1. business and industrial

Yogurt Shop
Business Plan
by SBPHawaii
Yogurt Shop
Confidentiality Agreement
This agreement is to acknowledge that the information provided by Xxxxxxxxand/
or Yogurt Shop Inc., (herein also referred to or as “The Company”) in this
business plan is unique to this business plan and confidential; therefore, anyone
reading this plan agrees not to disclose any of the information in this business
plan without the expressed written permission of Yogurt Shop Inc. It is also
acknowledged by the reader that unauthorized dissemination of the information
furnished in this business plan other than information that is in the public domain
may cause serious harm or damage to The Company and will be kept in the
strictest confidence.
Upon request, this document is to be immediately returned to Yogurt Shop Inc.
Signature ____________________
Name (typed or printed) ________________________
Date ___________________________
This is the business plan for Yogurt Shop Inc. The presentation of this business
plan does not imply an offering of securities.
TABLE OF CONTENTS
7.7 Sales Strategy
7.8 Sales Forecast
7.9 Explained Timelines and
Milestones
22
22
23
8.0 Management & Personnel
8.1 Management commitments
8.2 Organizational Structure
8.3 Management
8.4 Workforce Gaps
8.5 Professional Advisors
8.6 Staffing and Payroll
24
24
24
25
25
25
26
9.0 Budget: Financial Plan
9.1 Important Assumptions
9.2 Key Financial Indicators
9.3 Explanation of Balance Sheet
9.4 Explanation of Profit and Loss
9.5 Explanation of Cash Flow
9.6 Breakeven Analysis
9.7 Business Ratios
9.8 Financial Highlights
27
27
27
28
28
29
29
30
31
10.0 Balance Sheet
32
11.0 Profit and Loss Statement
33
12.0 Cash Flow Statement
34
16
16
16
17
17
13.0 Monthly Details
13.1 Revenue Projections
13.2 Staffing & Payroll
13.3 Profit and Loss Statements
13.4 Cash Flow Statements
35
35
38
39
42
17
18
18
14.0 References
45
2.0 Table of Contents
2
3.0 Executive Summary
3.1 Introduction
3.1.1 Unique Selling Proposition
3.1.2 Barriers to Entry
3.2 Objectives
3.3 Mission Statement
3.4 Keys to Success
3
3
3
4
5
6
6
4.0 Company Summary
4.1 Current Status
4.2 Company Ownership
4.3 Start-Up Summary
4.4 Location and Premises
4.5 Competitive Comparison
4.6 Demographics
7
7
7
7
9
9
10
5.0 The Business
5.1 Top Five Priorities
5.1.1 Quality of Product
5.1.2 Professionalism
5.1.3 Training
5.1.4 Customer Retention
5.1.5 Maximizing Profit
5.2 Customer Relations
5.3 Owner/Employee Relations
5.4 Business Model
11
11
12
13
13
14
14
14
15
15
6.0 Market Analysis Summary
6.1 Industry Analysis
6.2 Industry Participants
6.3 Competitive Efficiency
6.4 Market Segmentation
6.5 Target Market and
Segmentation Strategy
6.6 Market Trends/Growth
6.7 Company Growth
7.0 Strategy and Implementation
7.1 Strategy Pyramid
7.2 Value Proposition
7.3 Marketing Strategy
7.4 Positioning Statement
7.5 Strategic Alliances
7.6 Pricing Strategy
19
19
19
20
20
20
21
2
3.0 EXECUTIVE SUMMARY
3.1 INTRODUCTION
Xxxxxxxx has identified a need in the Sarasota, Florida market that he is committed to
fill by launching an enterprise to be branded as Yogurt Shop. The purpose of the
Company, Yogurt Shop Inc. is to bring delicious, specialty ice creams, custards, frozen
desserts, and other refreshing treats plus Philadelphia-style, renowned food items and
beverages to the Sarasota, Florida area. The Company will serve its unique blend of
products at its brick and mortar ice cream shop as well as by route and delivery and
vehicle (s). Although not new in concept, the quality of the ice cream and the variety of
the specialty items will separate it from all other competitors in the South.
The purpose of this business plan is to:
• Outline the development strategy and sustainable growth of the
Company;
• Create a guideline for management;
• Establish goals against which to measure The Company’s
performance;
• Leverage the Founder’s initial investment with a line of credit (loan)
of $140,000 to launch the enterprise.
The funds will be used primarily as startup investment for the purchase
of equipment, inventory, storefront rental, utility costs, initial marketing and payroll as
well as working capital until the breakeven point is achieved.
Xxxxxxxx is the sole owner of Yogurt Shop, Inc. at this time.
The primary objectives for the first year of business will be to establish the first shop in
the Sarasota area; establish its first delivery/route vehicle, generate brand recognition
among local residents; create a loyal following of repeat customers; achieve or surpass
financial goals as outlined in the projections; and, reach the breakeven point producing
a profit for The Company.
3.1.1 Unique Value Proposition
Yogurt Shop will differentiate itself by offering:
• Superior quality ice creams and custards;
• A friendly, fun location for families to enjoy dessert and other unique Philadelphiastyle food and beverages;
• Philadelphia motif and feel
3
Yogurt Shop
• More variety than any of the closest competitors;
• Sales of frozen novelties and beverages;
• Convenience - the Yogurt Shop truck will come to many neighborhoods;
• Delivery;
• Creamiest, smoothest, Philly-style ice cream and custard in the South;
• Appropriate and ample hours of operation;
Ultimately, The Company’s value proposition will deliver tangible results to the
Customer in terms of:
•
•
•
•
Quality that is otherwise unavailable in the Sarasota area
Greater convenience for the customers
Competitive pricing with a “just a buck cone”
Greater value for the cost of the product
$1
And, to the Company in terms of:
• Steadily improving operational efficiency
• Steadily increasing market share
• Steadily increasing revenues and profits
• An ability to meet to grow as a multi-location corporate
entity or through franchising
3.1.2 Barriers to Entry
Financial Barrier-Moderate
The financial barrier is only moderate at $140,000. The anticipated line of credit will
overcome this barrier and permit The Company to meet all of its objectives.
Technology Barrier-Low
The Company will use existing proven technology for production and dispensing its
products. It will also install basic Customer Relationship Management (CRM) and
Enterprise Resource Planning (ERP) systems assist the sales/customer service staff,
control inventories, etc. The system will be accessible buy any Internet connected
device to permit the owner to control the business from any location.
Competition-Moderate
There is general competition from all purveyors of frozen dessert/treat projects, but
there is no direct competition. The Company is totally unique in bringing a taste of
Philadelphia to the South; and in bringing it in both a brick and mortar location and a
vending/delivery vehicle.
Competitive Response-Low
4
Yogurt Shop
The products offered by Yogurt Shop will include a
variety of products hand selected by the Founder and are
not available elsewhere in the market. The products are
proven to appeal to a cross-section of the community
including all ages and they are non-ethnic specific. As a
new concept and a new business, the launch will require
adequate marketing and advertising in order to introduce
the idea to the area. With the anticipated line of credit
providing the funding necessary to spread the message
and the uniqueness of the concept, The Company will
immediately capture market share and build a loyal
customer base capable of withstanding any competitive
push back.
The Founder’s industry and business experience, his
familiarity with the Philadelphia culture, the quality and
uniqueness of the Company’s products and the innovativeness of the concept combine
to create a business model that not only surmounts any barriers to entry, but also
serves as the foundation for significant success for Mr. Vindick and Yogurt Shop, Inc.
3.2 OBJECTIVES
The Founder of Yogurt Shop Inc. has definite objectives in order to fulfill its desire to
participate and achieve a growing market share in the industry. What follows is a brief
summary of some of the key objectives of The Company.
Yogurt Shop plans to achieve sustainable expansion and market penetration through:
1. Maintaining high visibility in the community through involvement in organizations and
sponsorships
2. Listening to what the customers want
3. Hiring and training qualified and friendly personnel
4. Concentrating on and prioritizing customer service
5. Consistently offering the highest quality products (10% butter fat content)
6. Consistently providing a variety of products unique to the market
7. Maintaining a clean, orderly and appealing appearance at the location, as well as the
vending, and delivery vehicles.
8. Opening new locations and add vehicles as opportunities arise after “proof of
concept” over the next three years
5
Yogurt Shop
3.3 MISSION STATEMENTS
Product Mission
At Yogurt Shop, the ultimate goal is to formulate and provide to customers, the highest
quality soft serve ice cream available as well as Philadelphia-style specialty foods and
beverages. By exposing the customer to the highest quality and most unique products,
we will raise the customers’ expectations to a level that can only be met by Yogurt
Shop.
Social/Economic Mission
At Yogurt Shop our philosophy is first to allow customers’ to indulge their desires
without regret, and secondly to return a portion of the fruits of our labors to the
communities in which we operate making them a better place for this and future
generations.
Yogurt Shop
3.4 KEYS TO SUCCESS
The Company is confident that the following attributes will provide the keys to its
continued success:
Ownership and Management
• Mr. Vindick has over a decade of management experience in the food service
industry.
• Mr. Vindick is an instructor and speaker for the National Restaurant Association.
• He will help guide the Company through launch and growth acceleration.
• Other employees will be hired based on strict criteria of customer service, product
knowledge and willingness to work.
Products
• Looks good, tastes good, creamiest soft serve available; all food and beverages are
of the highest quality
• Traditional product yet novel Philly-style concept for the region
• Competitive pricing, including $1 cones
• Value for product and service offered
• Convenient location, mobile service and delivery.
Corporate Foundation
• Corporation established
• Suppliers contacted and relationships forged
• Market research conducted
• Search for exact location underway
• Design layout of store and façade established
6
Yogurt Shop
4.0 COMPANY SUMMARY
4.1 Current Status
Yogurt Shop will commence operations as soon as possible after funding is received.
The Company recognizes the importance of branding and visually communicating its
message. It will establish repetition and continuity of design (and logo usage) on all its
marketing, advertising and signage as well on in-store displays, staff apparel and
vehicles. The Company set up Twitter, Face book, and MySpace pages for social
networking. To increase traffic to these social networking pages, coupons and specials
will be extended only through these sites. Further, Yogurt Shop will also develop a
website with promotions and opt-in email blasts for additional promotions, birthday
specials, etc.
Yogurt Shop’s brand recognition will also increase is it sells its prepackaged ice cream
and custard products in grocery stores and other retail food outlets.
Over the next three years, and as The Company expands, it will modify and increase its
product line in response to trends, findings, and demand. While the current focus is on
establishing the first location and having the first vehicle in operation Yogurt Shop will
simultaneously have its eyes on long-term expansion. This includes more locations,
additional vehicles, and increasing the area that The Company serves.
4.2 COMPANY OWNERSHIP
Yogurt Shop, Inc. is incorporated under the
laws of the State of Florida. The Company is to
be owned entirely by Mr. Brian Vindick. Mr.
Vindick also operates as Hubert Mitz Flynn
Productions, a sole-proprietorship. No other
investors or owners are a part of the
organization at this time.
4.3 START-UP SUMMARY
Yogurt Shop, Inc. is requesting a line of credit of $140,000 to compliment the $5,000
invested by the Founder to initiate a successful launch. The distribution of funds by
percentage is reflected in the chart below and the details are explained in the table that
follows:
7
Yogurt Shop
Use of Funds
Advertising
4%
Operating Expenses
and Working Capital
10%
Initial Inventory
14%
Capital Expenditures
72%
Sources and Uses of Funds
SOURCE
Owner Equity
Line of Credit
TOTAL
AMOUNT
$ 5,000
$ 140,000
$ 145,000
WHERE CAPTURED
Cash Flow
USES
Capital Expenditures
Lease Hold Improvements (Construction)
Equipment
Vehicle
Total Capital Expenditures
$ 10,000
$ 70,000
$ 25,000
$ 105,000
Cash Flow
Cash Flow
Initial Product Development
Initial Inventory (3 Mos. Supply)
Total Initial Product Development
$ 20,000
$ 20,000
Cash Flow
Cash Flow
First Year Operating Expenses and Working Capital
Advertising (first 3 months)
Working Capital
Total First Year Operating Expenses and Working Capital
$ 5,000
$ 15,000
$ 20,000
P&L
Cash Flow
TOTAL
$ 145,000
Cash Flow
Cash Flow
8
Yogurt Shop
4.4 LOCATIONS AND PREMISES
The initial location of Yogurt Shop Inc. will be in one of the number of high-traffic malls
in Sarasota. Mr. Vindick is compiling the needed information to make this very
important decision. It is expected that the mall will draw 12,000-15,000 patrons daily.
The Founder is examining the following factors:
•
•
•
•
•
Visibility
Ease of access
Parking
Cost/lease agreement
Proximity to like or compatible businesses
The Founder has chosen the Sarasota are as he is committed to the total success of
this endeavor, and sees this area as the most favorable to immediately gain market
share and a loyal customer base.
4.5 COMPETITIVE ANALYSIS
Essentially, any shop selling frozen desserts, or driving an ice cream truck in the
Sarasota area could be considered competition for Yogurt Shop. There is a Ben &
Jerry’s, a Dairy Queen, a Cold Stone Creamery, and a number of smaller independent
ice cream shops.
However, there are a number of tangible differences that exclude these companies from
being direct competitors with Yogurt Shop. First and foremost will be the Yogurt Shop
motif and feel. In Mr. Vindick’s work in this industry, he noted that it was apparent that
in Florida, “Customers wanted food from up North.” This stems from the number of
tourists and the large number of residents of the state that are implants from the
Northeast. Mr. Vindick took these suggestions to heart and realized that Sarasota was
the ideal market place for a Philly-Style eatery.
Another thing that differentiates Yogurt Shop from the area’s other dessert providers is
door-to-door delivery and made-to-order ice cream products. This is a unique service
that is otherwise not offered in the area.
Additionally, unlike Ben & Jerry’s, Coldstone, or the other chains, Yogurt Shop will also
have a mobile ice cream truck. This increases visibility and offers convenience to the
customer. In a city the size of Sarasota, it is not unusual to see an ice cream shop
close to a campus, downtown area of near a high traffic public park. However, having
an ice cream truck that comes to the consumer is a proven successful business model.
A model in existence since the mid- 1930’s when these trucks gained dynamic
popularity in the United States. It is also interesting to note that at that time the nation,
9
Yogurt Shop
and the world was undergoing economic hardships and engulfed in the Great
Depression. At that time, none-the-less, ice cream trucks were a very viable and
profitable business venture.
Also, Yogurt Shop will offer a variety of products that will not be available elsewhere in
Sarasota or the surrounding areas (identified in Section 5). Further, the dairy mix of
The Company’s ice cream and custard will be the Northeast’s standard, which is far
superior to the standard creamery mixes found at malls in the South.
Other ice cream providers will offer similar products but none will provide the variety, the
depth of service, or the level of quality and creaminess; a mixture that will only be found
at Yogurt Shop.
The competitive advantage of Yogurt Shop Inc. is that they will be:
• A great family location to enjoy a specialty dessert
• Something new and different in the area
• A place to get authentic Philly-style specialty food and beverages
• The highest quality product available in the industry
• Indulgence without regret
• Door-to-door delivery
• Mail order purchasing
4.6 DEMOGRAPHICS
Background
The demographic appeal of Yogurt Shop will be across the board as an ice
cream/creamery is one of the consistently sustaining industries in the developed world.
According to the United States Department of Agriculture (USDA) the average
consumption of ice cream annually in the US is about 21 quarts per person.
The Food Channel claims that the United States is the world’s largest ice cream
consumer. Though there is no break down of consumption by state, Florida is the fourth
most populous state, and has the second highest average, annual temperature, behind
only Hawaii (Source: Associates Content). Thus, it makes sense that Florida would be
a “hotbed” for frozen dessert and beverage consumption.
Sarasota County is home to 369,765 residents, according to the 2009 Census data.
The region has grown 13.4% since 2000. Sarasota’s median household income, per
capita money income, homeownership rate, median value of housing, and percentage
of residents having earned a Bachelor’s degree or higher are all higher than the Florida
state averages (These will be looked at in depth in Section 6). These factors indicate
that the area is home to a population base that has income for discretionary spending.
10
Yogurt Shop
Trends
In a state with an overall population of over 18 million people, and 67 counties, Sarasota
County is ranked 14th in population and hosts over one-third of a million residents. Of
those 67 counties Sarasota is ranked in the top third when it comes to growth.
Affordability and weather are two
of the main draws for the area,
which has not been affected by
economic downturns, and this
makes it one of the grandparent
capitals of the southeast with 57
active adult communities in the
city of Sarasota.
Perhaps the most meaningful
trend comes form the USDA that
shows that premium or super
premium ice cream outsells
regular ice cream, light ice cream,
low and nonfat ice creams.
Sarasota is an ideal location for an enterprise such as Yogurt Shop.
11
Yogurt Shop
5.0 THE BUSINESS
5.1 TOP FIVE PRIORITIES
The Company will be entering a sustainable market. It will be built on a solid
foundation. Yogurt Shop has a substantial opportunity for growth through name and
brand recognition, as well as offering a specialized, premium product line, individual
ordering, door-to-door delivery and other superior services. The positioning and timing
is ideal to launch this venture and implement its growth phase. Of particular importance
to the operation will be the Companies Top 5 priorities. It will foster a strong
commitment to these priorities as building blocks for success:
1) Quality of the Product
Yogurt Shop is committed to producing the highest
quality dessert items and specialty food and beverage
items.
To that end The Company will be buying its
super premium soft-serve mixes, and custards from A.
Panza & Sons, Ltd. A company that began in Brooklyn,
NY in 1955 and today serves the northeast primarily, but
has customers internationally.
What will make the super premium soft serve and custard differentiate from other
vendors is that these creamery mixes will be double the standard amount of fat content.
This is what will make Yogurt Shop a Philly-style establishment. By having the
increased fat content (10% as opposed to 5%), the ice creams and custards will have a
creaminess and smoothness that other vendors will lack.
To supply the frugal customers The Company will also purchase the traditional, 5% fat
content mixes and sell these cones for $1.00. This is the standard mix for vendors in
the area. However, most vendors purchase their mixes from Saint Petersburg’s “Dairy
Mix.” There is nothing particularly wrong with this mix, it is the standard fare and
patrons in this region unknowingly have grown acclimated to it. However, Yogurt Shop
will also purchase their 5% mix from A. Panza & Sons. The cost is more expensive but
the reason, as Mr. Vindick states, “It is a higher cost because…well, it tastes awesome!”
The Company wants to provide its customer with only the best. By growing accustomed
to the best they will become loyal customers.
Yogurt Shop also intends to create dairy-free, lactose free, and sugar free mixes, so as
to offer a selection acceptable for diabetic, lactose intolerant, lactose allergic, or dieting
customers.
12
Yogurt Shop
Other Philly-style foods and beverages that The Company will provide, will include but
not be limited to;
1) Stroehmann Bread
2) Slush Puppie
3) Leo's Yum Yum ,South Jersey Water Ice
4) Roxy Bagels, a bagel shop in Philadelphia voted best in Philadelphia
5) 8th and Washington Pretzels, the Original Philadelphia Pretzels
6) Taylor Ham Pork Roll
7) Stewarts Root Beer on tap
8) Delaware Punch
9) Moxie soda, a hard to find New England treat
10) Champ Cherry soda, a Philadelphia staple
11) Boost + Boost Slushie
12) Hires Root Beer, a Philadelphia's own root beer and one of the oldest in the country
13) Big Red soda
15) Frank's Black Cherry Wishniak, another Philadelphia specialty soda
16) Hanks Root Beer, a high quality root beer that is new (only a few years old).
Mr. Vindick intends to provide only the freshest and widest variety of toppings by using
the highest quality ingredients and purchasing only from the best suppliers in the
industry.
2) Professional and Friendly Customer Service
The Founder of Yogurt Shop understands the importance of professional relationships
with both suppliers and customers. He will establish a set of procedures and an
atmosphere, which will convey the philosophy of The Company.
Further, he intends to hire former Philadelphia natives to give the business a Philly
sound and feel.
3) Well-Trained Customer Service Personnel
The Company believes in a customer centric approach to business. Employees will be
trained (and required) to exude a cheerful, energetic, and helpful attitude. They will be
well versed in the products and the features and benefits that differentiate Yogurt Shop
from the competition.
13
Yogurt Shop
4) Customer Retention
The Company will focus on customer retention and the generation of a large base of
returning clientele. Each employee will be equipped with a complete package of
appreciation concepts to make each customer feel like they are a “regular” and special.
Through the use of coupons, birthday specials, social networking discounts, customer
loyalty promotions and similar marketing techniques, Yogurt Shop will be first in the
minds of the consumers.
5) Maximizing Profit
The Company believes that there is no such thing in business as treading water or
standing still. The Company’s growth goals are aggressive, but attainable. It will
control expenses in order to maximize profits. Profits will be used to satisfy lender
obligations and fund future growth.
5.2 CUSTOMER RELATIONS
In addition to attributes of the product, some of the strengths and capabilities of The
Company’s core services pertain to availability, response time to orders and of service,
quality of packaging mail order goods, depth of delivery route, and overall convenience.
Performance with respect to these core services depends on well-trained employees
and a well-organized stock management and order fulfillment operation. Perhaps the
single greatest service strength is the ethic of service itself. The following comprises
The Company’s commitment to ensuring the ethic and always exceeding the customers’
expectation.
Ensuring Proper Employee and Affiliate Communications
 Establish an ongoing program of training in the use of the CRM system
 Maintain a system of employee and recognition awards to internalize the attitude
The Company wishes to impart to its customers.
Present an Attractive, Successful Image to Generate Customer Confidence
 Maintain consistent color and logos on all marketing and advertising materials to
generate brand awareness.
 Maintain the web site in an uncluttered, easily navigated condition with current
content and information to engender an impression of “success” in the eyes of
customers.
 Attire sales personnel in attractive branded attire displaying the Company logo
 Participate in community and industry events.
14
Yogurt Shop
5.3 OWNER/EMPLOYEE RELATIONS
Yogurt Shop is committed to preparing a staff to highlight all of the most important
features and benefits The Company offers. The owner understands that his ethics and
management style will shape everything that happens in the business. In order to
manage the business in the most positive direction, the owner will make and employ the
following commitments and actions:
Presentation
 Commit to train all associates to perform in customer centric environment.
 Balance the work force to assist customers in a timely fashion.
 Provide employees with complete knowledge of all products of The Company.
 Train employees to work and perform within a “box”, but think outside the “box.”
 Address customer requests and concerns with great respect.
Acceptance of Risk
 Accept the financial responsibilities that come with ownership.
 Accept the financial responsibilities that come with accepting loans.
 Never assume that others have trained the employees to The Company’s standard
of excellence.
Belief
 Not only sell the product but be a customer as well
 Lead by example in order to demonstrate the acceptable level of customer service
expected
 Never offer a product that is not fresh and/or of the highest quality
Commit to “An On Going Process of Improvement”
 Commit resources to continue to develop new products
 Commit resources to expand according to business model
 Commit to continually improve efficiency in order processing and fulfillment
 Commit to constantly look for new opportunities that fit The Company’s business
model
5.4 BUSINESS MODEL
Production: The business model for Yogurt Shop includes the on premises serving of
food items and beverages. Many of these items will be Yogurt Shop brand items that
have been manufactured /made elsewhere. In addition, The Company will offer other
company’s specialty products and beverages. All products purchased from an
FDA/USDA compliant contract food manufacturer under proprietary agreements will be
tested repeatedly for freshness and appeal to customer.
Sales and Marketing: The business model for Yogurt Shop as it relates to sales and
marketing will encompass advertising in local venues such as school papers, campus
handouts, campus and commercial radio, social networking sites, promotions on special
occasions, direct mail, in-store coupons, and loyal customer recognition, among others.
15
Yogurt Shop
6.0 MARKET ANALYSIS SUMMARY
6.1 INDUSTRY ANALYSIS
The Frozen Dessert market is expected to rise to $27.9B by
the year 2012 showing a $4B increase over the next three
years. Ice cream accounts for 59.2% of industry sales. ,
According to the International Ice Cream Association, over $8
billion a year spent, in the US on products that are consumed
“at home.” Over $13 billion is spent annually on “away from
home” frozen desserts.
According to the USDA’s last report on ice cream
consumption, the total U.S. production of ice cream and
related frozen desserts amounted to approximately 1.58 billion
gallons. This equates to roughly 21 quarts per person, per
year.
Sales records show that when it comes to buying ice cream, the trend is clearly towards
“indulgence.” Supermarket Guru states that premium and super premium quality ice
creams have and continue to outsell regular ice cream as well as the light. The
disparity in number is 41.4% of the total dollar sales for premium or super premium, light
ice cream selling 7% of overall sales, reduced fat at 0.7% of sales, low fat, earning 3%,
and nonfat at 2% of overall sales.
In the just published, July 2010 edition of Sunset magazine, there is a section on the
“Top Five” hot summer trends that included an article, “Trend 3 Soft-serve.” Under the
title “Swirly Cone, the Sequel” it states, “That’s right, the classic summer twist in back.”
Speaking of the continued popularity of this summer treat they say “… It’s way better
than you remember it.”
6.2 INDUSTRY PARTICIPANTS
Several franchises exist in frozen dessert industry each with a twist of its own. There
are many regional as well as nationally recognized names including: Ben & Jerry’s,
Dairy Queen, Cold Stone Creamery, Haagen Daz, Baskin Robbins, etc. These however
do not deliver in a Philadelphia retail atmosphere; they do not provide the breadth of
products, and they do not have ice cream trucks that come to the customers.
16
Yogurt Shop
6.3 COMPETITIVE EFFICIENCY
The customer buying decisions in the industry are influenced by key motivators:





Taste
Quality of products
Atmosphere
Convenience
Competitive pricing (more specifically, value received for price paid)
Yogurt Shop is the clear leader when it comes to these differentiators.
6.4 MARKET SEGMENTATION
The market is truly universal.
The
customer base includes men, women,
children and all ethnic groups. Yogurt
Shop products will be sought by each
demographic equally.
Unlike other food service venues where
certain products or beverages are meant
to cater to a certain section of the
market, every age group, gender, and
background will have the opportunity to
try and gain a taste for each item.
That said, some of the segments will be targeted to individually by advertising,
6.5 TARGET MARKET AND SEGMENT STRATEGY
In order to best attract future customers, The Company wants to know which of the
motivators attracted the existing/initial customers. The company considers information
gathered directly from the customer to be the most important knowledge it can have. To
this end, it will always place a prime value on knowledge gained from such sources as
existing customers and blend it with information from suppliers, industry advisors,
industry trade groups, industry trade journals, and other professionals.
17
Yogurt Shop
6.6 MARKET TRENDS AND GROWTH
As stated the market is a sizable one. It has been steadily growing for the last twenty
years (and well before that), and projections show that this growth can be expected
moving forward. Further, history shows that ice cream sales have sustained growth
even during economically unstable times.
6.7 COMPANY GROWTH
The Company is poised to grow with the market and, in fact, exceed the market growth
through capture of market share. With this growth and carefully controlled expenses,
The Company’s profit margin will also increase. The following charts provide a glimpse
of the projected growth line and the resulting profits.
Revenue and Operating Profit
$1,200,000
$1,000,512
$1,000,000
$800,000
$778,548
$551,508
$600,000
$400,000
$251,564
$132,488
$200,000
$3,134
$Year 1
Year 2
Year 3
18
Yogurt Shop
7.0 STRATEGY AND IMPLEMENTATION
Yogurt Shop Inc. will center its strategy on the premise that The Company resonates
with the consumer because it offers a place earmarked by convenience, high quality
service, premium quality specialty food items, and a truly professional, yet fun,
atmosphere. Always keeping that in mind, The Company will maintain a focus on
creating positive customer relationships, while keeping expenses modest. The Owner
will be diligent in dissecting every aspect of the business to ensure that each
component remains productive and contributive to the goal of a highly profitable
enterprise. The Company will be managed strategically and proactively to ensure all
business actions are geared toward providing needed services for target customers,
resulting in increased revenue.
7.1 STRATEGY PYRAMID
The Company will operate in accordance with a strategy pyramid comprised of three
levels of focus and flow for its activities. At the top level is the delivery of the unique
value proposition to the individual customer. At the middle level is the preparation of
key personnel, internal and external customer service and sales staff, product
production staff and order fulfillment staff, all of whom must complete their functions in a
timely and efficient manner. At the base of the pyramid lies management’s organization
of company operations including financials, assets, marketing, and workspace such that
middle and top levels of the pyramid are fulfilled in a streamlined and economical
fashion. The management team will partition and manage the Company according to
these three distinct but intertwined aspects of the operation.
The Strategy Pyramid
1. The delivery of Yogurt Shop’s unique value
proposition to the customer
2. The preparation of key personnel, employees,
and associates for the delivery of products and
services in a timely, friendly, and efficient manner
3. Management’s
organization
of
company
operations
including
financials,
assets,
marketing, and work space
7.2 VALUE PROPOSITION
Simply put the value proposition is that the products of Yogurt Shop, Inc. will be among
the highest quality frozen dessert items, food items and beverages in the County of
Sarasota, FL. They are competitively priced to provide the customer with the best value
for the dollars exchanged. They provide the customer with “a moment of indulgence
without regret.”
19
Yogurt Shop
7.3 MARKETING STRATEGY
The sales and marketing strategy will be built on the buying proposition listed above and
the, quality of the services. The first line of marketing will begin with the in-store service
of the employees and wait personnel who will be trained for courtesy, friendliness, and
knowledge of the products. Many of the employees will be former Philadelphia area
residents to create a true “Philly” experience.
All store logos, color schemes, displays, décor, uniforms and other marketing materials
will be repetitive and consistent in order to generate brand awareness. A steady stream
of targeted advertising will support brand recognition, and the message that the product
is of the highest quality, creaminess, and smoothness available.
7.4 POSITIONING STATEMENT
Our primary role in the marketplace is to be recognized by our Value Proposition“Yogurt Shop is the only place to go for a moment of indulgence without regret.”
7.5 STRATEGIC ALLIANCES
Contract Ingredient Manufacturers:
The Company will contract with A Panza & Sons Limited of Edison New Jersey and
Dairy Mix of Saint Petersburg Florida; both well established FDA and USDA compliant,
contract ingredient food producers.
Food and Drink Manufacturers:
Stroehmann Bread (Philadelphia and South Jersey Bread Products)
Leo's Yum Yum (South Jersey Water Ice)
Roxy Bagels (A bagel shop in Philadelphia voted best in Philly)
8th and Washington Pretzels (The Original Philadelphia Pretzels)
Pork Roll (Taylor Ham) (This is a product known locally and will be sold in packages)
Stewarts Root Beer (a Northeastern favorite will be sold, on tap from a Keg)
Delaware Punch (A very hard to find soda, now sold in Louisiana and Texas)
Moxie (A hard to find soda sold in New England)
Champ Cherry (Currently a Philadelphia Only soda)
Boost + Boost Slushie (A South Jersey product)
Hires Root Beer (Philadelphia's Root Beer and one of the oldest in the country-not
currently available outside of the Northeast)
Cheerwine (A hard-to-find soda from North Carolina)
Big Red (Another hard to find soda, but is available in Florida)
Frank's Black Cherry Wishniak (A Philadelphia soda)
Hanks Root Beer (A high quality root beer born in Philadelphia by locals)
As one can see from the above list, these products are unique and have a distinct
Philadelphia flavor. Coupled with service by former Philadelphia residents, Yogurt Shop
will provide a true “Philly” experience.
20
Yogurt Shop
7.5 PRICING STRATEGY
Yogurt Shop has determined that in order to remain competitive it must maintain a
pricing schedule in line with other similar ice cream and frozen yogurt shops in the
greater Sarasota region, but also be profitable. From research into the cost of goods
and the Founders knowledge of the industry, the following Revenue Metric was created
using information from Yo Cream.
Revenue Metric (Example)
YO CREAM Yogurt Sales Price per Ounce
Price per Gallon*
Weight of one (1) gallon of mix in ounces
Yogurt Cost per Ounce
Yogurt Cost of a eight (8)) ounce serving
Fruit / Candy Topping Costs per eight (8) ounce serving
Cups / Spoons / Paper Costs per six (6) ounce serving
TOTAL COST per eight (8) oz. serving incl. topping
$
$
0.39
8.98
$
$
$
$
$
0.06
0.48
0.24
0.07
0.79
AVEARGE SALES PRICE per 8 oz. serving incl. topping
Less Total Cost:
TOTAL PROFIT per eight (8) oz. serving incl. topping
$
$
$
3.12
0.79
2.33
144
From the above as well as other research, the following revenue assumptions and
average per unit sales prices have been extrapolated.
Revenue Assumptions
Store
Hours/Day/Store
Customers/Hour/Store
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Year 1
12
20
7,300
70%
15%
15%
$3.12
$4.00
$2.50
Year 2
12
30
10,950
65%
20%
15%
$3.25
$4.15
$2.65
Year 3
12
40
14,600
65%
20%
15%
$3.30
$4.25
$2.75
Vehicle
Hours/Day/Store
Customers/Hour/Store
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
10
25
7604
80%
10%
10%
$2.50
$4.00
$2.50
10
30
9125
80%
10%
10%
$2.65
$4.15
$2.65
10
35
10646
80%
10%
10%
$2.75
$4.25
$2.75
21
Yogurt Shop
7.6 SALES STRATEGY
The sales strategy will revolve around the customer first, customer centric attitude of the
business. The sales approach will be to convey to the customer the fact that they are
the boss. The customer chooses the product and the amount; they are the MOST
important part of the transaction and of the business. They will be made to feel as such.
The favorable impressions created that will transfer to a repeat visit will be created by:
 Quick response to customers’ entry into the shop
 Friendly, energetic attitude of customer service associates
 Professionalism of staff
 Quality and benefits of the product
7.7 SALES FORECAST
Yogurt Shop Inc. has developed a projected sales forecast for the next three years of
operations. The company has determined that based on its target market usage
patterns, its competitive advantages, and sound financial analysis, it can reasonably
expect to reach the goals reflected in the table below.
Revenue Forecast - Three Year Annual
Revenue Streams
Stores
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Vehicle
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Year 1
Year 2
Year 3
87,600
61,320
13,140
13,140
3
4
3
131,400
85,416
26,280
19,716
3
4
3
175,200
113,880
35,040
26,280
3
4
3
91,248
72,996
9,120
9,120
3
4
3
109,500
87,600
10,956
10,956
3
4
3
127,752
102,204
12,780
12,780
3
4
3
Revenue
Ice Cream
Other Food
Beverage
Other Branded Products
Total Revenue
$
$
$
$
$
373,812
89,040
55,656
33,000
551,508
$
$
$
$
$
509,748
154,524
81,276
33,000
778,548
$
656,868
$
203,232
$
107,412
$
33,000
$ 1,000,512
Cost of Goods
Ice Cream (25%)
Other Food (45%)
Beverage (35%)
Other Branded Products (50%)
Total Cost of Goods
$
$
$
$
$
93,456
40,068
19,476
16,500
169,500
$
$
$
$
$
127,440
69,540
28,452
16,500
241,932
$
$
$
$
$
164,220
91,452
37,596
16,500
309,768
Gross Profit
$
382,008
$
536,616
$
690,744
22
Yogurt Shop
7.9 EXPLAINED MILESTONES AND TIMELINES
Yogurt Shop is in the business of selling ice cream, frozen desserts and other unique
products and beverages with a distinct Philadelphia atmosphere and flavor. It intends to
prove itself to be a unique, growth oriented, profitable company. The completion of this
business plan is a major step in moving forward with this venture. The balance of the
milestones and the timeline for completing them appears below
Milestones and Time Line-Before Funding
Actions Before Funding
Select Vendors
Select Equipment
Select Accountant
Select Attorney
Select Location
Business Plan
Obtain Funding
Projected
Completion
Date
Responsibility
for Action
Percent
Completed
Comments
6/30/2010
6/30/2010
6/30/2010
6/30/2010
6/30/2010
7/15/2010
8/15/2010
Owners
Owners
Owners
Owners
Owners
Owners
Owners
100%
100%
100%
100%
100%
100%
50%
Ingredients List Complete
Equipment List Complete
Engaged
Engaged
Complete
Complete
In Process
Milestones and Time Line-After Funding
Actions After Funding
Leasehold Improvements
Order & Install Equipment
Order Initial Inventory
Hire Staff
Soft Opening
Grand Opening
Reach $500,00 in Annual Sales
Reach $750,000 in Annual Sales
Reach $1,000,000 in Annual Sales
Months
After
Funding
1.5
2
2
2
2.5
3
12
24
36
Responsibility
for Action
Percent
Completed
Comments
Owners
Owners
Owners
Owners
All
All
All
All
All
0%
0%
0%
0%
0%
0%
0%
0%
0%
In Process
In Process
In Process
In Process
In Process
In Process
$551,508 Projected
$778,548 Projected
$1,000,512 Projected
23
Yogurt Shop
8.0 MANAGEMENT AND PERSONEL
8.1 MANAGEMENT COMMITMENTS
Management is the core and nucleus of any organization. Mr. Vindick has substantial
management experience, he will:
[1] Never ask or train anybody to do something that they have not already done and
know how to do.
[2] Never assume that new employees or associates are properly trained or doing what
is expected of them. Always provide on-going training for all.
[3] Always be firm and clear regarding guidelines and expectations – maintain accurate
and complete records.
[4] Have clear enthusiastic policies for rewarding and recognizing great work and
service in order to maintain a sense of pride and honor among strategic partners at all
times.
[5] Be transparent in policies and actions and have an “open door policy” at all times.
8.2 ORGANIZATIONAL STRUCTURE
Each position within the organization will have a detailed job description indicating
levels of authority to make decisions – the “box”. All employees will be encouraged to
perform their duties within the “box”, but think outside the “box”.
Owner and CEO
Brian Vindick
Asst. Store
Manager
Sales and
Customer
Service
Drivers
Bookkeeper
24
Yogurt Shop
8.3 MANAGEMENT
Founder and CEO: Brian Vindick
Mr. Vindick has over 10 years of restaurant management and ice cream industry
experience. He possesses the skills and knowledge to execute all of the strategies of
this business plan. He currently also serves as an instructor for the National Restaurant
Association.
(Space reserved for one paragraph bio)
8.4 WORKFORCE GAPS
In any small company, management personnel may have to wear more than one hat.
As a result, a gap or gaps may exist until the staff is fully developed. Management will
know each and every aspect of the business and be willing to perform any task when
required. Yogurt Shop will hire and train a sufficient number of employees to fill the
necessary gaps so that customers are not kept waiting and the shop is kept clean and
attractive at all times while the stock is replenished on a scheduled basis or as needed.
Management will evaluate the number of employees against the cost so as to maintain
a profitable level of service.
8.5 Professional Advisors
Accountant:
(Space reserved for name and address)
Attorney:
(Space reserved for name and address)
25
Yogurt Shop
8.6 EMPLOYEE STAFFING AND PAYROLL
The total work force will be managed to protect the success projected in this business
plan. All aspects of the business have been sufficiently analyzed to determine each
position required to run a fully functioning operation that can complete all of the
strategies and programs to be undertaken. Best practices in staffing and scheduling will
be implemented. The table below reflects current staffing and compensation levels.
Staffing and Payroll Matrix
POSITION
MONTHLY
PAYROLL
Employee
Owner
Asst. Store Mgr.
Store Staff
Truck Staff
Bookkeeper
Outsourced
Accountant
Attorney
Initial
START DATE
Year
COMMENTS
Month
$
$
$
$
$
5,000
3,500
5,120
3,200
400
1
1
1
1
1
1
1
1
1
1
$
$
300
-
1
1
Captured as Payroll
Increases Appropriately
40 to 50 Hours per week
4 FT Equivalents @ $8/Hr
2 FT Equivalents @ $10/Hr
PT 20Hrs/Month @ $20r
Captured as Professional Service
As Needed
Staffing and Payroll - Annual
Employee
Owner
Asst. Store Mgr.
Store Staff
Truck Staff
Bookkeeper
Total
Year 1
Year 2
Year 3
$ 60,000
$ 42,000
$ 61,440
$ 38,400
$ 4,800
$206,640
$ 78,000
$ 44,100
$ 64,512
$ 40,320
$ 5,040
$231,972
$ 84,000
$ 46,308
$ 67,740
$ 42,336
$ 5,292
$245,676
26
Yogurt Shop
9.0 BUDGET: FINANCIAL PLAN
Mr. Vindick has personally developed, or overseen the development of, all aspects of
the business from the identification of product and dairy mixes, to the development and
packaging of the product, to the branding. This plan has been developed [1] to cover
the next three years at a monthly detail level, and [2] to spotlight the business sales and
revenue during this period. The purpose of the financial plan is to solidify solid growth
through our exciting business model punctuated by a healthy relation between
continually increasing revenues, and diligent cost containment.
The projections in this business are based on the experience of the founders plus the
growth projected as a result of the financing requested and results contemplated.
9.1 IMPORTANT ASSUMPTIONS
General Assumptions
1. Founder will invest $5,000 for research and initial operating costs.
2. The Company will request a $140,000 line of credit (interest projected at 7%)
3. Expenses
Payroll: In accordance with Staffing-Payroll Matrix
Payroll Burden: Projected at 12% to include Company portion of payroll taxes, workers compensation
Bank/Merchant Fees: 20% will use credit/debit cards. Fee projected @ 1.5%
Depreciation: $105,000 of Capital Expenditures over 60 months ($1750 per month)
Rent (Lease): $3,800 per month
4. Tax burden: Projections include a distribution of 28% operating profits to owners to cover taxes.
In addition to the bulleted assumptions above, the following assumptions were used to
establish a foundation upon which to base the financial projections.
 Founder is experienced in the industry with extensive management expertise.
 The ice cream, frozen dessert, & beverage industries will continue to grow
 The population of the target geographic region will continue to grow.
9.2 KEY FINANCIAL INDICATORS
The most important financial indicators are cash and bottom line. The Company will
constantly monitor the flow of revenue to the company, as well as, the expense
requirements to generate the revenue. The chart below reflects the growth of the
bottom line (net profits) and cash.
Cash in year three is after the return of the line of credit principal.
27
Yogurt Shop
Net Profits and Cash Reserves
$250,000
$204,297
$200,000
$153,698
$181,127
$150,000
$100,000
$50,000
$-
$95,394
$43,256
$2,256
Year 1
Year 2
Net Profit
Year 3
Cash
9.3 EXPLANATION OF PROJECTED BALANCE SHEET
The projected Balance Sheet for Yogurt Shop, Inc. highlights total assets, total
liabilities, and owner’s equity. The salient feature of our projected Balance Sheet is that
it demonstrates the relationship between The Company’s assets and liabilities (see 9.7
Business Ratios) and the owner’s equity. The graph below represents the projected
improvement in the owner’s equity over the next three years.
Shareholder Equity
$300,000
$283,777
$250,000
$200,000
$150,000
$102,650
$100,000
$50,000
$7,256
$Year 1
Year 2
Year 3
28
Yogurt Shop
9.4 EXPLANATION OF PROJECTED PROFIT & LOSS
The projected Profit & Loss Statement for Yogurt Shop Inc. highlights the relation
between the sales forecast and the operating expenses. These figures are based on
the experience of The Company and the industry knowledge of the owner. The net
operating profit increases each year.
Revenue Compared to Operating Profit
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
0.6%
$200,000
$-
25.1%
17.0%
Year 1
Revenue
Year 2
Operating Expenses
Year 3
Operating Profit
9.5 EXPLANATION OF PROJECTED CASH FLOW
The projected Cash Flow Statement for Yogurt Shop, Inc. represents the cash
balance remaining at the end of each month or year after deducting the expenses from
the gross profit (revenue minus direct costs) and taxes. Cash flow is crucial to business
survival. With the equity financing requested, The Company is confident that it will have
the resources to handle contingencies, take advantage of new opportunities, service
debt in a timely manner, and make capital improvements as needed. The chart below
compares revenues to the cash balance at the end of the next three years after
investments for capital expenditures (new store) and repayment of the loan.
Gross Revenue Compared to Cash Balances
$1,500,000
$1,000,000
$551,508
$500,000
$-
$1,000,512
$778,548
$43,256
Year 1
Year 2
Gross Revenue
$204,297
$153,698
Year 3
Cash End of Year
29
Yogurt Shop
9.6 EXPLANATION OF BREAK-EVEN ANALYSIS
The break-even analysis for this company calculates at what point The Company is
profitable, and what level of revenue keeps it above the break-even (profitable) level.
The graph below reflects the increasing “delta” between break-even and revenue
projected. This then becomes a visual indicator of the increasing profitability of The
Company and evidences its ability to return the principal of the line of credit and fund
future growth from income from operations.
Break-Even Analysis
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
Break Even Revenue
Mth 24
Mth 23
Mth 22
Mth 21
Mth 20
Mth 19
Mth 18
Mth 17
Mth 16
Mth 15
Mth 14
Mth 13
Mth 12
Mth 11
Mth 10
Mth 9
Mth 8
Mth 7
Mth 6
Mth 5
Mth 4
Mth 3
Mth 2
Mth 1
$-
Projected Revenue
9.7 BUSINESS RATIOS
At the very least, The Company will utilize the following ratios as quantitative measures
of its financial health. These numbers derive from our three-year projections for Current
Assets, Total Assets, Current Liabilities, Net Profit, and Gross Sales. Among many of
the management tools that will be utilized, [1] the Current Ratio, [2] the Net Profit Margin
Ratio, and [3] the Return on Investment Ratio, will be evaluated and included in the
Company’s financial reports.
Business Ratios
Year1
63,256
140,000
0.45
$
$
Year 2
179,650
140,000
1.28
$
$
Year 3
241,777
-
Current Assets
Current Liabilities
Current Ratio
$
$
Net Profit
Gross Sales
Operating Profit Margin Ratio
$
$
3,134
551,508
1%
$
$
132,488
778,548
17%
$
$
251,564
1,000,512
25%
Net Profit
Total Assets
Return on Investment Ratio
$
$
2,256
147,256
2%
$
$
95,394
242,650
39%
$
$
181,127
283,777
64%
30
Yogurt Shop
9.8 CONCLUSION: LONG-TERM PLAN AND FINANCIAL HIGHLIGHTS
The Company believes that our long-term prospects for growing a successful business
are excellent. The Company has developed the products, formed the necessary
strategic relationships, and is prepared to begin generating revenue by November 1,
2010 or sooner. Under the leadership of Mr. Vindick and the staff implementing the new
customer centric model, The Company expects to clearly differentiate itself from the
competition and reach its growth goals.
The projected impact of the additional advertising, inventory and other operational
improvements permitted by the requested financing is reflected below.
Financial Highlights
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$Revenue
Year 1
$551,508
Year 2
$778,548
Year 3
$1,000,512
Cost of Goods
$169,500
$241,932
$309,768
Gross Margin
$382,008
$536,616
$690,744
Total Operating Expenses
$378,874
$404,128
$439,180
Operating Profit
$3,134
$132,488
$251,564
Net Profit
$2,256
$95,394
$181,127
31
Yogurt Shop
10.0 BALANCE SHEET
Balance Sheet Projection
ASSETS
Current Assets
Cash
Accounts Receivable
Inventory
Total Current
Year 1
Year 2
$
$
$
$
43,256
20,000
63,256
$
$
$
$
153,698
25,952
179,650
$
$
$
$
204,297
37,480
241,777
Fixed Assets
Leasehold Improvements
Equipment
Vehicle
Accumulated Depreciation
Total Fixed
$
$
$
$
$
10,000
70,000
25,000
(21,000)
84,000
$
$
$
$
$
10,000
70,000
25,000
(42,000)
63,000
$
$
$
$
$
10,000
70,000
25,000
(63,000)
42,000
Other
Goodwill
Intellectual Property
Total Other
$
$
$
TOTAL ASSETS
$
147,256
$
242,650
$
LIABILITIES
Current Liabilities
Accounts Payable
Loan Payment (Current Portion)
Short Term Borrowing
Total Current
$
$
$
$
140,000
140,000
$
$
$
$
140,000
140,000
$
$
$
$
-
Long Term Liabilities
Mortgage and Loan
Other
Total Long Term
$
$
$
$
$
$
-
Total Liabilities
$
140,000
$
140,000
$
-
Shareholder Equity
Paid in Capital
Retained Earnings
Current Year Income/Loss
Total Owner Equity
$
$
$
$
5,000
2,256
2,256
7,256
$
$
$
$
5,000
97,650
95,394
102,650
$
$
$
$
5,000
278,777
181,127
283,777
TOTAL LIABILITIES AND EQUITY
$
147,256
$
242,650
$
283,777
-
-
$
$
$
$
$
$
Year 3
-
-
$
$
$
283,777
32
Yogurt Shop
11.0 PROFIT AND LOSS PROJECTIONS
Income Statement - Three Year Annual
Revenue
Direct Costs
Gross Margin
$
$
$
Year 1
551,508
169,500
382,008
$
$
$
Year 2
778,548
241,932
536,616
$
$
$
Year 3
1,000,512
309,768
690,744
Operating Expenses
Payroll
Payroll Expense (12%)
Advertising/Marketing
Bank/Merchant Fees
Depreciation
Insurance-General
Insurance-Health
Interest
Office Supplies & Postage
Professional Fees-Acct.
Professional Fees-Atty.
Rent
Telephone
Travel & Entertainment
Utilities
URL (Server)-Website
Vehicle Expense
Miscellaneous
Total Operating Expenses
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
206,640
24,792
28,500
1,658
21,000
6,000
9,804
600
3,600
2,000
45,600
2,700
1,200
13,680
900
7,200
3,000
378,874
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
231,972
27,840
18,000
2,332
21,000
7,200
9,804
1,200
3,600
45,600
3,000
3,000
13,680
900
9,000
6,000
404,128
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
245,676
24,974
24,000
3,002
21,000
12,000
9,804
2,100
4,800
47,880
4,800
6,000
14,364
780
12,000
6,000
439,180
Operating Profit
$
3,134
$
132,488
$
251,564
Tax Burden (35%)
Net Profit
$
$
878
2,256
$
$
37,094
95,394
$
$
70,437
181,127
33
Yogurt Shop
12.0 CASH FLOW STATEMENTS
Cash Flow - Three Year Annual
Year 1
Operating Activities
Net Income (after taxes)
Adjustments to Reconcile
Depreciation & Amortization
Change In:
Accounts Receivable
Inventories*
Accounts Payable
Other
Cash From Operating Activities
Year 2
Year 3
$
2,256
$
95,394
$ 181,127
$
21,000
$
21,000
$
$
$
$
$
$
(20,000)
3,256
$
$
$
$
$
(5,952)
110,442
$
$ (11,528)
$
$
$ 190,599
Investing Activities
Capital Expenditures**
Other Non-Expensed Expenditures***
Cash Used in Investing
$
$
$
(105,000)
(105,000)
$
$
$
-
$
$
$
Financing Activities
Equity Infusion
Increase (Decrease) Long Term Debt
Increase (Decrease) Short Term Debt
Dividends Paid
Other
Cash (Used In)From Financing
$
$
$
$
$
$
5,000
140,000
145,000
$
$
$
$
$
$
-
$
$
$ (140,000)
$
$
$ (140,000)
Increase (Decrease) in Cash
$
43,256
$
110,442
$
Cash, Beginning of Year
Cash , End of Year
$
$
43,256
$
$
43,256
153,698
$ 153,698
$ 204,297
21,000
-
50,599
34
Yogurt Shop
13.0 MONTHLY DETAIL
13.1 REVENUE PROJECTIONS
Revenue Forecast-Year One
MTH 1
Revenue Streams
Stores
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Vehicle
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
$
$
$
$
$
Other Food (45%)
Beverage (35%)
Other Branded Products (50%)
Total Cost of Goods
Gross Profit
Revenue
Ice Cream
Other Food
Beverage
Other Branded Products
Total Revenue
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
MTH 2
MTH 3
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
1,500
44,712
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
750
13,501
$
31,211
MTH 4
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
2,000
45,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,000
13,751
$
31,461
MTH 5
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
2,500
45,712
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,250
14,001
$
31,711
MTH 6
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
31,961
MTH 7
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
31,961
MTH 8
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
31,961
MTH 9
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
31,961
MTH 10
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
31,961
MTH 11
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
31,961
MTH 12
$
$
$
7,300
5,110
1,095
1,095
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
31,961
TOTAL
$
$
$
87,600
61,320
13,140
13,140
3.12
4.00
2.50
$
$
$
7,604
6,083
760
760
2.50
4.00
2.50
$
$
$
91,250
73,000
9,125
9,125
2.50
4.00
2.50
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
31,152
7,422
4,639
3,000
46,212
$
$
$
$
$
373,818
89,060
55,663
33,000
551,541
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
$
$
$
$
7,788
3,340
1,623
1,500
14,251
$
$
$
$
$
93,455
40,077
19,482
16,500
169,513
$
31,961
$
31,961
$
382,027
Cost of Goods
Ice Cream (25%)
35
Revenue Forecast-Year Two
MTH 1
Revenue Streams
Stores
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Vehicle
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
$
$
$
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 2
$
$
$
9,125
7,300
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 3
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 4
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 5
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 6
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 7
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 8
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 9
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 10
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 11
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
MTH 12
$
$
$
9,125
7,300
913
913
10,950
7,118
2,190
1,643
3.25
4.15
2.65
TOTAL
$
$
$
9,125
7,300
913
913
131,400
85,410
26,280
19,710
3.25
4.15
2.65
109,500
87,600
10,950
913
10,950
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
2.65
4.15
2.65
$
$
$
$
$
42,477
12,875
6,771
1,500
63,623
$
$
$
$
$
42,477
12,875
6,771
2,000
64,123
$
$
$
$
$
42,477
12,875
6,771
2,500
64,623
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
42,477
12,875
6,771
3,000
65,123
$
$
$
$
$
509,723
154,505
81,249
33,000
778,476
Other Food (45%)
Beverage (35%)
Other Branded Products (50%)
Total Cost of Goods
$
$
$
$
$
10,619
5,794
2,370
750
19,533
$
$
$
$
$
10,619
5,794
2,370
1,000
19,783
$
$
$
$
$
10,619
5,794
2,370
1,250
20,033
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
10,619
5,794
2,370
1,500
20,283
$
$
$
$
$
127,431
69,527
28,437
16,500
241,895
Gross Profit
$
44,090
$
44,340
$
44,590
$
44,840
$
44,840
$
44,840
$
44,840
$
44,840
$
44,840
$
44,840
$
44,840
$
44,840
$
536,581
Revenue
Ice Cream
Other Food
Beverage
Other Branded Products
Total Revenue
Cost of Goods
Ice Cream (25%)
36
Revenue Forecast-Year Three
MTH 1
Revenue Streams
Stores
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Vehicle
Avg. Customers/Month/Store
% Purchasing Ice Cream
% Purchasing Other Food
% Purchasing Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
Avg. Customer Spend Ice Cream
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
$
$
$
$
$
Other Food (45%)
Beverage (35%)
Other Branded Products (50%)
Total Cost of Goods
Gross Profit
Revenue
Ice Cream
Other Food
Beverage
Other Branded Products
Total Revenue
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
MTH 2
MTH 3
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
1,500
82,122
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
750
25,188
$
56,935
MTH 4
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
2,000
82,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,000
25,438
$
57,185
MTH 5
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
2,500
83,122
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,250
25,688
$
57,435
MTH 6
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
57,685
MTH 7
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
57,685
MTH 8
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
57,685
MTH 9
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
57,685
MTH 10
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
57,685
MTH 11
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
57,685
MTH 12
$
$
$
14,600
9,490
2,920
2,190
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
57,685
TOTAL
$
$
$
175,200
113,880
35,040
26,280
3.30
4.25
2.75
$
$
$
10,646
8,517
1,065
1,065
2.75
4.25
2.75
$
$
$
127,750
102,200
12,775
12,775
2.75
4.25
2.75
54,738
16,934
8,950
3,000
83,622
$
$
$
$
$
54,738
16,934
8,950
3,000
83,622
$ 656,854
$ 203,214
$ 107,401
$
33,000
$ 1,000,469
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
$
$
$
$
13,684
7,621
3,133
1,500
25,938
$
$
$
$
$
164,214
91,446
37,590
16,500
309,750
$
57,685
$
57,685
$
690,719
Cost of Goods
Ice Cream (25%)
37
13.2 STAFFING AND PAYROLL
Staffing and Payroll - Year One
Mth 1
Employee
Owner
Asst. Store Mgr.
Store Staff
Truck Staff
Bookkeeper
Total
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 2
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 3
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 4
$
$
$
$
$
$
Mth 5
5,000
3,500
5,120
3,200
400
17,220
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 6
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 7
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 8
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 9
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 10
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 11
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Mth 12
$
$
$
$
$
$
5,000
3,500
5,120
3,200
400
17,220
Total
$
$
$
$
$
$
60,000
42,000
61,440
38,400
4,800
206,640
Staffing and Payroll - Year Two
Mth 1
Employee
Owner
Asst. Store Mgr.
Store Staff
Truck Staff
Bookkeeper
Total
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 2
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 3
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 4
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 5
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 6
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 7
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 8
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 9
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 10
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 11
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Mth 12
$
$
$
$
$
$
6,500
3,675
5,376
3,360
420
19,331
Total
$
$
$
$
$
$
78,000
44,100
64,512
40,320
5,040
231,972
Staffing and Payroll - Year Three
Mth 1
Employee
Owner
Asst. Store Mgr.
Store Staff
Truck Staff
Bookkeeper
Total
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 2
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 3
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 4
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 5
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 6
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 7
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 8
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 9
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 10
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 11
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Mth 12
$
$
$
$
$
$
7,000
3,859
5,645
3,528
441
20,473
Total
$
$
$
$
$
$
84,000
46,305
67,738
42,336
5,292
245,671
38
13.3 PROFIT AND LOSS STATEMENTS
Income Statement - Year One
Revenue
Cost of Goods
Gross Margin
MTH 1
$ 44,712
$ 13,501
$ 31,211
MTH 2
$ 45,212
$ 13,751
$ 31,461
MTH 3
$ 45,712
$ 14,001
$ 31,711
MTH 4
$ 46,212
$ 14,251
$ 31,961
MTH 5
$ 46,212
$ 14,251
$ 31,961
MTH 6
$ 46,212
$ 14,251
$ 31,961
MTH 7
$ 46,212
$ 14,251
$ 31,961
MTH 8
$ 46,212
$ 14,251
$ 31,961
MTH 9
$ 46,212
$ 14,251
$ 31,961
MTH 10
$ 46,212
$ 14,251
$ 31,961
MTH 11
$ 46,212
$ 14,251
$ 31,961
MTH 12
$ 46,212
$ 14,251
$ 31,961
TOTAL
$ 551,541
$ 169,513
$ 382,027
Operating Expenses
Payroll
Payroll Expense (12%)
Advertising/Marketing
Bank/Merchant Fees
Depreciation
Insurance-General
Insurance-Health
Interest
Office Supplies & Postage
Professional Fees-Acct.
Professional Fees-Atty.
Rent
Telephone
Travel & Entertainment
Utilities
URL (Server)-Website
Vehicle Expense
Miscellaneous
Total Operating Expenses
$ 17,220
$
2,066
$
5,000
$
134
$
1,750
$
500
$
$
817
$
50
$
300
$
2,000
$
3,800
$
200
$
100
$
1,140
$
50
$
600
$
250
$ 35,977
$ 17,220
$
2,066
$
5,000
$
136
$
1,750
$
500
$
$
817
$
50
$
300
$
$
3,800
$
200
$
100
$
1,140
$
50
$
600
$
250
$ 33,979
$ 17,220
$
2,066
$
5,000
$
137
$
1,750
$
500
$
$
817
$
50
$
300
$
$
3,800
$
200
$
100
$
1,140
$
50
$
600
$
250
$ 33,980
$ 17,220
$
2,066
$
1,500
$
139
$
1,750
$
500
$
$
817
$
50
$
300
$
$
3,800
$
200
$
100
$
1,140
$
50
$
600
$
250
$ 30,482
$ 17,220
$
2,066
$
1,500
$
139
$
1,750
$
500
$
$
817
$
50
$
300
$
$
3,800
$
200
$
100
$
1,140
$
50
$
600
$
250
$ 30,482
$ 17,220
$
2,066
$
1,500
$
139
$
1,750
$
500
$
$
817
$
50
$
300
$
$
3,800
$
200
$
100
$
1,140
$
50
$
600
$
250
$ 30,482
$ 17,220
$ 2,066
$ 1,500
$
139
$ 1,750
$
500
$
$
817
$
50
$
300
$
$ 3,800
$
250
$
100
$ 1,140
$
100
$
600
$
250
$ 30,582
$ 17,220
$
2,066
$
1,500
$
139
$
1,750
$
500
$
$
817
$
50
$
300
$
$
3,800
$
250
$
100
$
1,140
$
100
$
600
$
250
$ 30,582
$ 17,220
$ 2,066
$ 1,500
$
139
$ 1,750
$
500
$
$
817
$
50
$
300
$
$ 3,800
$
250
$
100
$ 1,140
$
100
$
600
$
250
$ 30,582
$ 17,220
$ 2,066
$ 1,500
$
139
$ 1,750
$
500
$
$
817
$
50
$
300
$
$ 3,800
$
250
$
100
$ 1,140
$
100
$
600
$
250
$ 30,582
$ 17,220
$ 2,066
$ 1,500
$
139
$ 1,750
$
500
$
$
817
$
50
$
300
$
$ 3,800
$
250
$
100
$ 1,140
$
100
$
600
$
250
$ 30,582
$ 17,220
$ 2,066
$ 1,500
$
139
$ 1,750
$
500
$
$
817
$
50
$
300
$
$ 3,800
$
250
$
100
$ 1,140
$
100
$
600
$
250
$ 30,582
$ 206,640
$
24,797
$
28,500
$
1,655
$
21,000
$
6,000
$
$
9,800
$
600
$
3,600
$
2,000
$
45,600
$
2,700
$
1,200
$
13,680
$
900
$
7,200
$
3,000
$ 378,871
Operating Profit
$
(4,767) $
(2,518) $
(2,270) $
1,479
$
1,479
$
1,479
$
1,379
$
1,379
$
1,379
$
1,379
$
1,379
$
1,379
$
3,156
Tax Burden (28%)
Net Profit
$
$
$
(4,767) $
$
(2,518) $
$
(2,270) $
1,479
$
$
1,479
$
$
1,479
$
$
1,379
$
$
1,379
$
$
1,379
$
$
1,379
$
$
1,379
$
$
884
495
$
$
884
2,272
39
Income Statement - Year Two
Revenue
Cost of Goods
Gross Margin
MTH 1
$ 63,623
$ 19,533
$ 44,090
MTH 2
$ 64,123
$ 19,783
$ 44,340
MTH 3
$ 64,623
$ 20,033
$ 44,590
MTH 4
$ 65,123
$ 20,283
$ 44,840
$
$
$
MTH 5
65,123
20,283
44,840
$
$
$
MTH 6
65,123
20,283
44,840
$
$
$
MTH 7
65,123
20,283
44,840
$
$
$
MTH 8
65,123
20,283
44,840
$
$
$
MTH 9
65,123
20,283
44,840
$
$
$
MTH 10
65,123
20,283
44,840
$
$
$
MTH 11
65,123
20,283
44,840
$
$
$
MTH 12
65,123
20,283
44,840
$
$
$
TOTAL
778,476
241,895
536,581
Operating Expenses
Payroll
Payroll Expense (12%)
Advertising/Marketing
Bank/Merchant Fees
Depreciation
Insurance-General
Insurance-Health
Interest
Office Supplies & Postage
Professional Fees-Acct.
Professional Fees-Atty.
Rent
Telephone
Travel & Entertainment
Utilities
URL (Server)-Website
Vehicle Expense
Miscellaneous
Total Operating Expenses
$ 19,331
$ 2,320
$ 1,500
$
191
$ 1,750
$
600
$
$
817
$
100
$
300
$
$ 3,800
$
250
$
250
$ 1,140
$
50
$
750
$
500
$ 33,648
$ 19,331
$ 2,320
$ 1,500
$
192
$ 1,750
$
600
$
$
817
$
100
$
300
$
$ 3,800
$
250
$
250
$ 1,140
$
50
$
750
$
500
$ 33,650
$ 19,331
$ 2,320
$ 1,500
$
194
$ 1,750
$
600
$
$
817
$
100
$
300
$
$ 3,800
$
250
$
250
$ 1,140
$
50
$
750
$
500
$ 33,651
$ 19,331
$ 2,320
$ 1,500
$
195
$ 1,750
$
600
$
$
817
$
100
$
300
$
$ 3,800
$
250
$
250
$ 1,140
$
50
$
750
$
500
$ 33,653
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
50
750
500
33,653
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
50
750
500
33,653
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
100
750
500
33,703
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
100
750
500
33,703
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
100
750
500
33,703
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
100
750
500
33,703
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
100
750
500
33,703
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,331
2,320
1,500
195
1,750
600
817
100
300
3,800
250
250
1,140
100
750
500
33,703
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
231,972
27,837
18,000
2,335
21,000
7,200
9,800
1,200
3,600
45,600
3,000
3,000
13,680
900
9,000
6,000
404,124
Operating Profit
$ 10,442
$ 10,690
$ 10,939
$ 11,187
$
11,187
$
11,187
$
11,137
$
11,137
$
11,137
$
11,137
$
11,137
$
11,137
$
132,457
Tax Burden (28%)
Net Profit
$
$
$
$
$
$
$
$
$
$
3,132
8,055
$
$
3,132
8,055
$
$
3,118
8,019
$
$
3,118
8,019
$
$
3,118
8,019
$
$
3,118
8,019
$
$
3,118
8,019
$
$
3,118
8,019
$
$
37,088
95,369
2,924
7,518
2,993
7,697
3,063
7,876
3,132
8,055
40
Income Statement - Year Three
Revenue
Cost of Goods
Gross Margin
MTH 1
$ 82,122
$ 25,188
$ 56,935
MTH 2
$ 82,622
$ 25,438
$ 57,185
MTH 3
$ 83,122
$ 25,688
$ 57,435
$
$
$
MTH 4
83,622
25,938
57,685
$
$
$
MTH 5
83,622
25,938
57,685
$
$
$
MTH 6
83,622
25,938
57,685
$
$
$
MTH 7
83,622
25,938
57,685
$
$
$
MTH 8
83,622
25,938
57,685
$
$
$
MTH 9
83,622
25,938
57,685
$
$
$
MTH 10
83,622
25,938
57,685
$
$
$
MTH 11
83,622
25,938
57,685
$
$
$
MTH 12
83,622
25,938
57,685
TOTAL
$ 1,000,469
$
309,750
$
690,719
Operating Expenses
Payroll
Payroll Expense (12%)
Advertising/Marketing
Bank/Merchant Fees
Depreciation
Insurance-General
Insurance-Health
Interest
Office Supplies & Postage
Professional Fees-Acct.
Professional Fees-Atty.
Rent
Telephone
Travel & Entertainment
Utilities
URL (Server)-Website
Vehicle Expense
Miscellaneous
Total Operating Expenses
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,457
2,000
246
1,750
1,000
817
150
400
3,990
400
500
1,197
65
1,000
500
36,944
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
248
1,750
1,000
817
150
400
3,990
400
500
1,197
65
1,000
500
36,536
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
249
1,750
1,000
817
150
400
3,990
400
500
1,197
65
1,000
500
36,538
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
150
400
3,990
400
500
1,197
65
1,000
500
36,539
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
150
400
3,990
400
500
1,197
65
1,000
500
36,539
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
150
400
3,990
400
500
1,197
65
1,000
500
36,539
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
200
400
3,990
400
500
1,197
65
1,000
500
36,589
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
200
400
3,990
400
500
1,197
65
1,000
500
36,589
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
200
400
3,990
400
500
1,197
65
1,000
500
36,589
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
200
400
3,990
400
500
1,197
65
1,000
500
36,589
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
200
400
3,990
400
500
1,197
65
1,000
500
36,589
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,473
2,047
2,000
251
1,750
1,000
817
200
400
3,990
400
500
1,197
65
1,000
500
36,589
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
245,671
24,977
24,000
3,001
21,000
12,000
9,800
2,100
4,800
47,880
4,800
6,000
14,364
780
12,000
6,000
439,173
Operating Profit
$
19,991
$
20,649
$
20,897
$
21,146
$
21,146
$
21,146
$
21,096
$
21,096
$
21,096
$
21,096
$
21,096
$
21,096
$
251,546
Tax Burden (28%)
Net Profit
$
$
5,597
14,393
$
$
5,782
14,867
$
$
5,851
15,046
$
$
5,921
15,225
$
$
5,921
15,225
$
$
5,921
15,225
$
$
5,907
15,189
$
$
5,907
15,189
$
$
5,907
15,189
$
$
5,907
15,189
$
$
5,907
15,189
$
$
5,907
15,189
$
$
70,433
181,113
41
13.4 CASH FLOW STATEMENTS
Cash Flow - Year One
MTH 1
Operating Activities
Net Income (after taxes)
Adjustments to Reconcile
Depreciation & Amortization
Change In:
Accounts Receivable
Inventories*
Accounts Payable
Other
Cash From Operating Activities
Investing Activities
Capital Expenditures**
Other Non-Expensed Expenditures***
Cash Used in Investing
Financing Activities
Equity Infusion
Increase (Decrease) Long Term Debt
Increase (Decrease) Short Term Debt
Dividends Paid
Other
Cash (Used In)From Financing
$
$
$
$
MTH 2
(4,767) $
MTH 3
(2,518) $
1,750
$
MTH 4
(2,270) $
1,750
$
MTH 5
MTH 6
MTH 7
MTH 8
MTH 9
MTH 10
MTH 11
MTH 12
TOTAL
1,479
$
1,479
$
1,479
$
1,379
$
1,379
$
1,379
$
1,379
$
1,379
$
495
$
2,272
1,750
$
1,750
$
1,750
$
1,750
$
1,750
$
1,750
$
1,750
$
1,750
$
1,750
$
21,000
1,750
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
(20,000) $
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
(20,000)
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
3,229
$
3,229
$
3,229
$
3,129
$
3,129
$
3,129
$
3,129
$
3,129
$
2,245
$
3,272
$
(23,017) $
(768) $
(520) $
$
(105,000) $
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
(105,000) $
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
5,000
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
140,000
(105,000)
(105,000)
5,000
140,000
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
145,000
3,229
$
3,229
$
3,229
$
3,129
$
3,129
$
3,129
$
3,129
$
3,129
$
2,245
$
43,272
-
$
145,000
$
$
16,983
$
Cash, Beginning of Month
$
Cash , End of Month
$
*Initial inventory **In accordance with Use of Funds
-
$
16,983
$
16,215
$
15,696
$
18,925
$
22,154
$
25,383
$
28,511
$
31,640
$
34,769
$
37,898
$
41,027
$
-
16,983
$
16,215
$
15,696
$
18,925
$
22,154
$
25,383
$
28,511
$
31,640
$
34,769
$
37,898
$
41,027
$
43,272
$
43,272
Increase (Decrease) in Cash
(768) $
(520) $
42
Cash Flow - Year Two
MTH 1
Operating Activities
Net Income (after taxes)
Adjustments to Reconcile
Depreciation & Amortization
Change In:
Accounts Receivable
Inventories*
Accounts Payable
Other
Cash From Operating Activities
Investing Activities
Capital Expenditures**
Other Non-Expensed Expenditures***
Cash Used in Investing
Financing Activities
Equity Infusion
Increase (Decrease) Long Term Debt
Increase (Decrease) Short Term Debt
Dividends Paid
Other
Cash (Used In)From Financing
MTH 2
MTH 3
MTH 4
MTH 5
MTH 6
MTH 7
MTH 8
MTH 9
MTH 10
MTH 11
MTH 12
TOTAL
$
7,518 $
7,697 $
7,876 $
8,055 $
8,055 $
8,055 $
8,019 $
8,019 $
8,019 $
8,019 $
8,019 $
8,019 $
95,369
$
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
21,000
$
-
$
-
$
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
9,268 $
9,447 $
$
-
$
-
$
(1,488) $
-
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
8,138 $
9,805 $
9,805 $
$
-
$
-
$
(1,488) $
-
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
8,317 $
9,769 $
9,769 $
$
-
$
-
$
(1,488) $
-
-
$
-
$
$
-
$
-
$
-
$
$
-
$
-
$
-
$
8,281 $
9,769 $
9,769 $
-
$
(1,488) $
8,281 $
(5,952)
110,417
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Increase (Decrease) in Cash
$
9,268 $
9,447 $
8,138 $
9,805 $
9,805 $
8,317 $
Cash, Beginning of Month
Cash , End of Month
*Increases in inventory
$
43,272 $
52,540 $
61,987 $
70,125 $
79,930 $
$
52,540 $
61,987 $
70,125 $
79,930 $
89,735 $
9,769 $
9,769 $
8,281 $
9,769 $
9,769 $
8,281 $
110,417
89,735 $
98,052 $
107,821 $
117,590 $
125,871 $
135,640 $
145,409 $
43,272
98,052 $
107,821 $
117,590 $
125,871 $
135,640 $
145,409 $
153,689 $
153,689
43
Cash Flow - Year Three
MTH 1
Operating Activities
Net Income (after taxes)
Adjustments to Reconcile
Depreciation & Amortization
Change In:
Accounts Receivable
Inventories*
Accounts Payable
Other
Cash From Operating Activities
Investing Activities
Capital Expenditures**
Other Non-Expensed Expenditures**8
Cash Used in Investing
Financing Activities
Equity Infusion
Increase (Decrease) Long Term Debt
Increase (Decrease) Short Term Debt
Dividends Paid
Other
Cash (Used In)From Financing
MTH 2
MTH 3
MTH 4
MTH 5
MTH 6
MTH 7
MTH 8
MTH 9
MTH 10
MTH 11
MTH 12
TOTAL
$
14,393 $
14,867 $
15,046 $
15,225 $
15,225 $
15,225 $
15,189 $
15,189 $
15,189 $
15,189 $
15,189 $
15,189 $
181,113
$
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
1,750 $
21,000
$
-
$
-
$
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
16,143 $
16,617 $
$
-
$
-
$
(2,882) $
-
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
13,914 $
16,975 $
16,975 $
$
-
$
-
$
(2,882) $
-
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
14,093 $
16,939 $
16,939 $
$
-
$
-
$
(2,882) $
-
-
$
-
$
$
-
$
-
$
-
$
$
-
$
-
$
-
$
14,057 $
16,939 $
16,939 $
-
$
(2,882) $
14,057 $
(11,528)
190,585
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
(140,000) $
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
(140,000) $
(140,000)
(140,000)
-
Increase (Decrease) in Cash
$
16,143 $
16,617 $
13,914 $
16,975 $
16,975 $
14,093 $
16,939 $
16,939 $
14,057 $
16,939 $
16,939 $
(125,943) $
50,585
Cash, Beginning of Month
Cash , End of Month
*Increases in inventory
$
153,689 $
169,833 $
186,450 $
200,364 $
217,338 $
234,313 $
248,406 $
265,345 $
282,284 $
296,340 $
313,279 $
330,218 $
153,689
$
169,833 $
186,450 $
200,364 $
217,338 $
234,313 $
248,406 $
265,345 $
282,284 $
296,340 $
313,279 $
330,218 $
204,275 $
204,275
44
16.0 REFERENCES
2004 “Screaming for Ice Cream” Food Industry, bNet
http://findarticles.com/p/articles/mi_m3289/is_4_173/ai_115490578/
2005 “America’s favorite Ice Cream” Summer Money, CNN/Money,
http://money.cnn.com/2005/07/25/pf/goodlife/summer_ice_cream/
2007 “Ice Cream Industry Overview” Cold Stone Creamery,
http://www.coldstonecreamery.com/assets/pdf/news/Industry_Overview_04_07.pdf
2007 “Population Growth of Counties, Florida” EpoDunk.com,
http://www.epodunk.com/top10/countyPop/coPop10.html
2008 “As Florida’s Fastest-Growing Counties Grow, So Grows Polk” The Ledger,
http://www.theledger.com/article/20080320/NEWS/803200454?tc=ar
2010 “Florida Quick Facts” StateofFlorida.com,
http://www.stateofflorida.com/Portal/DesktopDefault.aspx?tabid=95
2010 “Ice Creams and Frozen Desserts, US Industry Profile” Answers.com,
http://www.answers.com/topic/ice-cream-and-frozen-desserts
2010 “Sarasota (City),” Florida, U.S. Census Bureau, State & County QuickFacts,
http://quickfacts.census.gov/qfd/states/12/1264175.html
45
2010 “Sarasota County,” Florida, U.S. Census Bureau, State & County QuickFacts,
http://quickfacts.census.gov/qfd/states/12/12115.html
2010 “Sarasota, Florida Retirement Communities” American Homeguides.,
http://www.americanhomeguides.com/homes/active_adult/florida/sarasota.html
2010 “The Hottest States in the U.S., Ranked by Average Monthly Temperature” Associated Content.,
http://www.associatedcontent.com/article/2615983/the_hottest_states_in_the_us.html?cat=16
2010 “Top Ten List: Leading Ice Cream Consuming Nations” Food Channel,
http://www.foodchannel.com/stories/679-top-ten-list-leading-ice-cream-consuming-nations
46