SAMPLE Services LLC

Business Plan

Name Last Name

www.SAMPLEinvestments.com - [email protected]
1.0 Executive Summary` ........................................................................................................................... 1
1.1 Mission ............................................................................................................................................ 4
1.2 Objectives ....................................................................................................................................... 4
1.3 Keys to Success ............................................................................................................................... 4
2.0 Company Summary............................................................................................................................. 5
2.1 Company Ownership ...................................................................................................................... 5
2.2 Management Summary .................................................................................................................. 5
2.3 Location and facilities ..................................................................................................................... 6
2.4 Startup Summary ............................................................................................................................ 7
3.0 Services ............................................................................................................................................... 7
3.1 Suppliers ......................................................................................................................................... 8
4.0 Target Market ..................................................................................................................................... 9
5.0 Market Analysis Summary .................................................................................................................. 9
5.1 Market Segmentation ................................................................................................................... 14
5.2 Industry Analysis ........................................................................................................................... 14
6.0 Strategy and Implementation Summary .......................................................................................... 21
6.1 SWOT Analysis .............................................................................................................................. 21
6.2 Competition .................................................................................................................................. 21
6.3 Competitive Edge .......................................................................................................................... 23
6.4 Marketing Strategy ....................................................................................................................... 24
6.5 Sales Strategy and Forecast .......................................................................................................... 25
7.0 Management Summary .................................................................................................................... 26
7.1 Personnel Plan .............................................................................................................................. 29
8.0 Financial Plan .................................................................................................................................... 30
8.1 Startup Funding ............................................................................................................................ 30
8.2 Important Assumptions ................................................................................................................ 30
8.3 Break-even Analysis ...................................................................................................................... 31
8.4 Projected Profit and Loss .............................................................................................................. 32
8.5 Projected Cash Flow ..................................................................................................................... 33
8.6 Projected Balance Sheet ............................................................................................................... 33
 SAMPLE Services LLC

1.0 Executive Summary

SAMPLE Services LLC (also referred to as “the Company”) is an innovative advisory firm specialized in
providing a unique service offering to small American companies that combines management
consulting with mergers & acquisitions and financing advisory services. The Company was founded
on January 11th, 2017, with offices located in Eaton, Colorado. Ms. Name, the E-2 applicant, is the
sole owner and will commit a total of USD 175K in set up costs and assets into the businesses in
addition to her active involvement in the Company's operations. The investment is expected to realize
significant growth over the next five years and positively impact the US economy.

Opportunity

In 2016 the management consulting industry reached USD 230 billion in revenues and over the next
5 years is expected to continue to grow steadily at an average annual rate of 3.6%. Consulting
companies will benefit from overall US economic growth and key growing opportunities in the health
care and technology sectors. Corporate profit is projected to grow an annualized 2.3% over the five
years to 2020, which will help boost business sentiment and drive investment in new business
capabilities. Small businesses in the US, the target customers, reached 29.6 million in 2016 and
comprise 99.7% of total US businesses of which 20% are employing firms and 73% required financing.
In 2016 there were 12,373 M&A transactions in the US.

Services

SAMPLE Services LLC focuses on providing a wide range of integrative Financial and Business advisory
services to small companies to help them increase the market value of their business for one of the
following purposes:
1. Growth Advisory: Management consulting with the aim to grow the business, increase profitability
and company’s valuation for current shareholders;
2. Financing Advisory: Provide access to better financing options.
3. M&A Advisory: To achieve a higher valuation and sales price
The advisory services provided to small companies comprise business and strategy consulting on one
hand and financing and M&A advisory on the other hand. All these services can be provided together
offering a true advisory 'value-chain' that would increase the performance of the company in all
aspects.

Marketing Strategy

Marketing for SAMPLE Services LLC will be done through a variety of channels including the internet,
digital media, direct marketing, press releases, print media, trade shows, conferences and networking.
Internet efforts will be driven through a user-friendly website, which will feature SEO (Search Engine
Optimization) and Google Adwords. In addition to the website, plans also call for developing a
strong presence through Linkedin, Facebook, trade shows, conferences and associations.

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Competition and Competitive Advantages

SAMPLE Services LLC faces competition from management consulting, M&A brokers or financial firms
depending on the service, but no established firms in the market offer the same combination of
advisory services for small companies. The Management Consulting industry is hyper fragmented,
90% are small, non-employing firms that service narrow geographic or niche markets. Despite the
competitive environment, the Company has a significant advantages over other service providers in
the market. These competitive advantages include:

Management

Ms. Name is the applicant and sole owner operator of SAMPLE Services LLC. Ms. Name has 20-years
professional experience in M&A, Growth and Financing advisory services and is capable of delivering
outstanding customer service. Mr. Name also commands strong management and marketing skills
which is vital for the Company’s growth. Her work ethic and business acumen will be the key drivers
that propel this venture towards a position of lasting success. SAMPLE Services LLC is registered in the
state of Wyoming. The Company will start operations with a Partner, the visa investor, and during
year 1 will add an Executive Assistant, in year 2 the Company will hire a Legal Advisor, in year 3 a
Financial Advisor on year 4 a Sales and Marketing Specialist and on year 5 a General Administration
ad Controlling Specialist.

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Financial Overview

The pricing for SAMPLE Investment Advisor LLC services are: For Growth Advisory a flat fee between
USD 30K to USD 100k depending on the size of the company and reach of the engagement. For
Financing Advisory either a flat fee if the amount is known or a percentage otherwise ranging from
3% to 12% and for M&A Advisory a success fee that would be between 15% and 30% of the sales price.
The Company expects steady growth over the first five years of operation and projects the following
revenue and profit to be generated:

Objectives

The purpose of this plan is to provide the information necessary to demonstrate the significance of
the applicant’s investment and the scope and future growth of SAMPLE Services LLC in the
marketplace. The plan will show that: 1) A significant market opportunity exists when analyzing the
current market demands and competitive landscape; 2) The correct capital structure will allow for a
long-lasting, profitable business. To achieve the Company’s objectives, the applicant will contribute
USD 175K in total funding. The funding will be allocated in a variety of ways including staffing,
operations, and marketing initiatives, amounting to USD 23k in startup costs, USD 145K in cash and
USD 6K in assets. SAMPLE Services LLC's financial model shows consistent growth for the brand over
the next five years. By year five, plans call for the Company to achieve USD 1,087K in annual gross
revenue with a net profit of USD 231K or 21%.

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1.1 Mission

The company mission is to serve small business that are in need of Financing or M&A advisory,
complemented with Growth Advisory. All projects will be chosen based on the potential to make the
most positive impact in the client's organization striving to generate outstanding results that exceed
the client's expectations in terms of results, time to execution, quality and costs, which in turn will
positively contribute to the US economic growth.

1.2 Objectives

• Pioneer the M&A and Financing Advisory segment for small companies.
• Increase revenues of all 3 services to over USD 1 million by Year 5.
• Increase profitability above 20% by Year 5
• Focus on Health Care and Technology sectors.
• Maintain low operating costs.

1.3 Keys to Success

1. Maintain client satisfaction of at least 90% which will bring referrals.

2. Ensure professional delivery of services and deliver exceptional results.
3. Maintain a high level of expertise in the serviced areas.
4. Maintain abundant business contacts among the financial and investment community to
guarantee clients access to M&A buyers and Financing alternatives.
5. Keep overhead low and remain competitive in pricing.

The success of SAMPLE Advisory Services success depends primarily on:

• Outstanding client service tailored to their needs while delivering exceptional results.
• Unique service offering to small business, a value chain advisory that combines M&A, Financing
and Value Build advisory, that is currently not available to small business owners or startups and
that will fuel business growth.

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2.0 Company Summary

2.1 Company Ownership

On January 11th, 2017, Ms. Name founded SAMPLE Services, LLC in the state of Wyoming. Ms. Name is
the sole owner of the company and will occupy the position of Managing Partner within SAMPLE
Services, LLC.

2.2 Management Summary

Name Last Name, Founder & Managing Partner

Ms. Name offers clients unique insights gained from an extensive background that includes advising
private equity, small and corporate clients in a wide spectrum of industries and financing companies
throughout the world. With more than 20 years of experience, Ms. Name has led and assisted with
hundreds of transactions and advised numerous finance organizations on critical financial and
business issues.

Before founding SAMPLE Services LLC, Ms. Name served as Senior Executive for Company's M&A
activities and previously acted in the Private Equity team as Investment Professional. He also was
financial a consultant at Company, advised small companies in a Venture Capital fund and oversaw
M&A activities at Company and Company. In those roles, he managed many large M&A transactions,
financing structuring, strategic engagements and high-profile projects and complements these skills
with her prior success as an entrepreneur resulting in a unique highly valuable set of transaction skills.
Ms. Name sharpened her skills in a variety of industries and geographies across those roles, working
across North America, South America, Europe and Asia.

Ms. Name holds:

• MBA from School
• Master degree in Business
• Master degree in Management
• CFA qualification

Currently the company has an Executive Assistant and other key members of SAMPLE Services LLC
that will be added are:
1. Legal advisor
2. Tax and Accounting Advisor
3. Marketing and Sales Specialist
4. General Administration & Controlling

For more detailed information about the Personnel plan please refer to the detailed Management
Summary section 7.

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2.3 Location and facilities

SAMPLE Services LLC offices are located at 216 1st St, Eaton, CO 80615, USA.
This is a thought-though strategic location for the firm, according to a study published by CNBC Global
CFO Council in 2016, Colorado ranks #3 among America's Top States for Business and #1 in terms of
work force quality1. Located in the mid-US and very close to Denver Airport, one of the busiest airports
in the nation and hub for Delta, all the US territory can be serviced conveniently. The state of Colorado
is a thriving state with stable economy, plenty of qualified labor and with many service firms that
could be contacted to become providers of the company, also the cost of running a business is
relatively low compared with the quality of the employment and services available. Time zone is
convenient to deal with clients from across the US as well.

. http://www.cnbc.com/2016/07/12/Americas-top-states-for-business-2016-the-list-and-ranking.html
1

SAMPLE Services LLC signed a one year lease in a fully finished business space with parking spaces
available in the front of building, Nationwide was contracted to provide the insurance for the lease,
below are some pictures of the facilities.

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2.4 Startup Summary

Startup

Requirements

Startup Expenses
Legal Advisory Fees $3,074
Employee $1,170
Web Site development & Marketing expenses $2,000
Initial Office Supplies $96
Lease - 1 year contract and insurance $15,550
Phone and Internet - 1 year contract $557
Other $1,115
Total Startup Expenses $23,562

Startup Assets
Cash Required $145,000
Other Current Assets $0
Long-term Assets $6,197
Total Assets $151,197

Total Requirements $174,759

Long term assets are composed of one Lenovo computer bought from abroad, and one printer and HP computer bought
with the invested money.

3.0 Services

SAMPLE Services LLC focuses on providing a wide range of integrative Financial and Business advisory
services to small companies to help them increase the market value of their business for one of the
following purposes:

1. Grow the business, increase profitability and company’s valuation for current shareholders;
2. Access to better financing options;
3. M&A Advisory to achieve a higher valuation of their businesses and consequently higher sales price.

The advisory services provided to small companies comprise business and strategy consulting on one
hand and financing and M&A advisory on the other hand. All these services can be provided together
offering a true advisory value chain that would increase the performance of the company in all
aspects.

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In detail the services offered are:

1. Growth Advisory: Grow the business, increase profitability and company’s valuation for current
shareholders;

This service is a combination of growth, strategic and management consulting to the leadership of the
small enterprises with the objective to provide a comprehensive assessment of the current situation
of the company and propose the steps needed in all areas to improve the business, raise profits and
consequently increase the valuation of the company. The deliverables of this service include: Business
Plan, Operational guidelines review and improvement or creation, marketing and sales strategies,
production or services improvement, cost optimization, pricing review, new branding, logo and
website development, hiring missing and key personnel, advice on advertising activities, optimization
of tax, legal and regulatory advice, and any other action identified as critical for the growth of the
company.

2. Financing Advisory: Access to better financing options

This service is provided either when the company is looking for financing to fund a specific project,
strengthen the financial foundation, expand the business or a logical next step from the previous
service where several growth projects were identified and now the company needs financing to bring
them to life. The deliverables of this service include: application for loans to banks and financing
houses, scouting potential direct investors, angels or venture capital locally and internationally,
business valuation, tax and legal advice. Additional one of the main reasons for financing is to start a
business, so we will focus on startup seed capital as well.

3. M&A Advisory: to achieve a higher valuation and sales price

This service can be offered separately to mature companies that are looking to exit their businesses
by being acquired by another company or investor. Also this service can be part of the advisory value
chain and be the last link after growing the company and financing growth projects, the leadership
would look to exit their investment finding a suitable buyer for their company. The deliverables of this
service include: Preparation of business plan, business valuation, due diligence documentation, teaser
and pitch book. Search for potential buyers locally and internationally, lead pitch meetings, manage
sales process, select best offer, structure transaction, tax legal and regulatory advice on closing
documentation.

3.1 Suppliers

Suppliers that would be contracted on a need-base cases per project until there are in-house
capabilities:
• Legal advisory
• Financial Advisory (including tax and accounting)
• Marketing and Sales advisory
• M&A deal platforms
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• Business Advisors, including Operations, Human Resources, and IT Strategy

4.0 Target Market

Market and customer segment

SAMPLE Services LLC focuses on the following clients: Small private firms that ideally have been in
operation for several years, have employees, have 500K to 5 million in annual revenues, and have
reached a tipping point where they either:
• Would like to grow and take the company to the next level, perhaps by expanding product
lines, or growing internationally, for which they would need growth and financing advisory
• The owners would like to sale / exit their business and want to maximize the market value of
their companies for which they would need growth and M&A advisory
• Startup companies looking for seed capital from Angels, Venture Capital Funds or private
investors, for which they would need financing advisory

Clients’ needs
The customers would have the following needs:
• Improve profitability, achieved through a strategic business review of their activities,
projections of business growth and guidelines on how to increase profitability and expand
businesses, and consequently the business valuation.
• Gain access to optimal financing options
• Find a qualified buyer for their business at an optimal sales price, achieved thanks to a higher
valuation.

Revenue generation
All three advisory offerings are complementary and part of the same value chain, whether the client
is looking to improve their profits and increase their valuation, this would serve to find better financing
options and reach a higher sales price in an M&A transaction. The M&A advisory would be more
profitable given that a success fee would be charged. Growth Advisory will be charged as a flat fee
and Financing advisory either as a flat fee if the amount is known or as a percentage otherwise.

5.0 Market Analysis Summary

Small Businesses in the US

According to the U.S. Small Business Administration (SBA) in 2016 there were 29.6 small million
businesses in the U.S. that comprise 99.7% of total U.S. businesses and 97.7% of U.S. exporters. Small
businesses are defined as firms employing fewer than 500 employees.
• Eighty percent, or 23.8 million, had no employees (termed “non-employers”)
• Twenty percent, or 5.9 million, had paid employees (SAMPLE ideal target customer)
• There were 600,742 large businesses.
The number of small employers has increased after a decline during the recession, while the number
of non-employers has gradually increased since 1997.

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The SBA also ranked the number of small businesses by industry and number of employees:

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Funding for Small Businesses in the US

The SBA reported on the source of funding for small companies available:

Financing Needs
Small businesses seek financing for four principal reasons: i. To start a business, ii. Purchase inventory,
iii. Expand a business, and iv. Strengthen the firm’s financial foundation. Firms choose different means
of financing depending on the intended purpose. Small businesses’ financing options typically fall into
two categories: debt and equity. Other unconventional sources can also play a critical role in meeting
a firm’s financial needs.

Financing Market Size

The small business financing market accounts for a significant amount of all business borrowing. Bank
loans going to small businesses totaled almost $600 billion in 2015. Small businesses also draw from
other sources, such as finance companies, angel capital, and venture capital. While the percentage of
these funds that go to small businesses is unknown, the total funding from these sources accounted
for $593 billion in 2015. Additional sources of small business finance include personal savings,
personal and business credit cards, online lending platforms, loans from family and friends, and home
equity.

Market Share of Financing for Small businesses

According to the National Small Business Association, 73% of small firms used financing in the last 12
months2. Small business financing needs vary greatly. About one-quarter use no financing, and for

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others, the lack of capital causes difficulties growing the business, financing future sales, and keeping
adequate inventory.
https://www.sba.gov/sites/default/files/Finance-FAQ-2016_WEB.pdf
2

The most common source of capital to finance business expansion in small businesses is personal and
family savings (21.9% of small firms), followed by business profits and assets (5.7%), business loans
from financial institutions (4.5%), and business credit cards from banks (3.3%). 3
3
Source: SBO. For more information, see “Small Business Finance FAQ,” www.sba.gov/category/advocacy-navigation-
structure/frequently-asked questions-about-small-business-finance. Also see “Quarterly Lending Bulletin,”
www.sba.gov/advocacy/quarterly-lending-bulletins

How much debt do small businesses carry?

63% of all small employer businesses have some debt. The amount of debt that a business carries
varies with size and age. Three-quarters of firms with 50 or more employees carry debt, compared
with 60% of firms with fewer than 10 employees. Younger firms tend to carry far less debt than their
older counterparts. 4

4
https://www.sba.gov/sites/default/files/Finance-FAQ-2016_WEB.pdf

M&A deal flow in the US

According to Institute for Mergers, Acquisitions and Alliances5 since 1985, more than 300,000 mergers
& acquisitions transactions have been announced with a known value of almost 33,200 billion
USD. The compound annual growth rate (CAGR) for the number of deals from 1985 to 2015 was 4.63%
while the value grew at 6.51%. The annual number of deals have been steadily increasing since the
2008 crises, the number of transactions in 2016 reached 12,373

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M&A the United States by size and number of deals per industry aggregated (2000-2016)
The industry with the largest number of transactions has been high technology – representing almost
one fifth of all deals (19.9%) with a total number of over 38’350 transactions. Health care reached
16'596 transactions in the period 2000-2016.
The industry with the largest M&A activity in terms of transaction value has been health care –
representing 14.2% of all deals with a total value of USD 3,292 billion. The technology industry reached
the third rank with USD 2,807 billion of deals.

5
https://imaa-institute.org/m-and-a-us-united-states/

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5.1 Market Segmentation

Market segmentation for the three services, total target market:

• Growth Advisory: According to the SBA 5.9 million small businesses had paid employees in
2016, which is the main target for the Company.
• Financing Advisory: According to the SBA, 73% of small businesses used financing in 2016
• M&A Advisory: According to Institute for Mergers, Acquisitions and Alliances, the number of
M&A transactions in 2016 reached 12,373

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Growth CAGR
Customers
Growth Advisory 2% 5,928,664 6,047,237 6,168,182 6,291,546 6,417,377 2.00%
Financing 2% 4,327,925 4,414,483 4,502,773 4,592,828 4,684,685 2.00%
Advisory
M&A Advisory 2% 12,373 12,620 12,872 13,129 13,392 2.00%
Total 2.00% 10,268,961 10,474,340 10,683,827 10,897,503 11,115,454 2.00%

5.2 Industry Analysis

According to the IBISWorld Industry Report 541616, these are the highlights of the Management
Consulting in the US:

Current Performance
Firms in the Management Consulting industry provide advice and assistance to businesses,
organizations and government bodies on organizational planning, financial planning, budgeting and
strategic marketing objectives. The industry is reliant on strong economic conditions and high
corporate profit, which encourages investment in advisory services as businesses expand and look to
maximize efficiency. Over the past five years, improving business conditions following the recession
have surged industry revenue forward. A rising number of businesses and recovering corporate profit
have been key to management consultant success. Additionally, increased business outsourcing and
rapid digitalization have boosted growth as firms hire consultants to help enter emerging and high-
growth product and service segments. As a result, the industry is expected to grow at an average

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annual rate of 5.2% to $200.6 billion over the five years to 2015. Improving conditions and business
expansion will also foster a 4.2% increase in revenue for 2015.
Industry Outlook
Over the next five years, stronger macroeconomic conditions are expected to help drive growth in the
Management Consulting industry. Rising corporate profit will increase business budgets and,
therefore, increase spending on consulting services. Additionally, as businesses become increasingly
confident in future conditions, firms are expected to increase the size of their work forces and expand
investment in new facilities and operations. Investment in new capabilities will likely boost demand
for process and operations management consulting, corporate strategy and organizational design.
Furthermore, rapid information technology developments will continue to be instrumental in
developing new strategies, designs and understanding an evolving US market. Private sector
investment in information technology is expected to boom and management consultants will likely
pursue more solutions that incorporate computer systems. Moreover, major investment in life
sciences and health care over the next five years will help drive growth for consultants that assist in
merger and acquisition activity. Consequently, the Management Consulting industry is projected to
grow at an average annual rate of 3.6% to $239.4 billion over the five years to 2020. Major accounting
and specialized prestigious consulting firms are expected to win the majority of contracts and drive
industry revenue
Trends
Business conditions remain healthy: Over the next five years, the industry’s performance is forecast
to be underpinned by steady business conditions. Corporate profit is projected to grow an annualized
2.3% over the five years to 2020, which will help boost business sentiment and drive investment in
new business capabilities. Aggregate private investment, which represents spending on physical
structures, equipment and software, is forecast to increase at an average annual rate of 4.1% over the
five-year period. Consequently, US firms will require assistance in process and operations
management, which includes logistics consulting, production scheduling and supply chain
management. Furthermore, as many firms increase spending and target new markets, management
consultants will experience an unpick in demand for corporate strategy solutions, such as leadership
development, mergers and acquisitions and corporate portfolio design.

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Market Segments

Corporate strategy
Corporate strategy services contribute an estimated 38.5% to management consulting revenue. This
service area includes strategic advice in the areas of general growth strategy, leadership development,
performance improvement, mergers and acquisitions, and corporate portfolio design. In the area of
leadership development, consultants view employee engagement as a potential source of competitive
advantage. As online learning methodologies have reduced the cost of providing employee training,
this service area has experienced growth. Over the past five years, this segment has grown as a
proportion of revenue as companies hire consultants to develop new ideas and business plans.
Marketing and sales
Marketing and sales services contribute an estimated 19.3% to management consulting in the areas
of brand strategy and design, corporate identity and image consulting. Because marketing and sales
expenditures can be delayed or terminated in a climate of poor business confidence, revenue from
this segment has improved with economy during the past five years.
Organizational design
Organizational design services are estimated to account for 13.0% of management consulting
revenue. As the name implies, organizational design involves reorganizing a company to change the
way it operates. Such reorganization may involve providing advice to firms facing major changes,
making a fresh and independent review of a company’s overall business model, creating a strategy for
global expansion and evaluating underperforming business segments. As firms expand geographically,
organizational design consulting offers solutions to integrate global operations. Demand for this
service segment is cyclical and is expected to slightly increase as the economy continues to recover
over the next five years.

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Process and operations management

Process and operations management comprises a traditionally large service group in the management
consulting industry, and makes an estimated 9.4% of industry revenue. This service area includes
process, physical distribution and logistics consulting. Under the heading of logistics consulting,
production scheduling and supply chain management form a consistent source of revenue for
management consultants: Profit-motivated companies seek strategies to generate cost savings and
increase operational efficiency, regardless of the macroeconomic climate. As a result, this service
segment has performed well during the past five years.
Human resources advisory
Human resources advisory includes compensation and benefits consulting services, as well as hiring
services and employee retention strategy. Compensation and benefits consulting involves designing
the salary structure for an organization in order to efficiently incentive workers and attract the best
employees. It can also involve structuring salary payments to maximize tax benefits for employees.
Employee retention strategy includes designing programs around work-life balance and employee
satisfaction.
Financial advisory
Financial advisory services contribute an estimated 7.5% to management consulting revenue.
Consulting firms engaged in financial advisory services provide finance and risk management
executives (such as CFO’s) with financial and economic analysis of the risks and uncertainties facing
their companies. These uncertainties include business and legal issues that result from changes in
demand, public policy, financial conditions, competition, and the regulatory environment. Financial
volatility increases the difficulty of providing solutions to these issues, and thus the demand for
financial advisory consulting. This service segment has been a growth area for the industry over the
past five years.
IT strategy
Information technology (IT) strategy services contribute an estimated 4.22% to management
consulting revenue. Although IT consulting is excluded from this industry (refer to IBISWorld report
54151), management consulting does include the following IT solutions: custom computer application
design and development services, computer systems design, development and integration services,
and IT infrastructure management services. In some areas, management consulting firms directly
compete with specialist consulting firms in the IT consulting industry. However, many clients have
recognized that review of an organization’s structure and technology are part of an integrated
process. As a result, management consulting firms increasingly integrate IT strategy into their services,
making this a growth area during the past five years

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Target Market

The overwhelming majority of industry revenue is generated from the private sector, with an
estimated 77.0% of revenue coming directly from businesses. Financial services, consumer product
and manufacturing industries represent the largest private businesses; however, the industry also
garners revenue from government organizations, individuals and nonprofit organizations.
Financial services companies
Financial service providers are the management consulting industry’s largest consumer, accounting
for an expected 23.8% of industry revenue in 2015. This market uses a variety of services, from
strategic planning to organizational restructuring. Major international banks, for example, employ
management consultants to streamline operations and maintain profit levels. While many businesses
have since reduced their spending as a result of the recession, this market has also undergone a
significant amount of restructuring, which has mitigated losses for many operators. Demand from the
financial service industry is expected to increase slowly over the next five years as the industry
continues to rebound from steep losses incurred during the credit crisis and recession.
Consumer products and manufacturing companies
The consumer products and manufacturing markets focus on the branding and logistics consulting
segments because sales and shipping are significant factors in these fields. For example, typical
customers in this market include manufacturers, wholesalers, retailers and distributors in industries
such as consumer products, apparel, automotive and aviation and aerospace. In 2015, the consumer
products and manufacturing markets are expected to account for a combined 27.6% of industry
revenue. Higher US industrial production and manufacturing activity has increased demand for
management consultants, who offer expertise in streamlining the production process. In addition, the
prospect of the high economic growth in many emerging economies over the next five years is leading
to a rush by many consumer goods manufacturers to enter these developing markets. Management

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consulting firms will continue to assist in the transition to South American and Asian markets, making
consumer manufacturing a likely source of demand growth over the next five years.
Government organizations
Government organizations are expected to account for 14.6% of industry revenue in 2015.
Management consultants are hired by federal agencies to advise these organizations on methods to
better administer grants, deliver benefits and entitlements to their employees and provide necessary
services to their citizenry. They also advise on public projects, such as infrastructure, and often advise
on public-private partnership projects. Consultants may work for governments at the federal, state
and local level. Within this segment, work from federal government agencies is expected to contribute
11.3% of industry total revenue, while state government agencies are expected to contribute 3.3%.
Technology, media and telecommunications companies
Customers in this market segment seek management consultants to advice on business strategy in
relation to the wide field of information technology, including telecommunications and digital media.
Telecommunications is a rapidly changing field that is strongly influenced by technological change. As
many businesses increasingly focus their businesses online, many engage consultants to adjust their
strategy to take advantage of digital opportunities. Currently, the introduction of voice over internet
protocol (VoIP), the ability to conduct conversations over the internet without the associated costs of
telephones, is a high growth industry. Because traditional wire line operators provide the data
connections used by VoIP, revenue and thus demand from this market are expected to remain steady
over the next five years.
Individuals and nonprofit organizations
Besides government and private enterprise, management consultants also work for individuals,
private endowments, institutions and nonprofits. The prevalence of many cash-strapped state and
municipal budgets, combined with debates about a smaller federal budget has the potential to cut
into this market’ s share of industry revenue during the next five years.
Health care and life sciences sector
The health care market, which is primarily composed of hospital management and pharmaceutical
companies, uses the industry’s logistics, human resources and public relations services. Health care
science and technology are rapidly expanding frontiers, even as economic and financial pressures
reduce profit margins, intensify competition and constrain the funds available for investment. This
changing environment is encouraging health care companies to hire management consultants to aid
in improving cost while maintaining standards in treating ill patients. This market is expected to grow
over the next five years.
Energy and resource companies
Energy and resource companies also take advantage of management consultants and are estimated
to account for 7.8% of total revenue in 2015. This includes oil drilling, gas extraction and mining
companies that use consultants to help develop corporate branding, navigate changing regulation and
direct investments. Over the past five years, energy and resource companies have fallen as a
proportion of revenue, particularly as oil prices fall and reduce investment in new facilities.

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6 http://www.businessplanshawaii.com/samples/Management%20Consulting%20in%20the%20US%202016.pdf

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6.0 Strategy and Implementation Summary

6.1 SWOT Analysis

6.2 Competition

The main competitors that offer similar services, but not all combined, are:

1. Established consulting companies and boutique firms. However these companies target medium
to large corporations.
2. Small advisory firms, such as coaches and those who target start-ups and small companies.

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3. Banks and financial institutions, from large banks to small financial boutiques that would offer
services, value the business and/or financing. However these companies target medium to large
corporations.

Industry's Competitive Landscape

According to the IBISWorld Industry Report 541616, the Management Consulting industry is hyper
fragmented and primarily consists of small, non-employing firms that service narrow geographic or
niche markets. However, the industry still contains a number of large businesses that are renowned
for their customized business solutions and organizational and strategy services. Management
consulting industry has continued to exhibit a similar share of market concentration. Although the
largest industry firms have continued to pursue mergers and acquisitions, these have not been
sufficient to change the structure of the overall industry.

Key success factors for this industry6

1. Ability to compete on tender: Most consultancy tasks are subject to competition, so

competitiveness on price and service offerings is crucial.
2. Well-developed internal processes: Given the generally labor-intensive nature of the industry,
operators need to ensure that appropriate cost- and time-management systems are in place
on a project basis so that these can be closely monitored.
3. Access to highly skilled workforce: Often, consulting contracts are entered into on the basis of
the consultant possessing specialized knowledge that relates to clients’ operations. Without
this skill base, the consulting firm has little bargaining power.
4. Access to niche markets: Firms can be more successful if they have specialized skills or services
and can serve a niche market.
5. Having good working relationships with subcontracting building trade specialists:
Subcontractors are used to ensure that quality output can be guaranteed on time and budget.
Many skilled consultants operate as independent contractors.

6 http://www.businessman.com/samples/Management%20Consulting%20in%20the%20US%202016.pdf

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6.3 Competitive Edge

The main differentiator of SAMPLE Services LLC is bringing together 3 main services: Growth,
Financing and M&A Advisory which generally are offered separately by competitors but their
combination is crucial to business success.

Management consulting firms would typically offer advice on diverse growth, business matters and
strategy with the aim to growth the business and improve profitability. Banks and financial institutions
would typically focus on financing advisory and M&A brokers will assist in the sale of small business.
However these three services are rarely offered together by SAMPLE Services LLC competitors, and if
they do, they are often offered by different divisions of a large firm which implies almost a different
vendor for the end consumer.

The distinctiveness of SAMPLE Services LLC lays in the services provided that offer a unique
combination of management consulting together with M&A and Financing advisory for small
companies. The competitors would not offer the same arrange of services to small businesses.

The table below illustrate the differences in services provided for Small Companies by SAMPLE
Services LLC vs. Competitors:

Other differentiators of SAMPLE Services LLC:

• Services all industries

• Offers a unique Value Chain advisory, composed of Growth, Financing and M&A Advisory
• Offers competitive pricing
• Has access to local and international markets
• Has the flexibility to thrive in both good and bad economic environments by either growing and
financing or selling businesses

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6.4 Marketing Strategy

Marketing campaign
Marketing for SAMPLE Services LLC will be done through a variety of channels including the
internet, digital media, direct marketing, print media, trade shows, conferences, networking and word
of mouth. Internet efforts will be driven through a user-friendly website, which will feature SEO
(Search Engine Optimization) and Google Adwords. In addition to the website, plans also call for
developing a digital media presence through specialty website for financial professionals, Linkedin
and Facebook complemented with direct marketing via email. Moreover, the company will participate
in relevant trade shows, conferences and networking events plus selective print media advertising will
round out the marketing model. This marketing mix has the potential of providing the most marketing
push as it will allow the organization to deliver an authentic, trusted marketing message.
Networking
Networking will be a low-cost means for SAMPLE Services LLC to generate leads and is also a way to
build credibility for businesses. Opportunities will be created by establishing networks with
complementary companies, such as banks, financing houses, M&A boutiques, etc. and business
people.
Digital media
The Company will manage its brand in sites such as Linkedin and Facebook but with more emphasis
on specialty sites such as Dealgate.com and Dealmarket.com. These platforms have the potential to
reach thousands of potential customers.
Website & Google Adwords
A well-optimized website with proper site structure, page layout, and clear and easy navigation, along
with targeted keywords embedded throughout the site has been constructed and will ensure proper
search engine placement and saturation. The Company’s website is an important marketing asset.
Along with SEO, the website is easily navigable, informative and will serve as a platform to generate
new business thanks to the traffic sent via Google Adwords. Visit www.SAMPLEinvestments.com
Print Media

Selected magazines for small businesses in USA dedicated to M&A transactions.

Associations, Trade shows, Conferences and Events

SAMPLE Services LLC will participate in Associations, trade shows, conferences and events planned
for small businesses in USA, especially those with topics including consulting, financing and
M&A strategies.
Direct Marketing
Through emailing small businesses owners and offering advisory services for company growth,
financing and M&A Advisory. More targeted strategies will include emailing business owners that

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applied for business loans and got declined, for business owners that hired advisors in the past and
business owners of companies and industries with active M&A activity to offer advisory.

6.5 Sales Strategy and Forecast

The pricing for SAMPLE Investment Advisor LLC services are:

1. Growth Advisory: a flat fee between USD 30K to USD 100k depending on the size of the
company and reach of the engagement. The company already has one engagement for USD
60k to be collected in monthly installments
2. Financing Advisory: either a flat fee if the amount is known or a percentage otherwise ranging
from 3% to 12% and The Company already has four engagements: 1) for a flat fee of USD 50k,
2) flat fee of USD 15k, 3) flat fee of 20k and 4) variable fee of 4%. The fees will be collected
upon completion of the engagement.
3. M&A Advisory: a success fee that would be negotiated on case by case basis. The Company
already has 2 engagements, one with a success fee of 50% and the other of 30% above a
selected sales price. The fees will be collected upon completion of the engagement.

The Company expects steady growth over the first five years of operation and projects the following
revenues estimated under conservative basis since for the Financing and M&A services the time of
the fee collection can vary, therefore the projections were made in the following way, for Growth the
full fee, for Financing and M&A half of the current engagements are expected to be collected during
the first year.

Initially the Company will need suppliers to provide Legal and Financial due diligence services, which
would be replaced by the hires in years 2 and 3.

Sales Forecast
Year 1 Year 2 Year 3 Year 4 Year 5
Sales
Growth Advisory $60,000 78,000 101,400 131,820 158,184
Financing Advisory $102,500 133,250 173,225 225,193 270,231
M&A Advisory $250,000 325,000 422,500 549,250 659,100
Total Sales $412,500 $536,250 $697,125 $906,263 $1,087,515

Direct Cost of Sales Year 1 Year 2 Year 3 Year 4 Year 5

$0
Suppliers $60,000 $30,000 15000 15000 15000
$0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $60,000 $30,000 $15,000 $15,000 $15,000

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7.0 Management Summary

The business will be helmed by the applicant, a professional with 20 years of management and
entrepreneurial experience. Her skill set is perfectly suited to bring SAMPLE Services to a position
of lasting success.

Name Last Name, Founder & Managing Partner

Ms. Name is a seasoned professional with 20 years of international experience. Strategic thinker with
a proven track record in M&A, Financing, Growth Advisory and Strategy. Results driven, active,
pragmatic, hands-on and flexible with outstanding communication, negotiation and analytical skills.
She contributes to the business's growth by providing sound strategic and financial direction,
leadership and team governance. Since 1996 she held varied positions with increasing responsibility
in diverse industries, such as consulting, venture capital, private equity, consumer goods and banking
in 6 different countries, until her last position in Switzerland as Senior Vice President.

Ms. Name is the founder of SAMPLE Services LLC and will act at its Managing Partner, a position that
would allow her to leverage all her business contacts, knowledge and expertise that she acquired
while working in business and financial industries across 3 continents to help small companies achieve
a higher valuation through sharp business and financial advisory.

Ms. Name founded her first venture at the age of 27 by Co-founding "Consult Line", an on-line
consulting services provider. She conceived the business model and raised seed capital of USD 500k.
The company achieved 2500 subscribed professionals with franchisee in 4 countries. Now at 65 years
of old, she will leverage that successful experience plus the additional 15 years of professional
experience obtained in world-leading institutions were she gained further experience in investments,
advisory, business development, financing, exit and M&A deals.

Ms. Name holds an MBA from Business School, consistently ranked #1 in Europe and in the top 5
worldwide, a Master degree in Finance with CFA qualification, a Master degree in Banking
Management and a Licentiate degree in Business Administration. She can communicate in English and
Italian. Furthermore Ms. Name held several executive positions in students and alumni clubs and
entered into side business projects in varied industries with natural entrepreneurial capabilities.

Ms. Name is well-suited to achieve rapid and sustainable business growth in this new business
venture, which can only benefit the US economy

Currently the company has a part-time Executive Assistant, Ms. Name. She was born in Colorado
and graduated from the University of Rhode Island. Other key members of SAMPLE Services LLC that
will be added are:

• Legal advisor
• Financial Advisor

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 SAMPLE Services LLC

• Marketing and Sales Specialist

• General Administration & Controlling

Job descriptions

Managing Partner:

1. Establishing Direction and Planning - communicate and implements strategic objectives.

2. Recruitment and development of professionals coming into the firm.
3. Public Relations - Presents a face and voice for the firm to the media, the professional
regulatory bodies and others.
4. Motivation & Morale - Creates a positive work environment that encourages teamwork,
cooperation and collaboration between and among offices and groups.
5. Administration & Staff - ensures that administrative support is carried out in an effective and
efficient manner.
6. Policies & Records - Develops and implements policies, systems, and procedures for the firm
and ensures they are followed by employees.
7. Sales & Marketing - Leads sales efforts maintaining communication with leads and business
partners to source clients and oversees implementation of marketing plan and updates.
8. Controlling & Finance - Ensures that administrative control in carried properly and signs off
financial statements.
9. Legal, Financial & Tax services - Oversees the delivery of these services to the firm's clients in
a properly and timely fashion.

Executive Assistant:

1. Produces information requested by the Executive

2. Conserves Executive's time by reading, sorting and analyzing documents and letters and
answering phone calls and emails
3. Organize Executive's agenda
4. Liaise with Customers, Employees and Suppliers, performing administrative tasks as requested
by the Executive
5. Prepare reports by collecting and analyzing information
6. Maintains office supply, inventory and ensures the adequate operation of office equipment

Legal Advisor:

The main role of the Financial Advisor is to perform the Financial due diligence for M&A Transactions
and Financing engagements, the tasks include:

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 SAMPLE Services LLC

1. Drafting and negotiating an engagement letter, a letter of intent and a confidentiality

agreement.
2. Working with the financial advisors to structure the transaction,
3. Conducting the legal due diligence (i.e., the review of contracts, permits, organizational
documents and other materials relating to the target company, the subject assets or,
occasionally, the buyer, to develop an understanding of the scope, value and risks of the
transaction),
4. Drafting and negotiating the principal transaction agreement, including crafting appropriate
representations, warranties, covenants and disclosure schedules in light of issues identified
during due diligence and conditions to closing,
5. Drafting all contracts and documentation required, including tender offer documentation and
registration statements,
6. Drafting and negotiating ancillary documents, including any exclusivity agreement, legal
opinion, bill of sale, assignment and assumption agreement, escrow agreement or transition
services agreement.

Financial Advisor:

The main role of the Financial Advisor is to perform the Financial due diligence for M&A Transactions
and Financing engagements, the tasks include:

1. Identify potential deal issues and review Balance Sheet, Income Statement and Cash Flow of
the client
2. Assess the quality of earnings, identify nonrecurring items, and support management’s
adjustments
3. Analyze key business and profitability drivers
4. Analyze net working capital
5. Perform “carve-out” due diligence
6. Prepare a key issues report or detailed data books to be shared with prospective buyers

Marketing and Sales Specialist:

1. Develop strategies and tactics to go to market and attract high quality prospects and clients
2. Deploy successful marketing campaigns and own their implementation from ideation to
execution
3. Produce valuable and engaging content for our website, digital media, direct marketing and
network that attracts and converts our target groups.
4. Build strategic relationships and partner with key industry players, agencies and vendors
5. Be in charge of marketing budget and allocate/invest funds wisely
6. Measure and report performance of marketing campaigns, gain insight and assess against
goals

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General Administration & Controlling:

1. Manage all accounting operations including Billing, A/R, A/P, GL and Counsel, Cost Accounting,
Inventory Accounting and Revenue Recognition
2. Coordinate and direct the preparation of the budget and financial forecasts and report
variances
3. Prepare and publish timely monthly financial statements
4. Coordinate the preparation of regulatory reporting
5. Manage and comply with local, state, and federal government reporting requirements and tax
filings
6. Develop and document business processes and accounting policies to maintain and strengthen
internal controls.

7.1 Personnel Plan

The personnel forecast below shows the staffing needs for the next five years

Managing
Partner

Executive
Assistant

Advisory Sales & General

Services Marketing Administration

1 Sales &
1 Legal Marketing 1 Controller
Expert

1 Financial

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Personnel Plan
Year 1 Year 2 Year 3 Year 4 Year 5
Advisors Personnel
People 1 2 3 3 3
Average per Person $130,000 $115,000 $110,000 $110,000 $110,000
Subtotal $130,000 $230,000 $330,000 $330,000 $330,000

Sales and Marketing Personnel

People 0 0 0 1 1
Average per Person $0 $0 $0 $80,000 $80,000
Subtotal $0 $0 $0 $80,000 $80,000

General and Administrative

Personnel
People 0 0 0 0 1
Average per Person $0 $0 $0 $0 $80,000
Subtotal $0 $0 $0 $0 $80,000

Other Personnel
People 1 1 1 1 1
Average per Person $35,000 $35,000 $35,000 $35,000 $35,000
Subtotal $35,000 $35,000 $35,000 $35,000 $35,000

Total People 2 3 4 5 6

Total Payroll Expenditures $165,000 $265,000 $365,000 $445,000 $525,000

8.0 Financial Plan

8.1 Startup Funding

Startup Funding
Startup Expenses to Fund $23,562
Startup Assets to Fund $151,197
Total Funding Required $174,759

Assets
Non-cash Assets from Startup $6,197
Cash Requirements from Startup $145,000
Additional Cash Raised $0
Cash Balance on Starting Date $145,000
Total Assets $151,197

Liabilities and Capital

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Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $0

Capital

Planned Investment
Owner $145,000
Investor $0
Additional Investment Requirement $29,759
Total Planned Investment $174,759

Loss at Startup (Startup Expenses) ($23,562)

Total Capital $151,197

Total Capital and Liabilities $151,197

Total Funding $174,759

8.2 Important Assumptions

1. The projections are made under the assumption that full operations will start after the
visa for the Managing Partner is approved, therefore Year 1 starts mid-2017.
2. As a safeguard, the Company has enough cash to operate for over a year without
incoming collections, i.e. total current cash is above the 12 month fixed costs of
operation.

8.3 Break-even Analysis

Break-even Analysis

Monthly Revenue Break-even $11,805

Assumptions:
Average Percent Variable Cost 15%
Estimated Monthly Fixed Cost $10,088

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8.4 Projected Profit and Loss

Pro Forma Profit and Loss

Year 1 Year 2 Year 3 Year 4 Year 5
Sales $412,500 $536,250 $697,125 $906,263 $1,087,515
Direct Cost of Sales $60,000 $30,000 $15,000 $15,000 $15,000
Advisors Payroll $130,000 $230,000 $330,000 $330,000 $330,000
Other Costs of Sales $0 $0 $0 $0 $0
Total Cost of Sales $190,000 $260,000 $345,000 $345,000 $345,000

Gross Margin $222,500 $276,250 $352,125 $561,263 $742,515

Gross Margin % 53.94% 51.52% 50.51% 61.93% 68.28%

Operating Expenses

Sales and Marketing Expenses

Sales and Marketing Payroll $0 $0 $0 $80,000 $80,000
Advertising/Promotion $41,256 $42,900 $55,770 $90,626 $108,752
Other Sales and Marketing $0 $0 $0 $0 $0
Expenses
Total Sales and Marketing $41,256 $42,900 $55,770 $170,626 $188,752
Expenses
Sales and Marketing % 10.00% 8.00% 8.00% 18.83% 17.36%

General and Administrative

Expenses
General and Administrative $0 $0 $0 $0 $80,000
Payroll
Marketing/Promotion $0 $0 $0 $0 $0
Depreciation $0 $0 $0 $0 $0
Rent $14,400 $15,840 $17,424 $19,166 $21,083
Utilities $600 $700 $800 $900 $1,000
Insurance $552 $600 $600 $600 $600
Payroll Taxes $24,750 $39,750 $54,750 $66,750 $78,750
Other General and $4,500 $5,000 $5,500 $6,050 $6,655
Administrative Expenses
Total General and $44,802 $61,890 $79,074 $93,466 $188,088
Administrative Expenses
General and Administrative % 10.86% 11.54% 11.34% 10.31% 17.30%

Other Expenses:
Other Payroll $35,000 $35,000 $35,000 $35,000 $35,000
Consultants $0 $0 $0 $0 $0
Other Expenses $0 $0 $0 $0 $0
Total Other Expenses $35,000 $35,000 $35,000 $35,000 $35,000
Other % 8.48% 6.53% 5.02% 3.86% 3.22%

Total Operating Expenses $121,058 $139,790 $169,844 $299,093 $411,840

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Profit Before Interest and $101,442 $136,460 $182,281 $262,170 $330,675

Taxes
EBITDA $101,442 $136,460 $182,281 $262,170 $330,675
Interest Expense $0 $0 $0 $0 $0
Taxes Incurred $30,433 $40,938 $54,684 $78,651 $99,203

Net Profit $71,009 $95,522 $127,597 $183,519 $231,473

Net Profit/Sales 17.21% 17.81% 18.30% 20.25% 21.28%

8.5 Projected Cash Flow

Pro Forma Cash Flow

Year 1 Year 2 Year 3 Year 4 Year 5
Cash Received

Cash from Operations

Cash Sales $412,500 $536,250 $697,125 $906,263 $1,087,515
Subtotal Cash from $412,500 $536,250 $697,125 $906,263 $1,087,515
Operations

Additional Cash Received

Sales Tax, VAT, HST/GST $0 $0 $0 $0 $0
Received
New Current Borrowing $0 $0 $0 $0 $0
New Other Liabilities $0 $0 $0 $0 $0
(interest-free)
New Long-term Liabilities $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0
Subtotal Cash Received $412,500 $536,250 $697,125 $906,263 $1,087,515

Expenditures Year 1 Year 2 Year 3 Year 4 Year 5

Expenditures from
Operations
Cash Spending $165,000 $265,000 $365,000 $445,000 $525,000
Bill Payments $162,277 $175,498 $202,161 $271,726 $326,661
Subtotal Spent on Operations $327,277 $440,498 $567,161 $716,726 $851,661

Additional Cash Spent

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

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 SAMPLE Services LLC

Long-term Liabilities $0 $0 $0 $0 $0
Principal Repayment
Purchase Other Current $0 $0 $0 $0 $0
Assets
Purchase Long-term Assets $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0
Subtotal Cash Spent $327,277 $440,498 $567,161 $716,726 $851,661

Net Cash Flow $85,223 $95,752 $129,964 $189,537 $235,854

Cash Balance $230,223 $325,975 $455,939 $645,475 $881,329

8.6 Projected Balance Sheet

Pro Forma Balance Sheet

Year 1 Year 2 Year 3 Year 4 Year 5
Assets

Current Assets
Cash $230,223 $325,975 $455,939 $645,475 $881,329
Other Current Assets $0 $0 $0 $0 $0
Total Current Assets $230,223 $325,975 $455,939 $645,475 $881,329

Long-term Assets
Long-term Assets $6,197 $6,197 $6,197 $6,197 $6,197
Accumulated Depreciation $0 $0 $0 $0 $0
Total Long-term Assets $6,197 $6,197 $6,197 $6,197 $6,197
Total Assets $236,420 $332,172 $462,136 $651,672 $887,526

Liabilities and Capital Year 1 Year 2 Year 3 Year 4 Year 5

Current Liabilities
Accounts Payable $14,214 $14,443 $16,811 $22,828 $27,209
Current Borrowing $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0
Subtotal Current Liabilities $14,214 $14,443 $16,811 $22,828 $27,209

Long-term Liabilities $0 $0 $0 $0 $0
Total Liabilities $14,214 $14,443 $16,811 $22,828 $27,209

Paid-in Capital $174,759 $174,759 $174,759 $174,759 $174,759

Retained Earnings ($23,562) $47,447 $142,969 $270,566 $454,085
Earnings $71,009 $95,522 $127,597 $183,519 $231,473
Total Capital $222,206 $317,728 $445,325 $628,844 $860,317
Total Liabilities and Capital $236,420 $332,172 $462,136 $651,672 $887,526

Net Worth $222,206 $317,728 $445,325 $628,844 $860,317

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