oriented holidays and pies tend to be viewed as a comfort food. Please note that the sales forecast for the first year reflects store number one at a 5% growth rate.095 Year 2 Year 3 Page 17 . the forecast reflects the combined sales of three stores at a 10% growth rate.444 $3. Shipping would also become an integral part of the company’s marketing plan to help develop brand recognition and build product awareness.554 $1.149 $36.154 $123.942 $19. In the second year.746 Year 3 $103.853 Year 2 $61.001 $6. Dessert and salad sales in the summer months are expected to be slightly higher since more people will be having barbecues and picnics requiring ad-on products.834 $10.965 $11.298 $120.347 $679. the combined sales of five stores at a 10% growth rate.586 $3.478 $136.953 $3. We understand product sales will also vary according to the season. shipping could be a significant profit center.256 $185. It is anticipated that sales of sodas during the summer months should be substantially higher.UPer Crust Pies will add two more stores and in the third year.726 $5.001 $3. Not projected in this sales forecast is the possibility of additional revenue generated from shipping via an e-commerce facility to be added to our website in year two.723 $17.645 $6.257 $308.786 $6.276 $20.409 $10. and in the third year.796 $17. Based on current market research.255 $1.

000 $8.000 $10.000 $500.000 $2.000 $300.000 $100.UPer Crust Pies Chart: Sales Monthly Sales Monthly $12.000 $6.000 $400.000 $0 Year 1 Year 2 Year 3 Pies & Pastry Pies & Pastry (Frozen) Desserts Desserts (Frozen) Salads Cold Beverages Page 18 .000 $4.000 $600.000 $200.000 $0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Pies & Pastry Pies & Pastry (Frozen) Desserts Desserts (Frozen) Salads Cold Beverages Chart: Sales by Year Sales by Year $700.

S. business cards and advertising media. store locations. storefront and shopping cart. (Year 1) Fully integrated e-commerce site hosting: $99. Expansion into outside sales will help us to create greater community awareness. however.95 per month. its products. Page 19 . 7.1 Website Marketing Strategy Marketing efforts will start with our existing brick-and-mortar store customer base.00 for 10 years. The launching of our e-commerce facility for shipping in year two will also be marketed in our stores through word of mouth and on all printed media. Guaranteed placement in Google and Yahoo! (Year 2) Site design changes: Free of charge. In year two. • Ongoing Costs • • • • Site hosting: $19. The website will be a virtual business card and portfolio for the company with a simple yet contemporary design to keep up with the latest trends in user interface.95 per month. The company website and email address will be referenced on all printed material and correspondence including menus. 10 GB Data transfer and 20 POP e-mailboxes. Further awareness will be heightened by utilizing search engine submissions. Includes 250 MB Disk Space. 200 GB Data transfer and 200 POP e-mailboxes. URL links and e-mail marketing. (Year 2) Search engine submission: $44.000.com is $149. informing them of our Internet presence and encouraging their word-of-mouth recommendations.2 Development Requirements Development Costs • • Site design: $1000 . data management and Web development.UPerCrustPies. 7. including custom programming.95 per month. Includes 5. Site implementation: UPer Crust Pies will utilize the programming services of a friend with 12 years of experience in software development. new logos or designs may incur a fee but will be considered part of the marketing budget.0 Web Plan Summary In the first year of operation UPer Crust Pies will establish a basic Internet presence. the company will launch an e-commerce facility for customer ordering and shipping of frozen products throughout the U.UPer Crust Pies 7. hours of operation and contact information.$2. The site will have general information about the company. prices.000 MB Disk Space. Website name registration for www. material for changes such as photography. secure online credit card processing and payment options.

Sales. inventory and cash.0 Management Summary The strength of our management team positions us for success. There is no intention of having a top-heavy organization that drains profits and complicates decisions. We have assembled a team that embraces different disciplines with expertise in all areas of the business. inventory control and approval of all financial obligations of the company. COO .1 Management Team Lina Mackinac-Gogebic. CEO – Accounting.UPer Crust Pies 8. as principals within the company. will oversee product development. Financial. including receivables. and establish customer service policies and objectives. purchasing. Recruitment. They will: • • • • Manage working capital. and will treat all workers well. cash flow analysis and external financing requirements. Marketing. Advisory Board Confidential and proprietary information removed from this sample plan. Marketing. develop. the management team. It is important to us that they enjoy their jobs. UPer Crust Pies' management style will encourage all employees to learn as much as possible about all aspects of the business and be involved in decision making where appropriate. They will plan. Misty Glade – Vendor Relationships. Training Confidential and proprietary information removed from this sample plan. Full Time Employee – Operations. 8. Prepare financial analyses for guiding management. Business Development Confidential and proprietary information removed from this sample plan. Page 20 . Perform financial forecasting. Human Resources Confidential and proprietary information removed from this sample plan. pricing. Prepare budgets and financial forecasts and arrange for audits of the company's accounts. Store Development Confidential and proprietary information removed from this sample plan. Legal. positioning. Inventory. In addition to the day-to-day operations. feel part of the company and are well rewarded for their work. budgeting. Olie Mackinac-Gogebic. Overhead for management will be kept to a minimum and initially all managers will be hands-on workers. The company respects its community of co-workers.Operations. including income and expense reports. write employee job descriptions and draft an employee manual for all employee-related policies.

2 Personnel Plan UPer Crust Pies will be slow to hire people in the first year of operation.000 $7. Compensation for employees will include direct monetary payments and as the business progresses. we intend to increase the responsibilities of each employee as opposed to hiring more people.040 Year 2 $27. We realize that our employees are our biggest asset and that the image of our company is built by the people who work for us. As the company grows.140 $27.000 $7. performance bonuses will be paid to full-time employees. but it's the way those products are delivered that will determine our success. yet their employees have among the lowest pay and worst benefits of any industry. Initially all employees will be part time as the majority of work will be done by the owner.040 $0 $0 $0 $7. Because this is a small business.040 $0 $0 $0 $0 $0 $7.040 $27. All employees with be trained in food handling and store procedures and will be required to hold a food handlers permit.040 $0 $24.220 Page 21 .000 $0 8 $162. Our opening employment goal is one full-time and one part-time employee with an additional two full-time and three part-time employees by the end of the second year.960 $9.000 $9.000 $0 6 $102. we intend to hire employees with relevant skills and reward them accordingly. From that point.040 $27.120 Year 3 $29.000 $9.120 $29. We know we have great products. employees will be paid a comfortable wage that is fair to both the employees and the business. Our employee policies will include: • • • • • • Weekly management meetings Monthly employee meetings On-going training Performance reviews every six months Performance incentives Encouragement of creativity Table: Personnel Personnel Plan Year 1 Olie Mackinac-Gogebic Misty Glade Full-time Employee 1 Lina Mackinac-Gogebic Full-time Employee 2 Full-time Employee 3 Part-time Employee 1 Part-time Employee 2 Part-time Employee 3 Name or Title or Group Total People Total Payroll $27. but very loyal to those who are hired.960 $24. Retail and restaurant businesses live or die on customer service.UPer Crust Pies 8.000 $0 $0 $0 2 $34.

A second round will commence at the end of April 2006 for the purchase of further inventory and long-term assets to service the next two stores. Payoff of private investment is expected within four to five years. This will ensure that any operating debts incurred are paid for within the shortest possible time period. This includes initial start-up expenses. freezers and refrigerators. a cash register and Point-Of-Sale software and accessories. utensils. Depreciation will also increase as the company develops. to help cover wages. Page 22 .UPer Crust Pies 9. two pie warmers. an ambient display case. and also includes start-up inventory. A first round of private investment from outside investors and family members will begin in April 2005. a three-compartment sink. 9.1 Start-up Funding Total startup funding amounts are shown in the table below. A long-term loan has been secured for the purchase of the long-term assets. Although we anticipate substantial growth in years two and three we are forecasting a very conservative 10% growth rate. Sharper sales will result in a greater need for funds in support of inventory and store growth and a line of credit will need to be established. We will set a budget for marketing and advertising and will continue to reinvest residual profits into company expansion and personnel. purchasing of cold beverages and daily delivery of fresh salads and various other desserts. Profits will be reinvested and the owners will be employees collecting a very modest wage. a dishwasher and microwave. unforseen expenses. • • • Salaries and rent are two major expenses. The owners will not take any profits out of the business and will be paid as an employees. The purchase of long-term assets that will include an oven. liquid cash for operating expenses. decor and furnishings. Sales could very well increase at a much sharper rate than assumed in these conservative projections. Sales growth will be aggressive during the first 18 months as we sharpen our product line and inventory to better meet our customer's requirements.0 Financial Plan A bank relationship will be established as soon as possible. This inventory will include the purchase and storage costs of frozen products.

UPer Crust Pies Table: Start-up Funding Start-up Funding Start-up Expenses to Fund Start-up Assets to Fund Total Funding Required Assets Non-cash Assets from Start-up Cash Requirements from Start-up Additional Cash Raised Cash Balance on Starting Date Total Assets $77.000 Page 23 .000) $25.000 $10.000 $45.000 $0 $0 $170.000 $10.000 Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities Accounts Payable (Outstanding Bills) Other Current Liabilities (interest-free) Total Liabilities Capital Planned Investment Investor 1 Investor 2 Investor 3 Investor 4 Investor 5 Investor 6 Investor 7 Investor 8 Additional Investment Requirement Total Planned Investment Loss at Start-up (Start-up Expenses) Total Capital $8.000 $118.000 $8.000 $195.000 $0 $70.000 $0 $170.000 $8.000 $0 $118.000 ($45.000 $10.000 $195.000 $240.000 $240.000 Total Capital and Liabilities Total Funding $195.000 $8.000 $8.

This does not affect our total profitability.UPer Crust Pies 9. 2% for unemployment.2 Important Assumptions Payroll burden is calculated at an estimated 12. Our long-term interest rate is 6%. There are no unforeseen changes in public health perceptions of our general products.65% for social security and medicare. Our State Sales tax is 4%. Page 24 . Our financial plan depends on important assumptions. The tax rate has been left at 0% in the first year plan due to accumulated losses carried forward and that as an LLC the the owners will be taxed personally. Access to sufficient capital to sustain the company's projected growth plan. and 3% for worker's compensation. but monthly payments to the State does impact our cash flow and cash balance.65% made up of 7. Our key underlying assumptions are: • • • A slow-growth economy without major recession.

000) $0 $2.000 $6.000) ($6.000 $4.000 $22.060 $10.000 $10.000 $16.000 $0 ($2.000 $18.000) ($4.000 $14.000 $4.UPer Crust Pies 9.000 $20.000 $6.000 Table: Break-even Analysis Break-even Analysis Monthly Revenue Break-even Assumptions: Average Percent Variable Cost Estimated Monthly Fixed Cost 35% $7.000 $8.862 Page 25 .000 $12. Chart: Break-even Analysis Break-even Analysis $8.000 $2.3 Break-even Analysis Our break-even analysis is summarized by the following chart and table.

400) ($2.800) ($3. Chart: Profit Monthly Profit Monthly $800 $400 $0 ($400) ($800) ($1.200) ($1.4 Projected Profit and Loss The following table and charts indicate projected profit and loss.600) ($2.000) ($2.200) Month 1 Month 3 Month 5 Month 7 Month 9 Month 11 Month 2 Month 4 Month 6 Month 8 Month 10 Month 12 Page 26 .UPer Crust Pies 9.

000 $30.UPer Crust Pies Chart: Profit Yearly Profit Yearly $70.000 $20.000 $40.000 $50.000 $0 ($10.000 $5.000 $4.000 $3.000 $8.000 $60.000 $1.000 $6.000 $2.000 $7.000 $0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 11 Month 10 Month 12 Page 27 .000) Year 1 Year 2 Year 3 Chart: Gross Margin Monthly Gross Margin Monthly $9.000 $10.

000 $0 Year 1 Year 2 Year 3 Page 28 .000 $100.000 $300.000 $250.000 $400.000 $150.000 $200.000 $50.000 $350.UPer Crust Pies Chart: Gross Margin Yearly Gross Margin Yearly $450.

589 $43.700 $2.49% $102.600 $5.000 $9.59% Year 3 $679.846 $86.160 $0 $68.060 $9.500 $500 $1.399 $21.00% Year 2 $407.UPer Crust Pies Table: Profit and Loss Pro Forma Profit and Loss Year 1 Sales Direct Cost of Sales Other Costs of Sales Total Cost of Sales Gross Margin Gross Margin % $123.500 $2.200 $0 $0 $3.257 $0 $136.000 $1.392) $4.725 ($4.000 $9.131 $8.000 $13.256 $80.120 $9.391 $49.38% $162.200 $1.200 $375.205 $40.000 $9.000 $2.676 $9.000 $8.746 $227.000 $2.000 $6.810 $0 ($14.000 $1.000 $7.040 $3.596 66.853 $136.285 $24.10% Page 29 .000 $1.893 $9.000 $0 $0 $6.500 $1.202) -11.333 65.651 66.500 $12.000 $1.000 $400 $231.285 $72.805 $76.220 $15.59% Expenses Payroll Marketing/Promotion Depreciation Rent Utilities Liability insurance Payroll Taxes Legal fees Accounting Bank Service Charges Telephone/Cell Phone License and Permits Cold Storage Office Supplies Repairs and Maintenance Gas/Auto Expenses Postage Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales $34.100 $2.400 $0 $0 $1.100 $7.000 $2.000 $200 $84.932 5.000 $5.000 $2.095 $0 $227.686 10.256 $0 $43.500 $6.257 $271.500 $900 $500 $2.095 $452.285 $120.500 $12.

VAT.853 $407.304 $138.746 $679.589 $407. VAT.853 $679.311 $123.013 $162.284) $41.327 $26.533 Year 1 $16.936 Year 3 $123. HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional Cash Spent Sales Tax.893 $397.860 $34.000 $0 $30.840 $68.589 $123.314 $0 $0 $14.000 $0 $30.220 $461.556 $27.222 $623.000 $0 $204.120 $294.000 $484.716 $16.167 Year 2 $27.UPer Crust Pies 9.351 $102.746 Year 2 Year 3 Page 30 .190 $0 $0 $16.466 $0 $0 $12.442 $4.190 $0 $0 $0 $0 $0 $60.000 $0 $65.314 $0 $0 $0 $0 $0 $60.817 ($76. Table: Cash Flow Pro Forma Cash Flow Year 1 Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations Additional Cash Received Sales Tax.5 Projected Cash Flow Our projected cash flow is outlined in the following chart and table.040 $89.632 $70. HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance $4.000 $766.944 $0 $0 $0 $0 $0 $0 $128.000 $0 $696.000 $0 $457.

000 $80.000 $100.000 $20.000 $60.000 $40.000 $0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Net Cash Flow Cash Balance Page 31 .UPer Crust Pies Chart: Cash Cash $120.

716 $16. The final column.000 $130.416 $388.798 $25.730 $262.175 $10.000 $144.376 $158.556 $52.000) ($14. shows ratios for the Fast-Food Restaurant.000 $170.744 $0 $121.000 ($37.912 Year 3 $41.860 $87.730 $92.899 $0 $478 $10.912 $221. Industry Profile.496 $128.932 $92.376 $70.7 Business Ratios Projected business ratios are provided in the table below.018 $0 $478 $39.175 Year 1 $160.202) $10. Table: Balance Sheet Pro Forma Balance Sheet Year 1 Assets Current Assets Cash Inventory Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $9.907 $0 $226.522 $0 $478 $26.285 $120.300 $138. Independent industry.767 Year 2 Year 3 9.744 $0 $58.000 ($45. as determined by the Standard Industry Classification (SIC) Index code 7999.730 Year 2 $190.145 $388.UPer Crust Pies 9.855 $162.000 $9.000 $167.798 $179.000 $18.730 $39.202) $21.000 $168.000 $27.686 $221.570 $141.460 $68.715 $179.430 $262.496 $190. Page 32 .270) $68.000 ($59.6 Projected Balance Sheet The following table explains the projected balance sheet.416 $130.

90% 54.49% -131.00 n.64 10% 2. Year 2 230.03% 100.08% 0.76 0.a n.45 0.45 6% 4.18% 93.64 4.00% 10. General & Administrative Expenses Advertising Expenses Profit Before Interest and Taxes Main Ratios Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets Additional Ratios Net Profit Margin Return on Equity Activity Ratios Inventory Turnover Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab.78 10.51% 4.66% Industry Profile 8.52 3.24 n.83 0.02% n.15 0.55 3.a 5.60% 0.97% 6.02 27 0.UPer Crust Pies Table: Ratios Ratio Analysis Year 1 Sales Growth Percent of Total Assets Inventory Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Sales Sales Gross Margin Selling.00% 9.83% 100.69 3.31% 41.74 3.a 15.a n.51% -3.31% 100.63% 67.17 21 1.31% 45.92% 9.a n.24% 1.a $48.a 1.35% 0.a 2.21% 0.a n.00% 17.63 4.a n.a.66% Year 3 10.71% 35.04 0.96% 1.00% 66.23 12. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout 1.52 43.64 64.24% 37.22% 6.29% 22.300 4.59 0.97% 54.00% 58.79% 88.07% 31.083 -0.a n.87% 100.10% 31.93% Year 2 5.81% 64.80% n.42 n.00% 59.49% 7.69% 100.46 $187.75 n.a n.97% -131.65% 5.02 11.91% 43.271 9.20% 59.00% 65.07 0.00% 11.71% 33.40 0.51% -7.90% 13.00 0.79% 11.45 $95.93% Year 1 -11.03% 20.67 2.00% 32.16% 32.55% 100.a n.92 12.67% Page 33 .17% 53. to Liab.26% 40.49% 0.57 10% 3.06 1.07% 56.02 93.00 0.38% 23.01% Year 3 66.00% 9.a n.05% 39.59% 61.02% 17.00% 46.17 25 1.59% 56.37% 100.90% 100.66 50.93% 3.94% 22.00% 66.00% 76.a n.00% 5.

Initial poor service or product quality discourages customers from returning. we will give-away small samples to encourage first timers to try our products. Many first businesses spend all of their efforts at opening and are unable to maintain the quality customers expect on return visits. marketing activities are vitally important.0 Risk Management New restaurants and fast-food outlets often make one of two mistakes: they are either unprepared or under prepared for opening. It is anticipated that marketing costs will be significantly higher in the first three months of business. decreasing word-of-mouth advertising and leading to poor revenues. We plan on implementing several marketing strategies as outlined in the marketing section of this business plan. Because our products are unknown to the general consumer. The company recognizes the importance of its image.UPer Crust Pies 10. We realize that training and empowerment of our employees will be reflected in their customer service and that word-ofmouth advertising will be paramount to our success. We wish to establish fixed-product rates with our suppliers as a buffer to avoid fluctuating economic conditions that may affect our purchasing capabilities. A marketing budget will be set for the first store and for each subsequent store. alternative suppliers and at least three month's inventory of frozen product. Changes in importation policies and health regulations will always affect UPer Crust Pies. building a loyal customer base will take time. UPer Crust Pies will establish a loyal and long-term relationship with our suppliers and always pay on time. Marketing activities will be closely monitored and constantly analyzed to decide what marketing activities are successful and what are not. To establish product and brand awareness. We need to establish a strong working relationship with the relevant authorities to ensure all procedures are followed correctly and ensure that we have a steady supply of product. Page 34 . UPer Crust Pies will be as prepared as it can possibly be with back–up equipment. Although we have quality products. first-time impressions and customer service and it will not sacrifice this in order to satisfy the bottom line. Initial costs will be planned accordingly and kept to a minimum.

605 $3.568 Month 1 $1.356 Month 9 $1.213 $331 $370 $198 $8.066 $546 $159 $105 $92 $3.625 $443 $230 $279 $10.859 Month 3 $1.659 Month 11 $1.168 $1.638 $1.976 $1.103 $1.707 $396 $360 $212 $9.930 $1.638 $1.605 $6.066 $546 $159 $105 $92 $3.644 $2.772 $2.605 $3.983 Month 8 $1.Appendix Table: Sales Forecast Sales Forecast Month 1 Sales Pies & Pastry Pies & Pastry (Frozen) Desserts Desserts (Frozen) Salads Cold Beverages Total Sales Direct Cost of Sales Pies & Pastry Pies & Pastry (Frozen) Desserts Desserts (Frozen) Salads Cold Beverages Subtotal Direct Cost of Sales 5% 5% 5% 5% 5% 5% $3.020 $3.066 $546 $159 $105 $92 $3.559 $2.638 $1.536 $504 $413 $263 $8.605 $4.066 $546 $159 $105 $92 $3.114 $1.605 $4.638 $1.208 $1.638 $1.638 $1.392 $397 $235 $254 $10.066 $546 $159 $105 $92 $3.730 $514 $188 $246 $9.426 $3.299 $551 $206 $196 $12.638 $1.234 $3.605 $5.992 $585 $418 $399 $11.605 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Page 1 .934 $3.638 $1.546 $1.208 $2.258 $1.605 $3.131 $3.066 $546 $159 $105 $92 $3.426 $3.638 $1.066 $546 $159 $105 $92 $3.685 $1.100 $1.638 $1.421 $1.066 $546 $159 $105 $92 $3.435 $3.024 $1.442 $347 $292 $208 $8.066 $546 $159 $105 $92 $3.605 $5.046 Month 10 $1.946 Month 12 $1.729 Month 5 $1.066 $546 $159 $105 $92 $3.792 $489 $321 $365 $11.066 $546 $159 $105 $92 $3.066 $546 $159 $105 $92 $3.605 $5.548 $422 $232 $253 $10.605 $5.451 $465 $322 $279 $11.183 Month 4 $1.201 Month 6 $1.638 $1.334 Month 2 $1.638 $1.726 Month 7 $1.605 $5.360 $3.

253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.837 Month 6 $2.837 Month 12 $2.837 Month 7 $2.837 Month 11 $2.837 Month 5 $2.837 Month 8 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.837 Page 2 .253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.Appendix Table: Personnel Personnel Plan Month 1 Olie Mackinac-Gogebic Misty Glade Full-time Employee 1 Lina Mackinac-Gogebic Full-time Employee 2 Full-time Employee 3 Part-time Employee 1 Part-time Employee 2 Part-time Employee 3 Name or Title or Group Total People Total Payroll 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.837 Month 10 $2.837 Month 4 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.837 Month 2 $2.837 Month 9 $2.253 $0 $0 $0 $0 $0 $583 $0 $0 $0 2 $2.837 Month 3 $2.

837 $250 $774 $2.605 $6.060 ($2.19% Month 10 $11.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.114) $2.605 $0 $3.806) ($1.605 $0 $3.605 $0 $3.605 $8.946 $3.605 $5.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.378 67.046 $3.254 59.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.605 $0 $3.94% Month 8 $10.054 $790 $0 $491 Page 3 .08% Month 12 $11.859 $3.482) ($1.605 $7.605 $0 $3.605 $0 $3.356 $3.659 $3.124 66.963 57.060 ($939) ($165) $815 $0 ($1.605 $5.837 $250 $774 $2.605 $0 $3.605 $8.82% Expenses Payroll Marketing/Promotion Depreciation Rent Utilities Liability insurance Payroll Taxes Legal fees Accounting Bank Service Charges Telephone/Cell Phone License and Permits Cold Storage Office Supplies Repairs and Maintenance Gas/Auto Expenses Postage Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit 15% 13% $2.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.201 $3.597 70.605 $0 $3.060 $318 $1.837 $250 $774 $2.605 $8.032) $835 $0 ($2.837 $250 $774 $2.708) $830 $0 ($3.Appendix Table: Profit and Loss Pro Forma Profit and Loss Month 1 Sales Direct Cost of Sales Other Costs of Sales Total Cost of Sales Gross Margin Gross Margin % $8.605 $4.837 $250 $774 $2.605 $4.837 $250 $774 $2.837 $250 $774 $2.578 55.95% Month 5 $10.38% Month 3 $8.729 $3.605 $0 $3.751 65.341 69.060 ($2.097) ($1.605 $0 $3.060 ($1.37% Month 11 $11.281 $2.729 61.641) $2.605 $0 $3.837 $250 $774 $2.754) $2.312) $2.983 $3.310 $820 $0 $716 $2.060 $1.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.40% Month 6 $12.121 62.31% Month 4 $8.054 69.605 $0 $3.46% Month 7 $9.092 $810 $0 ($492) $2.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.942) $2.060 ($1.605 $7.060 $994 $1.93% Month 2 $9.726 $3.183 $3.171) $2.605 $6.155 $800 $0 ($419) $2.060 ($309) $465 $805 $0 ($1.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.334 $3.568 $3.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.768 $795 $0 $199 $2.18% Month 9 $10.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.060 $64 $837 $825 $0 ($761) $2.837 $250 $774 $2.331) ($558) $840 $0 ($2.536 $2.323) $845 $0 ($2.837 $250 $774 $2.837 $250 $774 $2.441 67.000 $225 $200 $0 $0 $100 $125 $75 $42 $208 $42 $83 $83 $17 $7.837 $250 $774 $2.060 $381 $1.605 $7.060 $1.

911 $2.837 $10.726 $9.597 $343 $0 $0 $1.075 $12. HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional Cash Spent Sales Tax.729 $10.417 $0 $19.04% -4.726 $10.165 $2.356 $10.417 $0 $14.214 Month 3 $327 $0 $0 $0 $0 $0 $0 $8.295 $13.000 $0 $5.334 $8.510 Month 4 $429 $0 $0 $0 $0 $0 $0 $11.11% Table: Cash Flow Pro Forma Cash Flow Month 1 Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations Additional Cash Received Sales Tax.71% 4.891 $373 $0 $0 $1.837 $4.837 $10.707 $439 $0 $0 $1.689 Month 6 $389 $0 $0 $0 $0 $0 $0 $10.046 $11.946 $11.417 $0 $19.158 Month 5 $488 $0 $0 $0 $0 $0 $0 $12.180 $2.860 $429 $0 $0 $1.000 $0 $5.922 $442 $0 $0 $1.281 4.837 $4.470 $7.000 $0 $5.417 $0 $14.255 $13.729 $12.183 $8.837 $10.000 $0 $5.000 $0 $5.757 $488 $0 $0 $1.837 $4.Appendix Net Profit/Sales -34.296 $2.00% $343 $0 $0 $0 $0 $0 $0 $8.131 $2.091 $2.356 $11.568 $8.417 $0 $19.946 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Page 4 .050 $12.424 Month 12 $8.417 $0 $14.837 $10.445 $7.417 $0 $14.417 $0 $9.48% -10.183 $10.837 $4.901 $2.79% 1.334 $9.417 $0 $19.417 $0 $19.886 $2.770 Month 9 $442 $0 $0 $0 $0 $0 $0 $11.659 $11.417 $0 $19.859 $8. HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent $0 $0 $0 $1.485 $7.000 $0 $5.837 $343 $3.568 $9.422 Month 8 $414 $0 $0 $0 $0 $0 $0 $10.115 Month 7 $439 $0 $0 $0 $0 $0 $0 $11.152 $414 $0 $0 $1.000 $0 $5. VAT.090 $12.745 $466 $0 $0 $1.983 $10.659 $11.211 $389 $0 $0 $1.093 $327 $0 $0 $1.417 $0 $19.306 $2.26% -29.859 $8.488 Month 10 $466 $0 $0 $0 $0 $0 $0 $12.280 $13.911 Month 1 $373 $0 $0 $0 $0 $0 $0 $9.000 $0 $5.125 Month 11 $478 $0 $0 $0 $0 $0 $0 $12.81% -40.837 $10.10% 5.983 $10.201 $9.87% -18.000 $0 $5.000 $0 $5.837 $10.065 $12.046 $11.34% -23.707 Month 2 $354 $0 $0 $0 $0 $0 $0 $9.76% -3.201 $12.837 $10. VAT.321 $2.000 $0 $5.48% -7.460 $7.926 $2.717 $354 $0 $0 $1.000 $0 $5.116 $2.

000 $179.627 $13.178 $16.000 $25.833 $1.175 $10.376 $70.806 $41.000 ($45.130 $16.000) ($11.395 $0 $131.096) $71.570 $70.308 $9.143 $178.321 $78.581 $0 $106.646 $71.109 $4.570 $159.312 $70.184) $107.716 Table: Balance Sheet Pro Forma Balance Sheet Month 1 Assets Starting Balances Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Current Assets Cash Inventory Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $0 $0 $0 $0 $170.528 $181.446 Month 7 $108.572 $190.457 $14.937 $0 $327 $10.109 $180.163 $0 $76.250 $2.000 $195.557 $162.314 $14.000) ($5.921 $96.643 $92.457 ($1.314 ($10.118 $0 $439 $4.742 $17.342 ($7.083 $3.715 $179.908 $0 $442 $10.198 $13.167 $7.855 $10.000) ($14.198 Month 4 $92.246 $188.923 $0 $389 $10.265 $70.000) ($7.000 $178.312 $163.643 $201.376 $158.130 ($10.030 $43.932 $0 $429 $10.286 $198.716 $16.000 $171.352 $22.583 $8.000 $166.172 $4.000) ($11.069 $51.887 $4.207 $19.878 $10.798 $179.000 ($45.000) ($13.000 $175.703) $82.750 $6.000 $195.952 $0 $343 $10.786 $181.350 $70.000 $70.320 $168.548 $74.000 $9.246 $9.076 $17.134 $4.Appendix Net Cash Flow Cash Balance ($686) $117.417 $774 $69.953 $0 $69.295 $70.446 $12.511 $116.000 ($45.582) $91.000 ($45.056 $59.888 $182.000 $9.504 $13.642 $9.929 $188.000 $171.642 $178.274 $14.327 $161.000 $70.320 $70.095 $83.933 $190.534 Month 5 $97.620) $43.285 $120.504 Month 6 $102.878 Month 11 $130.134 $185.767 $0 $87.199 Month 8 $113.459 $10.497 $70.626 $82.000 $12.964 $106.295 $169.497 $167.511 ($8.945 $62.616 $70.285) $62.893 $13.913 $0 $414 $10.557 $70.067) $13.710 $107.000 $0 $65.000 ($45.855 Month 9 $119.667 $3.103 $0 $466 $4.528 $9.000) ($11.933 $9.000 $0 $130.186 $0 $109.199 $11.000) ($14.362 $165.917 $5.416 $97.319 $75.178 ($8.858 $182.172 $188.382) $59.000 ($45.362 $70.434) $51.000 ($45.942) $22.738 $111.076 ($7.888 $9.813 $91.741) $41.058 $9.947 $0 $373 $10.692) $10.891) $10.754) $17.000 $117.112) $13.207 Month 2 $81.349 $0 $57.459 Month 10 $124.791 $0 $123.500 $185.000) ($14.265 $166.342 $17.000 $168.500 $4.000 $176.977 $0 $100.142 $0 $354 $4.327 $70.045 ($8.202) $10.372 $0 $89.000 $168.352 Month 1 $75.534 $13.000 ($45.333 $6.274 ($4.511 $15.190 $102.000) ($12.893 ($3.000 ($45.887 $198.128 $0 $488 $4.072 $173.175 Month 12 $118.000 ($45.503) $96.058 $201.616 $164.866) $12.798 $65.000 $170.627 ($5.000 $170.308 $173.000) ($14.358) $11.215 $188.000) $0 $25.460 Page 5 .429 $180.113) $19.350 $160.742 Month 3 $86.000 $163.828) $13.558 $0 $75.744 $0 $58.068) $75.000 ($45.899 $0 $478 $10.000) ($2.472) $10.000 ($45.000 $173.000 ($45.869 $88.045 $15.

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