Import Export Business Plan

A.A. & L.G. Imports, Inc.

Executive Summary
Introduction

It is the mission of Visigoth Imports to provide complete import/export brokerage

services including purchase contracts, shipping, warehousing, and delivery
scheduling. The company will concentrate on special and cultural imports from
Germany and Scandinavia to the unique Bavarian town of Leavenworth, WA.
Visigoth also plans to provide trade consultation services to newly started farms
created under the Puget Consumers Co-op's Farmland Fund initiative.

The Company

Visigoth Imports will be a limited liability partnership registered in the state of

Delaware for tax purposes. Its founder is Mr. Frank Curtiss, a former master
distributor with Fisher-Mills. Mr. Curtiss has brought together a highly respected
group of individuals who are well versed in foreign trade processes.
The company has a limited number of private investors and does not plan to go
public. The company has its main offices in Wenatchee, Washington. The facilities
include conference rooms and office spaces. The company expects to begin offering
its services in June of 2003.

The Services

Visigoth offers complete import/export brokerage services plus inventory consulting

services. As mentioned previously, this includes the following:
o Supplier/buyer identification
o Purchasing, contracting and consulting
o Shipping
o Warehousing
o Delivery
It must be noted that Visigoth does not possess any warehousing facilities and intends
to outsource this particular service. We expect to earn revenues by charging a
commission based on the value of goods moved per order.

The Market

Visigoth will be concentrating on servicing just two types of clients, the gift shops of
Leavenworth, Washington, and the farmers of the Puget Consumers Co-op (PCC).
For both market segments, we have secured exclusive contracts or endorsements
putting us in a unique position to service these niche firms and their needs.
Profitability in these two markets is expected to be excellent, especially in the import
section as Leavenworth draws in over a million tourists each year. We expect
profitability in the co-op end to be much slower in the first five years of operation, but
it too will increase steadily.
Financial Considerations
Start-up assets required include expenses and cash needed to support operations until
revenues reach an acceptable level. Most of the company's liabilities will come from
outside private investors and management investment; however, we have obtained
current borrowing from Bank of America Commercial Investments, the principal to be
paid off in two years. A long-term loan through Charter Bank of Nieurich will be paid
off in ten years.
The company expects to reach profitability in year 2 and does not anticipate any
serious cash flow problems. We expect that about 3,500 units per month will
guarantee a break-even point.

1.1 Mission

It is the mission of Visigoth Imports to provide complete import/export consultation

and brokerage services including purchase contracts, shipping, warehousing, and
delivery. The company will concentrate on special and cultural imports from
Germany and Scandinavia to the unique Bavarian town of Leavenworth, WA.
Visigoth also plans to export apples and other produce by newly started farms created
under the Puget Consumers Co-op's Farmland Fund initiative.
It is our long-term goal to become the preferred import company for the unique tourist
town of Leavenworth. Visigoth understands that the import shops and restaurants in
Leavenworth have special needs of most unique gifts for the million tourists that visit
the town annually. Visigoth Imports also understands that the newly launched farms
of the PCC farmland fund initiative also have higher costs than most competitors and
will need to export their produce at a cost that provides sufficient profit. Visigoth
Imports has a combined 35 years of experience working in the import/export business.
Our philosophy is in creating a long-term relationship with clients so that the delivery
of their products becomes a seamless experience that promotes loyalty.
1.2 Keys to Success

Visigoth Imports' keys to long-term and profitability are as follows:

Differentiate our services to our niche clients so that they realize that we are better
able to serve their needs than a more generic competitor.
Keeping close contact with clients and establishing a well functioning long-term
relationship with them to generate repeat business and create a top notch reputation.
Establish a comprehensive service experience for our clients that include consultation,
product/client search, purchasing contracts, warehousing, shipping, delivery, and
follow up service analysis.

1.3 Objectives

The three year goals for Visigoth Imports are the following:
Achieve break-even by year 2.
Retain our long-term contracts with local import shops in Leavenworth, WA, through
excellent customer service.
Become the premier importer of German and Scandinavian specialty products in
Leavenworth, and become the prime exporter of apples and other produce for the
farmers of the PCC Farmland Fund initiative.

Company Summary
Visigoth Imports will be a limited liability partnership registered in the state of
Delaware for tax purposes. Its founder is Mr. Frank Curtiss, a former master
distributor with Fisher-Mills. Mr. Curtiss has brought together a highly respected
group of individuals who are well versed in the various aspects of foreign trade
processes.
The company has a limited number of private investors and does not plan to go
public. The company has its main offices in Wenatchee, Washington. The facilities
include conference rooms and office spaces. The company expects to begin offering
its services in June of 2003.
The company's main clients will be small import shops in the Leavenworth area and
start-up farms throughout the state. By focusing on small niche market entrepreneurs,
we believe we will be able to provide superior and more efficient service than other
import/export firms.

2.1 Company Ownership

The company will have a number of outside private investors who will own 27% of
the company's shares. The rest will be owned by the senior management including
Mr. Frank Curtiss, (25%), Ms. Hannah Mills (20%), Mr. Steve Iltheus (20%), and Mr.
Pierce Bolm (8%). All other financing will come from loans.
2.2 Start-up Summary

Start-up assets required include expenses and cash needed to support operations until
revenues reach an acceptable level. Most of the company's liabilities will come from
outside private investors and management investment, however, we have obtained
current borrowing from Bank of America Commercial Investments, the principal to be
paid off in two years. A long-term loan through Charter Bank of Nieurich will be paid
off in ten years.

Start-up

Requirements

Start-up Expenses
Legal £2,000
Insurance £1,000
Utilities £200
Rent £2,000
Accounting and bookkeeping fees £2,000
Expensed equipment £2,000
Advertising £4,000
Other £8,000
Total Start-up Expenses £21,200

Start-up Assets
Cash Required £38,550
Other Current Assets £15,000
Long-term Assets £10,000
Total Assets £63,550

Total Requirements £84,750

Start-up Funding
Start-up Expenses to Fund £21,200
Start-up Assets to Fund £63,550
Total Funding Required £84,750

Assets
Non-cash Assets from Start-up £25,000
Cash Requirements from Start-up £38,550
Additional Cash Raised £0
Cash Balance on Starting Date £38,550
Total Assets £63,550

Liabilities and Capital

Liabilities
Current Borrowing £9,000
Long-term Liabilities £12,000
Accounts Payable (Outstanding Bills) £2,000
Other Current Liabilities (interest-free) £8,000
Total Liabilities £31,000

Capital

Planned Investment
Mr. Frank Curtiss £15,000
Ms. Hannah Mills £13,000
Mr. Steve Iltheus £13,000
Mr. Pierce Bolm £5,000
Others £7,750
Additional Investment Requirement £0
Total Planned Investment £53,750

Loss at Start-up (Start-up Expenses) (£21,200)

Total Capital £32,550

Total Capital and Liabilities £63,550

Total Funding £84,750

Services

Visigoth offers complete import/export brokerage services plus inventory consulting

services. As mentioned previously, this includes the following:
o Supplier/buyer identification
o Purchasing process contracting and consulting
o Shipping setup
o Warehousing arrangements
o Delivery
It must be noted that Visigoth does not possess any warehousing facilities and intends
to outsource this particular service. This means that we will have virtually no variable
costs associated with unit sales.
Visigoth will be importing such things as steins, figurines, Christmas gifts, Germanic
foodstuffs, cuckoo clocks, and nutcrackers from Germany, where Mr. Curtiss has had
extensive experience. In addition Visigoth will be importing Scandinavian wool
products such as sweaters and other gift items.
The company will be exporting produce, primarily apples, to Europe.
Our revenue model is based on a commission rate charged to our clients scaled on the
dollar value of goods moved per order.

Market Analysis Summary

Visigoth will be concentrating on servicing just two types of clients, the gift shops of
Leavenworth, Washington, and the farmers of the Puget Consumers Co-op. For both
market segments, we have secured exclusive contracts or endorsements that put us in
a unique position to service these niche firms and their more demanding needs.
Profitability in these two markets is expected to be excellent, especially in the import
segment as Leavenworth draws in over a million tourists each year. We expect
profitability in the co-op end to be much slower in the first five years of operation, but
will increase steadily.

4.1 Market Segmentation

Visigoth intends to be a small import/export company focused on clients serving a

niche market. Having secured a very advantageous contract with PCC and gained the
endorsement of the Leavenworth city council, we plan to focus exclusively on these
market segments. Both have such high potential that we do not see a need to expand
our market reach for the foreseeable future.
Market Analysis
2003 2004 2005 2006 2007
Potential Customers Growth CAGR
Leavenworth
1% 34 34 34 34 34 0.00%
businesses
Pugent Consumer
5% 72 76 80 84 88 5.14%
Co-op farms
Total 3.58% 106 110 114 118 122 3.58%

4.2 Service Business Analysis

Imports

Leavenworth sits in one of the most beautiful areas of Washington State. The area
was settled in the 1860's, but it wasn't until the end of the century that the town began
to blossom with the arrival of the rail line. The Great Northern Railway Company's
tracks through Leavenworth brought with them opportunities for work, commerce and
a new economy. However, when the Great Northern Railway Company pulled out of
Leavenworth, the town was converted from a bustling, thriving hub of commerce into
a hollow, empty community. For more than thirty years, Leavenworth lived on the
brink of extinction. But in the early 1960's, everything changed.
In a last-chance effort to turn their precarious situation around, the leaders of the
community decided to change Leavenworth's appearance, hoping to bring tourism
into the area. Using the beautiful backdrop of the surrounding Alpine hills to their
advantage, the town agreed to remodel their hamlet in the form of a Bavarian village.
The entire community rallied to create the illusion of Bavaria in the middle of
Washington state. Besides the complete renovation of the downtown area, community
members worked to begin a series of festivals. The Autumn Leaf Festival, Maifest
and the extremely popular Christmas Lighting Ceremony were the first of many
attractions Leavenworth offered to tourists. Since the change to a Bavarian motif,
Leavenworth has become a pillar of the tourism industry in the Pacific Northwest.
Today, more than a million tourists come to Leavenworth yearly, each visitor finding
their own love affair with the community.
The town brings in an average 24 million dollars in revenue each year, and since
much of the town's profits are based on the sale of alpine and Scandinavian gifts, the
opportunity for a company such as Visigoth is almost unmatched. In 2002 a town
meeting of the principal shop owners in Leavenworth was held concerning the present
contracts with the community's main importer, Deutsche Gifts. The previously good
relations between the community and the import firm had soured due to rising costs
and unreliable service. The result of the meeting was to look for another importer
better able to meet the local needs once the current contract expired. Mr. Frank
Curtiss successfully bid for the contract, and the idea of Visigoth was born.

Exports

Visigoth has made arrangements to export produce from member farms established
by the Puget Consumers Co-op Farmland Fund. The Fund works to secure and
preserve threatened farmland in Washington State and move it into organic
production. The Fund's primary focus is on large, functional landscapes of local,
regional and statewide importance so protection can be extended to biodiversity and
wildlife habitat as well as to farmers and farming communities. The Fund is an
independent, community-supported non-profit land trust founded in 1999. The Fund
has already rescued a half dozen farms within the state and plans to increase these
projects so that by 2007 there will be at least 36 farms that come under the fund's
protection. In addition, approximately 60 farms belonging to the Co-op have
expressed interest in contracting with Visigoth.

4.2.1 Competition and Buying Patterns

Competition

Competition includes all potential importing firms that serve small enterprises such as
farms and specialty gift shops. Practically speaking, this means the largest
import/export firms such as Fisher-Mills, Eagle Distributing, and other large,
nationwide companies will not compete with us. Most other companies tend to be
regionally focused. The foreign trade industry is highly fragmented, with a large
number of small companies that mainly cater to small firms and a few large
companies that seek the largest contracts from companies such as Microsoft, GM, etc.
This makes competition within the industry very intense. Through our niche strategy
we intend to avoid competition and its drawbacks such as price wars, etc.

Buying patterns and needs

Companies usually enter into contracts with import/export firms based on a

firm's reputation for professionalism and service. With no proven track record, a star-
up import/export company obtains a "good reputation" through its personnel, people
who have experience in other businesses in the industry. Price, reliability and scope
are the driving factors for accepting contracts, especially if the import/export
company is small.
Our niche clients have different needs than most other firms. Our import clients need
to have relatively small numbers of expensive and fragile products moved
from Europe to local warehouses in Wenatchee and Leavenworth. Most of these items
are handmade so handling is a special issue. In addition, the small companies and
shops in Leavenworth depend a great deal on their import agents to alert them to new
and unique product introductions overseas.
On the other end, the farms belonging to the PCC need to keep export costs as low as
possible since many of them are start-up ventures with initially high overhead. Quite a
few trade firms do not accept these types of contracts and leave it to the co-ops to
create their own exporting ventures. This can lead to higher costs as most co-ops do
not have the core competencies in import/export issues.

Strategy and Implementation Summary

Our firm's business strategy is to enter into a focused or niche market where it can
offer a higher standard of service to its specialized clients. This will allow us to
charge a slightly higher fees to our clients for these differentiated services.

5.1 Sales Strategy

Visigoth intends to develop sales by establishing close contact with potential clients.
We will begin by offering a free consultation in terms of overall cost, service, and
delivery. In addition, we intend to promote our management team's extensive
experience both with German gift manufacturers and artisans, and our knowledge of
the produce trade environment to draw in our target market segments.

5.1.1 Sales Forecast

Sales are based on the various contracts we anticipate acquiring in the two market
segments. Revenues consist of a commission rate charged to our clients based on the
dollar amount of goods moved and include projected average costs plus an
undisclosed profit margin. Sales are expected to vary somewhat month to month, but
are only slightly cyclical on the import end. The exports are expected to be highly
cyclical. The company does not have any significant direct costs of sales.
Sales Forecast
FY 2004 FY 2005 FY 2006
Sales
Leavenworth imports £127,000 £145,000 £189,000
PCC farm exports £33,000 £56,000 £77,000
Total Sales £160,000 £201,000 £266,000

Direct Cost of Sales FY 2004 FY 2005 FY 2006

Leavenworth imports £0 £0 £0
PCC farm exports £0 £0 £0
Subtotal Direct Cost of Sales £0 £0 £0

5.2 Marketing Strategy

Visigoth intends to leverage its contacts with the Leavenworth city council and the
Puget Consumers Co-op in order to draw in new clients. The city council works very
closely with local businesses in facilitating all aspects of business management in
order to keep tourism flowing. Because of this, Visigoth has already signed contracts
with nine Leavenworth businesses and we expect to gain a dominant market share
within the town.
The PCC will be recommending Visigoth Imports, Inc. to its new farmers as long as
we can keep shipping costs within accepted limits. Therefore we expect to have a
large proportion of member farmers use our services.

Management Summary

Company officers include our President, Mr. Frank Curtiss, our head of exports Ms.
Hannah Mills, and our head of imports, Mr. Steve Iltheus.

6.1 Personnel

Visigoth's management brings to the company strong capabilities in all aspects of

trade relations, logistics, contracting and selling.
Mr. Frank Curtiss is a former master distributor with Fisher-Mills, one of the nation's
largest import/export firms. During his 10 years with Fisher-Mills he worked
exclusively on trade contracts with Germany. In 1996 Mr. Curtiss accepted a position
with Eagle Distributors as a department head. By introducing American wines into
eastern Europe and the former Soviet republics he demonstrated his flair for opening
new markets. Mr. Curtiss has an MBA in finance and an BS in International
Relations.
Ms. Hannah Mills graduated with honors from the University of Oregon, having
earned a bachelors degree in marketing in 1988. From 1988-1994 Ms. Mills worked
for Stanford Distributors working with canning companies in the midwest region. In
1995 she went to work for Anderson Consulting in their International Trade division.
Four years later, Ms. Mills became vice president of A.V. Imports.

Personnel Plan
FY 2004 FY 2005 FY 2006
Mr. Frank Curtiss - President £36,000 £36,000 £45,000
Mrs. Hannah Mills £36,000 £36,000 £45,000
Mr. Steve Iltheus £24,000 £36,000 £36,000
Other £0 £0 £0
Total People 3 3 3

Total Payroll £96,000 £108,000 £126,000

Financial Plan

Our financial plan anticipates one year of negative profits as we gain sales volume.
We have enough investment to cover these losses, and have an additional credit line
available if sales do not match predictions.

7.1 Important Assumptions

We are assuming approximately 50% sales on credit and average interest rates of
10%. These are considered to be conservative in case our predictions are erroneous.
Since Visigoth is an import/export broker, the firm has no variable costs associated
with it.

General Assumptions
FY 2004 FY 2005 FY 2006
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00%
Other 0 0 0

7.2 Break-even Analysis

Our break-even analysis is based on the assumptions that our gross margin is 100%.
In other words, we will have insignificant direct cost of sales. Since each market
segment is so completely different, it is difficult to assign an average per unit revenue
figure. However, it is believed that during the first three years, average revenue per
unit per month will be about £4.00, due to the fact that, initially, we may be working
with smaller companies projects. We expect that about 3,500 units per month will
guarantee break even.
Break-even Analysis

Monthly Revenue Break-even £14,067

Assumptions:
Average Percent Variable Cost 0%
Estimated Monthly Fixed Cost £14,067

7.3 Projected Profit and Loss

The following table itemizes our revenues and associated costs. We expect to be
paying higher costs in marketing and advertising than other companies as we attempt
to build sales volume. We expect monthly profits to begin in April 2004 and yearly
profits to occur in 2005.
Pro Forma Profit and Loss
FY 2004 FY 2005 FY 2006
Sales £160,000 £201,000 £266,000
Direct Cost of Sales £0 £0 £0
Other Costs of Sales £0 £0 £0
Total Cost of Sales £0 £0 £0

Gross Margin £160,000 £201,000 £266,000

Gross Margin % 100.00% 100.00% 100.00%

Expenses
Payroll £96,000 £108,000 £126,000
Sales and Marketing and Other
£8,400 £8,000 £8,000
Expenses
Depreciation £0 £0 £0
Rent £12,000 £12,000 £13,000
Utilities £3,600 £3,600 £4,000
Insurance £3,000 £3,000 £3,000
Payroll Taxes £14,400 £16,200 £18,900
Travel £24,200 £12,000 £10,000
Other £7,200 £8,000 £10,000

Total Operating Expenses £168,800 £170,800 £192,900

Profit Before Interest and Taxes (£8,800) £30,200 £73,100

EBITDA (£8,800) £30,200 £73,100
Interest Expense £2,035 £1,820 £1,600
Taxes Incurred £0 £8,514 £21,450

Net Profit (£10,835) £19,866 £50,050

Net Profit/Sales -6.77% 9.88% 18.82%

7.4 Projected Cash Flow

The following is our cash flow table and chart. We do not expect to have any short-
term cash flow problems even though we will be operating at a loss for the first year.
Our short-term loan will be repaid in three equal payments in 2004-2006. Our long-
term loan will be paid off in ten years.

Pro Forma Cash Flow

FY 2004 FY 2005 FY 2006
Cash Received

Cash from Operations

Cash Sales £80,000 £100,500 £133,000
Cash from Receivables £62,767 £96,084 £125,999
Subtotal Cash from Operations £142,767 £196,584 £258,999
Additional Cash Received
Sales Tax, VAT, HST/GST Received £0 £0 £0
New Current Borrowing £0 £0 £0
New Other Liabilities (interest-free) £0 £0 £0
New Long-term Liabilities £0 £0 £0
Sales of Other Current Assets £0 £0 £0
Sales of Long-term Assets £0 £0 £0
New Investment Received £0 £0 £0
Subtotal Cash Received £142,767 £196,584 £258,999

Expenditures FY 2004 FY 2005 FY 2006

Expenditures from Operations

Cash Spending £96,000 £108,000 £126,000
Bill Payments £70,247 £73,711 £88,568
Subtotal Spent on Operations £166,247 £181,711 £214,568

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out £0 £0 £0
Principal Repayment of Current
£0 £2,000 £0
Borrowing
Other Liabilities Principal Repayment £0 £1,000 £1,000
Long-term Liabilities Principal
£1,200 £1,200 £1,200
Repayment
Purchase Other Current Assets £0 £0 £0
Purchase Long-term Assets £0 £0 £0
Dividends £4,000 £10,000 £42,000
Subtotal Cash Spent £171,447 £195,911 £258,768

Net Cash Flow (£28,680) £673 £231

Cash Balance £9,869 £10,543 £10,774

7.5 Projected Balance Sheet

The following table is the Project Balance Sheet for Visigoth Imports.

Pro Forma Balance Sheet

FY 2004 FY 2005 FY 2006
Assets

Current Assets
Cash £9,869 £10,543 £10,774
Accounts Receivable £17,233 £21,649 £28,650
Other Current Assets £15,000 £15,000 £15,000
Total Current Assets £42,103 £47,192 £54,424
Long-term Assets
Long-term Assets £10,000 £10,000 £10,000
Accumulated Depreciation £0 £0 £0
Total Long-term Assets £10,000 £10,000 £10,000
Total Assets £52,103 £57,192 £64,424

Liabilities and Capital FY 2004 FY 2005 FY 2006

Current Liabilities
Accounts Payable £6,588 £6,011 £7,393
Current Borrowing £9,000 £7,000 £7,000
Other Current Liabilities £8,000 £7,000 £6,000
Subtotal Current Liabilities £23,588 £20,011 £20,393

Long-term Liabilities £10,800 £9,600 £8,400

Total Liabilities £34,388 £29,611 £28,793

Paid-in Capital £53,750 £53,750 £53,750

Retained Earnings (£25,200) (£46,035) (£68,169)
Earnings (£10,835) £19,866 £50,050
Total Capital £17,715 £27,581 £35,631
Total Liabilities and Capital £52,103 £57,192 £64,424

Net Worth £17,715 £27,581 £35,631

7.6 Business Ratios

We have included industry standard ratios from the trade consultant industry
for comparison. Our NAICS industry class is currently Miscellaneous
Nondurable Goods Merchant Wholesale - 424990. Our projections indicate a healthy
company that will be able to obtain and retain long-term profitability.

Ratio Analysis
Industry
FY 2004 FY 2005 FY 2006
Profile
Sales Growth 0.00% 25.63% 32.34% 6.98%

Percent of Total Assets

Accounts Receivable 33.08% 37.85% 44.47% 26.80%
Other Current Assets 28.79% 26.23% 23.28% 43.95%
Total Current Assets 80.81% 82.52% 84.48% 75.76%
Long-term Assets 19.19% 17.48% 15.52% 24.24%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 45.27% 34.99% 31.65% 31.78%
Long-term Liabilities 20.73% 16.79% 13.04% 17.26%
Total Liabilities 66.00% 51.77% 44.69% 49.04%
Net Worth 34.00% 48.23% 55.31% 50.96%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 100.00% 100.00% 100.00% 100.00%
Selling, General & Administrative
106.77% 90.12% 81.18% 85.31%
Expenses
Advertising Expenses 0.00% 0.00% 0.00% 1.02%
Profit Before Interest and Taxes -5.50% 15.02% 27.48% 1.90%

Main Ratios
Current 1.78 2.36 2.67 1.88
Quick 1.78 2.36 2.67 1.48
Total Debt to Total Assets 66.00% 51.77% 44.69% 3.41%
Pre-tax Return on Net Worth -61.16% 102.90% 200.67% 55.78%
Pre-tax Return on Assets -20.80% 49.62% 110.98% 7.72%

Additional Ratios FY 2004 FY 2005 FY 2006

Net Profit Margin -6.77% 9.88% 18.82% n.a
Return on Equity -61.16% 72.03% 140.47% n.a

Activity Ratios
Accounts Receivable Turnover 4.64 4.64 4.64 n.a
Collection Days 56 71 69 n.a
Accounts Payable Turnover 11.36 12.17 12.17 n.a
Payment Days 28 31 27 n.a
Total Asset Turnover 3.07 3.51 4.13 n.a

Debt Ratios
Debt to Net Worth 1.94 1.07 0.81 n.a
Current Liab. to Liab. 0.69 0.68 0.71 n.a

Liquidity Ratios
Net Working Capital £18,515 £27,181 £34,031 n.a
Interest Coverage -4.32 16.59 45.69 n.a

Additional Ratios
Assets to Sales 0.33 0.28 0.24 n.a
Current Debt/Total Assets 45% 35% 32% n.a
Acid Test 1.05 1.28 1.26 n.a
Sales/Net Worth 9.03 7.29 7.47 n.a
Dividend Payout 0.00 0.50 0.84 n.a
Appendix
Sales Forecast
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Sales
Leavenw
0 £11,0 £13,0 £13,0 £12,0 £10,0 £8,00 £12,0 £9,00 £8,00 £9,00 £10,0 £12,0
orth
% 00 00 00 00 00 0 00 0 0 0 00 00
imports
PCC
0 £2,00 £4,00 £4,00 £5,00 £5,00 £6,00 £7,00
farm £0 £0 £0 £0 £0
% 0 0 0 0 0 0 0
exports
Total £11,0 £13,0 £13,0 £12,0 £10,0 £10,0 £16,0 £13,0 £13,0 £14,0 £16,0 £19,0
Sales 00 00 00 00 00 00 00 00 00 00 00 00

Direct
Cost of Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Sales
Leavenw
orth £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
imports
PCC
farm £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
exports
Subtotal
Direct
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Cost of
Sales

Personnel Plan
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Mr.
Frank
Curtiss 0 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00
- % 0 0 0 0 0 0 0 0 0 0 0 0
Preside
nt
Mrs.
0 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00 £3,00
Hannah
% 0 0 0 0 0 0 0 0 0 0 0 0
Mills
Mr.
0 £2,00 £2,00 £2,00 £2,00 £2,00 £2,00 £2,00 £2,00 £2,00 £2,00 £2,00 £2,00
Steve
% 0 0 0 0 0 0 0 0 0 0 0 0
Iltheus
Other 0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
 %
Total 0
3 3 3 3 3 3 3 3 3 3 3 3
People %

Total £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00
Payroll 0 0 0 0 0 0 0 0 0 0 0 0

General Assumptions
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Plan
Mont 1 2 3 4 5 6 7 8 9 10 11 12
h
Curre
nt
10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
Intere
% % % % % % % % % % % %
st
Rate
Long-
term
10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
Intere
% % % % % % % % % % % %
st
Rate
Tax 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00
Rate % % % % % % % % % % % %
Other 0 0 0 0 0 0 0 0 0 0 0 0

Pro Forma Profit and Loss

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
£11,0 £13,0 £13,0 £12,0 £10,0 £10,0 £16,0 £13,0 £13,0 £14,0 £16,0 £19,0
Sales
00 00 00 00 00 00 00 00 00 00 00 00
Direct
Cost of £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Sales
Other
Costs of £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Sales
Total
Cost of £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Sales

Gross £11,0 £13,0 £13,0 £12,0 £10,0 £10,0 £16,0 £13,0 £13,0 £14,0 £16,0 £19,0
Margin 00 00 00 00 00 00 00 00 00 00 00 00
Gross
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Margin
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
%
Expense
s
£8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00
Payroll
0 0 0 0 0 0 0 0 0 0 0 0
Sales
and
Marketi
£1,00 £1,00 £1,00 £1,00 £1,00 £1,00
ng and £500 £500 £500 £300 £300 £300
0 0 0 0 0 0
Other
Expense
s
Depreci
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
ation
£1,00 £1,00 £1,00 £1,00 £1,00 £1,00 £1,00 £1,00 £1,00 £1,00 £1,00 £1,00
Rent
0 0 0 0 0 0 0 0 0 0 0 0
Utilities £300 £300 £300 £300 £300 £300 £300 £300 £300 £300 £300 £300
Insuran
£250 £250 £250 £250 £250 £250 £250 £250 £250 £250 £250 £250
ce
Payroll 15 £1,20 £1,20 £1,20 £1,20 £1,20 £1,20 £1,20 £1,20 £1,20 £1,20 £1,20 £1,20
Taxes % 0 0 0 0 0 0 0 0 0 0 0 0
15 £1,20 £3,00 £1,00 £2,00 £2,00 £3,00 £2,00 £1,00 £2,00 £3,00 £1,00 £3,00
Travel
% 0 0 0 0 0 0 0 0 0 0 0 0
Other £600 £600 £600 £600 £600 £600 £600 £600 £600 £600 £600 £600

Total
Operati
£13,5 £15,3 £13,3 £14,3 £14,3 £15,3 £13,8 £12,8 £13,8 £14,6 £12,6 £14,6
ng
50 50 50 50 50 50 50 50 50 50 50 50
Expense
s

Profit
Before
(£2,5 (£2,3 (£350 (£2,3 (£4,3 (£5,3 £2,15 (£850 (£650 £3,35 £4,35
Interest £150
50) 50) ) 50) 50) 50) 0 ) ) 0 0
and
Taxes
EBITD (£2,5 (£2,3 (£350 (£2,3 (£4,3 (£5,3 £2,15 (£850 (£650 £3,35 £4,35
£150
A 50) 50) ) 50) 50) 50) 0 ) ) 0 0
Interest
£174 £173 £173 £172 £171 £170 £169 £168 £168 £167 £166 £165
Expense
Taxes
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Incurred

Net (£2,7 (£2,5 (£523 (£2,5 (£4,5 (£5,5 £1,98 (£1,0 (£817 £3,18 £4,18
(£18)
Profit 24) 23) ) 22) 21) 20) 1 18) ) 4 5
Net - - - - - - - - -
12.38 19.90 22.03
Profit/S 24.77 19.41 4.02 21.01 45.21 55.20 0.14 7.83 5.83
% % %
ales % % % % % % % % %
Pro Forma Cash Flow
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Cash
Receive
d

Cash
from
Operatio
ns
Cash £5,50 £6,50 £6,50 £6,00 £5,00 £5,00 £8,00 £6,50 £6,5 £7,0 £8,0 £9,50
Sales 0 0 0 0 0 0 0 0 00 00 00 0
Cash
from £5,53 £6,50 £6,48 £5,96 £5,00 £5,10 £7,9 £6,5 £6,5 £7,03
£0 £183
Receiva 3 0 3 7 0 0 50 00 17 3
bles
Subtotal
Cash
£5,50 £6,68 £12,0 £12,5 £11,4 £10,9 £13,0 £11,6 £14, £13, £14, £16,5
from
0 3 33 00 83 67 00 00 450 500 517 33
Operatio
ns

Addition
al Cash
Receive
d
Sales
Tax,
VAT,
0.00
HST/GS £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
%
T
Receive
d
New
Current
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Borrowi
ng
New
Other
Liabiliti
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
es
(interest-
free)
New £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Long-
term
Liabiliti
es
Sales of
Other
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Current
Assets
Sales of
Long-
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
term
Assets
New
Investm
ent £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Receive
d
Subtotal
Cash £5,50 £6,68 £12,0 £12,5 £11,4 £10,9 £13,0 £11,6 £14, £13, £14, £16,5
Receive 0 3 33 00 83 67 00 00 450 500 517 33
d

Expendit
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
ures

Expendit
ures
from
Operatio
ns
Cash
£8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,0 £8,0 £8,0 £8,00
Spendin
0 0 0 0 0 0 0 0 00 00 00 0
g
Bill
£2,19 £5,78 £7,45 £5,55 £6,52 £6,55 £7,47 £5,98 £5,0 £6,0 £6,7 £4,88
Payment
1 4 7 6 2 4 0 6 52 44 50 2
s
Subtotal
Spent on £10,1 £13,7 £15,4 £13,5 £14,5 £14,5 £15,4 £13,9 £13, £14, £14, £12,8
Operatio 91 84 57 56 22 54 70 86 052 044 750 82
ns

Addition
al Cash
Spent
Sales
Tax,
VAT,
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
HST/GS
T Paid
Out
Principal £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Repaym
ent of
Current
Borrowi
ng
Other
Liabiliti
es
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Principal
Repaym
ent
Long-
term
Liabiliti
es £100 £100 £100 £100 £100 £100 £100 £100 £100 £100 £100 £100
Principal
Repaym
ent
Purchase
Other
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Current
Assets
Purchase
Long-
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
term
Assets
Dividen £4,00
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
ds 0
Subtotal
£10,2 £13,8 £15,5 £13,6 £14,6 £14,6 £15,5 £18,0 £13, £14, £14, £12,9
Cash
91 84 57 56 22 54 70 86 152 144 850 82
Spent

Net
(£4,7 (£7,2 (£3,5 (£1,1 (£3,1 (£3,6 (£2,5 (£6,4 £1,2 (£64 (£33 £3,55
Cash
91) 01) 23) 56) 38) 87) 70) 86) 98 4) 3) 1
Flow
Cash £33,7 £26,5 £23,0 £21,8 £18,7 £15,0 £12,4 £5,99 £7,2 £6,6 £6,3 £9,86
Balance 59 58 35 79 41 53 84 8 96 52 19 9

Pro Forma Balance Sheet

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Starti
ng
Assets
Bala
nces

Current
Assets
 £38,5 £33,7 £26,5 £23,0 £21,8 £18,7 £15,0 £12,4 £5,99 £7,29 £6,65 £6,31 £9,86
Cash
50 59 58 35 79 41 53 84 8 6 2 9 9
Accoun
ts £5,50 £11,8 £12,7 £12,2 £10,8 £9,83 £12,8 £14,2 £12,7 £13,2 £14,7 £17,2
£0
Receiv 0 17 83 83 00 3 33 33 83 83 67 33
able
Other
£15,0 £15,0 £15,0 £15,0 £15,0 £15,0 £15,0 £15,0 £15,0 £15,0 £15,0 £15,0 £15,0
Current
00 00 00 00 00 00 00 00 00 00 00 00 00
Assets
Total
£53,5 £54,2 £53,3 £50,8 £49,1 £44,5 £39,8 £40,3 £35,2 £35,0 £34,9 £36,0 £42,1
Current
50 59 75 18 63 41 87 17 31 79 35 85 03
Assets

Long-
term
Assets
Long-
£10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0
term
00 00 00 00 00 00 00 00 00 00 00 00 00
Assets
Accum
ulated
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Deprec
iation
Total
Long- £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0 £10,0
term 00 00 00 00 00 00 00 00 00 00 00 00 00
Assets
Total £63,5 £64,2 £63,3 £60,8 £59,1 £54,5 £49,8 £50,3 £45,2 £45,0 £44,9 £46,0 £52,1
Assets 50 59 75 18 63 41 87 17 31 79 35 85 03

Liabilit
ies and Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Capital

Current
Liabilit
ies
Accoun
ts £2,00 £5,53 £7,27 £5,33 £6,30 £6,30 £7,26 £5,81 £4,85 £5,81 £6,58 £4,65 £6,58
Payabl 0 3 3 8 4 3 9 9 1 7 9 5 8
e
Current
£9,00 £9,00 £9,00 £9,00 £9,00 £9,00 £9,00 £9,00 £9,00 £9,00 £9,00 £9,00 £9,00
Borrow
0 0 0 0 0 0 0 0 0 0 0 0 0
ing
Other
Current £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00 £8,00
Liabilit 0 0 0 0 0 0 0 0 0 0 0 0 0
ies
Subtota
l
£19,0 £22,5 £24,2 £22,3 £23,3 £23,3 £24,2 £22,8 £21,8 £22,8 £23,5 £21,6 £23,5
Current
00 33 73 38 04 03 69 19 51 17 89 55 88
Liabilit
ies

Long-
term £12,0 £11,9 £11,8 £11,7 £11,6 £11,5 £11,4 £11,3 £11,2 £11,1 £11,0 £10,9 £10,8
Liabilit 00 00 00 00 00 00 00 00 00 00 00 00 00
ies
Total
£31,0 £34,4 £36,0 £34,0 £34,9 £34,8 £35,6 £34,1 £33,0 £33,9 £34,5 £32,5 £34,3
Liabilit
00 33 73 38 04 03 69 19 51 17 89 55 88
ies

Paid-in £53,7 £53,7 £53,7 £53,7 £53,7 £53,7 £53,7 £53,7 £53,7 £53,7 £53,7 £53,7 £53,7
Capital 50 50 50 50 50 50 50 50 50 50 50 50 50
Retaine
d (£21, (£21, (£21, (£21, (£21, (£21, (£21, (£21, (£25, (£25, (£25, (£25, (£25,
Earnin 200) 200) 200) 200) 200) 200) 200) 200) 200) 200) 200) 200) 200)
gs
Earnin (£2,7 (£5,2 (£5,7 (£8,2 (£12, (£18, (£16, (£16, (£17, (£18, (£15, (£10,
£0
gs 24) 48) 70) 92) 813) 333) 352) 370) 388) 204) 020) 835)
Total £32,5 £29,8 £27,3 £26,7 £24,2 £19,7 £14,2 £16,1 £12,1 £11,1 £10,3 £13,5 £17,7
Capital 50 26 03 80 58 38 18 98 80 63 46 30 15
Total
Liabilit £63,5 £64,2 £63,3 £60,8 £59,1 £54,5 £49,8 £50,3 £45,2 £45,0 £44,9 £46,0 £52,1
ies and 50 59 75 18 63 41 87 17 31 79 35 85 03
Capital

Net £32,5 £29,8 £27,3 £26,7 £24,2 £19,7 £14,2 £16,1 £12,1 £11,1 £10,3 £13,5 £17,7
Worth 50 26 03 80 58 37 17 98 80 62 46 30 15