Silver Bear Lodge

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Table of Contents
1.0 Executive Summary.............................................................................................................................1
Chart: Highlights ......................................................................................................................1
1.1 Objectives ...................................................................................................................................1
1.2 Mission........................................................................................................................................2
2.0 Company Summary.............................................................................................................................2
2.1 Company Ownership .................................................................................................................2
2.2 Start-up Summary ......................................................................................................................2
Chart: Start-up .........................................................................................................................2
Table: Start-up Funding ..........................................................................................................3
Table: Start-up .........................................................................................................................4
2.3 Company Locations and Facilities ..........................................................................................4
3.0 Products ...............................................................................................................................................4
4.0 Market Analysis Summary..................................................................................................................4
4.1 Market Segmentation ................................................................................................................5
Table: Market Analysis ...........................................................................................................5
Chart: Market Analysis (Pie) ..................................................................................................5
5.0 Strategy and Implementation Summary ............................................................................................5
5.1 Competitive Edge ......................................................................................................................6
5.2 Sales Strategy............................................................................................................................6
5.2.1 Sales Forecast ..............................................................................................................6
Table: Sales Forecast ...................................................................................................7
Chart: Sales Monthly......................................................................................................7
5.3 Marketing Strategy.....................................................................................................................7
6.0 Management Summary.......................................................................................................................9
6.1 Personnel Plan ...........................................................................................................................9
Table: Personnel .....................................................................................................................9
7.0 Financial Plan ....................................................................................................................................10
7.1 Break-even Analysis................................................................................................................10
Table: Break-even Analysis .................................................................................................10
Chart: Break-even Analysis .................................................................................................10
7.2 Projected Profit and Loss .......................................................................................................11
Chart: Profit Monthly .............................................................................................................11
Table: Profit and Loss ..........................................................................................................12
7.3 Projected Balance Sheet ........................................................................................................13
Table: Balance Sheet ...........................................................................................................13
7.4 Projected Cash Flow...............................................................................................................13
Chart: Cash ...........................................................................................................................14
Table: Cash Flow..................................................................................................................15
7.5 Business Ratios .......................................................................................................................15
Table: Ratios .........................................................................................................................16
Table: Sales Forecast ...............................................................................................................................1
Table: Personnel ........................................................................................................................................2
Table: General Assumptions ....................................................................................................................3
Table: Profit and Loss ...............................................................................................................................4
Table: Cash Flow .......................................................................................................................................5
Table: Balance Sheet ................................................................................................................................6
Page 1
Silver Bear Lodge

1.0 Executive Summary
The Silver Bear Lodge is loc ated three bloc ks from Crest Lake Village, mid-mountain at Bear
Valley Resort and on the free shuttle system. Located in the recently expanded Crest Canyon
area, Silver Bear Lodge will offer customers 12 two-bedroom units with underground parking,
fully-equipped kitchens, laundry fac ilities and stone fireplac es. Silver Bear Lodge also will offer
a common-area outdoor hot tub as well as a on-site store and on-site front desk service.
Each year, over 150,000 skiers and nature lovers visit the Bear Valley Resort area. On average,
visitors spend over $250 million, annually, for lodging, food, and recreational ac tivities at Bear
Valley Resort.
Marty Snyderman and Luke Roth, co-owners of the Silver Bear Lodge, will operate the lodge as a
ski resort during the months of November to April. During the Spring and Summer months
(May to August), the Silver Bear Lodge will operate as a summer resort. The lodge will be
closed during the months of September and October.
1.1 Objectives
The objectives of the Silver Bear Lodge for the first three years of operation include:
Exceeding customer's expec tations for luxury apres ski ac commodations.

Maintaining an 90% oc cupancy rate during the peak periods.
Assembling an experienced and effective staff.
Page 1
Silver Bear Lodge

1.2 Mission
The mission of Silver Bear Lodge is to bec ome the number one lodge of choice with visitors to
Bear Valley Resort.
2.0 Company Summary

The Silver Bear Lodge, loc ated in the recently opened Crest Canyon area, has 12 two-bedroom
units with underground parking, fully-equipped kitchens, laundry fac ilities and stone fireplac es.
Silver Bear Lodge also has a common-area outdoor hot tub as well as an on-site store and onsite front desk service.
2.1 Company Ownership

Marty Snyderman and Luke Roth are co-owners of the Silver Bear Lodge.
2.2 Start-up Summary

Marty Snyderman and Luke Roth will eac h invest $100,000. They will also secure a mortgage
to purchase the property for $250,000 and an SBA loan for $100,000.
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Silver Bear Lodge

Table: Start-up Funding
Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required
$185,400
$364,600
$550,000
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
$350,000
$14,600
$0
$14,600
Total Assets
$364,600
Liabilities and Capital

Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities
$0
$350,000
$0
$0
$350,000
Capital
Planned Investment
Marty Snyderman
Luke Roth
Additional Investment Requirement
$100,000
$100,000
$0
Total Planned Investment
$200,000
Loss at Start-up (Start-up Expenses)

Total Capital
($185,400)
$14,600
Total Capital and Liabilities
$364,600
Total Funding
$550,000
Page 3
Silver Bear Lodge

Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal
Stationery etc.
Brochures
Rental Shop Setup
Property Downpayment
$5,000
$400
$6,000
$50,000
$50,000
Lodge Setup
Store Setup
Insurance
Total Start-up Expenses
$20,000
$50,000
$4,000
$185,400
Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets
$14,600
$0
$350,000
$364,600
Total Requirements
$550,000
2.3 Company Locations and Facilities

The charm and solitude of Bear Valley's secluded mountain setting is found just 36 miles from
the Richmond International Airport.
3.0 Products
Silver Bear Lodge will offer customers 12 two-bedroom units, fully-equipped kitchens, laundry
fac ilities and stone fireplac es. Silver Bear Lodge will offer a common-area outdoor hot tub as well
as the following services on-site:
Food store
Ski rental/c lothing shop
Front desk service
4.0 Market Analysis Summary

Resort hotel development and operation in the Bear Valley Resort area has been very profitable
and successful due to the economic upturn experienced in the early and mid 90's. Time-share /
resort hotel development and investments into ski resorts nationwide are currently going
strong. In the past two years, sales of time-shares in the Bear Valley Resort area have increased
by over 35 percent. There are forty condominiums, lodges, inns and hotels within two miles of
the resort. Each year, room oc cupancy is close to 100% during the peak skiing season. New
construction is planned in the spring for two condo complexes and a hotel.
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Silver Bear Lodge

4.1 Market Segmentation
Our customers can be broadly divided into two groups:
Skiers. The Bear Valley Resort area is quickly bec oming one of the best ski resorts in
the U.S. The resort is loc ated 36 miles from Richmond International Airport and is easily
ac cessible.
Summer Visitors. During the summer months, the Bear Valley Resort area is a
beautiful wilderness retreat with over 50 hiking trails and other outdoor recreational
ac tivities.
Table: Market Analysis

Market Analysis
Potential Customers
Skiers
Summer Visitors
Total
Growth
15%
15%
15.00%
Year 1
Year 2
Year 3
Year 4
Year 5
90,000
60,000
150,000
103,500
69,000
172,500
119,025
79,350
198,375
136,879
91,253
228,132
157,411
104,941
262,352
CAGR
15.00%
15.00%
15.00%
5.0 Strategy and Implementation Summary

Silver Bear Lodge will aggressively market to both winter and summer visitors of the Bear Valley
Resort area. The Bear Valley Resort has ac tivities oc curing year round. During the winter there
is skiing but in the summer months, the resort has hot-air balloon trips, white water
adventures, day hikes into Bear Valley, and other recreational ac tivities that take advantage
Page 5
Silver Bear Lodge

of valley's spec tac ular beauty.
There are only thirteen lodges and inns in the Bear Valley Resort. These fac ilities represent
only 580 room units of the total of 4,000 room units in the resort area. The majority of room
units in the area are condos.
Our customers are looking for a different lodging experience that cannot be found in any of the
area's condo complexes or hotels. We will offer our customers a comfortable, congenial
environment that will assure return visits to the Silver Bear Lodge.
The lodge will cost a little more but we will offer our customers all the services they need to
make their stay memorable. We will offer a food shop that will be able to take special orders
daily. There will be a ski rental shop where customers can outfit themselves and purchase ski
passes. Each evening, guests can gather in the lodge's main room where there is a large
fireplac e, drinks and light music.
5.1 Competitive Edge

The competitive edge of Silver Bear Lodge is the service, first and foremost. Marty Snyderman
and Luke Roth, co-owners of the Silver Bear Lodge, have over twenty years experience in
managing ski lodging fac ilities.
Marty is the manager-owner of the Crest Lake Inn. He has owned the inn for ten years.
Luke recently was the manager of the Village Resort Hotel. He held that position for the last
five years. Before this position, Luke was the manager of The Ridge, a 60 unit condo complex
in Silver Lake Village.
Another significant advantage for the Silver Bear Lodge is its loc ation. Being loc ated in the
recently opened Crest Canyon area, Silver Bear Lodge is uniquely positioned to be centrally
loc ated to both Crest Lake Village (.5 miles) and the Bear Valley Resort ski area (.5 miles).
5.2 Sales Strategy

The Silver Bear Lodge's sales strategy is to harness the existing Bear Valley Resort booking
system that has been c ritical to the success of all of the area's lodges and inns. Room rates for
the lodge will range from $150 - $250 per night in peak season. In the off season prices will
range from $100 to $175 per night.
5.2.1 Sales Forecast

The following is the sales forecast for three years.
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Silver Bear Lodge

Table: Sales Forecast
Sales Forecast
Sales
Rooms
Food
Ski Rentals
Clothing
Total Sales
Direct Cost of Sales
Rooms
Food
Ski Rentals
Clothing
Subtotal Direct Cost of Sales
Year 1
Year 2
Year 3
$430,000
$121,000
$132,000
$58,000
$741,000
$560,000
$140,000
$145,000
$70,000
$915,000
$600,000
$180,000
$160,000
$82,000
$1,022,000
Year 1
$0
$59,500
$0
$23,700
$83,200
Year 2
$0
$71,000
$0
$30,000
$101,000
Year 3
$0
$90,000
$0
$38,000
$128,000
5.3 Marketing Strategy

The Bear Valley Resort area has its own website and advertising/promotion program
that promotes the area's lodging. Currently, 70% of the area's visitors use the website to
identify lodging and service options.
The Silver Bear Lodge is positioned as a new upsc ale fac ility that is foc used on the highincome visitors to Bear Valley Resort. The area's lodges and inns receive approximately 80% of
their guests from the Bear Valley Resort booking system. Since the total number of room units
are few with the area's lodges and inns, these lodging units fill up quickly.
In addition, the Silver Bear Lodge will be highlighted in a promotional piece for Bear Valley
Page 7
Silver Bear Lodge

Resort in the December issue of Ski Magazine.
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Silver Bear Lodge

6.0 Management Summary
Luke Roth will be the manager of the daily operations of the Silver Bear Lodge.
6.1 Personnel Plan

The personnel needed for the Silver Bear Lodge are the following:
Manager.
Assistant manager.
Lodge staff (7).
Food store staff (3).
Ski rental/c lothing store (3).
Maintenance staff (3).
Cleaning staff (4).
Table: Personnel
Personnel Plan
Year 1
$36,000
$42,000
$110,000
$39,000
$35,000
$48,000
$72,000
Year 2
$39,000
$45,000
$120,000
$43,000
$39,000
$52,000
$76,000
Year 3
$42,000
$48,000
$126,000
$46,000
$42,000
$55,000
$79,000
Total People
22
22
Total Payroll
$382,000
$414,000
$438,000
Manager
Assistant Manager
Lodge Staff
Food Store Staff
Ski Rental/Clothing Store Staff
Maintenance Staff
Cleaning Staff
Page 9
Silver Bear Lodge

7.0 Financial Plan
The following is the financial plan for the Silver Bear Lodge.
7.1 Break-even Analysis

The monthly break-even point is approximately $52,900.
Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even
$52,905
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
11%
$46,965
Page 10
Silver Bear Lodge

7.2 Projected Profit and Loss
The following is the projected profit and loss for three years.
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Silver Bear Lodge

Table: Profit and Loss
Pro Forma Profit and Loss
Year 1
$741,000
$83,200
Year 2
$915,000
$101,000
Year 3
$1,022,000
$128,000
$0
$83,200
$0
$101,000
$0
$128,000
Gross Margin
Gross Margin %
$657,800
88.77%
$814,000
88.96%
$894,000
87.48%
Expenses
Payroll
Sales and Marketing and Other Expenses
Depreciation
Leased Equipment
Utilities
Insurance
Lease
Payroll Taxes
Other
$382,000
$60,000
$14,280
$0
$26,000
$24,000
$0
$57,300
$0
$414,000
$80,000
$14,280
$0
$26,000
$24,000
$0
$62,100
$0
$438,000
$100,000
$14,280
$0
$26,000
$24,000
$0
$65,700
$0
Total Operating Expenses
$563,580
$620,380
$667,980
Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred
$94,220
$108,500
$33,375
$18,254
$193,620
$207,900
$30,500
$48,936
$226,020
$240,300
$27,500
$59,556
$42,592
5.75%
$114,184
12.48%
$138,964
13.60%
Sales
Other Production Expenses
Total Cost of Sales
Net Profit
Net Profit/Sales
Page 12
Silver Bear Lodge

7.3 Projected Balance Sheet
The following is the projected balance sheet for three years.
Table: Balance Sheet

Pro Forma Balance Sheet
Year 1
Year 2
Year 3
Current Assets
Cash
$31,437
$14,000
$118,555
$32,000
$165,584
$53,000
Total Current Assets
$45,437
$150,555
$218,584
$350,000
$14,280
$335,720
$381,157
$370,000
$28,560
$341,440
$491,995
$430,000
$42,840
$387,160
$605,744
Year 1
Year 2
Year 3
Current Liabilities
Accounts Payable
$3,965
$30,619
$35,405
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$0
$0
$3,965
$0
$0
$30,619
$0
$0
$35,405
$320,000
$323,965
$290,000
$320,619
$260,000
$295,405
$200,000
($185,400)
$42,592
$57,192
$381,157
$200,000
($142,809)
$114,184
$171,376
$491,995
$200,000
($28,625)
$138,964
$310,340
$605,744
$57,192
$171,376
$310,340
Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Total Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
7.4 Projected Cash Flow

The following is the projected cash flow for three years.
Page 13
Silver Bear Lodge
Page 14
Silver Bear Lodge

Table: Cash Flow
Pro Forma Cash Flow
Year 1
Year 2
Year 3
$741,000
$741,000
$915,000
$915,000
$1,022,000
$1,022,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$741,000
$0
$0
$0
$0
$0
$0
$915,000
$0
$0
$0
$0
$0
$0
$1,022,000
Year 1
Year 2
Year 3
$382,000
$298,163
$680,163
$414,000
$345,882
$759,882
$438,000
$425,971
$863,971
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
$0
$0
$0
$0
$0
$0
Other Liabilities Principal Repayment

Long-term Liabilities Principal Repayment
Purchase Other Current Assets
$0
$30,000
$14,000
$0
$30,000
$18,000
$0
$30,000
$21,000
$0
$0
$724,163
$20,000
$0
$827,882
$60,000
$0
$974,971
$16,837
$31,437
$87,118
$118,555
$47,029
$165,584
Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, 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
Purchase Long-term Assets

Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance
7.5 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the
Standard Industrial Classification (SIC) code 7011, Hotels and Motels, are shown for comparison.
Page 15
Silver Bear Lodge

Table: Ratios
Ratio Analysis
Year 1
n.a.
Year 2
23.48%
Year 3
11.69%
Industry Profile
5.90%
3.67%
11.92%
88.08%
100.00%
6.50%
30.60%
69.40%
100.00%
8.75%
36.09%
63.91%
100.00%
26.00%
32.00%
68.00%
100.00%
1.04%
83.95%
85.00%
15.00%
6.22%
58.94%
65.17%
34.83%
5.84%
42.92%
48.77%
51.23%
19.40%
34.60%
54.00%
46.00%
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
100.00%
88.77%
83.02%
8.10%
12.72%
100.00%
88.96%
76.48%
8.74%
21.16%
100.00%
87.48%
73.88%
9.78%
22.12%
100.00%
0.00%
75.10%
1.90%
2.50%
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
11.46
11.46
85.00%
106.39%
15.96%
4.92
4.92
65.17%
95.18%
33.15%
6.17
6.17
48.77%
63.97%
32.77%
1.45
1.05
54.00%
1.70%
3.70%
Additional Ratios
Net Profit Margin
Year 1
5.75%
Year 2
12.48%
Year 3
13.60%
n.a
Return on Equity
74.47%
66.63%
44.78%
n.a
76.19
27
1.94
12.17
17
1.86
12.17
28
1.69
n.a
n.a
n.a
5.66
0.01
1.87
0.10
0.95
0.12
n.a
n.a
$41,472
2.82
$119,936
6.35
$183,180
8.22
n.a
n.a
0.51
1%
11.46
12.96
0.00
0.54
6%
4.92
5.34
0.00
0.59
6%
6.17
3.29
0.00
n.a
n.a
n.a
n.a
n.a
Sales Growth
Percent of Total Assets
Long-term Assets
Total Assets
Current Liabilities
Total Liabilities
Net Worth
Activity Ratios
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 16
Appendix
Table: Sales Forecast
Sales Forecast
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
0%
$40,000
$60,000
$60,000
$50,000
$50,000
$50,000
$30,000
$30,000
$30,000
$30,000
$0
$0
0%
0%
0%
$8,000
$16,000
$4,000
$16,000
$24,000
$10,000
$20,000
$24,000
$8,000
$18,000
$24,000
$7,000
$18,000
$24,000
$7,000
$12,000
$20,000
$6,000
$8,000
$0
$4,000
$7,000
$0
$4,000
$7,000
$0
$4,000
$7,000
$0
$4,000
$0
$0
$0
$0
$0
$0
Total Sales
$68,000
$110,000
$112,000
$99,000
$99,000
$88,000
$42,000
$41,000
$41,000
$41,000
$0
$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
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$4,000
$0
$1,400
$5,400
$8,000
$0
$4,000
$12,000
$10,000
$0
$3,600
$13,600
$9,000
$0
$3,000
$12,000
$9,000
$0
$3,000
$12,000
$6,000
$0
$2,700
$8,700
$3,000
$0
$1,500
$4,500
$3,500
$0
$1,500
$5,000
$3,500
$0
$1,500
$5,000
$3,500
$0
$1,500
$5,000
$0
$0
$0
$0
$0
$0
$0
$0
Sales
Rooms
Food
Ski Rentals
Clothing
Rooms
Food
Ski Rentals
Clothing
Subtotal Direct Cost of Sales
Page 1
Appendix
Table: Personnel
Personnel Plan
Manager
Assistant Manager
Lodge Staff
0%
0%
0%
Month 1
$3,000
$3,500
$13,000
Month 2
$3,000
$3,500
$13,000
Month 3
$3,000
$3,500
$13,000
Month 4
$3,000
$3,500
$13,000
Month 5
$3,000
$3,500
$13,000
Month 6
$3,000
$3,500
$13,000
Month 7
$3,000
$3,500
$8,000
Month 8
$3,000
$3,500
$8,000
Month 9
$3,000
$3,500
$8,000
Month 10
$3,000
$3,500
$8,000
Month 11
$3,000
$3,500
$0
Month 12
$3,000
$3,500
$0
Food Store Staff

Ski Rental/Clothing Store Staff
Maintenance Staff
Cleaning Staff
0%
0%
0%
0%
$4,500
$4,500
$4,000
$6,000
$4,500
$4,500
$4,000
$6,000
$4,500
$4,500
$4,000
$6,000
$4,500
$4,500
$4,000
$6,000
$4,500
$4,500
$4,000
$6,000
$4,500
$4,500
$4,000
$6,000
$3,000
$2,000
$4,000
$6,000
$3,000
$2,000
$4,000
$6,000
$3,000
$2,000
$4,000
$6,000
$3,000
$2,000
$4,000
$6,000
$0
$0
$4,000
$6,000
$0
$0
$4,000
$6,000
Total People
22
22
22
22
22
22
18
18
18
18
Total Payroll
$38,500
$38,500
$38,500
$38,500
$38,500
$38,500
$29,500
$29,500
$29,500
$29,500
$16,500
$16,500
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Month 1
1
10.00%
Month 2
2
10.00%
Month 3
3
10.00%
Month 4
4
10.00%
Month 5
5
10.00%
Month 6
6
10.00%
Month 7
7
10.00%
Month 8
8
10.00%
Month 9
9
10.00%
Month 10
10
10.00%
Month 11
11
10.00%
Month 12
12
10.00%
Long-term Interest Rate
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Tax Rate
Other
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
Page 3
Appendix
Table: Profit and Loss
Pro Forma Profit and Loss
Month 1
$68,000
$5,400
Sales
Other Production Expenses
Total Cost of Sales
Gross Margin
Gross Margin %
Month 2
$110,000
$12,000
Month 3
$112,000
$13,600
Month 4
$99,000
$12,000
Month 5
$99,000
$12,000
Month 6
$88,000
$8,700
Month 7
$42,000
$4,500
Month 8
$41,000
$5,000
Month 9
$41,000
$5,000
Month 10
$41,000
$5,000
Month 11
$0
$0
Month 12
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$5,400
$12,000
$13,600
$12,000
$12,000
$8,700
$4,500
$5,000
$5,000
$5,000
$0
$0
$62,600
92.06%
$98,000
89.09%
$98,400
87.86%
$87,000
87.88%
$87,000
87.88%
$79,300
90.11%
$37,500
89.29%
$36,000
87.80%
$36,000
87.80%
$36,000
87.80%
$0
0.00%
$0
0.00%
Expenses
Payroll
$38,500
$38,500
$38,500
$38,500
$38,500
$38,500
$29,500
$29,500
$29,500
$29,500
$16,500
$16,500
Sales and Marketing and Other

Expenses
Depreciation
Leased Equipment
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
$1,190
$0
Utilities
Insurance
Lease
$3,000
$2,000
$0
$3,000
$2,000
$0
$3,000
$2,000
$0
$3,000
$2,000
$0
$3,000
$2,000
$0
$3,000
$2,000
$0
$1,500
$2,000
$0
$1,300
$2,000
$0
$1,300
$2,000
$0
$1,300
$2,000
$0
$1,300
$2,000
$0
$1,300
$2,000
$0
$5,775
$5,775
$5,775
$5,775
$5,775
$5,775
$4,425
$4,425
$4,425
$4,425
$2,475
$2,475
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$55,465
$55,465
$55,465
$55,465
$55,465
$55,465
$43,615
$43,415
$43,415
$43,415
$28,465
$28,465
$7,135
$42,535
$42,935
$31,535
$31,535
$23,835
($6,115)
($7,415)
($7,415)
($7,415)
($28,465)
($28,465)
EBITDA
Interest Expense
$8,325
$2,896
$43,725
$2,875
$44,125
$2,854
$32,725
$2,833
$32,725
$2,813
$25,025
$2,792
($4,925)
$2,771
($6,225)
$2,750
($6,225)
$2,729
($6,225)
$2,708
($27,275)
$2,688
($27,275)
$2,667
Taxes Incurred
$1,272
$11,898
$12,024
$8,611
$8,617
$6,313
($2,666)
($3,050)
($3,043)
($3,037)
($9,346)
($9,340)
$2,967
4.36%
$27,762
25.24%
$28,057
25.05%
$20,091
20.29%
$20,106
20.31%
$14,730
16.74%
($6,220)
-14.81%
($7,116)
-17.35%
($7,101)
-17.32%
($7,086)
-17.28%
($21,807)
0.00%
($21,792)
0.00%
Payroll Taxes
Other
Total Operating Expenses
Net Profit
Net Profit/Sales
15%
Page 4
Appendix
Table: Cash Flow
Pro Forma Cash Flow
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$68,000
$68,000
$110,000
$110,000
$112,000
$112,000
$99,000
$99,000
$99,000
$99,000
$88,000
$88,000
$42,000
$42,000
$41,000
$41,000
$41,000
$41,000
$41,000
$41,000
$0
$0
$0
$0
Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New Current Borrowing

New Other Liabilities (interest-free)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New Long-term Liabilities
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales of Other Current Assets

Sales of Long-term Assets
New Investment Received
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Subtotal Cash Received
$68,000
$110,000
$112,000
$99,000
$99,000
$88,000
$42,000
$41,000
$41,000
$41,000
$0
$0
Expenditures
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Expenditures from Operations

Cash Spending
$38,500
$38,500
$38,500
$38,500
$38,500
$38,500
$29,500
$29,500
$29,500
$29,500
$16,500
$16,500
Bill Payments
Subtotal Spent on Operations
$845
$39,345
$25,916
$64,416
$42,605
$81,105
$44,086
$82,586
$39,218
$77,718
$39,017
$77,517
$33,045
$62,545
$17,527
$47,027
$17,425
$46,925
$17,410
$46,910
$16,954
$33,454
$4,116
$20,616
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Principal Repayment of Current Borrowing
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Other Liabilities Principal Repayment
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,500
$0
$2,500
$3,000
$2,500
$1,000
$2,500
$0
$2,500
$3,000
$2,500
$0
$2,500
$2,000
$2,500
$0
$2,500
$2,000
$2,500
$0
$2,500
$0
$2,500
$3,000
Purchase Long-term Assets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Dividends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Subtotal Cash Spent
$41,845
$69,916
$84,605
$85,086
$83,218
$80,017
$67,045
$49,527
$51,425
$49,410
$35,954
$26,116
Net Cash Flow
$26,155
$40,084
$27,395
$13,914
$15,782
$7,983
($25,045)
($8,527)
($10,425)
($8,410)
($35,954)
($26,116)
Cash Balance
$40,755
$80,839
$108,234
$122,149
$137,930
$145,914
$120,869
$112,342
$101,917
$93,507
$57,553
$31,437
Long-term Liabilities Principal Repayment

Purchase Other Current Assets
0.00%
Page 5
Appendix
Table: Balance Sheet
Pro Forma Balance Sheet
Assets
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Starting Balances
Current Assets
Cash
$14,600
$0
$40,755
$0
$80,839
$3,000
$108,234
$4,000
$122,149
$4,000
$137,930
$7,000
$145,914
$7,000
$120,869
$9,000
$112,342
$9,000
$101,917
$11,000
$93,507
$11,000
$57,553
$11,000
$31,437
$14,000
$14,600
$40,755
$83,839
$112,234
$126,149
$144,930
$152,914
$129,869
$121,342
$112,917
$104,507
$68,553
$45,437
Long-term Assets
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
$350,000
Accumulated Depreciation
Total Long-term Assets
$0
$350,000
$1,190
$348,810
$2,380
$347,620
$3,570
$346,430
$4,760
$345,240
$5,950
$344,050
$7,140
$342,860
$8,330
$341,670
$9,520
$340,480
$10,710
$339,290
$11,900
$338,100
$13,090
$336,910
$14,280
$335,720
Total Assets
$364,600
$389,565
$431,459
$458,664
$471,389
$488,980
$495,774
$471,539
$461,822
$452,207
$442,607
$405,463
$381,157
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Long-term Assets

Current Liabilities
Accounts Payable
$0
$24,498
$41,130
$42,778
$37,912
$37,897
$32,460
$16,946
$16,845
$16,831
$16,816
$3,980
$3,965
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$0
$0
$0
$0
$0
$24,498
$0
$0
$41,130
$0
$0
$42,778
$0
$0
$37,912
$0
$0
$37,897
$0
$0
$32,460
$0
$0
$16,946
$0
$0
$16,845
$0
$0
$16,831
$0
$0
$16,816
$0
$0
$3,980
$0
$0
$3,965
$350,000
$347,500
$345,000
$342,500
$340,000
$337,500
$335,000
$332,500
$330,000
$327,500
$325,000
$322,500
$320,000
Total Liabilities
$350,000
$371,998
$386,130
$385,278
$377,912
$375,397
$367,460
$349,446
$346,845
$344,331
$341,816
$326,480
$323,965
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$200,000
($185,400)
$0
$14,600
$2,967
$17,567
$30,729
$45,329
$58,786
$73,386
$78,877
$93,477
$98,983
$113,583
$113,713
$128,313
$107,493
$122,093
$100,378
$114,978
$93,277
$107,877
$86,190
$100,790
$64,384
$78,984
$42,592
$57,192
$364,600
$389,565
$431,459
$458,664
$471,389
$488,980
$495,774
$471,539
$461,822
$452,207
$442,607
$405,463
$381,157
$14,600
$17,567
$45,329
$73,386
$93,477
$113,583
$128,313
$122,093
$114,978
$107,877
$100,790
$78,984
$57,192
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 6

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