Car Company is dedicated to providing an unparalleled used car shopping experience. To offer reasonable financing solutions and competitively priced vehicles to those that feel such things are out of reach.
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E 2 Business Plan for Car Company
1.
2. Car Company LLC
BUSINESS PLAN 1
“Car Company is dedicated to providing an unparalleled used car shopping experience. To offer
reasonable financing solutions and competitively priced vehicles to those that feel such things
are out of reach. To hold an impeccable reputation for integrity and honest business dealings in
its local community. To become the destination for all used car purchases.”
OUR MISSION
3. Car Company LLC
BUSINESS PLAN 2
Contents
OUR MISSION..................................................................................................................................... 1
TABLE OF CONTENT........................................................................................................................ 2
EXECUTIVE SUMMARY .................................................................................................................. 3
USE OF FUNDS................................................................................................................................... 4
COMPANY OVERVIEW .................................................................................................................... 5
COMPANY OWNERSHIP AND LOCATION............................................................................... 5
INDUSTRY ANALYSIS: USED CARS DEALERSHIPS IN THE US.............................................. 6
USED VS NEW CAR PURCHASING BEHAVIOR ...................................................................... 7
INTERNET TRENDS ...................................................................................................................... 7
MARKET SEGMENTATION ......................................................................................................... 8
LOCAL MARKET ANALYSIS........................................................................................................... 8
COMPETITORS............................................................................................................................... 9
OUR ADVANTAGE...................................................................................................................... 10
MANAGEMENT SUMMARY.......................................................................................................... 10
MARKETING PLAN......................................................................................................................... 11
PROJECTIONS .................................................................................................................................. 12
PROJECTED INCOME STATEMENT............................................................................................. 13
BREAK-EVEN ANALYSIS .............................................................................................................. 14
PERSONNEL PLAN.......................................................................................................................... 15
PROJECTED CASH FLOW .............................................................................................................. 16
PROJECTED BALANCE SHEET..................................................................................................... 17
APPENDIX: YEAR ONE FINANCIALS.......................................................................................... 18
TABLE OF CONTENT
4. Car Company LLC
BUSINESS PLAN 3
In 2014, one in three adults with subprime credit believe
they will qualify for an auto loan. Of those that try, the vast
majority of consumers will simply overpay as they believe
they are desperate. At Car Company, neither bankruptcy
nor bad credit will prevent customers from purchasing a
quality vehicle at a fair price. All that is required is a
monthly gross income of $1,800 and a valid driver’s
license. In fact, since its inception in 2013 Credit Car
Select has helped over 90% of its applicants secure
reasonable loans to purchase competitively priced cars. It
is precisely this ethical treatment of an otherwise
vulnerable market segment in the Springfield community
that has earned Car Company its outstanding reputation. The company will continue to use these same tried and
tested values to expand in its local market.
The market conditions in Virginia for used cars are projected to be extremely favorably.IBISWorldreports industry
revenue is expected to increase at an annualized rate of 2.5% in the five years to 2015, lifted by an estimated
1.7% increase in 2015. At the same time, IBISWorld forecasts a 2.5% increase in disposable income over the
same five-year period. Customers with poor credit are expected to represent 41.8% of revenue in 2015. Virginia
is expected to compose 3.5% of all used car sales in the US. After incorporating all the variables mentioned thus
far, the total addressable market for the Company is over $1.4B.
While more traditional dealership models may shy from or exploit deep subprime and subprime credit customers,
Car Company embraces them. The Company recognizes a gap in its local market and has modeled its business
to offer credit to even the riskiest credit consumer. To achieve this end, theCompany has partnered with AFC
lending. The results have been outstanding as Credit Car Selects customer’s default rate has been consistent
below estimates, demonstrating a viable long term solution.
To expand and improve the Company’s
profitability, the Company has partnered
with its E-2 Investor Mr. Ricky Tony. Mr.
Tony will provide an immense strategic
advantage by lending both his expertise and
capital investment totaling to $300K. These
funds will enhance the Company’s capital
structure by enabling Car Companyto
purchase more inventory and save over
$200 in interest payments per vehicle. In the
next five years, the savings along
accumulates to $239,400. The Company
expects to increase the number of Vehicles
sold from 69 in 2014 to 417 in year 5. The
company projects a $2.6M in sales in its 5th, profiting over $10K or 11.9%
EXECUTIVE SUMMARY
5. Car Company LLC
BUSINESS PLAN 4
Car Company is looking to decrease its interest expense on purchased vehicle inventory. A direct owner
investment of $300K will decrease inventory cost by $200 per unit. Mr. 2Tony has recently invested $115K and
is looking to invest an addition $185K in return for 80% ownership. The Company has a credit line of $250K that
it will exercise. The use of funds is listed as below:
Startup Requiements Amount
Startup Expenses
Consultation Fees $2,800
Immigration Lawyer $4,000
Bill Advances $8,114
Business Attorney $1,500
Total Startup Expenses $16,414
Startup Assets
Cash Requied $131,700
Inventory purchases $227,604
Other Current Assets $0
Longterm Assets $19,451
Total Assets $378,755
Total Requirements $395,169
Startup Requiements Amount
Startup Expenses to Fund $16,414
Startup Assets to Fund $378,755
Total Funding Required $395,169
Assets
Non-cash Assets from Startup $247,055
Cash Requirements from Startup $131,700
Cash balance on Starting Date $131,700
Total Assets $378,755
Liabilities and Capital
Liabilities
Current Borrowing $174,669
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $35,500
Total Liabilities $210,169
Capital
Planned Investment
Investor $185,000
Additional Investment Requirement $0
Total Planned Investment $185,000
Loss at Startup (Startup Expenses) ($16,414)
Total Capital $168,586
Total Capital and Liabilities $378,755
Total Funding $395,169
USE OF FUNDS
6. Car Company LLC
BUSINESS PLAN 5
Car Company is a used car dealership that sells a breadth
of used makes and models. Established on January 1st
2013, the Company purchases cars at deep discounts from
its local auction house, makes the necessary repairs to bring
it up to commercial standards, and passes its savings
directly to the consumer.
The Company offers an outstanding shopping experience
for customers in Springfield County, Virginia and surrounding areas by incorporating superior customer service
and ethical business practices to its client base.
Car Company is conveniently on a busy road located at West Shirley Ave. There is ample parking and visible
signage to easy locate the dealership. Car Company specializes in helping its customers attain the best financing
possible for the “right car”. Where most car dealers either reject or manipulate customers with bad credit, Car
Company is able to approve nearly 90% of loan applicants through the credit company AFC. The Company holds
by strong ethical practices as it does not tolerate exorbitant rates that other dealers will exploit on uninformed
consumers.
The company holds a twofold distinct advantage amongst its competitors. 1) the ability to grant better and more
reasonable access to credit for its consumers and 2) leveraging equity capital to reduce the burden of interest
expenses while capitalizing on a free net 60 credit line to expand its business.
In addition to the two items mentioned above, the following provides an overview of Car Company advantages:
Focus on lower end vehicle car segment: lower cost per unit with increase in average gross margin and
higher inventory turnover rate.
Inventory inspection: A standard checklist to ensure the appraisals are completed consistently and
accurately, and free from major defects.
Bad Debt Allowances: Strategic partnership with AFC financial lending institution, reduces the risk of bad
debt and collectables.
Experienced Staff: Knowledgeable staff and Management team, able to cater to customers unique
requirements.
Complete online Inventory updated every few days.
Car Company is a Limited Liability Company registered in the State of Virginia. The Company will be owned by
Ricky Tony (80%), Eric Muller (10%) and Henry Lewis (10%).
Car Company LLC used car dealership is located in the heart of Springfield at 000 Maple Dr.
COMPANY OVERVIEW
COMPANY OWNERSHIP AND LOCATION
7. Car Company LLC
BUSINESS PLAN 6
As noted, Car Company LLC. is operating in a 1$106.9bn dollar industry, which is projected to grow at a healthy
rate will industry profit at $2.7bn despite a decrease to 1.8% down from 2.5% from the previous five years. The
industry is also enjoying higher sales due to increase in disposable incomes and decreasing unemployment rate.
The firm provides the following industry overview and forecasts.
1
“Used Car Dealers in the US” Industry Report” IBISWorld, Jan 2015 www.ibisworld.com
INDUSTRY ANALYSIS: USED CARS DEALERSHIPS IN THE US
8. Car Company LLC
BUSINESS PLAN 7
Between new and used vehicle prices, the retail price of a one-year-old used vehicle is now below 80 percent of
the cost of a new vehicle. Older model vehicle supply will increase, but overall supply will continue to fall as sales
of used cars continue. Despite the growth in late-model supply, the supply of units up to eight years in age is
expected to decrease by 2% or more. Newer used vehicles (vehicles that are three years or under) will still be
roughly 25 percent below where it was previously. While the growth in late-model supply will have an adverse
effect on younger used vehicle prices, the continued slide in early-model supply will benefit prices of older models.
Overall key trends are listed as below:
Increasingly competitive lending environment will continue to see credit standards loosen and availability
grow.
Employment will continue to improve as disposable incomes increase.
The recovery in housing and construction will pick up steam, benefiting both the economy and
employment. This will increase demand for traditional used car and truck consumers.
Vehicle age remains on the rise, with the average vehicle age at approximately 11.4 years.
Compared to other car market segments, the typical customers who purchased used cars had less income on
average. The average annual income for used vehicle purchasers was $48,004 compared with $72,992 for
lessees and $69,875 for new-vehicle purchasers. Among consumers that bought or leased a vehicle, 80.9% of
lower wage earners are likely to purchase a used vehicle compared to 36% of those who lease or buy in the
highest income quintile for new vehicle purchases.
Down payments and monthly payment amounts influence whether the consumer will purchase a new or used
car. 76 % of used-vehicle purchasers paid down payments of $1,147 on average and only 30 percent of the
amount that a new-vehicle purchaser put for a down payment was $2,914 including new car incentives and
discounts. The maximum down payment was $8,500 for lessees, $37,000 for new-vehicle purchasers, and
$19,000 for used-vehicle purchasers. The average monthly payment was $353 for lessees, $399 for new-vehicle
purchasers, and $273 for used-vehicle purchasers.
Internet usage has changed the way shoppers search for used vehicles. A J.D Power and Associates survey
concluded that 64% of potential clients first searched the internet before visiting the dealership. In addition 88%
of buyers that went to a dealership to test drive a car had spent time researching information on the internet prior
to their visit.
USED VS NEW CAR PURCHASING BEHAVIOR
INTERNET TRENDS
9. Car Company LLC
BUSINESS PLAN 8
Within the Used Car Dealers industry,
dealers compete mainly on the basis
of vehicle offering and price. For the
consumer credit availability and
access is paramount in the purchasing
decision. Credit availability will
continue to expand further fueling
used cars sales. Data from the Federal
Reserve Board’s Senior Loan Officer
Survey shows that lenders have
loosened auto loan standards for five
years running, a trend that helped see loan portfolios grow. Experian data also shows that the subprime share of
used vehicle financing improved by over 2%.
Used car dealers classify customers’ credit worthiness in five different credit rating segments, with deep subprime
customers possessing the worst credit. Customers choose to purchase vehicles from used car dealers for
different reasons, depending on their credit score. During the economic downturn, contractions in credit
availability made it more difficult and expensive for these customers to get financing. Customers with the worst
credit scores are largely unable to purchase vehicles on traditional credit, facing interest rates 6.0% or more
above prime rates.
The following Table provides pertinent figures for the population within Fauquier County which encompasses
647.45 sq. miles. Income data for the region is highlighted in yellow below.
Springfield County, Virginia
People QuickFacts Springfield County
Population, 2013 estimate 67207
Population, 2010 (April 1) estimates base 65203
Population, percent change - April 1, 2010 to July 1, 2013 0.031
Population, 2010 65203
Persons under 5 years, percent, 2013 0.057
Persons under 18 years, percent, 2013 0.242
Persons 65 years and over, percent, 2013 0.144
Female persons, percent, 2013 0.506
Per capita money income in past 12 months (2013 dollars), 2009-2013 39600
Median household income, 2009-2013 88409
Persons below poverty level, percent, 2009-2013 0.056
Geography QuickFacts Springfield County
Land area in square miles, 2010 647.45
Persons per square mile, 2010 100.7
MARKET SEGMENTATION
LOCAL MARKET ANALYSIS
10. Car Company LLC
BUSINESS PLAN 9
The Company will experience direct competition from other used vehicle dealerships in the Springfield area.
Our main competitors who hold similar inventory and compete based on price and offerings are listed as below.
Anzo Motors- http://www.anzo-motors.com
Overview:Anzo Motors is a locally operated used car dealership that
offers a range of used cars as well as in house financing option.
Advantages:Anzo Motors operates in the low and mid end price
segment of the used car industry aimed at appealing to a
broader customer base. Anzo motors also offers extended
credit services to customers with bad credit.
Disadvantages:Anzo Motors has a weak internet presence, and with little to no reviews. The current climate
of internet based shopping is hampering the Company and currently there is no inventory online for view.
Summit Motors- www.summitmotorsinc.com
Overview: Summit Motors is a larger used car dealership operating
out of Warrenton and is a division of Country Chevrolet. Summit
Motors inventory consists of higher end used vehicles.
Advantages: Summit Motors offers additional warranty services
and extended hours of operations.
Disadvantages: Financing options are slightly more limited, customers in the deep subprime credit rating will
have difficulty finding approval.
Wells Auto Sales- www.wellsautos.com
Overview: Wells Auto Sales specializes in later model and low mileage
used cars. Wells Auto Sales inventory is geared towards the higher end
used car consumer, with offerings included in its inventory at $40K or
more.
Advantages: Wells Auto Sales was founded in 1997 and has a larger local client base.
Disadvantages: The higher end market has a lower inventory turnover rate, and high inventory costs using
up much of current assets.
COMPETITORS
11. Car Company LLC
BUSINESS PLAN 10
Car Company is located on a prime lot right off Lincoln Ave, which runs through the heart of downtown Springfield.
The Company has have a very easy to navigate website with an online credit approval form that is linked to the
business email. Car Company caters heavily to potential customers with bad credit that have been rejected for
car loans everywhere else due to lack of credit or significant down payment. The approval success rate is over
90% and adding to a large customer referral base. Car Company focuses on the following main advantages:
Little or no down payment required to purchase
Ease of credit access
Ability to service the Deep-Subprime and Subprime used cars consumers market
Liabilities are held with AFC financial institution, relieving Credit Card Select of potential Bad Debt
expenses.
Large inventory of cars on its website for easy viewing, with inventory updated every few days.
Located in prime busy location on a main street in Springfield, Virginia.
Ricky Tony comes from a strong entrepreneurial background. He holds a bachelor’s degree in commerce and 7
years of international business experience. John started out as a manager at his father’s gas station and later
became a managing partner. Soon after, John took his ambitions to Dubai, known as the business hub of the
world. There he became a managing director and partner of Transport enterprise, dealing with vehicles on a daily
basis, John foresaw an opportunity to take his entrepreneur spirit to the next level. In July of 2009, the conception
of Ricky Tony Motors became a reality. Ricky Tony Motors specialized in purchasing cars from the US, UK and
Japan. The car business venture did very well for John, and within a year, Car Company LLC opened its doors.
After four years of owning and operating multiple successful dealerships, Joh Tony set his ambitions for America.
He had always heard about great opportunities in America and he wanted to pursue his passion here. On October
of 2014, Ricky Tony successfully sold both of his used car dealerships in Dubai and set sail for the USA.
OUR ADVANTAGE
MANAGEMENT SUMMARY
12. Car Company LLC
BUSINESS PLAN 11
Car Company will benefit from utilizing traditional marketing methods including online initiatives.
Networking
As with any service oriented business, the Company will benefit from developing businessrelationships by
participating actively in community events. Car Company will attend a variety of events to gauge prospective
clients, including fairs and trade shows.
Word of mouth
Referral marketing will be an integral part in maintaining long lasting relationships and increasing brand
awareness. Current clients will increase leads by word of mouth advertising, which is considered the most
effective and trustworthy form of advertising.
Internet
Independent sites drive roughly half (45%) of all dealer walk-in traffic by the internet, followed by dealer sites
(32%), search sites (14%), manufacturer sites (6%) and other sites (3%). The Company will be heavily
advertising on well-known internet sites that potential buyers frequent including, kijiji.com, Autotrader, Cars.com,
craigslist, Facebook and Yelp.
MARKETING PLAN
13. Car Company LLC
BUSINESS PLAN 12
The following table and graph illustrate the financial goals for Car Company during the next five years.
*unit sales were based on historical sales volumes and increase in marketing expenditure, general assumptions
include:
1. Avg. price of sales: $6,260 2. COS
3. During year 3 in-house mechanic was hired cutting outside
paid labor paid reducing Parts cost from $826 to $551.
(50% Parts, 50% Labor ($413, $413) outside
labor $56.25 per hour, In-house $18.75 per hour,
$413+$138 = $551 a avg. savings of $275 per
vehicle.
Sales Forecast Year 1 Year 2 Year 3 Year 4 Year 5
Car Sold 99 153 219 309 417
Total Unit Sales 99 153 219 309 417
Unit Prices
Vehicle 6,260.00$ 6,260.00$ 6,260.00$ 6,260.00$ 6,260.00$
Sales
Vehicle 619,740$ 957,780$ 1,370,940$ 1,934,340$ 2,610,420$
Total Sales 619,740$ 957,780$ 1,370,940$ 1,934,340$ 2,610,420$
Direct Unit Costs
Vehicle 4,695.00$ 4,695.00$ 4,420.00$ 4,420.00$ 4,420.00$
Direct Cost of Sales
Renovations 464,805$ 718,335$ 967,980$ 1,365,780$ 1,843,140$
Subtotal Direct Cost of Sales 464,805$ 718,335$ 967,980$ 1,365,780$ 1,843,140$
Sal
Car
Uni
Veh
Sale
Veh
Tota
Dire
Veh
Dire
Sale
Veh
Sub
Cos
PROJECTIONS
Fees
Towing +
Misc
Tag +
title Parts Vehicle
$42 $123 $159 $826 4,713
14. Car Company LLC
BUSINESS PLAN 13
Investment of $300K from Ricky Tony ($115K+$185K) reduced over all expenditure by $200 per
vehicle increasing revenues by the same amount.
Pro Forma Income Statement Year 1 Year 2 Year 3 Year 4 Year 5
Sales $619,740 $957,780 $1,370,940 $1,934,340 $2,610,420
Direct Cost of Sales $464,805 $718,335 $967,980 $1,365,780 $1,843,140
Other Costs of Sales $0 $0 $0 $0 $0
Total Cost of Sales $464,805 $718,335 $967,980 $1,365,780 $1,843,140
Gross Margin $154,935 $239,445 $402,960 $568,560 $767,280
Gross Margin % 25.00% 25.00% 29.39% 29.39% 29.39%
Expenses
Payroll $117,600 $141,600 $177,600 $199,200 $229,200
Marketing/Promotion $14,400 $17,600 $20,600 $23,600 $26,600
Depreciation $3,888 $3,888 $3,888 $3,888 $3,888
Rent $42,000 $42,000 $42,000 $42,000 $42,000
Cable & Internet $3,264 $3,264 $3,264 $3,264 $3,264
Dues & Subscriptions $1,296 $1,296 $1,296 $1,296 $1,296
Insurance $3,612 $3,612 $3,612 $3,612 $3,612
Telephone $1,812 $1,812 $1,812 $1,812 $1,812
Utilities $3,264 $3,264 $3,264 $3,264 $3,264
Postage & Delivery $3,132 $3,132 $3,132 $3,132 $3,132
Others $5,376 $5,376 $5,376 $5,376 $5,376
$199,644 $226,844 $265,844 $290,444 $323,444
Profit Before Interest and Taxes ($44,709) $12,602 $137,116 $278,116 $443,836
EBITDA ($44,709) $16,489 $141,004 $282,004 $447,724
Interest Expense $0 $0 $0 $0 $0
Taxes Incurred $0 $3,780 $41,135 $83,435 $133,151
Net Profit ($44,709) $8,821 $95,981 $194,681 $310,685
Net Profit/Sales -7.21% 0.92% 7.00% 10.06% 11.90%
PROJECTED INCOME STATEMENT
15. Car Company LLC
BUSINESS PLAN 14
*As depicted above Monthly Break even sales of $66,548 was sufficient to cover break even fixed costs.
Break-even Analysis Value
Monthly Revenues Break-even 66,548$
Assumption
Estimated Monthly Fixed Cost 16,637$
BREAK-EVEN ANALYSIS
16. Car Company LLC
BUSINESS PLAN 15
*Finance Manager and Office Assistant hired on as part time basis until year 3. During year 3 in mechanic hired
to reduce Parts & Labor costs on average by $275 per vehicle. Junior Sales Consultant Hired in year 2, and
experienced consultant hired in 5.
Personnel Plan Year 1 Year 2 Year 3 Year 4 Year 5
General Manager/Sales 72,000$ 72,000$ 72,000$ 72,000$ 72,000$
Operations Manager 24,000$ 24,000$ 24,000$ 24,000$ 24,000$
Finance Manager/Sales* 12,000$ 12,000$ 12,000$ 24,000$ 24,000$
Office Assistant* 9,600$ 9,600$ 9,600$ 19,200$ 19,200$
Junior Sales Consultant -$ 24,000$ 24,000$ 24,000$ 24,000$
On-Site Mechanic -$ -$ 36,000$ 36,000$ 36,000$
Sales Consultant -$ -$ -$ -$ 30,000$
Total People 4 5 6 6 7
Total Payroll 117,600$ 141,600$ 177,600$ 199,200$ 229,200$
PERSONNEL PLAN
17. Car Company LLC
BUSINESS PLAN 16
Pro-Forma Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5
Cash Received
Cash from Operations
Cash Sales $619,740 $957,780 $1,370,940 $1,934,340 $2,610,420
Cash from Receivables $0 $0 $0 $0 $0
Subtotal Cash from Operations $619,740 $957,780 $1,370,940 $1,934,340 $2,610,420
Additional Cash Received
New Current Borowing $0 $0 $0 $0 $0
Subtotal Cash Received $619,740 $957,780 $1,370,940 $1,934,340 $2,610,420
Expenditure Year 1 Year 2 Year 3 Year 4 Year 5
Expenditures from Operations
Cash Spending $117,600 $141,600 $177,600 $199,200 $229,200
Bill Payments $301,393 $898,025 $1,104,028 $1,582,689 $2,102,518
Subtotal Spent on Operations $418,993 $1,039,625 $1,281,628 $1,781,889 $2,331,718
Additional Cash Spent
Principal Repayment of Current Borrowing$34,932 $34,932 $34,932 $34,932 $34,932
Long-term Liabilities Principal Repayment$7,100 $7,100 $7,100 $7,100 $7,100
Subtotal Cash Spent $461,025 $1,081,657 $1,323,660 $1,823,921 $2,373,750
Net Cash Flow $158,715 ($123,877) $47,280 $110,419 $236,670
Cash Balance $290,415 $166,539 $213,818 $324,238 $560,907
Pro
Ca
Ca
Ca
Ca
Su
Su
Ex
Ex
Ca
Bill
Su
Ad
Sa
Pa
Pri
Cu
Oth
Re
Lo
Re
Pu
As
Pu
Div
Su
PROJECTED CASH FLOW
18. Car Company LLC
BUSINESS PLAN 17
Pro Forma Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5
Assets
Current Assets
Cash $290,415 $166,539 $213,818 $324,238 $560,907
Accounts Receivable $0 $0 $0 $0 $0
Inventory $42,255 $155,975 $183,264 $270,748 $349,467
Other Current Assets $0 $0 $0 $0 $0
Total Current Assets $332,670 $322,514 $397,082 $594,986 $910,374
Long-term Assets
Long-term Assets $19,451 $19,451 $19,451 $19,451 $19,451
Accumulated Depreciation $3,888 $7,776 $11,664 $15,552 $19,440
Total Long-term Assets $15,563 $11,675 $7,787 $3,899 $11
Other Assets
Other Assets $0 $0 $0 $0 $0
Total Assets $348,233 $334,188 $404,869 $598,885 $910,386
Liabilities and Capital Year 1 Year 2 Year 3 Year 4 Year 5
Current Liabilities
Accounts Payable $56,219 $75,386 $92,117 $133,484 $176,331
Current Borrowing $139,737 $104,805 $69,873 $34,941 $9
Other Current Liabilities $28,400 $21,300 $14,200 $7,100 $0
Subtotal Current Liabilities $224,356 $201,491 $176,190 $175,525 $176,340
Long-term Liabilities $0 $0 $0 $0 $0
Total Liabilities $224,356 $201,491 $176,190 $175,525 $176,340
Paid-in Capital $185,000 $185,000 $185,000 $185,000 $185,000
Retained Earnings ($16,414) ($61,123) ($52,302) $43,679 $238,360
Earnings ($44,709) $8,821 $95,981 $194,681 $310,685
Total Capital $123,877 $132,698 $228,679 $423,360 $734,045
Total Liabilities and Capital $348,233 $334,188 $404,869 $598,885 $910,386
Net Worth $123,877 $132,698 $228,679 $423,360 $734,045
Pro Forma B
Assets
Current Asset
Cash
Accounts Rec
Inventory
Other Current
Total Current
Long-term As
Long-term As
Accumulated
Total Long-te
Total Assets
Liabilities and
Current Liabil
Accounts Pay
Current Borro
Other Current
Subtotal Curr
Long-term Lia
Total Liabilitie
Paid-in Capita
Retained Earn
PROJECTED BALANCE SHEET
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