Executive Summary
This business plan outlines the planned launch of a highly innovative and groundbreaking limited-service (fast-food) restaurant called Burnie’s Organic Grill. The plan recognizes the necessity for capital planning and calculates the cash flow required for success, including projections for Burnie’s 12-month cash flow. The business plan details the financial plan for the venture, which requires $377,157 in start-up funding. Sloan Sehr will contribute $30,000 of his personal savings as paid-in capital, and will seek to secure financing for $347,157 to complete the funding of our start-up requirements. Start-up funds will be utilized to pay for rent; leasehold improvements; supplies; advertising; administrative costs, inventory; and labor for the first four months. The restaurant is expected to generate positive net earnings at the end of the fourth month of the first year of operations.
Burnie’s will capitalize on our menu offerings, a low number of competing restaurants in the same geographic region, a growing population of health oriented individuals and families with higher-than-average household income in the area, and a large business population located within a 2-mile radius. Burnie’s is positioned as the only gourmet organic limited service restaurant in the area, serving high-value, high-quality food combined with exceptional service. We are catering to an entire population, as the country begins to move in unison as we grow more and more concerned about our health, minds and bodies. No longer will people have to sacrifice nutrition and quality for fast service, because we at Burnie’s Organic Grill are a new paradigm.
The establishment will be owned by Sloan C. Sehr, a recent MBA graduate from the Nova Southeastern University, H. Wayne Huizenga School of Business and Entrepreneurship. He has seven years of experience working and managing Long Island, New York Beach Club Resorts and will oversee and manage the operation of Burnie’s Organic Grill. He plans on surrounding himself with managers and chefs with significant restaurant experience and proven track records of success.
For comparison purposes, Burnie’s is benchmarking operating statistics against the industry average based on the National Restaurant Association’s statistics. In an effort to reduce costs across the board, we will initially lease restaurant space rather than buy and purchase used equipment whenever feasible.
With initial start-up capital of $354,, Burnie’s is forecasting $890,123 in gross sales in the first year of operations when reaching full capacity in month eight. This is projected to climb to $1,288, in the second full year of operation, and will reach a level of $1,338,400 by year three. Net profits are forecasted at $114, in the first year, $329, in the second year and $356, by the end of year three. Net profit from sales is projected at % in the first year, % in the second year and % in the third year. Based on statistics from the National Restaurant Association, a restaurant is expected to see an increase in sales of %, but Burnie’s will use a more conservative % to account for premium pricing and growth in the organic market.
Burnie’s Organic Grill projects a net cash flow of $64, in the first year, increasing to $179, in the second year and falling to $156, in the third year. Net worth is projected at $189, for the first year, leaping to $341, in the second year and reaching $479, by the end of year three.
General Company Description
Burnie’s Organic Grill will provide it’s customers with a ground-breaking way to dine healthy by offering a limited-menu of gourmet, organic, fast-food products made to order, and thereby prove that good health and pleasurable eating in the fast-food environment are not only compatible, but essential goals.
Burnie’s Mission
Our Company mission is to promote vitality and well-being for all individuals. Burnie’s mission is to revamp and revitalize the fast-food industry by providing consumers with the highest quality and most exciting selection of fast-food available, while offering our customers an unprecedented combination of exceptional food, atmosphere and service.
Burnie’s Vision – Breaking the Mold
Burnie’s Organic Grill is setting it’s sights on revolutionizing the fast food industry by changing the way consumers view traditional fast-food, and opening up their eyes to a whole new way to dine healthy by providing a true food paradise offering culinary treasures unmatched by any, and still being free of hydrogenated oils, artificial additives, preservatives, and sweeteners.
We are a mission-driven company that will aim to set the standards of excellence for not just fast-food retailers, but the entire restaurant industry. We are building a business in which high standards will permeate all aspects of our company. Quality is not simply an objective at Burnie’s, it’s a state of mind.
The Burnie’s motto—Go Burnie’s and Go Better—emphasizes that our vision reaches far beyond just selling food. We are focused on providing customers with a healthy lifestyle by selling the highest quality natural and organic foods, and helping evolve a better person, company and world through our dedication to our core values, stringent quality standards and principles of right livelihood.
Burnie’s Goals and Objectives
The objective of Burnie’s Organic Grill is to secure start-up financing for the establishment of a groundbreaking and long-term limited service (fast-food) restaurant serving a residential and business community alike. The benchmark for the restaurant’s success will be statistical data supplied by the National Restaurant Association. Gross Margins, operating ratios, sales, and net revenue projections are to be benchmarked against the national industry average although organic foods typically command a mark-up of between 20% - 50% over traditional foods, but typically cost more on average due to higher costs of production and their limited availability.
To succeed in the long-term and generate revenue appropriate for servicing a loan obligation, Burnie’s has established the following goals, which are detailed in this business plan.
Maintain a Cost of Goods sold of 32% for a Gross Margin of 68%
Maintain a Net Profit from Sales of 30%
To achieve success, Burnie’s has identified the following key elements:
Owners and Managers will implement strict financial oversight with monthly benchmarking to reveal poor performance. This strategy will provide better cost control due to increased reporting and increased revenue through improved effectiveness and efficiencies.
Burnie’s has identified several locations as lacking in comparable fast-food restaurants. Additionally, prior market research by companies offering organic produce have indicated that these locations are prime for development as currently, business people and families living and working in the immediate 2-mile area have a developed a preference for healthy and organic produce. Coupled with a limited selection of high quality organic take-out/eat-in restaurants, tapping into this opportunity is one of the key’s to Burnie’s planned success.
The restaurant is distinguished from the competition by offering an unmatched gourmet organic dining experience, while promoting a healthy and vital lifestyle. The menus will offer exotic selections of premium organic foods and culinary delights priced and viewed as a premium and hip product. Burnie’s staff will provide outstanding food and customer service, and cultivate a reputation as the premiere fast-food establishment for a quick, convenient and healthy option for exquisite lunch and dinner dining.
Burnie’s Philosophy
Business is fundamentally a community of people working together to create value for other people – customers, employees, shareholders, and greater society. The primary goal is to fulfill the Business Mission and to create value for all of the stakeholders of the business.
Burnie’s principles of business are ranked in order as follows:
The Customers
Our customers are the most important stakeholder in our business. Therefore, we will go to extraordinary lengths to satisfy and delight our customers. We want to meet or exceed their expectations in all aspects and in every meal. We want to serve our customers competently, efficiently, and knowledgeably, and believe that we can generate greater appreciation and loyalty from our customers by educating them about organic foods, nutrition, and a healthy lifestyle. We know that by doing so we can turn Burnie’s customers into friends, and Burnie’s friends into advocates.
Outstanding customer service will be a result of both members of the Burnie’s family skills, and enthusiasm in serving our customers and their in-depth knowledge and excitement about our products. We will nurture a quality business relationship with our customers by daily demonstrating our customer service beliefs:
Customers are the lifeblood of our business and we are interdependent on each other.
Customers are the primary motivation for our work.
Customers are people who bring us their wants and desires and our primary objective is to satisfy them as best we can.
Customers are fellow human beings and are equals to be treated with courtesy and respect at all times.
The customer is the most important stakeholder – no customers, no business.
The Burnie’s family will be empowered to satisfy & delight customers.
Customer satisfaction is prerequisite to success.
The customer centered business creates the most shareholder value
Team Members
Our success will also dependent upon the collective energy and intelligence of the Burnie’s family. In addition to receiving some of the highest wages in the industry, belief in the value of work and finding fulfillment from jobs is a key reason to be part of The Burnie’s family. Therefore, we will design and promote safe work environments where highly motivated employees can flourish and reach their highest potential. And no matter how long a person has worked or plans to work with us, each and every person in the Burnie’s Family will be a valued contributor.
Achieving unity of vision about the future of our company, and building trust between Family Members is a goal of Burnie’s Organic Grill. At the same time diversity and individual differences are to be recognized and honored. We aim to cultivate a strong sense of community and dedication to the company. We also realize how important leisure time, family, and community involvement outside of work is for a rich, meaningful and balanced life.
Members of the Burnie’s family are the #2 stakeholder
Happy Team Members result in happy customers
Well Cross-Trained workers drive Efficiency and Profits
Value Team Members as Integral to Success and Culture
Owners/Investors
Satisfying our owners and stakeholders while achieving and maintaining our standards is going to be one of our most important and vital goals. Burnie’s leadership team is to ensure the interests, desires, and needs of our various stakeholders are kept in balance. We recognize that this is a dynamic process and it will require participation and communication by all of our stakeholders. It will require listening compassionately, thinking carefully and acting with integrity. Any conflicts must be mediated and win-win solutions found. Creating and nurturing this community of stakeholders will be critical to the long-term success of our company.
Burnie’s will earn profits every day through voluntary exchanges with our customers. We know that profits are essential to create capital for growth, job security and overall financial success. Profits are the "savings" every business needs in order to change and evolve to meet the future. They are the primary driver for our work and the foundation for continued growth. We realize we are only the stewards of our owners and shareholder's investments and we are committed to increasing long term shareholder value.
The Shareholders are the #3 stakeholder
We are the stewards of the shareholders money -- frugality is vital
Profits are created through the voluntary exchange of value – not exploitation
Profits create wealth, capital, and prosperity
Capital is the fuel for all innovation and expansion
Business has the fundamental responsibility to create prosperity for our shareholders, owners, team members, the community, and society
**Shareholder value is maximized by not making it the primary goal
Vendors
We at Burnie’s realize that there are numerous other businesses that we will depend on to assist us in creating an outstanding dining experience for our customers. By creating long-lasting, dedicated, and prosperous relationships, we hope to grow exponentially along with our suppliers and vendors alike. We will view our trade partners as friends and allies in serving our owners and stakeholders.
Community
Our business will intimately be tied to the neighborhood and larger community that we serve and in which we live. The unique character of our stores will be a direct reflection of the customers who dine will with us, along with our image of natural and organic vitality. Without their support, both financial and philosophical, Burnie’s Organic Grill will not be in business.
Businesses should care and support the greater good in communities it effects
2% of our profits will be donated to environmental support and education programs
Environment
As an organic establishment, Burnie’s Organic Grill sees the necessity of active environmental stewardship so that our earth continues to flourish for generations to come. We seek to balance our needs with the needs of the rest of the planet through the following actions:
Supporting sustainable agriculture. We are committed to greater production of organically and bio-dynamically grown foods in order to reduce pesticide use and promote soil conservation.
Reducing waste and consumption of non-renewable resources. We promote and participate in recycling programs in our communities. We are committed to re-usable packaging, reduced packaging, and water and energy conservation.
Encouraging environmentally sound cleaning and store maintenance programs
Burnie’s Core Values
Selling the highest quality natural and organic foods available
Satisfying and delighting our customers
Team Member Happiness and Excellence
Creating wealth through profits and growth
Caring about our communities and our environment
Products and Services
Burnie’s will provide exemplary service to establish and retain a reputation as an exceptional and unparalleled dining experience. By breaking the traditional mold, Burnie’s will be the sole restaurant establishment offering a limited-menu of gourmet organic fast-food products, made to order. Customer will have the ability to order their meals from either an order counter, or they may utilize Burnie’s innovative curbside ordering service. Customers then have the ability to order their meals ‘to go’ or chose to eat-in at a number of self-bused unique “tree stump” tables and booths. At Burnie’s we realize the three most important elements in the restaurant’s value equation are food, service and selection. Price, another important factor but less of a concern, is due to Burnie’s positioning itself as a premium dining establishment offing a selection of gourmet organic products.
The restaurant will convey an image of organic life and vitality by encompassing a variety of earth related architecture, with many of the tones and materials still in its natural form. The interior will be both comfortable for customers and easy to maintain while reflecting organic and natural health at its finest. We are seeking a location of 2,100-2,500 sq. ft. with a build-out cost of $ per sq. ft.
Menu Offerings
Burnie’s anticipates a limited menu offering that is going to be the signature of our restaurant and our greatest competitive advantage. Burnie’s will be offering a selection of eight “Signature Burgers” ranging from 3 Stuffed Flank Steak Patties, Bison Meat Burgers, Veggie and Marinated Portobello Burgers, as well as a variety of Chicken Sandwiches and our founders very own “Sloan Burger”. Each of our burgers will be served on a choice of three buns (Plain, Wheat, Multi-Grain), with a fourth option to be wrapped in a jumbo slice of iceberg and romaine lettuce to cater to those seeking a low-carb option.
Burnie’s will also offer is customers a choice of nine “Exotic Salad” combinations, unique to Burnie’s and organic at its best. Coupled with ten “Delectable Sides” items, ranging from Shoestring Fries to Raspberry Balsamic Marinated Vegetables, Burnie’s is sure to match a taste to every delight.
While still seeking to provide consumers with a taste of traditional cola beverages, Burnie’s beverages will be provided by Elixir tonics. Elixir tonics is essentially a variety of combinations of natural fruit and herb extracts that when mixed with tonic or sparkling water produces a natural and refreshing sparkling beverage. It’s what we at Burnie’s call soda with an all natural and new twist on an old favorite. Beverages will be offered in a variety of sizes, command a premium price, and as with all Burnie’s products; made to order. We do not anticipate selling pre-packaged beverages as profit-margins are much higher with self-serve beverages.
A copy of Burnie’s menu can be found in the Appendix of this plan.
Market Analysis
“The . organic market is projected to reach a value of $ billion by 2007, with a five-year compound annual growth rate of percent between 2002 and 2007, compared to a percent rate between 1997 and 2002.”
—Datamonitor analysis, Datamonitor.
Organic Industry Overview
Nearly one-third of the . population has recently purchased an organically grown food product, with sales expected to more than double in the next four years, making organic one of the hottest growth trends in the food industry today. . organic food sales have grown between 17 and 21 percent each year since 1997, to nearly triple in sales, while total . food sales over this time period have grown in the range of only 2 to 4 percent a year. According to the findings, organic food sales now represent approximately 2 percent of . food sales.
As recent market predictions have indicated correctly, the trend continues as organic product sales continue to grow exponentially in the United States. Statistics gathered by the Organic Trade Association indicate that . organic food sales grew by approximately percent during 2003, to reach $ billion (Organic Trade Association’s (OTA’s) 2004 Manufacturer Survey). According to a leading trade publication for the industry, sales of natural products across all channels grew to over $43 billion in 2003, an 8 percent increase over the prior year. We believe that sales growth for natural and organic foods is being driven by numerous factors, including:
Heightened awareness of the role that food and nutrition play in long-term health, which has led to healthier eating patterns.
A better-educated populace whose median age is increasing each year;
Increasing consumer concern over the purity and safety of food due to the presence of pesticide residues, growth hormones, artificial ingredients and other chemicals, and genetically engineered ingredients; and
Environmental concerns due to the degradation of water and soil quality.
Organic foods are increasingly found in more mainstream retail establishments. In 2003, 44 percent of total organic food sales were handled through supermarkets and grocery stores, mass merchandisers, and club stores. Meanwhile, independent natural product and health food stores and natural grocery chains accounted for 47 percent of sales. Direct sales through farmers’ markets, co-ops, foodservice operations, and exports represent the remaining 9 percent.
Recent Developments in the Organic Food Industry can be found in the Appendix section of this plan.
Restaurant Industry Overview
Restaurant industry sales are expected to reach a record $476 billion in 900,000 restaurant locations in 2005, according to the National Restaurant Association’s 2005 Restaurant Industry Forecast. The projected annual sales would mean a solid percent increase over the year prior, and a total economic impact of over $ trillion. This also highlights the restaurant industry’s critical role as a job creator in the nation’s economy.
On a typical day, the industry will post average sales of $ billion. The restaurant industry in the United States reaped the benefits of the robust economic growth in 2004. Steady gains in indicators such as personal disposable income and jobs continue to bode well for restaurants in 2005, despite the challenges of higher energy and food costs in the wake of the year’s past events.
Limited-service or quick-service restaurants are projected to register sales of $ billion in 2005, a gain of percent over 2004. Consumer demand for convenience and value will continue to grow for this segment, while operators face stiffer competition from grocery and convenience stores. Both table-service and quick-service restaurants will benefit from continued rebounds in international and domestic travel and tourism, which are projected to rebound to pre-9/11 volume levels.
Consumer Profile
Consumers of organic and natural foods seek out fresh organic fruits and vegetables at their local food cooperatives, supermarkets, farmers’ markets, and through Community Supported Agriculture (CSAs). The wide variety of organic foods available meets the diverse tastes and choices of consumers and trends show that organically produced products such as milk, cheese, meats, and baby food are growing in popularity. The routine use of antibiotics and growth hormones in livestock handling in conventional agriculture, for instance, has motivated many consumers to seek organically derived dairy and meat products as seven in ten Americans express some concerns about the health risks of pesticides, hormones, antibiotics and other chemicals used in food production.
Sixty-six percent of . consumers report they use organic products at least occasionally, according to The Hartman Group's report, Organic Food & Beverage Trends 2004: Lifestyles, Language and Category Adoption. That number is up from 55 percent in 2000. A surge in periphery organic shoppers—those who buy organic products only occasionally—has been largely driven by increased access to organic products in mainstream markets, heightened concern about health, gradual emergence of organic alternatives in mainstream brands, and an increase in information sources. It is important to note that lifestyle, rather than demographics, is driving organic purchases.
The 2004 Whole Foods Market® Organic Foods Trend Tracker survey found more than a quarter of Americans (27 percent) are eating more organic products than they did one year ago. Conducted by Synovate in August 2004, the survey of 1,000 . consumers showed more than half (54 percent) have tried organic foods and beverages, with nearly one in 10 using organic products regularly or several times a week. Reasons cited for buying organic foods were they are better for the environment (58 percent), better for their health (54 percent), and better for supporting small and local farmers (57 percent). In addition, 32 percent believe organic products taste better, while 42 percent believe organic foods are of better quality. The majority of those buying organic products purchased them from their local grocer or a traditional supermarket chain, 29 percent cited a farmers' market as the source, and 21 percent bought organic products at a specialty grocer such as Whole Foods Market or Wild Oats. Also, 14 percent indicated they bought organic items at their local Wal-Mart or Target super center, reinforcing the fact that organic foods play a role in everyday American households. 25 percent said they would pay approximately 20 percent more for organic foods, while 67 percent said that price was a barrier to their buying these products.
The 2002 Organic Consumer Trends Report produced by The Natural Marketing Institute (NMI) and SPINS indicates that 39 percent of the . population uses organic products. . organic consumers can be categorized in three segments (
The Organic Integrated Group (37 percent of all organic users) consumes organic products more than once a day.
The Organic Middle Group (39 percent of all organic users) consumes organic products at least weekly.
The Organic Fringe Group (24 percent of all organic users) eats organic products occasionally.
Market Profile
Economic growth is expected in all nine . regions, with all regions projecting job growth in 2005 into 2006. The top five regions in terms of sales growth remain in the South and the West. Both are two hotbeds for organic and natural food and produce. These regions continue to have the fastest growth in local economies, disposable income and population.
Based upon figures from the . Department of Labor and the . Census Bureau, the NRA compiles statistics for each state. Their findings are as follows:
Florida’s restaurants provide appetizing, healthful and nourishing food, convenience, value, entertainment, and social occasions where people can enjoy friends and family away from the stresses of daily life. Restaurants in Florida also are an engine of economic growth, generating tremendous sales and tax revenues for the state. They provide career-and-employment opportunities for individuals of every age, background, and skill and experience level.
Restaurants are an important part of their communities and neighborhoods, enthusiastically and generously giving their time and resources to support a variety of causes.
In 2005, there were an estimated 41,901 restaurant locations in the state of Florida which generated $ billion in sales. These restaurants also employed nearly 736,000 workers in 2005, which is projected to grow percent to a reach level of over 867,800 employees by 2015. Additionally, every $ spent in a restaurant in Florida produces an additional $ in sales for other industries in the state, while each additional $1 million spent in eating-and-drinking establishments generates an additional jobs in the state.
According to the National Restaurant Association, limited-service customers are mostly concerned with: food quality; service; choice of portion sizes; freshness of ingredients; cleanliness; and overall experience. Limited-service restaurant operators reported that their biggest challenge was in recruiting and retaining employees.
Market Survey
After careful consideration, Burnie’s Organic Grill has decided upon the city of Aventura, FL in Miami-Dade County as its first prospective location. Our restaurant’s customer profile represents two segments: residential customers (families and singles) and business customers. The restaurant is located in an area that has a large residential population. Based on . Census statistics for the county, the region has an overall population of 2,379,818 with 776,774 households in the county. Each household has an average of people, with a higher-than-average median income of $57,886, and eat out an average of times per week. The population has experienced growth of percent annually for a 2004 increase of 29,679 individuals. There are approximately 29,000 people located within a 2-mile radius of the proposed restaurant location, which will represent our targeted market for residential customers.
A large financial and business center is located within a 2-mile radius of the proposed restaurant location. The area is home to several large corporations, as well as one of the most popular malls in South Florida. There are approximately 12,000 business individuals working within a 2-mile radius of the restaurant, which will represent our targeted market for business customers. The business population is increasing at a rate of % annually.
The following table provides a market analysis for the regions total population, along with projected growth estimates. The Compounded Annual Growth Rate (CAGR) for the combined residential and business population is %. Initially our combined target markets represent a total of 41,000 potential customers, which increases to 45,934 by 2010.
Customer Forecast
Burnie’s is projecting 40% of the total potential market of 41,000 as actual customers. This breaks down to 16,400 customers per year:
41,000 x 40% = 16,400
The target customer base is expected to frequent the restaurant times per year, resulting in 98,400 meals sold annually:
16,400 x = 103,320
This breaks down to 291 meals per day (the restaurant will be open 355 working days per year):
103,320 / 355 = 291 meals per day
Competitive Profile
Burnie’s main competition is represented by all other limited-service restaurants currently available to residential and business customers within a 2-mile radius.
There are a number of limited-service restaurants within the 2-mile radius that are available to our customers. However, none offers the same combination of healthy, gourmet dining items which are exclusively available at Burnie’s. The following is a review of the top three competitors and their competitive threat to our restaurant.
Restaurant #1: High quality/low price. Limited sandwich-based menu allows high margins. The restaurant is a chain franchise with big brand name appeal and an established clientele. Burnie’s feels that our organic, gourmet, premium priced and product menu offers a substantially different dining experience from that of the competition. For this reason, we feel as they are not a competitive threat.
Restaurant #2: Low quality/low price. Long-established restaurant with high recognition and priced at value. Highly competitive in attracting customers that are not concerned with organic health menu items. Extensive seating with fast table turns. We feel that this competitor is not a threat due to the substantially different customer demographic and menu.
Restaurant #3: Low quality/high price. Limited ‘New York Style Deli’ that offers a lower-quality menu with higher than average prices. The menu items are common in supermarkets but are rarely offered in limited-service establishments. The restaurant has a very loyal customer base due to its menu offerings, but we feel that it is not a competitive threat for that very same reason.
Product Profile
Burnie’s Organic Grill is fully committed to the . National Standards implemented in October 2002, stating that all agricultural products labeled "organic" must be in compliance with U. S. organic law. The word "organic" on all of Burnie’s products means that the ingredients and production methods have been verified by an accredited certification agency as meeting or exceeding USDA standards for organic production. In short, all of our consumers will have the assurance that products offered at Burnie’s labeled "organic" have been produced in compliance with the standards set forth by USDA.
While adhering to government standards, Burnie’s is slated to carry the most exciting and freshest menu in the quick service (fast-food) industry by combining the benefits of organic produce with gourmet cuisine. We will retain the highest standards of freshness and quality while delighting customers with our collection of eclectic menu items made to order. By offering our clientele an array of delights never before offered in a quick service environment, Burnie’s is bringing organic and food to a whole new level.
All foods and beverages featured at Burnie’s Organic Grill are natural and meet strict quality standards, meaning that they are free of artificial flavors, colors, sweeteners and preservatives. While the foods to be served at Burnie’s are not necessarily more nutritious, rather our foods will be spared the application of potentially harmful long-lasting insecticides, herbicides, fungicides and fertilizers. It is has been found that many EPA-approved pesticides were registered long before extensive research linked these chemicals to cancer and other diseases. Now, the EPA considers 60% of all herbicides, 90% of all fungicides, and 30% of all insecticides as potentially cancer-causing agents.
By using only organic produce in our recipes, we are ensured to be using a particular fruit or vegetable that is at the height of seasonality and taste. Since organic foods growers cannot force ripen their products, we know that each ingredient used is at its culinary peak. Therefore, Burnie’s as well as chefs across the country are committed to using organic ingredients because plants from healthy soils and organically-fed livestock provide us with more flavorful food. Many agree, only organic foods truly allow our products natural flavors to shine through.
For a list of . Organic Standards and Frequently Asked Questions please refer to the Appendix section of this plan.
Marketing Strategy and Implementation
Burnie’s Organic Grill has identified a location with limited competition and an increasing customer population. We feel that we can leverage our experience and drive into a stable, long-term business with strong financial stability.
We are going to position our products as high-perceived value. The organic ingredient element combined with gourmet recipes will allow us to price our menu offerings as a premium product. The value to consumers is peace of mind while dining in a restaurant that offers an unprecedented combination of great, healthy, interesting foods in an environment that attracts “trendy” people like a magnet.
After raising start-up capital, Burnie’s will begin marketing efforts to establish a presence in the community and educate consumers of the benefits of organic health. Within the same time frame, we will begin securing lease arrangements and begin obtaining equipment and furnishings. Staffing interviews will be conducted with an emphasis of those individuals displaying high levels energy, enthusiasm, and a motivation to get in on the ground floor of something exciting and new. The restaurant will open up for business three months after funding is secured.
Competitive Edge
Burnie’s competitive edge is its distinct menu offerings of premium, organic products never before offered in a limited-service environment. With its proximity to a large residential and business population that is underserved by similar establishments, Burnie’s is planning to capitalize on the opportunities the location has to offer. In conjunction with this opportunity, Burnie’s will provide the key attributes that limited-service customers are seeking: high food quality with healthy menu items made only using the freshest and finest ingredients; value-based pricing; excellent customer service; choice of portion sizes; cleanliness; and convenience.
Burnie’s understands that each customer’s experience and resulting word-of-mouth advertising is critical to the success of the restaurant. We fully believe that by educating and caring for our customers as individuals, and by delivering gourmet, organic foods that meet our customer’s expectations every time…that Burnie’s possesses a distinct competitive advantage over traditional limited-service establishments and is positioning itself for long-term success.
Marketing Strategy
At Burnie’s we recognize that the most important marketing strategy is word-of-mouth advertising by satisfied customers. All of our products and services will reflect this understanding, with only the highest of standards maintained at all times.
As Burnie’s is a new concept in the field of fast-food, educating consumers about the benefits of organic health and building a loyal customer base is vital. Burnie’s will be earmarking 2% of annual sales for marketing. This marketing strategy will include advertising in local print publications, flyers being distributed to residences and businesses within a 2-mile radius, advertising on local radio and TV outlets, and maintaining a website presence that will be filled with information and facts concerning organic health, and they ways consumers can bring organic wellness into their own homes.
Print ads will be appearing in local newspapers and business publications beginning eight weeks prior to the restaurants grand opening, and will be an ongoing medium in which ads will be placed. A direct mail campaign will be used to distribute advertisements to the many residences and businesses within a 2-mile radius beginning two weeks prior to the restaurants grand opening.
Radio and Television spots will be produced and aired on local outlets during the restaurants grand opening week, and the first full week of operation thereafter. This campaign will also be an ongoing process, but to a lesser degree than the print medium. Samples of the outlets to be utilized are as follows:
</small>
<small>Print media - local newspapers, magazines and student publications </small>
<small>Broadcast media - local programming and special interest shows </small>
<small>Hotel guides, concierge relations, Chamber of Commerce brochures </small>
<small>Direct mail - subscriber lists, offices for delivery </small>
<small>Misc. - yellow pages, charity events
</small>
<small>A public relations firm will been retained to create special events and solicit print and broadcast coverage, especially at the start-up. </small><small>The marketing effort will be split into 3 phases;
</small>
<small>1) Opening -- An advanced notice (press packet) sent out by the PR firm to all media and printed announcement ads in key places.
Budget - $10,000 </small>
<small>2) Ongoing -- A flexible campaign (using the above media), assessed regularly for effectiveness. This will be based a budgeted 2% of forecasted sales.
Budget - $25,000 </small>
<small>3) Point of sale -- A well-trained staff can increase the average check as well as enhance the customer's overall experience. This adds to the overall value of our restaurant and ensures a greater consumer satisfaction.
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Sales Strategy
Burnie’s value proposition is positioned as high-quality premium organic products with premium pricing. Due to the restaurant having limited geographic or comparable service competition, the menu will carry an elevated pricing strategy.
Pricing and Profitability
Menu Pricing
Pricing will follow a full-cost strategy that will reflect the establishment’s actual costs. The following formula with determine menu pricing:
Menu Price = Cost of Food / Food Cost Percentage
$ = / .32
Average Check
Burnie’s is forecasting 74,177 customers in our first year, increasing to 105,179 in our second and first full-year of operation and 107,072 by our third. With an expected average ticket price of $ per person per visit, the following formula will be used to project annual sales.
Dollar Sales = Number of Unites Sold x Price
Annual Sales: 103,320 x $ = $1,239,840
Average Table Turn
Burnie’s anticipates being open 355 days per year, providing service to 107,072 customers per year by our third year of operation. We anticipate serving 301 customers per day, divided between lunch (11:30 to 1:30) and dinner (6:00 to 8:00). We are expecting approximately 150 lunch customers and 150 dinner customers. Using these numbers, we anticipate that half of these customers will elect to ‘dine-in’, or 75 during the two-hour lunch seating and 75 for the two-hour dinner seating. This equals nearly 38 ‘dine-in’ customers per hour at peak hours.
Assuming two table turns per hour, with an average of two customers per table, the restaurant requires tables to accommodate ‘dine-in’ customers during peak hours, which we will round up to 10 tables.
38 divided by two customers per table = 19 parties of two
19 parties divided by two table turns per hour = tables required
Sales Forecast
As Burnie’s is a start-up business, we expect sales at 75% of the projected total for the restaurants opening month, increasing to 85% in the second month and reaching 100% by month eight.
Gross sales for the first year are based on orders of 103,320 at an average ticket price of $ each. Total Sales for the first year are projected at $1,238,840, based on nine-months of sales with incremental increases during the first three months. Cost of Sales is projected at $394,, based on the industry standard of 32% of sales. After reaching capacity during the second year, sales are projected at $1,288,442, including growth of %. Cost of Sales is projected at $412,. The third year had sales projected in the area of $1,338,400 with a Cost of Sales estimate of $428,288.
The following table provides 3-year projections for total sales, along with the direct cost of sales for each year.
A 12-month projection is provided in the Appendix of this plan.
Operational Plan
Operations within Burnie’s will be highly standardized in an effort to minimize costs, maintain uniform quality, and provide fast, efficient service. This will also facilitate the ease into which Burnie’s can begin franchising by ensuring consistency in the first and every location.
<small>Food Production
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<small>All of the food made at Burnie’s will be prepared fresh daily and then cooked to order according to each customer’s request. A number of unique preparation methods specifically designed to meet the standard of Burnie’s Organic Grill will ensure quality and consistency on every meal. Burnie’s open style kitchen will be designed for high standards of efficiency and feature on open fire grill for customers to watch their meals prepared before their very eyes. We will maintain the strictest policies concerning cleanliness and proper food preparation techniques by effectively training employees in all aspects of operation.
Burnie’s Two-Register System – The design behind Burnie’s two register system is to provide our customers with the ability to have their food made to order, according to their exact specifications, but in served in limited service time. Since research has indicated that customers orders can be taken and completed faster than the system can process their payments, customers are ensured their food by the time they are ready to pay.
Register One – This register will be designed to take customers orders only. As orders are entered into our system, each customers tailored order is immediately sent to the necessary location in our kitchen for the order to begin. This includes all burgers, salads, sides and beverages. Once a customers order has been placed, they will receive a numbered receipt with their order on it and they will enter the quene for the second register.
Register Two – Customers who enter the quene will then proceed to this register to pay for their order. Each customer will present their numbered receipt to the Burnie’s Family Member behind it, from where customers will have the opportunity to pay for their order by one of three methods; cash, debit card or credit card. Customers will then move into another quene will they will receive their completed order.
Burnie’s Signature Grill – Our grill will be the highlight of our restaurant by designing the flow of our operations around it. The intricate design of our grill will ensure consistency across the board for each and every order placed. Burnie’s Signature Grill will be designed according to a grid containing a specified number of boxes that will be coordinated to a computer screen mounted just above it. Since the system itself knows the proper time necessary to cook each individual customers order, it automatically informs the person cooking their food at the precise time their item is to be flipped, and then again when the order is complete. It is designed to take the guesswork out of the cooking process and ensures all of our employees can work the grill with ease. The process is as follows:
Once an order is entered into our system and it is received by the monitor mounted above the grill, the order is begun.
The employee working the grill will then reach into one of a number of cold storage draws underneath the grill containing the specific item to be cooked, and it will be placed on the grill according to the spot on the screen designated by the system. Items in the cold storage draw will be prepared weekly and then stored accordingly.
The employee will then touch the box on the screen when the patty has been placed and the box will turn blue indicating the order has started cooking. When the order is to be flipped at a time determined by the system, and adjusted automatically to how the order itself is to be cooked (., med, med-well, well), the corresponding box will turn yellow and the burger is to be flipped.
The employee will then hit the corresponding box, and the timer will begin to countdown once again until the box turns green and the order has finished cooking. The order will then move to a sandwich preparation table with the same corresponding grid when an employee has already prepared the customers desired bun (., plain, whole wheat, multigrain, lettuce) with the requested condiments already on them (., lettuce, tomato, ketchup). The sandwich is then wrapped and placed on a tray where the customer’s order is met with their side items and beverage of choice.
Burnie’s Salad Station – Our salad station is to be linked up to the system in the same fashion as the grill, in that the order is received as soon as it is entered into the system. What makes out process unique to Burnie’s, is that each ingredient that is used in our salads is stored in a cold storage salad preparation cooler, with each bin containing a specific ingredient and labeled with a pre-determined number. When orders are received, rather than each employee having to read and determine each ingredient to be used, all they have to do is follow the order ticket that has been coded in the sequence the necessary ingredients are to be placed in the salad according to number. Once again, this takes the guesswork out of the preparation process and ensures our orders are prepared properly on a consistent basis.
Side-Kicks – Our side bar will prepare and serve all side items that are offered on the Burnie’s menu. It is linked up to the system in the same manner as our grill and salad stations, only many of the items are prepared before the order has been placed, and are being stored in warming bins or under radiant heat lamps until ready to be served.
Elixir Bar – The Elixir Bar is where customer’s beverages will be prepared according to the desired flavor and combination of seltzer, tonic, or spring waters. Each is unique in flavor, and the combinations of the available waters offer each flavor a little twist. This station will again be hooked up to the system, but beverages will only be prepared once the remainder of the customer’s order is complete and the customer approaches the station. Since beverages are priced according to size and not flavor, customers will have the ability to change their mind if so desired.
<small>Systems & Controls
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<small>A big emphasis is being placed on extensive research into the quality and integrity of our products and service. Burnie’s will constantly be maintaining and testing our food and staff for our own high standards of freshness and purity. Food costs and inventory control will be handled by our computer system and be checked daily by management. Inventory ordering systems will be electronically linked to our suppliers, and automatically alert managers as to when to place orders with them according to our necessary inventory levels.
To ensure consistency on every visit, many of the controls for the production of food at Burnie’s are going to be built into the system itself. This will take the burden off our employees and allow them and our management team to focus on the most important part of our business…the customer. Nonetheless, testing of our food will be conducted by management at the beginning of every workday and before every shift.
Location
<small>Burnie’s Organic Grill will be open for lunch and dinner 7 days a week. Service will begin at 10:00 . and wrap up each night at 10:00 . The restaurant will be in operation 355 days per year, and will be closed in observance of various holidays including, but not limited to Christmas, Thanksgiving, and the Fourth of July.
As the exact location of choice in Aventura, FL has yet to be determined, we are currently in the process of seeking those sites that will be able to me our requirements. We are essentially seeking a location within a shopping center or a pre-existing structure with ample parking for twenty or more cars. In order for Burnie’s to operate according to our specifications, the following will be required:
2,100 – 2,500 sq. ft.
Approximate Build out price - $ per sq. ft.
Lease - $5 - $8 per sq. ft. per month
Zoning - Aventura, FL - B1 Neighborhood, B2 Community, or B3 Heavy Business Districts
Utilities
Gas & Electric – Florida Power & Lighting Company
Water & Sewer – Viterra Water Company
Phone – Vonage
Internet – Comcast Cable Internet Service
Legal Environment
General Information
Any entity that transacts business in Florida as a corporation is required by Florida Statutes to file documents of incorporation or authorization with the Division and pay the filing fee.
The documents must be typewritten or printed legibly in the English language.
Each year after the initial filing, all corporations must file an annual report and pay the filing fee between January 1 and May 1. Failure to file an annual report will result in administrative dissolution of the corporation and loss of authorization to transact business as a corporation in Florida.
Preliminary advice and research has resulted in the choice of the ‘Corporation’ structure’. Our corporation would therefore exist as a separate legal entity that must be incorporated with the Florida Department of State, Division of Corporations; the compulsory incorporation fee in this state is $70.
The key benefit of this structure is the avoidance of personal liability. Thus, similar to individuals, our corporation will be held legally liable for its own actions. It is important to note, however, that while our liability is limited to our equity ownership, we can be held for certain personal actions like failure to pay employment taxes (United States Small Business Administration, 2005/Forms of business ownership).
The specific corporation type we will choose is the Sub S Corporation as it avoids double taxation, since it is exempted from federal income tax, other than tax on specific capital gains and passive income. As the corporation shareholders, on our tax returns, we would have to include our share of the corporation’s separately stated income or loss credit as well as our share of non-separately stated income or loss.
Our company will be fully incorporated once all the relevant documents have been filed and mandatory government fees have been paid.
Forms, Permits & Licenses
In order for Burnie’s to operate as a corporation in the United States and in the State of Florida, the following forms, permits, licenses and fees must be filed in the following categories.
Burnie’s Organic Grill will file online at for Fictitious Name registration
Federal
File form SS-4 with the Internal Revenue Service and receive a federal Employer Identification Number (EIN).
File quarterly federal tax returns and an annual unemployment tax return.
State
File a “Fictitious Name” registration - A Fictitious Name Registration is required of individuals who do business under any name other than their legal personal name or under a properly registered corporate name, partnership, trademark or service mark. The purpose of Chapter , Florida Statutes, known as the Fictitious Name Act, is to insure a public record of the identity of a fictitious name owner. Registration under this act does not reserve or protect a fictitious name against use by another party, nor does it provide rights to the use of a trade name, trademark, service mark or corporate name. The Division does not screen names submitted for registration against any other recorded information. We will contact the Division or check the Division's website to see if the name is already in use. After which we will file our restaurant under the name Burnie’s Organic Grill.
To simplify this complex process, we will purchase the Gold Service from the Florida Incorporation Service, for a total of $ (inclusive of $70 state filing fees). The Gold Service includes the following:
Preliminary Name Check
Expedited Filed Articles of Incorporation
Federal Employer Identification Number
Filed Sub-S Election
Corporate Kit – customized forms & seals
Copy of Florida Business Guide
This online service will give us step-by-step instructions and provide us with helpful prompts throughout. Our information will also be protected by their system, and the relevant incorporation documents will be automatically prepared. With this incorporation method, the high costs of hiring an attorney to create legal documents will be avoided (State of , 2005).
Burnie’s Organic Grill will file online at to register
Registrations are filed with the Division of Corporations in Tallahassee, not with city or county offices. Their breakdown of some of the associated fees are as follows:
Filing Fees - $
Registered Agent Designation - $
Trade & service Marks (per class) - $
Trade & Service Mark assignment - $
Foreign Name Registration - $
Collect sales tax, both state and in some cases county, for all sales within the restaurant and have a Sales Tax Certificate. Burnie’s will contact the Florida Department of Revenue (DOR) for their required certificates and monthly payment booklets. Burnie’s will register online for free or file Form DR-1 for $5 one-time charge.
File a “New Hire Reporting Form” for every new employee, full-time or part-time.
Local
Occupational License must be filed by Burnie’s Organic Grill to operate in the state of Florida within the city limits of Aventura. The cost of an occupational license will vary according the value of inventory on-hand, upon business commencement.
Burnie’s estimates a fee of $ based on $10,000 of start-up inventory
Insurance Coverage
Burnie’s Organic Grill will use CSI: Entertainment and Hospitality Experts as their primary insurer of its business operation. CSI is an independent Insurance Management Company that focuses on entertainment and hospitality businesses, with access to dozens of insurance companies. Over the last 10 years the CSI team has place insurance coverage for over 4000 Entertainment Companies including; Live music venues, night clubs, bars, restaurants, concert promoters, touring artists, trade shows / expos, conferences, film and television, festivals, community events, sports, and dozens of others. Burnie’s will be covered by CSI Standard Restaurant Coverage that is specifically tailored to the restaurant industry. The following are covered under our desired policy:
General Liability: Will pay those sums that the insured becomes legally obligated to pay as damages because of a lawsuit or claim involving accidental bodily injury or property damage on the insured's premise during the normal course of business. Typically this includes legal defense cost.
Property/Contents: Will pay for direct physical loss of damage to covered unattached physical items such as tables, chairs, inventory, etc. located at the insured's premises, and caused by or resulting from any covered causes of loss, such as Fire, Theft, Windstorm, etc.
Property/Tenant Improvement: Will pay for direct physical loss or damage to covered attached physical property which was originally paid for by the tenant.
Property/Building: Will pay for direct physical loss or damage to a covered building from a covered peril such as Fire, Theft, Windstorm, etc.
Workers Compensation: Provides coverage for employees and other independent contractors, if they are injured on the job.
Trademarks, Copyrights, Patents
Trademarks
These are words, symbols, names, internet domain names, packaging and labeling that distinguish one business’s product from another’s. Although registration provides greater protection, trademarks that aren’t registered still legally protect owners.
Burnie’s Organic Grill’s distinct trademarks will be legally registered through the . Patent and Trademark Office and with the Florida Department of State, Division of Corporations. A trademark submitted to the Patent Trademark Office is placed on either the Principal Register, which offers full protection indefinitely, or the Supplemental Register. Registering provides Burnie’s with the following protections:
Constructive notice to the public of the registrant's claim of ownership of the mark;
A legal presumption of the registrant's ownership of the mark and the registrant's exclusive right to use the mark nationwide on or in connection with the goods and/or services listed in the registration;
The ability to bring an action concerning the mark in federal court;
The use of the . registration as a basis to obtain registration in foreign countries; and
The ability to file the . registration with the . Customs Service to prevent importation of infringing foreign goods.
Burnie’s Organic Grill is currently in the process of having a logo designed by the New York based, global graphic design firm BBDO Worldwide. Preliminary designs can be found in the Appendix of this plan.
Personnel Plan
The restaurant industry is labor intensive, with traditionally high turnover rates that often result in lowering hiring standards and typically results in less motivated, poor performing workers. According to the United States Department of Labor, federal minimum wage standards are set at $ per hour. However, The State of Florida determines that their minimum wage standard is to be set at $ per hour. In order for Burnie’s to attract and retain a highly motivated quality work staff, we plan on paying our employees $ per hour. We feel that a well paid and educated staff will clearly offset the additional cost by providing exceptional customer service which will only add to our bottom line through satisfied customers and repeat business.
Managers will be responsible for the daily operations of the restaurant and oversee employees as they prepare and serve meals and beverages to customers. Besides coordinating activities among various departments, such as the kitchen and dining room, food service managers will ensure that every customer is satisfied with their dining experience every time. In addition, they will oversee the inventory and ordering of food, equipment, and supplies and arrange for the routine maintenance and upkeep of the restaurant, its equipment, and facilities. Managers will generally be responsible for all of the administrative and human-resource functions of running the business, including recruiting new employees and monitoring employee performance and training. Managers at Burnie’s will also be responsible for supervising routine food preparation operations.
In addition, managers at Burnie’s will be trained and in charge of training new and existing employees on the proper preparation and safe-handling procedures required for food service establishments. Each employee will be cross-trained in each of our various departments to maximize job satisfaction and fulfillment, and to prevent stoppage of operations due to a lack of skilled labor.
To operate from 10:00 . to 10:00 . seven days a week, Burnie’s requires six staff people per six hour shift, for a total of 12 employees per day. This equates to six 12-hour shifts per day. To rotate daily schedules, we anticipate a total of 10 hourly staff for our first year of operations, plus two managers on set salary. Total hours worked will increase incrementally as sales volume increases.
Payroll Tax is projected at 10% of payroll. The owners will not be considered as staff, as they will take divided distributions and paid-out capital in lieu of salary, contingent upon review by an Accountant.
Total Payroll for the first year is projected at $267,387. Burnie’s anticipates an industry growth rate in annual sales of % based on growth rate statistics, but predict our own sales to grow at % due to the nature the organic food industry is projected to grow. Our payroll should increase to meet this additional volume, rising to $272,200 in year to and to $277,099.
The following table provides payroll costs for the first three years of operations. A 12-month detail is provided in the Appendix of this plan.
Suppliers
As mentioned previously, Burnie’s realize that there are numerous other businesses that we will depend on to assist us in creating an outstanding dining experience for our customers. We know that our success depends mainly on their abilities to deliver our goods reliably, in on consistent basis. By creating long-lasting, dedicated, and prosperous relationships, we hope to grow exponentially along with our suppliers and vendors alike. We will view our trade partners as friends and allies in serving our owners and stakeholders.
Burnie’s Organic Grill will utilize a number of organic produce and beverage suppliers in order to provide our customers with the freshest and highest quality ingredients around. Below is a list of just a few of the suppliers we have been in contact with.
Albert’s Organics
Albert's Organics carries a full line of organic fresh fruits and vegetables. All of the produce they sell is certified organic and in compliance with the National Organic Standards. In addition, all of the Albert's Organics facilities are certified by Quality Assurance International (QAI), a federally recognized independent third-party certification organization. They are the very first certified distributor of organic produce in the United States, and have been certified since 1996.
Global Organics
As Florida’s only locally owned, full service organic produce company, Global Organics is committed to procuring only the highest quality organic products available. They sell them at competitive prices, and strive to ensure complete satisfaction. It is their mission to promote the cultivation of organics and the consumption of organic products through informative discussions with farmers and consumers. Their sales team has extensive as well as diverse organic produce experience and knowledge. Global Organics on-site office, allows us team to see, taste, and inspect the produce first hand. This allows Global to better serve their customers, with accurate, detailed information.
Annie’s Naturals
Annie’s Naturals is a supplier and creator of healthy, gourmet salad dressings and vinaigrettes in unique and innovative flavors, made using only top-quality ingredients and creative packaging. They have become the most popular dressings in the natural foods market and Annie's Naturals has become a nationally known specialty and natural foods company.
Elixir Tonics & Teas
Founded in 1998, Elixir Tonic and Teas have gained wild popularity in recent years as Hollywood’s elite flock to get their hands on this truly unique beverage experience. Burnie’s Organic Grill plans to introduce this concept to South Florida, in an effort to complement our products like never before. They have eight years of operational success, an extraordinarily high level of customer loyalty and media interest, and are everyday, further resolved and committed to doing their part to help shape a new paradigm of health and wellness in the world - a paradigm of Vitality, Longevity and Optimal Health.
Maximum Capital Corporation
Burnie’s Organic Grill has decided to go with Maximum Capital Corporation as their primary supplier of kitchen and restaurant equipment. Maximum Capital Corporation is a Southern California-based equipment financing firm that provides lending services to small, medium and large sized businesses nationwide. They have the ability to structure sales and leases for all types of new and used equipment, starting from $3,000 on up to $10,000,000. Their resources allow them to provide us the opportunity to acquire the equipment to accommodate our business needs and help us grow. They provide top notch service, dependability and consistency to all of their clients, while providing extremely attractive rates and terms.
A complete list of our suppliers can be found in the Appendix of this plan.
Management and Organization
Sloan Sehr, the founder and owner of Burnie’s Organic Grill holds an MBA from the Nova Southeastern University H. Wayne Huizenga School of Business & Entrepreneurship. He also graduated from the State University of New York at Albany, with a . in Business Administration. Sloan has worked for several restaurants and beach clubs over the course of his career, and most previously held the Assistant Managers position at a prominent Long Island beach club and resort. His management style is innovative and reflects accurately in keeping the corporate style outlined in the mission statement.
Management
We are presently searching for a general manager and executive chef. These key employees will be well chosen and given incentives for performance and growth. Additionally, these employees will be responsible for managing the day-to-day business operations as well as assisting in the hiring and training of new and prospective employees. Sloan will manage the overall operations of the restaurant and be responsible for managing the finances and advertising for the restaurant.
Management Structure & Style
Sloan Sehr will be the President and Chief Operating Officer of Burnie’s Grill. The general manager and staff manager will report to him on the day-to-day business operations, as well as assist in all decision making processes. All subordinate employees will report directly to Mr. Sehr or either manager on duty.
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Start Expenses and Capitalization
For comparison purposes, the owners are benchmarking operating statistics against the industry average, based on the National Restaurant’s statistics. In an effort to reduce costs across the board, Burnie’s has decided to lease restaurant space rather than buy and will purchase previously used equipment whenever feasible.
Burnie’s Organic Grill will be seeking financing from one of the two following sources: Venture Capital and Angel Investors. Quick overviews of these two sources of funding are as follows:
Venture capital is a fund raising technique for companies who are willing to exchange equity in their company in return for money to grow or expand their business. It can be raised for all types of business, both technology and non-technology businesses. Venture Capital also invests across stages – from the early stage seed venture, to later stage mezzanine financing. These firms usually require a high rate of return on their investment (20%+ per annum) and finance provided to the business is typically in the range of $500,000 to many millions of dollars.
An Angel Investor generally desires less control of your company and a slower rate of return on their investment; however, the criteria for investment are likely to be similar. Angel Investor groups are great sources of private capital and frequently invest angel money into new companies.
Wishing to keep and maintain controls over the processes and methodology from which we wish to run our company is of the utmost importance in adhering to high standards of quality which we have set for ourselves. After carefully reviewing both options from which to seek financing, Burnie’s has first decided to explore the option of Angel Investor groups for our preliminary financing.
Startup Costs
Start-up costs are estimated at $377,. The amount will be financed by the owner’s contribution of $30,000, and a loan from investors in the amount of $347,. Details concerning the conditions under which the repayment of the loan will proceed have yet to be taken under discussion. However, for purposes of accurate cost projections we are estimating a financing charge of 8%.
The following table is a breakdown of start-up costs and required funding, which reflects a cash balance of $69, remaining after start-up expenses. This balance is expected to pay all operating wages for the first three months prior to opening and the restaurant begins to generate positive net revenue. The owners will not begin to take a profit distribution until the end of fiscal year one and the restaurant is in a stable financial position. In addition, operating cash flow will never be allowed to fall be $9,000 each month.
Other Current Assets
The line item ‘Other Current Assets’, which totals $288, in the Start-Up table, is included in the Balance Sheet for depreciation purposes. The following is a breakdown of these items, which are targets specifically for start-up expenses and will be purchased and used in the first month of operations.
10. Financial Plan
The Financial Plan includes the following:
Important Assumptions
Break-Even Analysis
Projected Profit and Loss
Projected Cash Flow
Projected Balance Sheet
Exit Strategy
Important Assumptions
The restaurant industry is generally categorized as ‘risky’ due to thin margins and a relatively high turnover failure rate. For the purposes of financial forecasting in the business plan, all projections are benchmarked against industry averages as provided by the National Restaurant Association and weighted accordingly by organic industry averages.
With initial start-up capital of $354,, Burnie’s is forecasting $890,123 in gross sales in the first year of operations when reaching full capacity in month eight. This is projected to climb to $1,288, in the second full year of operation, and will reach a level of $1,338,400 by year three. Net profits are forecasted at $114, in the first year, $329, in the second year and $356, by the end of year three. Net profit from sales is projected at % in the first year, % in the second year and % in the third year.
Break-even Analysis
Burnie’s is expected to reach a monthly break even level of 4,611 units with monthly break-even revenue of $55,332. The assumptions include average per-unit revenue of $ and an average per-unit variable cost of $. We are estimating a per unit profit of $ per, with estimated monthly fixed costs at $37,716.
Projected Profit and Loss
Burnie’s first-year sales are projected at $890,, with a direct variable cost percentage of 33% resulting in a cost of goods sold total of $293,. This produces a gross margin of 67% in the first year. Revenue increases to $1,288, in the second year and $1,338, in the third year, with the gross margins remaining at 67%.
The Profit and Loss table reflects the interest expense incurred in paying back the start-up loan. In the first year, Burnie’s projected cost of capital is $45,531 including repayment of the principal amortized over the period of the loan. This increases to $60,708 in years two and three as payments occur over a twelve-month period compared to nine-months in year one.
Net profits are forecasted at $114, in the first year of operation, increasing to $321, in the second year and reaching a high of $356, in year three.
A complete 12-month Profit and Loss Projection can be located in the Appendix of this plan.
Projected Cash Flow
Burnie’s Organic Grill projects a net cash flow of $64, in the first year, increasing to $179, in the second year and falling to $156, in the third year. Net cash flow is projected to be positive following the fourth month of operation, and never falling below $9,800.
Cash balance is projected at $130, in the first year of operations, increasing to $309, in the second year and $466, in the third year.
Projected Balance Sheet
Burnie’s assets are projected at $270, in the first year, increasing to $437, in the second and first complete year of operation. Assets are slated to reach $577, by the third year of business. Liabilities are listed at $80,293 in the first year of opening, $96, in the second year and $97, in the third year.
Net worth is projected at $189, for the first year, leaping to $341, in the second year and reaching $479, by the end of year three.
A detailed 12-month Balance Sheet is provided in the Appendix of this plan.
11. Long-Term Development & Exit Strategy
Burnie’s Organic Grill is a highly innovative concept that is specifically targeting one of the hottest trends in the foods industry and a new, rapidly growing market. Through extensive research and careful consideration, Burnie’s anticipates that the market will respond immediately to our concept and continue to grow over the next 5 years. It is imperative and our ultimate goal to create a reputation of unparalleled health, quality, and consistency that will make us the leader of a new way to dine great.
Our marketing efforts will be concentrated on attracting, satisfying and delighting new and existing customers as we continue to grow in the crucial first stages of operation. We truly believe our combination of gourmet and highly unique take-out or dine-in menu offerings will be our strongest competitive advantage and will be our most promising area for growth. As the market evolves and changes, new products will be introduced and the menu tailored to cater to customers demands and satisfy tastes.
After Burnie’s opens and continues to grow, we will be keeping a close eye on our sales and profit margins in an effort to continually improve our operations and marketing’s efficiency and effectiveness. Once established and successful, after the first-year of operations, Burnie’s will begin preparing and formalizing our strict standards and operating procedures while securing long-term relationships and contracts with suppliers to begin preparing for the franchise stage of our business. At the start of year-three, we expect to be opening an additional two to four locations in and around South Florida, while exploring opportunities in the Southern California market. By year-five Burnie’s hopes to begin our expansion phase into becoming a national franchise in an effort to reach a high of 500 Burnie’s Organic Grill locations by year-ten. We will also entertain the possibility of a buy-out by a larger restaurant chain while carefully analyzing our current position before deciding on a course of action.
By integrating our knowledge and by hiring and surrounding ourselves with a highly-dedicated and experienced management team, coupled with the development and implementation of a detailed business plan, we truly believe Burnie’s will be a complete success and that our information supports the launch this venture. Based on due diligence, Burnie’s deems that our financial forecast supports the investing of our personal savings, along with securing financing of the balance in developing the restaurant. We anticipate developing a successful, long-term venture that will provide a sustainable competitive advantage in achieving and maintaining high net revenues and viable jobs for our communities.
Burnie’s recognizes the high-risk involved in a restaurant venture, and that the success of our project hinges on the strength our staff, dedication to our concept, exceeding our customer’s expectations, and ultimately providing great food with even better service on every visit. In any event that the venture cannot achieve profitability we will attempt to sell our restaurant, with the proceeds first used to pay any outstanding debts. If it is deemed that we are unable to sell and we cannot recover our personal investment, we will be forced to default on all loan and investor obligations.
Burnie’s Organic Grill
Menu
Signature Burgers
Pesto & Sun-Dried Tomato Beef Pinwheel Burger
Spinach & Feta Cheese Beef Pinwheel Burger
Portobello & Shitake Mushroom Beef Pinwheel Burger
½ Pound Buffalo Burger
½ Pound Sloan Burger (Teriyaki & Lemmon Pepper)
Veggie Burger
Balsamic Marinated Extra Large Portobello Mushroom Cap with Boursin Cheese
Grilled Chicken Burger
Exotic Salads
Orange Caesar Salad
Grilled Chicken Caesar Salad
Teriyaki Steak Fajita Salad with Mango Dressing
Flank Steak Salad with Pineapple Salsa
Roasted Beets, Asparagus, Goat Cheese and Grilled Chicken/Steak Salad
Spaghetti Squash Salad
Barbecued Thai Chicken Salad
Chicken and Pear Salad on Arugula
Tangy Raspberry Salad
Delectable Sides
Broccoli Salad with Bacon Bits, Sunflower Seeds, Honey Roasted Sliced Almonds
Raspberry Balsamic Marinated Cherry Tomatoes, Onions, Portobello Mushrooms
Hummus with Tri-Colored Pita Chips
Shoestring Fries
Sweet Potato Fries
Coleslaw
Vegetarian Chili
Butternut Squash Mash Potatoes
Corn & Tomato Toss
Tropical Chicken Waldorf Salad
Recent Developments in the Organic Foods Industry:
Organic hamburger patties produced by Wisconsin farmers and sold through Organic Valley () have replaced traditional quarter-pound patties in University of Wisconsin Housing Food Service cafeterias.
Schools are testing organic products in vending machines. Stonyfield Farm has helped roll out “healthy vending machines” featuring nutritional organic and natural products. The machines are now installed in various schools throughout the nation.
Supermarket and department store chains, such as Meijer Inc., Super Target, Kroger, Price Chopper, Giant Food Inc., Stop & Shop Supermarket Companies, and King Soopers, are offering more organic products. For instance, Super Target grocery stores in Alabama, Colorado, Florida, Georgia, Indiana, Kansas, Minnesota, Nebraska, Texas and Utah now market organic boneless chicken breasts, organic gluten-free skinless frankfurters, organic gourmet chicken brats and jumbo hamburger patties produced by Wholesome Harvest. Meanwhile, Raley’s and Bel Air are now offering Dakota Beef’s 100 percent certified organic beef in all of their 117 North California and Nevada stores.
Song, Delta Air Lines’ low-fare air service, has added organic food items for babies and children for purchase on board, in addition to its offerings for other age groups.
Procter & Gamble Co. has expanded sales of its organic Fair Trade coffee from online and telephone orders to supermarkets, mass retailers and drugstores.
The Sterling Café in Seattle, WA, has received organic certification from the Washington State Department of Agriculture.
Bon Appétit Management Co. has begun recruiting growers to supply organic produce for companies and institutions it serves in Washington State. As a result, fresh organic produce will be on menus at the Seattle Art Museum, Amgen, and Seattle University.
White Wave’s half-gallon organic Silk( Chocolate is America’s single best-selling product in the chocolate milk category, according to grocery sales tracker Information Resources, Inc.
Kaiser Permanente has taken steps to encourage the establishment of farmers’ markets at its medical centers, beginning in the San Francisco Bay, CA, area. According to an Aug. 6, 2004, article in the San Francisco Business Times, Kaiser’s Oakland medical center since May 2003 has hosted a weekly farmers’ market that draws as many as 1,000 employees, physicians, patients and neighbors to buy organic produce from local farmers. Since then, Kaiser’s San Francisco center got its own market, and Kaiser’s Hawaii unit has launched similar venues. During 2004, Kaiser opened an organic farm stand at its Richmond, CA, medical center, where low-income neighborhood residents can buy hard-to-find fresh produce. Farmers’ markets have also started up at Kaiser’s Santa Theresa and Santa Clara medical centers.
Olympia, WA, grade schools now offer organic salad bars to their students. Lincoln Elementary in Olympia managed to cut its lunch costs by two cents a meal even though it offers a full organic menu. To do so, it eliminated desserts other than fruits.
The Seattle School District, Seattle, WA, recently adopted a policy banning foods containing high levels of sugar and fat and encouraging offering organic food in school cafeterias whenever feasible. The school board policy is available at
Whole Foods Market in Monterey, CA, has designed a school lunch program that it is pitching to private schools around Monterey County. As a result, All Saints Episcopal Day School in Carmel, Valley, signed up for the program which features lunches offering organic products whenever possible and avoiding the use of hydrogenated fats, artificial colors, flavors and preservatives.
The Berkeley, CA, Unified School District has earned the “Golden Carrot Award” from the Physicians Committee for Responsible Medicine for its efforts to get junk food out of its schools and to guide students toward healthy eating, including incorporating organic produce.
The Hopkins, Minnesota, school district has revamped its school lunch program to incorporate more whole grains and organic foods.
Due to demand, Yale University has expanded its sustainable food menu, including organic entrees, from its Berkeley College dining hall to 10 open residential college dining halls. Cost, however, is still a hurdle, according to dining service officials.
. Organic Industry Standards
How were the National Organic Standards created?
Passage of the Organic Foods Production Act (OFPA) in 1990 (Title XXI, 1990 Farm Bill) created the U. S. National Organic Standards. The National Organic Program (NOP) of the Agricultural Marketing Service, United States Department of Agriculture (USDA), is authorized to enforce OFPA.
What is the National Organic Program’s role?
NOP has the responsibility of implementing the organic standards now that there is a final rule. NOP’s role is to accredit state agencies and private organizations that will certify organic producers and handlers, and to oversee enforcement of the standards.
Who developed the National Organic Standards?
OFPA mandated the formation of the National Organic Standards Board (NOSB) to advise the Secretary of Agriculture in setting the standards for the National Organic Program. NOSB based its recommendations on industry consensus. The board asked for and received an unprecedented amount of public input from farmers, businesses, and consumers during every step of its decision-making process. NOSB consists of four farmers, two handlers/processors, one retailer, one scientist, three consumer/public-interest advocates, three environmentalists, and a certifying agent. USDA appoints NOSB members.
What is the current status of the standards?
On Dec. 21, 2000, the U. S. Department of Agriculture published a final rule to implement national organic standards. The organic rule went into effect April 21, 2001, and will be fully implemented on October 21, 2002.
What happens next?
There is an 18-month implementation period so that producers and processors can comply with the new standards. This implementation period will end in October 2002. At that time, players in the organic industry must be in compliance with the requirements of the rule.
What do the national organic regulations include?
As promised by USDA, the regulations:
prohibit the use of irradiation, sewage sludge, or genetically modified organisms in organic production;
reflect NOSB recommendations concerning items on the national list of allowed synthetic and prohibited natural substances;
prohibit antibiotics in organic meat and poultry; and
require 100% organic feed for organic livestock.
What is the role of the National Organic Standards Board in this process?
NOSB serves as an advisory board to USDA. NOSB recommendations regarding substances that are allowed and prohibited are part of the final rule.
How did the Organic Trade Association prepare for national organic standards?
OTA has long sought national organic standards. Most recently it updated its industry guidelines, resulting in the completion and adoption of the American Organic Standards in October 1999. In addition, OTA submitted detailed comments to USDA to consider in drawing up the final rule.
What is the European Union’s current position on U. S. standards for organic?
U. S. exports to the European Union (EU) have had to be certified by certifying agencies accredited as meeting International Organization for Standardization ISO Guide 65 requirements. Now, with . national organic standards, USDA and EU officials are working on developing an equivalency agreement to expedite exports between the two regions.
Have there been other changes in USDA policy related to organic production?
Due to the organic industry’s advocacy, the USDA changed its policy to allow certified organic meat and poultry products to include the word "organic" on product labels on January 14, 1999. Producers still must seek Food Safety Inspection Service approval prior to labeling products. Certified organic meat and poultry products are now available in markets nationwide.
What will national standards mean for consumers?
Once the national standards are fully implemented in October 2002, all agricultural products labeled "organic" must be in compliance with U. S. organic law. The word "organic" on U. S. products will mean that the ingredients and production methods have been verified by an accredited certification agency as meeting or exceeding USDA standards for organic production. In short, consumers will have the assurance that products labeled "organic" have been produced in compliance with the standards set forth by USDA.
Burnie’s Organic Food & Produce Suppliers
Albert's South Division
621 Snively Avenue Winter Haven, FL 33880 Phone: 800-996-0004
Website: Sales Manager - Randy LaRoche - ext 327 or rlaroche@
Global Organics / Specialty Source, Inc. 7354 16th Street East, Suite 116 Sarasota, Florida 34243 Phone: 1-877-952-1198
Purchasing Fax: (941) 351-4240
Website:
Annie’s Naturals
792 Foster Hill Road
North Calais, Vermont 05650
Phone: 1-800-434-1234 ext. 313
Fax: 1-802-456-8865
Website:
E-mail: vicki@
Elixir Tonics & Teas
1017 North Orange Drive
Los Angeles, CA 90038
Phone: (323) 850-9450
Fax: (323) 850-9451
Website:
Sales Manager: Cheri Selva – cheri@
Whole Foods Market 21105 Biscayne Blvd Aventura, FL 33180 Phone: (305) 933-1543 Fax: (305) 933-2567
Website:
Burnie’s Sample Logos
Note: All logos are preliminary and are still currently being designed by graphic design artist Luke Locastro of design firm BBDO Worldwide of New York.
Burnie’s Organic Grill PAGE 43
Sheet1
Break-Even Analysis:
Monthly Units Break-even 4611
Monthly Revenue Break-even 55332
Assumptions:
Average Per-Unit Revenue $
Average Per-Unit Variable Cost $
Estimated Monthly Fixed Cost 37716
Profit Per Unit $
Sheet2
Units Fixed Cost Total Cost Total Revenue Profit
0 $37, $37, $ ($37,)
100 $37, $38, $1, ($36,)
200 $37, $38, $2, ($36,)
300 $37, $38, $3, ($35,)
400 $37, $39, $4, ($34,)
500 $37, $39, $6, ($33,)
600 $37, $40, $7, ($32,)
700 $37, $40, $8, ($31,)
800 $37, $40, $9, ($31,)
900 $37, $41, $10, ($30,)
1000 $37, $41, $12, ($29,)
1100 $37, $41, $13, ($28,)
1200 $37, $42, $14, ($27,)
1300 $37, $42, $15, ($27,)
1400 $37, $43, $16, ($26,)
1500 $37, $43, $18, ($25,)
1600 $37, $43, $19, ($24,)
1700 $37, $44, $20, ($23,)
1800 $37, $44, $21, ($22,)
1900 $37, $44, $22, ($22,)
2000 $37, $45, $24, ($21,)
2100 $37, $45, $25, ($20,)
2200 $37, $46, $26, ($19,)
2300 $37, $46, $27, ($18,)
2400 $37, $46, $28, ($18,)
2500 $37, $47, $30, ($17,)
2600 $37, $47, $31, ($16,)
2700 $37, $48, $32, ($15,)
2800 $37, $48, $33, ($14,)
2900 $37, $48, $34, ($13,)
3000 $37, $49, $36, ($13,)
3100 $37, $49, $37, ($12,)
3200 $37, $49, $38, ($11,)
3300 $37, $50, $39, ($10,)
3400 $37, $50, $40, ($9,)
3500 $37, $51, $42, ($9,)
3600 $37, $51, $43, ($8,)
3700 $37, $51, $44, ($7,)
3800 $37, $52, $45, ($6,)
3900 $37, $52, $46, ($5,)
4000 $37, $52, $48, ($4,)
4100 $37, $53, $49, ($4,)
4200 $37, $53, $50, ($3,)
4300 $37, $54, $51, ($2,)
4400 $37, $54, $52, ($1,)
4500 $37, $54, $54, ($)
4600 $37, $55, $55, ($)
Sheet2
37716 37716 0
37716 38098 1200
37716 38480 2400
37716 38862 3600
37716 39244 4800
37716 39626 6000
37716 40008 7200
37716 40390 8400
37716 40772 9600
37716 41154 10800
37716 41536 12000
37716 41918 13200
37716 42300 14400
37716 42682 15600
37716 43064 16800
37716 43446 18000
37716 43828 19200
37716 44210 20400
37716 44592 21600
37716 44974 22800
37716 45356 24000
37716 45738 25200
37716 46120 26400
37716 46502 27600
37716 46884 28800
37716 47266 30000
37716 47648 31200
37716 48030 32400
37716 48412 33600
37716 48794 34800
37716 49176 36000
37716 49558 37200
37716 49940 38400
37716 50322 39600
37716 50704 40800
37716 51086 42000
37716 51468 43200
37716 51850 44400
37716 52232 45600
37716 52614 46800
37716 52996 48000
37716 53378 49200
37716 53760 50400
37716 54142 51600
37716 54524 52800
37716 54906 54000
37716 55288 55200
Fixed Cost
Total Cost
Total Revenue
Sales Volumee
Dollars
Break-Even Analysis
Sheet3
Cash Flow
Projected Cash Flow 2006 2007 2008
Cash Received
Cash from Operations:
Cash Sales $890, $1,288, $1,338,
Cash from Receivables
Subtotal Cash from Operations $890, $1,288, $1,338,
Additional Cash Received
New Current Borrowing
New Other Current Liabilities (interest-free)
New Long-Term Liabilities
Sales of Other Current Assets
Sales of Long-Term Assets
New Investments Received
Subtotal Cash Received $890, $1,288, $1,338,
Expenditures
Expenditures from Operations:
Cash Spending
Payment of Accounts Payable 779, 1,048,566 1,120,
Subtotal Spent on Operations $729, $898, $920,
Additional Cash Spent
Principal Repayment of Current Borrowing $45, $60, $60,
Other Liabilities Principal Repayment
Long-Term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-Term Assets
Dividends $50, $150, $200,
Subtotal Cash Spent $825, $1,109, $1,181,
Net Cash Flow 64, 179, 156,
Cash Balance $130, 309, 466,
Sheet2
Sheet3
3-Year P&L
3-Year Profit and Loss of Projection
Year 2006 2007 2008
Revenue
Projected Sales Per Year $890, $1,288, $1,338,
% of Projected Sales/Year 100% 100% 100%
Total Sales 890,123 1,288, 1,338,400
Expenses
Capital Exepnditures
Advertising $29, $25, $25,
Total Capital Expenditures 29,000 25,000 25,000
Variable Cost
VC Percentage of Sales
Total Variable Costs 293, 425, 441,672
Fixed Costs
Cost of Capital (est. 8% + Principal) $45, $60, $60,
Rent (1st Month = Rent + Sec. Deposit) $78, $72, $72,
Management $80, $81, $82,
Labor $141, $186, $189,
Insurance $48, 48,864 49,
Micellaneous $60, $60, $60,
Total Fixed Costs 452,597 509, 514,
Total Capital, Variable & Fixed Costs 775, 959, 981,
Net Profit (Pre Tax, Depreciation & Amortization) 114, 329, 356,
Net Profit/Sales
Sheet2
Sheet3
3-Year Balance Sheet
Projected Balance Sheet 2006 2007 2008
Assets
Current Assets
Cash $130, $309, $466,
Other Current Assets $145, $145, $145,
Total Current Assets 275, 455, 611,
Long Term Assets
Long Term Assets
Accumulated Depreciation 5, 17, 34,
Total Long-Term Assets -$5, -$17, -$34,
Total Assets 270, 437, 577,
Liabilities and Capital
Current Liabilities
Accounts Payable $34, $35, $36,
Current Borrowing
Other Current Liabilities $45, $60, $61,
Subtotal Current Liabilities 80,293 96, 97,
Long-Term Liabilities
Total-Liabilities 80,293 96, 97,
Paid-in Capital $30, $30, $30,
Retained Earnings
Earnings $114, $329, $356,
Total Capital 189, 341, 479,
Total Liabilities and Capital $270, $437, $577,
Net Worth $189, $341, $479,
Sheet2
Sheet3
Start-Up
Start-Up
Requirements
Start-Up Expenses
Legal $
Insurance $3,
Lease Payment (Sec. & 1st Month) $12,
Phone & Utilities Deposit $
Cleaning $1,
Miscellaneous & Unanticipated Expense $5,
Total Start-up Expenses 22,600
Start-Up Assets Needed
Cash Balance on Starting Date $69,
Other Current Assets $288,
Total Current Assets 358,
Long-term Assets
Total Assets $354,
Total Requirements 377,
Funding
Investment
Owner Equity $30,
Investor Two
Other
Total Investment $30,
Current Liabilities
Accounts Payable
Expected Current Borrowing 347,
Other Current Liabilities
Expected Current Liabilities $264,
Loss at Start-up -$19,
Total Capital 7,400
Total Capital and Liabilities 354,
Other Current Assets
Breakdown of 'Other Current Assets'
Signage & Stationary $2,
Office Supplies $1,
Initial Inventory $10,
Equipment & Fixtures Payment $145,
Leasehold Improvements (2,500 sq. ft.) $120,
Grand Opening Advertising $10,
Total Other Current Assets 288,
Sheet3
Sheet1
Personnel Plan 2006 2007 2008
Salary
Manager $40, 40720 $41,
Head Chef $40, 40720 $41,
Wages
Employees Hourly Wages $ $ $
Daily Hours of Operation 12 12 12
Number of Employees Per Shift/Day 6 6 6
Wage Cost Per Day
Wage Cost Per Month 15, 15, 15,
Wage Cost Per Year @ 355 Days 182,754 186, 189,
Total Cost Per Year 262,754 267, 272,
Sheet2
Sheet3
Sheet1
Breakdown of 'Other Current Assets'
Signage & Stationary $2,
Office Supplies $1,
Initial Inventory $10,
Equipment & Fixtures Payment $145,
Leasehold Improvements (2,500 sq. ft.) $120,
Grand Opening Advertising $10,
Total Other Current Assets 288,
Sheet2
Sheet3
Sheet1
Sales Forecast 2006 2007 2008
Unit Sales
Orders 103,320 105,179 107,072
Other 0 0 0
Total Unit Sales 103,320 105,179 107,072
Unit Prices
Orders $ $ $
Other
Sales
Orders 1,239,840 1,288, 1,338,400
Other
Total Sales $1,239, $1,288, $1,338,
Direct Unit Costs
Orders $ $ $
Other
Direct Cost of Sales
Orders 394, 412, 428,288
Other
Subtotal Direct Cost of Sales $394, $412, $428,
