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Table of Contents

1.0 Executive Summary...............................................................................................................................1

Chart: Highlights..................................................................................................................................2
1.1 Objectives..........................................................................................................................................2
1.2 Keys to Success..................................................................................................................................2
1.3 Mission...............................................................................................................................................3
2.0 Company Summary...............................................................................................................................3
2.1 Company Ownership.........................................................................................................................3
2.2 Start-up Summary..............................................................................................................................3
Chart: Start-up......................................................................................................................................4
Table: Start-up.....................................................................................................................................4
..............................................................................................................................................................4
3.0 Products..................................................................................................................................................5
4.0 Market Analysis Summary....................................................................................................................6
4.1 Market Segmentation.........................................................................................................................6
Table: Market Analysis........................................................................................................................7
Chart: Market Analysis (Pie)...............................................................................................................7
4.2 Industry Analysis...............................................................................................................................8
4.2.1 Competition and Buying Patterns...............................................................................................8
5.0 Strategy and Implementation Summary.................................................................................................9
5.1 Competitive Edge...............................................................................................................................9
5.2 Marketing Strategy.............................................................................................................................9
5.3 Sales Strategy.....................................................................................................................................9
5.3.1 Sales Forecast..............................................................................................................................9
Chart: Sales Monthly.....................................................................................................................10
Chart: Sales by Year......................................................................................................................10
Table: Sales Forecast.....................................................................................................................11
6.0 Management Summary........................................................................................................................11
6.1 Personnel Plan..................................................................................................................................12
Table: Personnel.................................................................................................................................12
7.0 Financial Plan.......................................................................................................................................12
7.1 Important Assumptions....................................................................................................................12
Table: General Assumptions..............................................................................................................12
................................................................................................................................................................12
7.2 Break-even Analysis........................................................................................................................13
Chart: Break-even Analysis...............................................................................................................13
Table: Break-even Analysis...............................................................................................................13
................................................................................................................................................................13
7.3 Projected Profit and Loss.................................................................................................................14
Table: Profit and Loss........................................................................................................................14
Chart: Profit Monthly.........................................................................................................................15
Chart: Profit Yearly............................................................................................................................15
Page 1

Table of Contents

Chart: Gross Margin Monthly............................................................................................................16

Chart: Gross Margin Yearly...............................................................................................................16
7.4 Projected Cash Flow........................................................................................................................17
Chart: Cash.........................................................................................................................................17
Table: Cash Flow...............................................................................................................................18
................................................................................................................................................................18
7.5 Projected Balance Sheet...................................................................................................................19
Table: Balance Sheet..........................................................................................................................19
................................................................................................................................................................19
7.6 Business Ratios................................................................................................................................20
Table: Ratios......................................................................................................................................20
Table: Sales Forecast...................................................................................................................................1
......................................................................................................................................................................1
Table: Personnel...........................................................................................................................................2
......................................................................................................................................................................2
Table: General Assumptions........................................................................................................................3
......................................................................................................................................................................3
Table: Profit and Loss..................................................................................................................................4
......................................................................................................................................................................4
Table: Cash Flow.........................................................................................................................................5
......................................................................................................................................................................6
Table: Balance Sheet....................................................................................................................................7

Page 2

Flyleaf Books

1.0 Executive Summary

Introduction
Flyleaf Books is a start-up used bookstore in the Cleveland, Ohio area. It is the goal of the
company management to acquire local market share in the used bookstore industry through
low price, a dominant selection of products, a competitive variety of services including a
buyback/trade program and hard to find book search, plus a relaxing, friendly environment that
encourages browsing and reading.
Company
Flyleaf will be a limited liability corporation registered in the state of Ohio. The company will be
jointly owned by Mr. James Vinck, a former head librarian of the Philadelphia City Library, and
his wife Aracela.
Mr. Vinck is establishing this firm as a growth-oriented endeavor in order to supplement his
retirement, continue meeting people with similar interests, and to leave a viable business to his
children. Flyleaf Books will be establishing its store in one of the busiest section of Brecksville,
an outlying suburb of Cleveland. This area is well know for its upscale residents and highquality establishments. Our facility is a former 8,000 square ft. furniture store which allows the
company to stock a large amount of inventory.
Products/Services
Flyleaf Books will offer a wide range of book, magazine, and music selections. This includes just
about every conceivable category including fiction, non-fiction, business, science, children's,
hobbies, collecting, and other types of books. Our music selection will concentrate on CD's as
these are the most popular and take up the least amount of floor space. In addition, we will be
offering a competitive buy and trade service to assist in lowering our inventory acquisition costs
and making our store more attractive to our customers. In addition, we offer a search and
order service for customer seeking to find hard to get items. Flyleaf Books will have a relaxed
"reading room" type atmosphere that we will encourage through the placement of chairs,
couches, etc.
Market
Our market is facing a decline in growth over the past two years. This is attributed to the
overall weak economy. Book store industry sales rose only 3.6% for last year whereas overall
U.S. retail sales grew by 4.3%. However, management believes that this may be an advantage
to the used bookstore industry. As customers cut back on purchasing, used bookstores will look
more attractive to customers who still wish to purchase books. Therefore, management
believes this may be a good time to get into the industry and gain market share.
The bookstore industry as a whole is going through a large consolidation. Previously, the
market was dominated by local, small stores and regional chains. With the advent of the
"superstore" as created by Barnes & Noble, the largest players in the market have been able to
gather significant market share and drive many independent booksellers out of the market.
Where independent booksellers can still create a viable position for themselves within the
market is in the used books segment. This segment generally does not attract big companies
since the "superstore" concept is much more difficult to replicate in a market with such low
profit margins. This tends to favor the local independent bookseller in the used book market
segment as long as they can acquire a sufficiently large enough facility to house an attractive
inventory and compete with the national chains.

Page 1

Flyleaf Books

Financial Considerations
Our start-up expenses come to $178,000, which are single time fees associated with opening
the store. These costs are financed by both private investors and SBA loans. Please note that
we expect to be operating at a loss for the first couple of months before advertising begins to
take effect and draw in customers. Flyleaf Books will be receiving periodic influxes of cash to
cover operating expenses during the first two years as it strives toward sustainable profitability.
Funding has been arranged through lending institutions and private investors already. We do
not anticipate any cash flow problems during the next three years.

Chart: Highlights

1.1 Objectives
These are the goals for the next three years for Flyleaf Books:

Achieve profitability by July Year 2.

Earn approximately $200,000 in sales by Year 3.
Pay owners a reasonable salary while running at a profit.

1.2 Keys to Success

In order to survive and expand, Flyleaf Books must keep the following issues in mind:

We must attain a high level of visibility through the media, billboards, and other advertising.
We must establish rigid procedures for cost control and incentives for maintaining tight
control in order to become THE low-cost leader in used books.
In order to continually attract customers, we must be able to keep the maximum amount of
inventory available and achieve a high level of customer service.

Page 2

Flyleaf Books

1.3 Mission
Flyleaf Book's mission is to provide used quality literature of all types at the lowest possible
prices in the Cleveland, OH area. The company additionally seeks to provide a comfortable
atmosphere for its clients that promotes browsing, relaxation, and an enjoyable environment to
spend extend time in. Flyleaf's attraction to its customers will be our large selection of books,
magazines, used CD's and our purchasing/buyback option, which lower our book acquisition
costs and allows our customers to discard unwanted books/CD's in exchange for cash.
2.0 Company Summary
Flyleaf will be a limited liability corporation registered in the state of Ohio. The company will be
jointly owned by Mr. James Vinck, a former head librarian of the Philadelphia City Library, and
his wife Aracela.
Flyleaf Books will be establishing its store in one of the busiest section of Brecksville, an
outlying suburb of Cleveland. This area is well know for its upscale residents and high-quality
establishments. Our facility is a former 8,000 square ft. furniture store which allows the
company to stock a large amount of inventory.
2.1 Company Ownership
Flyleaf will be a limited liability corporation registered in the state of Ohio. The company will be
jointly owned by Mr. James Vinck, a former head librarian of the Philadelphia City Library, and
his wife Aracela. Due to high start-up costs, the income and dividends to the principals will be
limited for at least the first three years of operation.
The company plans to be leveraged through private investment and a limited number of loans.
Mr. Vinck is establishing this firm as a growth-oriented endeavor in order to supplement his
retirement, continue meeting people with similar interests, and to leave a viable business to his
children. Flyleaf Books will be establishing its store at 14539 Greenhouse Ave NW, one of the
busiest section of Brecksville, an outlying suburb of Cleveland. This area is well know for its
upscale residents and high-quality establishments. Our facility is a former 8,000 square ft.
furniture store which allows the company to stock a large amount of inventory. This facility is
located in the front of the Loeman's Square strip mall. This is an excellent location since it is
across the street from the Twin Towers shopping mall. Other establishments within this strip
mall include Fry's Food and Drug, Subway Sandwiches, Boaters World, Michael's Arts and
Crafts, Office Depot, and Jared Jewelry. The company expects to begin offering its services in
July.
2.2 Start-up Summary
Our start-up expenses come to $178,000, which are largely single time fees associated with
opening the store. These costs are financed by both private investment and short- and longterm SBA guaranteed loans.

Page 3

Flyleaf Books

Chart: Start-up

Table: Start-up

Start-up
Requirements
Start-up Expenses
Legal
Pre-sale advertising/marketing
Land location and finders fee
Insurance
Rent
Expensed Equipment
Initial store facilities
Other
Total Start-up Expenses

$2,400
$4,000
$20,000
$1,780
$6,000
$25,000
$50,000
$3,000
$112,180

Start-up Assets
Cash Required
Start-up Inventory
Other Current Assets
Long-term Assets
Total Assets

$33,820
$16,000
$8,000
$8,000
$65,820

Total Requirements

$178,000

Page 4

Flyleaf Books

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required

$112,180
$65,820
$178,000

Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets

$32,000
$33,820
$0
$33,820
$65,820

Liabilities and Capital

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

$15,000
$75,000
$8,000
$10,000
$108,000

Capital
Planned Investment
Mr. James Vinck
Mrs. Aracela Vinck
Additional Investment Requirement
Total Planned Investment
Loss at Start-up (Start-up Expenses)
Total Capital

Total Capital and Liabilities

Total Funding

$50,000
$20,000
$0
$70,000
($112,180)
($42,180)

$65,820
$178,000

3.0 Products
Flyleaf Books will offer a wide range of book, magazine, and music selections. This includes just
about every conceivable category including fiction, non-fiction, business, science, children's,
hobbies, collecting, and other types of books.
Our music selection will concentrate on CDs as these are the most popular and take up the
least amount of floor space. In addition, we will be offering a competitive buy and trade service
to assist in lowering our inventory acquisition costs and making our store more attractive to our
customers. We also offer a search and order service for customer seeking hard to find items.
Another less obvious service to our customers will be the relaxed "reading room" type
atmosphere that we will encourage through the placement of chairs, couches, and etc. We
strongly encourage our customers to spend as long as they like reading through our book
selection and enjoying a quiet, relaxing environment. Our store hours will be 8:30 a.m. to 8:00
p.m. Monday-Friday and 10:00 a.m. to 6:00 p.m. Saturday. Once profitability becomes stable,
we will extend these hours.

Page 5

Flyleaf Books

4.0 Market Analysis Summary

Our market is facing a decline in growth over the past two years. This is attributed to the
overall weak economy. Book store industry sales rose only 3.6% for 2002 whereas overall U.S.
retail sales grew by 4.3%. Management believes that the economic slump may be an advantage
to the used bookstore industry. As customers cut back on purchasing, used bookstores will look
more attractive to customers who still wish to purchase books. Therefore, management
believes this may be a good time to get into the industry and gain market share.
Used bookstores serve the entire purchasing population of its geographical area but focuses on
the customer who desire to purchase books/music at a discount price and, with regards to
books, often do not see a long-term attachment to the product.
Our main competitors are: Barnes & Noble (which holds approximately 22% nationwide market
share), Borders (which holds approximately 15%), and other local new and used bookstores.
4.1 Market Segmentation
The company anticipates serving the needs of all the potential customers within a ten to fifteen
mile radius in which the approximate population is 150,000 (based on census information). The
majority of the residents in this area are Caucasian (78.8%) Black (13.6%) and Hispanic (9%)
with occupations classified as professional, homemaker, or retired. The majority of household
incomes range from $50,000 - $100,000 (50.3%). The median income in this area is $68,096,
compared to the whole Cleveland area which is $34,248. The typical "head of household" age is
25 - 34 (22.4%) or age 34 - 44 (23.1%) with a median age of 44.4 years old and an average
age of 32 years old.
Target market segments
Used bookstores serve the entire purchasing population of its geographical area but focuses on
customers who desire to purchase books/music at discount prices because they are seen either
as near commodity items or, in the case of books, are not considered to be a long-term
investment (i.e. they will trade them back). Because of this relatively low value placed upon our
merchandise by potential customers, Flyleaf Books can still flourish in an upscale environment
like Brecksville. This is especially true with people seeking to cut costs with the bad economy.
Even though we service the entire book reading population in Brecksville and the surrounding
area, we can divide our customers based on purchasing habits.

Casual Shoppers: These are customers who go to the bookstore with no set idea of what
they want to purchase. They seek to spend a fair amount of time browsing the store and
often are considered impulse buyers. Often they leave the store with small purchases or
without buying anything. These customers are attracted to bookstores with low prices and
large inventory.

"Hard to Find" Shoppers: These are customers with very specific needs. They are looking
for a difficult to obtain item, usually a book that is out of print. If we can satisfy this
customer, then we are able to build significant customer loyalty. These clients are generally
price insensitive and are also drawn to stores that have large inventory.

Specific Category Shoppers: These customers are those types that generally buy books
or music of one category, such as fiction or romance. These customers generally have a
good idea of what they want to purchase and have the greatest buyback/trade potential.

Page 6

Flyleaf Books

These customers represent the highest volume purchaser, often leaving the store having
spent $30-$50.
The following table and pie graph show how our market segments are broken up into size and
relative percentages. We use the city of Brecksville census information to determine growth
figures.
Table: Market Analysis

Market Analysis
Potential Customers

Growth

Casual shoppers
"Hard to find" shoppers
Specific category shoppers
Total

2%
2%
2%
2.00%

Year 1

Year 2

Year 3

Year 4

Year 5

78,000
22,000
50,000
150,000

79,560
22,440
51,000
153,000

81,151
22,889
52,020
156,060

82,774
23,347
53,060
159,181

84,429
23,814
54,121
162,364

CAGR
2.00%
2.00%
2.00%
2.00%

Chart: Market Analysis (Pie)

Page 7

Flyleaf Books

4.2 Industry Analysis

Our market is facing a decline in growth over the past two years. This is attributed to the
overall weak economy. Book store industry sales rose only 3.6% for 2002 whereas overall U.S.
retail sales grew by 4.3%. However, management believes that this may be an advantage to
the used bookstore industry. According to interviews made by Mr. Vinck with bookstore owners
and managers, the used book industry has typically done better than other retailers during
economic downturns. As customers cut back on purchasing, used bookstores will look more
attractive to purchase books. Therefore, management believes this may be a good time to get
into the industry and gain market share. As the weak economy continues, we expect growth to
be initially quite high but overall volume sales to be low, and then seeing this taper off to
industry norms.
The bookstore industry as a whole is going through a large consolidation. Previously, the
market was dominated by local, small stores and regional chains. With the advent of the
"superstore" as created by Barnes & Noble, the largest players in the market have been able to
gather significant market share and drive a lot of independent booksellers out of the market.
Where independent booksellers can still create a viable position for themselves is within the
used books segment. This segment generally does not attract big companies since the
"superstore" concept is much more difficult to replicate in a market with such low profit
margins. Dominant selection, both in used and new books is the key to bringing in new
customers and the only way to do that is to operate at a low-price leader. These two factors
tend to favor the local independent bookseller in the used book market segment as long as they
can acquire a sufficiently large enough facility to house an attractive inventory and LOCALLY
compete with the national chains.
4.2.1 Competition and Buying Patterns
Our main competitors are: Barnes & Noble (which holds approximately 22% nationwide market
share), Borders (which holds approximately 15%), and other local new and used bookstores.
The used bookstore that most closely rivals our own is Greenbaum Books which is located
approximately 13 miles away in Ashbury. It is estimated that they hold 9% of the local market
share.
Management feels it must be clearly stated that we do not intend to directly compete with the
Barnes & Noble/Borders superstores. Superstores are large and carry approximately 150,000
titles per location. Over the years, these large companies has successfully leveraged their
resources to engineer customer experience to a degree that consistently differentiates
otherwise commodity-like products and services. This differentiation provides these companies
strategic competitive advantage. Resources such as distribution technology, strategic alliances,
process research and development, and brand name combine into value-added services that
provide the customer with proximity, dominant selection, discounts, and store ambiance. This is
simply beyond our capacity and we will be fulfilling a sufficiently different need for our
customers. However, we believe that we can successfully duplicate the differentiated
experience for our customer without the overall costs.

Page 8

Flyleaf Books

5.0 Strategy and Implementation Summary

Flyleaf's competitive edge will be the lower prices we will charge our customers and the
dominant selection above what our used bookstore rivals can offer. This is based on
management's industry knowledge, greater capitalization and excellent location. One of the
most critical element of Flyleaf's success will be its marketing and advertising. In order to
capture attention and sales our company will use prominent signs at the store locations,
billboards, media bites on local news, and radio advertisements to capture customers. We
expect an average 4.5% increase in sales during the first three years as we establish ourselves
in the community. After that we assume a much higher average growth of between 10%-15%
growth over the next five years with growth then tapering off to the industry average of 2.5%
from year to year. These figures may seem very high, but considering the level of initial sales
and the growth possibilities, management actually considers this to be conservative.
5.1 Competitive Edge
The company's competitive edge will be the lower prices we will charge our customers and the
larger selection we can offer: through our large store, buyback/trade program, and leveraging
management excellent supplier contacts. As stated before, in the bookstore industry, low cost
and dominate selection are the two success criteria. We plan to create these advantages in a
new, comforting environment that will retain customers.
5.2 Marketing Strategy
One of the most critical elements of Flyleaf Book's success will be its marketing and advertising.
In order to capture attention and sales our company will use prominent signs at the store
locations, billboards, media bites on local news, and radio advertisements to capture
customers.
5.3 Sales Strategy
Since our store will be a stand alone facility, there is little in the way to directly influence how
we close the sale other than to have an attractive storefront with our low prices and excellent
selection. We believe this in itself is its own seller. One critical procedure we will be establishing
is to insure top customer service and reliability and that our store always has enough inventory
of all our products. We will be using industry data on inventory for bookstore chains to assist
us.
5.3.1 Sales Forecast
Based on a 10% mark-up, our forecasted sales will increase by an average of 4.5% from year
to year.
These sales figures are based on a conglomerate of commuter and walk-by traffic established
by the Loeman/Twin Towers Mall management and with an average $3.00 purchase amount
conforming to industry averages. The target profit margin was defined as an average net profit
of all merchandise. As retained earnings increase, a debt retirement fund will be established to
encourage early repayment, thus relieving interest expense. Also, a cash basis for purchases
will be used to avoid incurring liabilities.

Page 9

Flyleaf Books

Chart: Sales Monthly

Chart: Sales by Year

Page 10

Flyleaf Books

Table: Sales Forecast

Sales Forecast
Year 1

Year 2

Year 3

Fiction Books
Sci-Fi Books
Magazines/newspapers
Children's Books
Biography Books
Business Books
CD's and Music
Other
Total Sales

$164,292
$184,829
$143,756
$184,829
$123,219
$112,951
$184,829
$205,366
$1,304,071

$172,507
$194,070
$150,944
$194,070
$129,380
$118,599
$188,526
$209,473
$1,357,569

$182,512
$205,327
$159,698
$205,327
$136,884
$125,477
$199,460
$214,081
$1,428,767

Direct Cost of Sales

Fiction Books
Sci-Fi Books
Magazines/newspapers
Children's Books
Biography Books
Business Books
CD's and Music
Other
Subtotal Direct Cost of Sales

Year 1
$126,505
$142,318
$110,692
$142,318
$94,879
$86,972
$142,318
$158,131
$1,004,135

Year 2
$131,105
$147,494
$114,717
$147,494
$98,329
$90,135
$143,279
$159,199
$1,031,752

Year 3
$136,884
$153,995
$119,774
$153,995
$102,663
$94,108
$149,595
$160,561
$1,071,575

Sales

6.0 Management Summary

As stated earlier, Flyleaf Books will be an LLC company owned by Mr. James Vinck and his wife,
Aracela. Mrs. Vinck is expected to assist Mr. Vinck in various ways and to act as the company's
bookkeeper. The ower's son, Todd, is currently a business major at OSU and is expected to
graduate in 2005. He has expressed an interest in eventually taking over the management of
the company and will be working as a part-time manager with this goal in mind. The company
also plans to hire various part-time salespeople as needed. Additional personnel will be added if
necessary.
Mr. James Vinck is a graduate of the Dartmouth University, with a degree in library science. He
has worked for more than twenty years for the Philadelphia city library system and in 1995
became the head librarian. Over that time Mr. Vinck has established excellent contacts in the
book acquisition industry and plans to leverage these contacts in his new business.

Page 11

Flyleaf Books

6.1 Personnel Plan

Initially the company will have a small staff including upper management and sales personnel.
We expect to expand our personnel and extend our hours once we begin to make a profit.
Table: Personnel

Personnel Plan
Mr. James Vinck
Mr. Todd Vinck
Salesperson
Salesperson
Salesperson
Salesperson
Salesperson
Total People
Total Payroll

Year 1

Year 2

Year 3

$42,000
$18,000
$10,200
$10,200
$10,200
$10,200
$10,200
5

$48,000
$25,000
$11,000
$11,000
$10,200
$10,200
$10,200
5

$48,000
$30,000
$11,000
$11,000
$10,200
$10,200
$10,200
5

$111,000

$125,600

$130,600

7.0 Financial Plan

The following is our financial projects over the next three years. Please note that we expect to
be operating at a loss for the first couple of months before advertising begins to take effect and
draw in customers.
7.1 Important Assumptions
The company is basing it assumptions on a stable growth market using average interest rates
over the past ten years.
Table: General Assumptions

General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other

Year 1

Year 2

Year 3

1
10.00%
10.00%
30.00%
0

2
10.00%
10.00%
30.00%
0

3
10.00%
10.00%
30.00%
0

Page 12

Flyleaf Books

7.2 Break-even Analysis

The following table and chart show our Break-even Analysis. We are deliberately setting these
average costs a little low in order to be conservative and give us an idea of the maximum
amount of inventory we need to move per month.

Chart: Break-even Analysis

Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even

$90,541

Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost

77%
$20,824

Page 13

Flyleaf Books

7.3 Projected Profit and Loss

The following table explains our itemized costs and determines gross and net margin. Please
note that these predictions are weighted toward having higher costs in comparison to revenues
in case unexpected hidden costs arise.
Table: Profit and Loss

Pro Forma Profit and Loss

Year 1

Year 2

Year 3

$1,304,071
$1,004,135
$0
$1,004,135

$1,357,569
$1,031,752
$0
$1,031,752

$1,428,767
$1,071,575
$0
$1,071,575

$299,936
23.00%

$325,817
24.00%

$357,192
25.00%

Payroll
Sales and Marketing and Other Expenses
Depreciation
Leased equipment
Rent
Utilities
Insurance
Payroll Taxes
Other

$111,000
$36,000
$0
$0
$60,000
$3,600
$7,200
$17,093
$15,000

$125,600
$15,000
$0
$0
$65,000
$4,000
$7,200
$18,840
$10,000

$130,600
$15,000
$0
$0
$68,000
$4,000
$7,500
$19,590
$10,000

Total Operating Expenses

$249,893

$245,640

$254,690

Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred

$50,044
$50,044
$13,750
$10,888

$80,177
$80,177
$13,900
$19,883

$102,502
$102,502
$12,050
$27,136

Net Profit
Net Profit/Sales

$25,406
1.95%

$46,394
3.42%

$63,316
4.43%

Sales
Direct Cost of Sales
Other Costs of Goods
Total Cost of Sales
Gross Margin
Gross Margin %

Expenses

Page 14

Flyleaf Books

Chart: Profit Monthly

Chart: Profit Yearly

Page 15

Flyleaf Books

Chart: Gross Margin Monthly

Chart: Gross Margin Yearly

Page 16

Flyleaf Books

7.4 Projected Cash Flow

Our company will be receiving periodic influxes of cash in order to cover operating expenses
during the first two years as it strives toward sustainable profitability. Almost all of this funding
has been arranged through lend institutions and private investors already. We do not anticipate
any cash flow problems during the next three years.

Chart: Cash

Page 17

Flyleaf Books

Table: Cash Flow

Pro Forma Cash Flow

Year 1

Year 2

Year 3

$1,304,071
$1,304,071

$1,357,569
$1,357,569

$1,428,767
$1,428,767

$0
$5,000
$0
$50,000
$0
$0
$54,000
$1,413,071

$0
$0
$0
$0
$0
$0
$0
$1,357,569

$0
$0
$0
$0
$0
$0
$0
$1,428,767

Year 1

Year 2

Year 3

$111,000
$1,156,323
$1,267,323

$125,600
$1,190,738
$1,316,338

$130,600
$1,233,157
$1,363,757

$0
$0
$0
$0
$0
$0
$0
$1,267,323

$0
$7,000
$0
$5,000
$0
$0
$0
$1,328,338

$0
$15,000
$0
$10,000
$0
$0
$0
$1,388,757

$145,748
$179,568

$29,231
$208,799

$40,010
$248,809

Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance

Page 18

Flyleaf Books

7.5 Projected Balance Sheet

The following table is the Projected Balance Sheet for Flyleaf Books.
Table: Balance Sheet

Pro Forma Balance Sheet

Year 1

Year 2

Year 3

$179,568
$122,562
$8,000
$310,130

$208,799
$97,179
$8,000
$313,978

$248,809
$102,019
$8,000
$358,828

$8,000
$0
$8,000
$318,130

$8,000
$0
$8,000
$321,978

$8,000
$0
$8,000
$366,828

Year 1

Year 2

Year 3

Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

$125,904
$20,000
$10,000
$155,904

$95,358
$13,000
$10,000
$118,358

$101,892
($2,000)
$10,000
$109,892

Long-term Liabilities
Total Liabilities

$125,000
$280,904

$120,000
$238,358

$110,000
$219,892

$124,000
($112,180)
$25,406
$37,226
$318,130

$124,000
($86,774)
$46,394
$83,619
$321,978

$124,000
($40,381)
$63,316
$146,935
$366,828

$37,226

$83,619

$146,935

Assets
Current Assets
Cash
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth

Page 19

Flyleaf Books

7.6 Business Ratios

We are using the industry standard Business Ratios for independent used bookstore chains as a
comparison to our own.
Table: Ratios

Ratio Analysis
Year 1

Year 2

Year 3

Industry Profile

n.a.

4.10%

5.24%

2.27%

Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets

38.53%
2.51%
97.49%
2.51%
100.00%

30.18%
2.48%
97.52%
2.48%
100.00%

27.81%
2.18%
97.82%
2.18%
100.00%

22.18%
26.81%
56.12%
43.88%
100.00%

Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth

49.01%
39.29%
88.30%
11.70%

36.76%
37.27%
74.03%
25.97%

29.96%
29.99%
59.94%
40.06%

26.39%
24.87%
51.26%
48.74%

100.00%
23.00%
21.05%
0.00%
3.84%

100.00%
24.00%
20.58%
0.00%
5.91%

100.00%
25.00%
20.57%
0.00%
7.17%

100.00%
23.55%
16.21%
0.85%
1.02%

1.99
1.20
88.30%
97.50%
11.41%

2.65
1.83
74.03%
79.26%
20.58%

3.27
2.34
59.94%
61.56%
24.66%

1.68
0.71
4.63%
57.28%
10.83%

Sales Growth
Percent of Total Assets

Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Additional Ratios

Year 1

Year 2

Year 3

Net Profit Margin

Return on Equity

1.95%
68.25%

3.42%
55.48%

4.43%
43.09%

n.a
n.a

10.91
10.12
27
4.10

9.39
12.17
35
4.22

10.76
12.17
29
3.89

n.a
n.a
n.a
n.a

7.55
0.56

2.85
0.50

1.50
0.50

n.a
n.a

$154,226
3.64

$195,619
5.77

$248,935
8.51

n.a
n.a

0.24
49%
1.20
35.03
0.00

0.24
37%
1.83
16.24
0.00

0.26
30%
2.34
9.72
0.00

n.a
n.a
n.a
n.a
n.a

Activity Ratios
Inventory Turnover
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout

Page 20

Flyleaf Books

Page 21

Appendix
Table: Sales Forecast

Sales Forecast
Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$8,000
$9,000
$7,000
$9,000
$6,000
$5,500
$9,000
$10,000
$63,500

$9,200
$10,350
$8,050
$10,350
$6,900
$6,325
$10,350
$11,500
$73,025

$10,580
$11,903
$9,258
$11,903
$7,935
$7,274
$11,903
$13,225
$83,979

$12,167
$13,688
$10,646
$13,688
$9,125
$8,365
$13,688
$15,209
$96,576

$12,836
$14,441
$11,232
$14,441
$9,627
$8,825
$14,441
$16,045
$101,887

$13,542
$15,235
$11,849
$15,235
$10,157
$9,310
$15,235
$16,928
$107,491

$14,287
$16,073
$12,501
$16,073
$10,715
$9,822
$16,073
$17,859
$113,403

$15,073
$16,957
$13,189
$16,957
$11,305
$10,363
$16,957
$18,841
$119,640

$15,902
$17,890
$13,914
$17,890
$11,926
$10,932
$17,890
$19,877
$126,220

$16,776
$18,873
$14,679
$18,873
$12,582
$11,534
$18,873
$20,970
$133,163

$17,699
$19,911
$15,487
$19,911
$13,274
$12,168
$19,911
$22,124
$140,486

$18,230
$20,509
$15,951
$20,509
$13,673
$12,533
$20,509
$22,788
$144,701

Direct Cost of Sales

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Fiction Books

$6,160

$7,084

$8,147

$9,369

$9,884

$10,427

$11,001

$11,606

$12,244

$12,918

$13,628

$14,037

Sci-Fi Books

$6,930

$7,970

$9,165

$10,540

$11,119

$11,731

$12,376

$13,057

$13,775

$14,533

$15,332

$15,792

Magazines/newspapers

$5,390

$6,199

$7,128

$8,198

$8,648

$9,124

$9,626

$10,155

$10,714

$11,303

$11,925

$12,282

Children's Books

$6,930

$7,970

$9,165

$10,540

$11,119

$11,731

$12,376

$13,057

$13,775

$14,533

$15,332

$15,792

Biography Books

$4,620

$5,313

$6,110

$7,026

$7,413

$7,821

$8,251

$8,705

$9,183

$9,688

$10,221

$10,528

Business Books

$4,235

$4,870

$5,601

$6,441

$6,795

$7,169

$7,563

$7,979

$8,418

$8,881

$9,369

$9,651

CD's and Music

$6,930

$7,970

$9,165

$10,540

$11,119

$11,731

$12,376

$13,057

$13,775

$14,533

$15,332

$15,792

$7,700

$8,855

$10,183

$11,711

$12,355

$13,034

$13,751

$14,508

$15,305

$16,147

$17,035

$17,546

$48,895

$56,229

$64,664

$74,363

$78,453

$82,768

$87,320

$92,123

$97,190

$102,535

$108,175

$111,420

Sales
Fiction Books
Sci-Fi Books
Magazines/newspapers
Children's Books
Biography Books
Business Books
CD's and Music
Other
Total Sales

Other
Subtotal Direct Cost of Sales

0%
0%
0%
0%
0%
0%
0%
0%

Page 1

Appendix
Table: Personnel

Personnel Plan
Mr. James Vinck
Mr. Todd Vinck
Salesperson
Salesperson
Salesperson
Salesperson
Salesperson
Total People
Total Payroll

0%
0%
0%
0%
0%
0%
0%

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$3,500
$1,500
$850
$850
$850
$850
$850
7

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$3,500
$1,500
$850
$850
$850
$850
$850
5

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

Page 2

Appendix
Table: General Assumptions

General Assumptions
Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

10

11

12

Current Interest Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Long-term Interest Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Tax Rate

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

Plan Month

Other

Month 12

Page 3

Appendix
Table: Profit and Loss

Pro Forma Profit and Loss

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Sales

$63,500

$73,025

$83,979

$96,576

$101,887

$107,491

$113,403

$119,640

$126,220

$133,163

$140,486

$144,701

Direct Cost of Sales

$48,895

$56,229

$64,664

$74,363

$78,453

$82,768

$87,320

$92,123

$97,190

$102,535

$108,175

$111,420

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Total Cost of Sales

$48,895

$56,229

$64,664

$74,363

$78,453

$82,768

$87,320

$92,123

$97,190

$102,535

$108,175

$111,420

Gross Margin

$14,605

$16,796

$19,315

$22,212

$23,434

$24,723

$26,083

$27,517

$29,031

$30,627

$32,312

$33,281

Gross Margin %

23.00%

23.00%

23.00%

23.00%

23.00%

23.00%

23.00%

23.00%

23.00%

23.00%

23.00%

23.00%

Payroll

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

Sales and Marketing and Other

Expenses
Depreciation

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

Utilities

$300

$300

$300

$300

$300

$300

$300

$300

$300

$300

$300

$300

Insurance

$600

$600

$600

$600

$600

$600

$600

$600

$600

$600

$600

$600

$1,830
$2,000

$1,388
$2,000

$1,388
$2,000

$1,388
$0

$1,388
$2,000

$1,388
$0

$1,388
$2,000

$1,388
$0

$1,388
$3,000

$1,388
$0

$1,388
$2,000

$1,388
$0

Total Operating Expenses

$21,980

$21,538

$21,538

$19,538

$21,538

$19,538

$21,538

$19,538

$22,538

$19,538

$21,538

$19,538

Profit Before Interest and Taxes

($7,375)

($4,742)

($2,222)

$2,675

$1,897

$5,185

$4,545

$7,980

$6,493

$11,090

$10,774

$13,744

EBITDA

($7,375)

($4,742)

($2,222)

$2,675

$1,897

$5,185

$4,545

$7,980

$6,493

$11,090

$10,774

$13,744

$750

$1,167

$1,167

$1,167

$1,167

$1,167

$1,167

$1,167

$1,208

$1,208

$1,208

$1,208

($2,438)

($1,773)

($1,017)

$452

$219

$1,206

$1,014

$2,044

$1,585

$2,964

$2,870

$3,761

Net Profit

($5,688)

($4,136)

($2,372)

$1,056

$511

$2,813

$2,365

$4,769

$3,699

$6,917

$6,696

$8,775

Net Profit/Sales

-8.96%

-5.66%

-2.82%

1.09%

0.50%

2.62%

2.09%

3.99%

2.93%

5.19%

4.77%

6.06%

Other Costs of Goods

Expenses

Leased equipment
Rent

Payroll Taxes
Other

Interest Expense
Taxes Incurred

15%

Page 4

Appendix
Table: Cash Flow

Pro Forma Cash Flow

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Cash Sales

$63,500

$73,025

$83,979

$96,576

$101,887

$107,491

$113,403

$119,640

$126,220

$133,163

$140,486

$144,701

Subtotal Cash from Operations

$63,500

$73,025

$83,979

$96,576

$101,887

$107,491

$113,403

$119,640

$126,220

$133,163

$140,486

$144,701

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$5,000

$0
$0

$0
$0

$0
$0

Cash Received
Cash from Operations

Additional Cash Received

Sales Tax, VAT, HST/GST Received
New Current Borrowing

0.00%

New Other Liabilities (interest-free)

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Long-term Liabilities

$0

$50,000

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Investment Received

$0

$0

$0

$0

$50,000

$0

$0

$0

$0

$0

$0

$4,000

Subtotal Cash Received

$63,500

$123,025

$83,979

$96,576

$151,887

$107,491

$113,403

$119,640

$131,220

$133,163

$140,486

$148,701

Expenditures

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Expenditures from Operations

Cash Spending

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

$9,250

Bill Payments

$11,257

$96,997

$76,325

$86,731

$96,929

$96,744

$100,395

$106,932

$111,169

$118,979

$123,138

$130,727

Subtotal Spent on Operations

$20,507

$106,247

$85,575

$95,981

$106,179

$105,994

$109,645

$116,182

$120,419

$128,229

$132,388

$139,977

Sales Tax, VAT, HST/GST Paid Out

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Principal Repayment of Current Borrowing

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Other Liabilities Principal Repayment

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Long-term Liabilities Principal Repayment

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Dividends

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Subtotal Cash Spent

$20,507

$106,247

$85,575

$95,981

$106,179

$105,994

$109,645

$116,182

$120,419

$128,229

$132,388

$139,977

Net Cash Flow

$42,993

$16,778

($1,596)

$595

$45,708

$1,497

$3,758

$3,458

$10,802

$4,934

$8,099

$8,724

Cash Balance

$76,813

$93,590

$91,994

$92,589

$138,297

$139,794

$143,552

$147,010

$157,812

$162,746

$170,844

$179,568

Additional Cash Spent

Page 5

Appendix

Page 6

Appendix
Table: Balance Sheet

Pro Forma Balance Sheet

Assets

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$33,820
$16,000
$8,000
$57,820

$76,813
$53,785
$8,000
$138,597

$93,590
$61,852
$8,000
$163,443

$91,994
$71,130
$8,000
$171,124

$92,589
$81,800
$8,000
$182,388

$138,297
$86,298
$8,000
$232,595

$139,794
$91,045
$8,000
$238,839

$143,552
$96,052
$8,000
$247,605

$147,010
$101,335
$8,000
$256,345

$157,812
$106,909
$8,000
$272,721

$162,746
$112,789
$8,000
$283,534

$170,844
$118,992
$8,000
$297,836

$179,568
$122,562
$8,000
$310,130

$8,000
$0
$8,000
$65,820

$8,000
$0
$8,000
$146,597

$8,000
$0
$8,000
$171,443

$8,000
$0
$8,000
$179,124

$8,000
$0
$8,000
$190,388

$8,000
$0
$8,000
$240,595

$8,000
$0
$8,000
$246,839

$8,000
$0
$8,000
$255,605

$8,000
$0
$8,000
$264,345

$8,000
$0
$8,000
$280,721

$8,000
$0
$8,000
$291,534

$8,000
$0
$8,000
$305,836

$8,000
$0
$8,000
$318,130

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$8,000
$15,000
$10,000
$33,000

$94,465
$15,000
$10,000
$119,465

$73,446
$15,000
$10,000
$98,446

$83,500
$15,000
$10,000
$108,500

$93,708
$15,000
$10,000
$118,708

$93,404
$15,000
$10,000
$118,404

$96,835
$15,000
$10,000
$121,835

$103,236
$15,000
$10,000
$128,236

$107,207
$15,000
$10,000
$132,207

$114,883
$20,000
$10,000
$144,883

$118,780
$20,000
$10,000
$148,780

$126,385
$20,000
$10,000
$156,385

$125,904
$20,000
$10,000
$155,904

$75,000
$108,000

$75,000
$194,465

$125,000
$223,446

$125,000
$233,500

$125,000
$243,708

$125,000
$243,404

$125,000
$246,835

$125,000
$253,236

$125,000
$257,207

$125,000
$269,883

$125,000
$273,780

$125,000
$281,385

$125,000
$280,904

$70,000
($112,180)
$0
($42,180)
$65,820

$70,000
($112,180)
($5,688)
($47,868)
$146,597

$70,000
($112,180)
($9,823)
($52,003)
$171,443

$70,000
($112,180)
($12,196)
($54,376)
$179,124

$70,000
($112,180)
($11,140)
($53,320)
$190,388

$120,000
($112,180)
($10,629)
($2,809)
$240,595

$120,000
($112,180)
($7,816)
$4
$246,839

$120,000
($112,180)
($5,451)
$2,369
$255,605

$120,000
($112,180)
($682)
$7,138
$264,345

$120,000
($112,180)
$3,018
$10,838
$280,721

$120,000
($112,180)
$9,935
$17,755
$291,534

$120,000
($112,180)
$16,631
$24,451
$305,836

$124,000
($112,180)
$25,406
$37,226
$318,130

($42,180)

($47,868)

($52,003)

($54,376)

($53,320)

($2,809)

$4

$2,369

$7,138

$10,838

$17,755

$24,451

$37,226

Starting Balances

Current Assets
Cash
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
Long-term Liabilities
Total Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth

Page 7