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Unformatted text preview: T his sample business plan has been made available to users of Business Plan Pro®, business planning software published by Palo Alto Software, Inc. Names, loc ations and numbers may have been changed, and substantial portions of the original plan text may have been omitted to preserve confidentiality and proprietary information. You are welcome to use this plan as a starting point to create your own, but you do not have permission to resell, reproduce, publish, distribute or even c opy this plan as it exists here. Requests for reprints, ac ademic use, and other dissemination of this sample plan should be emailed to the marketing department of Palo Alto Software at [email protected] For product information visit our Website: www.paloalto.com or call: 1-800-229-7526. Copyright © Palo Alto Software, Inc., 1995-2009 All rights reserved. C onfidentiality Agreement The undersigned reader ac knowledges that the information provided by _______________ in this business plan is confidential; therefore, reader agrees not to disc lose it without the express written permission of _______________. It is ac knowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disc losure or use of same by reader, may cause serious harm or damage to _______________. Upon request, this doc ument is to be immediately returned to _______________. ___________________ Signature ___________________ Name (typed or printed) ___________________ Date This is a business plan. It does not imply an offering of securities. Table of Contents 1.0 Executive Summary.............................................................................................................................1 1.1 Objectives ...................................................................................................................................2 1.2 Mission........................................................................................................................................2 1.3 Keys to Success ........................................................................................................................2 Chart: Highlights ......................................................................................................................3 2.0 Organization Summary .......................................................................................................................3 2.1 Start-up Summary ......................................................................................................................4 Table: Start-up Funding ..........................................................................................................5 Chart: Start-up .........................................................................................................................6 Table: Start-up .........................................................................................................................6 2.2 Legal Entity .................................................................................................................................6 2.3 Locations and Facilities ............................................................................................................7 3.0 Services................................................................................................................................................7 3.1 Art Galleries ................................................................................................................................8 3.2 Additional Services....................................................................................................................9 4.0 Market Analysis Summary................................................................................................................10 4.1 Market Segmentation..............................................................................................................10 Chart: Market Analysis (Pie)................................................................................................12 Table: Market Analysis .........................................................................................................12 4.2 Service Providers Analysis.....................................................................................................12 5.0 Strategy and Implementation Summary..........................................................................................13 5.1 Competitive Edge....................................................................................................................14 5.2 Marketing Strategy ..................................................................................................................15 Chart: Funding by Year.........................................................................................................17 5.3 Fundraising Strategy ...............................................................................................................17 Table: Funding Forecast ......................................................................................................18 Chart: Funding Monthly.........................................................................................................19 5.4 Strategic Alliances...................................................................................................................19 5.5 Milestones ................................................................................................................................20 Table: Milestones..................................................................................................................20 Chart: Milestones ..................................................................................................................21 6.0 Management Summary ....................................................................................................................22 6.1 Organizational Structure..........................................................................................................23 6.2 Personnel Plan.........................................................................................................................23 Table: Personnel ...................................................................................................................24 7.0 Financial Plan ....................................................................................................................................24 7.1 Important Assumptions............................................................................................................24 Table: General Assumptions ...............................................................................................24 7.2 Break-even Analysis................................................................................................................25 Table: Break-even Analysis .................................................................................................25 Chart: Break-even Analysis .................................................................................................25 7.3 Projected Surplus or Deficit....................................................................................................26 Chart: Surplus Yearly ............................................................................................................26 Chart: Gross Surplus Monthly ..............................................................................................26 Chart: Gross Surplus Yearly.................................................................................................27 Table: Surplus and Deficit....................................................................................................27 Chart: Surplus Monthly..........................................................................................................28 Page 1 Table of Contents 7.4 Projected Cash Flow...............................................................................................................28 Chart: Cash ...........................................................................................................................29 Table: Cash Flow..................................................................................................................30 7.5 Projected Balance Sheet ........................................................................................................31 Table: Balance Sheet ...........................................................................................................31 7.6 Standard Ratios .......................................................................................................................32 Table: Ratios .........................................................................................................................33 Table: Funding Forecast ...........................................................................................................................1 Table: Personnel ........................................................................................................................................2 Table: General Assumptions ....................................................................................................................3 Table: Surplus and Deficit .........................................................................................................................4 Table: Cash Flow .......................................................................................................................................5 Table: Balance Sheet ................................................................................................................................6 Page 2 Hands On! Children's Art Museum of Chicago 1.0 Executive Summary Hands On! Children's Art Museum of Chicago, (Hands On!) is a not-for-profit 501(c)(3) organization. Hands On! is being formed to provide unique and meaningful arts programming for all children, to educate children in the arts, and to build a lifelong audience for the arts. We plan to offer a dynamic and constantly-evolving program. Although we will incorporate all of the fine arts into our programs, our foc us is on visual art. Most ac tivities will be open-ended and enjoyed on a walk-in basis. The Museum will be staffed by working artists, and all structured ac tivities will be led by master artist-teac hers. The Arts Education Partnership, in c onjunction with the President's Committee on the Arts and Humanities, commenced a study last year to examine the impac t of arts experiences on young people and to explore why and how young people were changed through their arts experiences. Evidence demonstrates that children with high levels of arts participation outperform "arts- poor" students by virtually every measure. This study, Champions of Change, found much evidence that learning in the arts helps develop habits that will support other disc iplines, and that it can often reac h at-risk students when other disc iplines cannot. The arts provide young people with authentic learning experiences that engage their minds, hearts, and bodies. Arts education helps students learn; it can enhance creativity, self-disc ipline, and the skills and confidence nec essary to meet the challenges encountered during their lives. The three founding board members, all of whom are mothers of young children, are uniquely qualified to bring this project to fruition. Karolyn Kuehner, Executive Director, holds a Bac helor of Music degree in Piano Pedagogy and a Master of Music degree in Piano Performance and Pedagogy, with highest honors, from Chicago Musical College of Roosevelt University. In addition, she served as Lec turer in Piano at Roosevelt University for over 10 years, and has also served on the piano fac ulties at Concordia University and Elmhurst College. Ms. Kuehner received the D. H. Baldwin Fellowship in recognition of her contributions to piano pedagogy and is listed in the book, Who's Who in American Music . Ms. Kuehner is an ac tive Brownie Troop leader with the Girl Sc outs of Chicago and is an advoc ate for homesc hooling. She was a guest on Educate! on Channel 20, and Medill Reports at Northwestern University. Interviews with Ms. Kuehner have appeared in Chicago Parent and the Homeschooling Link. Sheri Jendra, Operations Director, holds a Bac helor of Arts degree in Public Administration, and a Master of Public Administration degree from Governors State University. She was formerly employed as the Housing Director at the Beverly Area Planning Association, a non-for-profit community organization. She has also served as Assistant Planner for the Northeastern Illinois Planning Commission. Ms. Jendra is ac tive as a volunteer in many capacities at St. Barnabas Catholic Church and Elementary Sc hool, and in a variety of youth sports ac tivities. Nancy Mc Gourty, Marketing Director, holds a Bac helor of Sc ience in Commerce degree with a major in Marketing from DePaul University. Previous employment includes the position of Assistant Vice President/Marketing at Founders Bank, Economic Development Director for the Beverly Area Planning Assoc iation, and Marketing Officer in the Corporate and Institutional Banking group at First Chicago Bank. Ms. Mc Gourty is ac tive in the Beverly/Morgan Park community as a director of the Southwest Beverly Improvement Assoc iation, and as a volunteer at Sutherland Elementary Sc hool, St. Barnabas Catholic Church, and the AYSO. In addition to the founding board members, our Board of Directors is comprised of a diverse group of individuals including Grammy Award winning composer and pianist Ramsey Lewis, Michael F riedman, CEO of Premonition Records, James Lindsey, CPA with TTX Company, and Paul Tuminaro, Chicago-based arts advoc ate and member of the NewGroup Board at the Museum of Page 1 Hands On! Children's Art Museum of Chicago Contemporary Art. We are seeking funding for initial start-up costs to be used for legal costs, leasehold improvements, rent and related expenses, office equipment, furniture, starting inventory, and initial cash to handle the first few months of expenses. We estimate that approximately 60% of Hands On!'s annual revenue will be generated by a combination of membership, admissions, programming, retail sales, and related ac tivities. The remainder of our funding will be generated by: · · · · The writing of proposals to secure grants from foundations. The solicitation of individuals, corporations, and small businesses. An annual large-scale benefit concert, family benefits, and spec ial events. A variety of small sc ale fundraising ac tivities. 1.1 Objectives Hands On!'s objectives during the first year of business are: · · · · To generate earned revenue from a combination of membership and admission fees, programming, outreac h, retail sales, and special events. To secure new funding sources including foundation grants, government grants, and private and corporate donations. To have 375 total paid memberships. To serve 1,500 c hildren through our outreac h programs. 1.2 Mission The mission of Hands On! is to encourage children of all ages to develop their full creative potential through the visual and performing arts. Hands On! strives, through the fine arts, to create a unique environment in which c hildren of all ages, abilities, and experience can feel free to imagine, create, and welcome the arts into their lives. Hands On! provides a professional work environment that is challenging, rewarding, creative, and respectful of ideas and individuals. 1.3 Keys to Success This topic was not included in the original business plan, but is included here as a plac eholder for others using this plan as a guide. Please remember that the default outline is flexible on purpose, bec ause every business plan is unique, so many excellent plans omit topics included in the standard outline and many add additional topics. The outline is a suggestion, not a chec klist. You can add and delete topics easily. Make it your plan, not the software's plan. Page 2 Hands On! Children's Art Museum of Chicago 2.0 Organization Summary Hands On! is a not-for-profit organization formed to provide a plac e where children of all ages and abilities are encouraged to develop their full creative potential through the visual and performing arts. We plan to offer a dynamic, unique,and constantly evolving program. Although we will incorporate all of the fine arts into our programs, our foc us is on visual art. Most ac tivities will be open-ended and enjoyed on a walk-in basis. The Museum will be staffed by working artists, and all structured ac tivities will be led by master artist-teac hers. Hands On! will offer an art experience to children that will increase awareness of the arts, create an audience for the arts, and cannot be duplicated. Our fac ility will house nine permanent open-art stations, including the Little People Lounge for our youngest visitors, Art Journey for toddlers, Sunflower Studio, Daisy Doodle-Shop, the Navajo Weaving Loom, I-MAC Imagination Station, the Sc ulpture Shop, Poppyseed Palac e, and the Daily Special. In addition to our permanent stations, we will have a revolving set of installations, including our Shell Grotto, English Garden Light Design Table, City Design Architecture Board, and the Paint-Your-Own Ceramics Studio. We will have three art galleries: the Children's Gallery, a gallery showcasing the work created by the children who visit Hands On!; the Artworks Gallery, which is dedicated to the presentation of reproductions of work created by famous (and not so famous) grown-up artists; and the Chicago Artists Gallery, which provides a venue for our resident artists, as well as other area artists, to showcase their work. Our fac ility will also house an extensive children's library that contains high quality books about artists, dancers, musicians, and composers and their lives and work. We will also provide a resource library for adults who are interested in furthering their knowledge of the arts. Our Curiosity Shop will sell affordable, high-quality art supplies, handmade toys, and other unique items. We will offer special artist-led workshops and performances on a daily basis, including a twice Page 3 Hands On! Children's Art Museum of Chicago daily "Storytime at Poppyseed Palac e," and the Daily Special guided art ac tivity. In addition, we will host the First Friday Concert Series, the Second Sunday Family Workshop, Culture Bugs classes for 18-42 month old children, Art Colony for 4-6 year old children, the Apprentice Workshop for teenagers, the Saturday Film Series, Art Encounters outreac h program, monthly docent visits led by representatives of Chicago area galleries and museums, scheduled gallery openings, and seasonal special events. Hands On! plans to loc ate in the Beverly/Morgan Park neighborhood on the southwest side of the city of Chicago. Although preliminary plans are being made to find a loc ation, we will secure space when approximately fifty percent of our start-up funding has been raised. 2.1 Start-up Summary Start-up expense totals include legal costs, leasehold improvements, rent, and related expenses. Start-up assets required include assets office equipment, furniture, and initial inventory and initial cash to handle the first few months of expenses. The details are included in the following chart and table. Page 4 Hands On! Children's Art Museum of Chicago Table: Start-up Funding Start-up Funding Start-up Expenses to Fund Start-up Assets to Fund Total Funding Required $35,000 $35,000 $70,000 Assets Non-cash Assets from Start-up Cash Requirements from Start-up Additional Cash Raised Cash Balance on Starting Date Total Assets $10,000 $25,000 $0 $25,000 $35,000 Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities Accounts Payable (Outstanding Bills) $0 $0 $0 Other Current Liabilities (interest-free) Total Liabilities $0 $0 Capital Planned Investment Founding Directors Private and Corporate Investors Grants Additional Investment Requirement Total Planned Investment $15,000 $25,000 $30,000 $0 $70,000 Loss at Start-up (Start-up Expenses) Total Capital ($35,000) $35,000 Total Capital and Liabilities $35,000 Total Funding $70,000 Page 5 Hands On! Children's Art Museum of Chicago Table: Start-up Start-up Requirements Start-up Expenses Legal (Incorp., Permits, License) Consulting Services Leasehold Improvements Stationery/Office Supplies Advertising/Promotion Website Design Insurance Rent $1,500 $1,100 $14,000 $500 $1,200 $1,700 $1,000 $3,500 Security Deposit Utilities (During Buildout) Signage Other Total Start-up Expenses $7,000 $1,300 $1,400 $800 $35,000 Start-up Assets Cash Required Start-up Inventory $25,000 $1,500 Other Current Assets Long-term Assets Total Assets $0 $8,500 $35,000 Total Requirements $70,000 2.2 Legal Entity Page 6 Hands On! Children's Art Museum of Chicago This topic was not included in the original business plan, but is included here as a plac eholder for others using this plan as a guide. Please remember that the default outline is flexible on purpose, bec ause every business plan is unique, so many excellent plans omit topics included in the standard outline and many add additional topics. The outline is a suggestion, not a chec klist. You can add and delete topics easily. Make it your plan, not the software's plan. 2.3 Locations and Facilities This topic was not included in the original business plan, but is included here as a plac eholder for others using this plan as a guide. Please remember that the default outline is flexible on purpose, bec ause every business plan is unique, so many excellent plans omit topics included in the standard outline and many add additional topics. The outline is a suggestion, not a chec klist. You can add and delete topics easily. Make it your plan, not the software's plan. 3.0 Services Open-Art Stations Hands On! will house nine permanent open-art stations. These stations are the foc us of our daily work. Our resident teac hing artists will staff the open-art stations and will provide guidance when it is requested. The remainder of their time will be spent demonstrating their skills and maintaining the studio spac es. Each station provides a unique opportunity for Hands On! t o further our purposes as an educational and charitable organization. The permanent open-art stations include: 1. Little People Lounge. This is a plac e where our youngest visitors can freely explore their creativity and curiosity. All ac tivities are open-ended and designed for children who are not yet ready for our open-art tables. The Lounge is stoc ked with an evolving supply of creative and challenging playthings including wall-mounted mirrors, a revolving display of eye level artwork, sorting boxes with c olor, shape, and texture cards, simple wooden puzzles, stac king toys, including graduated bloc ks and collapsible pole stac king rings, woolen and knit balls, and cloth bloc ks. 2. Art Journey . Art Journey is a studio spac e that is specifically designed to meet the needs of toddlers. Young children will enjoy working at the Colorful Window (using colorform material), sc ulpting with homemade play-clay using cookie cutters, wooden mallets, rolling pins, and other tools, fingerpainting, stamping, and building with a variety of bloc ks, including architecture bloc ks, Kapla bloc ks, and tree bloc ks. In addition, there will be a handmade doll-sized treehouse stoc ked with fairies, trolls, and dolls for creative play. 3. Sunflower Studio. All painting, printing, and similarly messy projects will take plac e here. The studio will be generously stoc ked with a multitude of different types of child friendly paints, inks, and dyes as well as a variety of papers, brushes, brayers, and printing mediums. 4. Daisy Doodle-Shop. The foc us in the Daisy Doodle-Shop is on drawing, design, and reproduction. This studio will contain a drawing table as well as two easels. Children can choose from a variety a drawing tools including color pencils, crayons, markers, watercolor pencils, chalk, charcoal pencils, and pastels. Disc overy is possible through Page 7 Hands On! Children's Art Museum of Chicago imitation or free exploration. Many paper textures and incomplete reproductions will be available for use. 5. Sculpture Shop. All sc ulpture and three-dimensional art ac tivities are held in the Sc ulpture Shop. Children are free to produce sculpture using the ever-changing materials, including found objects, purchased supplies, and items donated by loc al artisans. 6. Weaving Loom . The weaving loom is a reproduction of a large Navajo loom. Children c an enjoy the rhythmic proc ess of weaving as the Navajo have for generations. The loom is a stationary exhibit and all weaving remains with the loom. 7. I-MAC Imagination Station. Children c an explore lines, shapes, form and design using a computer graphics design program. They can also explore the collection of CD-ROMs, featuring the works found in some of the world's finest art galleries and museums. 8. Poppyseed Palace. "Storytime at Poppyseed Palac e" takes plac e twice daily at Poppyseed Palac e. Storytime will include the reading of quality children's storybooks and poetry books appropriate and challenging for children of all ages. Some storytime sessions will be augmented by the addition of live music, interac tive theatre, and impromptu storytelling. When there is no storytime sc heduled, children and their caregivers will be encouraged to choose a book from the children's library and read together or to try their hand at assembling puzzles of famous works of art. 9. Daily Special. This is an open-art station that hosts the special ac tivities of the day, including beadmaking, quilting, or candlemaking, among others. The Daily Special will be a multi-use area and will be framed by a curtain and small puppet theatre. This area will also be used as a venue for presenting performance art and theatre pieces created by the children. The Daily Special is an in-depth, artist led ac tivity that provides balance between a structured and an unstructured creative experience. The children will benefit from exploring the proc esses of art through the eyes of a professional artist. In addition to the nine permanent stations, we will have a revolving set of installations, including a Shell Grotto, English Garden Light Design Table, and the City Design Architecture Board. These spec ial exhibits will rotate on a quarterly basis and will be installed after Hands On! has been in operation for one full year. 3.1 Art Galleries We will have three art galleries: 1. Children's Gallery . This is an exhibit showcasing the work created by the children who visit Hands On! 2. Artworks Gallery . This gallery is dedicated to the presentation of reproductions of work created by famous (and not so famous) grown-up artists. 3. Chicago Artists Gallery . This gallery provides a venue for our resident artists, as well as other area artists, to showcase their work. The resident teac hing artists staffing the museum will be available to answer questions and guide visitors through the galleries. These galleries provide an opportunity for our visitors to explore the full range of visual arts in all its forms, past and present. As children are exposed to quality Page 8 Hands On! Children's Art Museum of Chicago art, it bec omes an integral part of their lives. These experiences will be the catalyst to a lifetime of appreciation of and a respect for their own c reativity and the creativity of others. 3.2 Additional Services Libraries Our fac ility will house an extensive non-circulating children's library t hat will contain high quality books about artists, dancers, musicians, and composers, and their lives and work. Hands On! will also provide a resource library f or adults who are interested in furthering their knowledge of the arts. The resource library will be a collection of reference books, museum guides, prints, postcard collections, and broc hures that will enable the user to learn more about the work of a particular artist, style, or period in art history. Outreach Program Hands On! is dedicated to fostering the creative spirits of all children. To this end, we will offer an extensive outreac h program, Art Encounters. Hands On! will provide programming that meets the needs of schools, community groups, and private organizations. Most programs will run between one and two hours in length, and most will run during regular museum hours, but arrangements will be made to ac commodate before and after hours programs. Representative programs include: "Artists Past and Present," "Open-Art Table Extravaganza," "Global Art," and "Girl Sc out Badge Work." In addition, Hands On! will provide programming for children with special needs that will be developed and executed by a licensed art therapist. All other programs will be developed and executed by resident teac hing artists. Hands On! expec ts that Art Encounters will eventually be a substantial part of its programming. Classes Hands On! will sponsor two classes for young children: C ulture Bugs and Art Colony . Participants will have an intensive multi-media arts experience that involves painting, collage, music, and movement. They develop an awareness of their environment through the manipulation of materials, and sensory awareness is expanded through ac tivities that stimulate hearing, sight, and touch. The classes will meet weekly for six week sessions. Classes will be fac ilitated by a resident teac hing artist. Hands On! will offer a unique program directed toward the interests of young adults between the ages of 13 and 17. We will offer a flexible series of special classes, workshops, and seminars that introduce students to a wide variety of art mediums. Topics include the basics of photography and darkroom, animation, and exploring the art of portraiture. The Apprentice Workshop is held once weekly for three hours. Students can choose to participate on a weekly basis, or cater the program to meet their needs and register for only a portion of the program. All sessions are led by a resident teac hing artist. Apprentice Workshop will bec ome a regular part of Hands On!'s programming after we have been in operation for one full year. Concert Series The F irst Friday Concert Series will begin as a bi-monthly event until Hands On! has been in operation for one full year. This programming will then be presented on a monthly basis. The programs will be one hour in length and will feature classical, jazz, and world music, as well as Page 9 Hands On! Children's Art Museum of Chicago dance, storytelling, and theatre performances presented by Chicago-based performers. Family Workshops Hands On! will sponsor the Second Sunday Family Workshop t hat will give all members of families the opportunity to create art together in a positive and fun environment. Our senior staff artists will introduce new and involved art proc esses for a creative, yet challenging experience. This workshop will meet in the Daily Special studio. Film Series The Saturday Afternoon Film Series will emphasize high quality videos appropriate for the viewing of all children. Most films will be about the lives and work of important artists, composers, musicians, and dancers. Most film viewings will last approximately one hour. Additional Programs After Hands On! has been operating for one full year, we will add additional programming, including quarterly Docent Visits by representatives of different galleries and museums loc ated in the Chicago area. Doc ents will be prepared to answer questions about their collections and special exhibits, as well as help participants navigate the gallery or museum with their children. Hands On! will sponsor quarterly F ield Trips t o various cultural destinations throughout Chicago, including the Art Institute of Chicago and the Chicago Symphony Orchestra children's matinees. Curiosity Shop Hands On! plans to open a small C uriosity Shop t hat will sell affordable, quality art supplies, handmade toys, and other unique items. Most items will be made by artists and sold on a consignment basis. 4.0 Market Analysis Summary Hands On! will be foc used on families seeking to nurture their children's creative potential through the visual and performing arts. Initially, we will address a segment of the Chicagoland market known for its stable, family orientation, and for its willingness to support and patronize loc al institutions. Once established, we will expand our foc us to include the entire Chicagoland market. Hands On! strives, through the fine arts, to create a unique environment in which c hildren of all ages, ability, and experience can feel free to imagine, create, and welcome the arts into their lives. This environment will appeal to a broad cross- section of all families, without regard to rac ial, educational, or economic bac kground. 4.1 Market Segmentation Using a broad definition of our market, every family with a child is a potential consumer of the programs and services offered by Hands On! If we were to temper that broad definition with a geographic boundary of a thirty-mile radius, we still have the opportunity to reac h a vast Page 10 Hands On! Children's Art Museum of Chicago market, the entire Chicagoland area. Simply stated, there are literally millions of households that meet this market definition. Our target market is families with c hildren ages seventeen and under. Our core market is families with c hildren between the ages of three and ten. We feel that in order to establish a foothold within this vast market and create brand awareness for the unique and high-quality programs we are offering, we need to foc us our initial marketing efforts on a smaller market segment. The initial marketing effort will extend through our first twelve months of operation and target a market segment within a five-mile radius of our loc ation. By any measure, this remains a richly populated market of approximately 78,000 households with c hildren (using 103rd and Western as the center point), representing 151,000 c hildren between the ages of one and seventeen (1999 U.S. Census data). As a result of scaling our initial efforts in this manner, we are able to leverage our strong ties within the loc al community, loc al media, and educational institutions. To drive awareness, we will supplement the support we receive from loc al institutions with a broad sweeping outreac h program, foc used direct mail campaigns, and media plac ement. Beverly/Morgan Park is a stable area with a history of supporting family-oriented programs offered both loc ally and throughout the greater metropolitan area. Once established, we will expand our market reac h utilizing the same techniques, but scaled to reac h a much broader audience. Our outreac h programs will foc us primarily on serving children in low to moderate income areas of the city of Chicago and the surrounding communities. Programming will be tailored to fit the needs of children in the Chicago Public Sc hool system, as well as Chicago-based private and paroc hial sc hools. In addition, our programming will extend to those children in suburban public, private, and paroc hial schools, homeschoolers, children served by Easter Seals and the Progress Center for Independent Living, among others. Our outreac h will also extend to those children enrolled in day care and preschool programs, and to those children who are patients at loc al children's hospitals. We are in the proc ess of developing relationships with Chicago-area galleries and arts organizations with the intent of extending our outreac h into communities outside the five-mile radius of our loc ation. We will combine programming, special events, and gallery shows with these organizations. Page 11 Hands On! Children's Art Museum of Chicago Table: Market Analysis Market Analysis Y ear 1 Y ear 2 Y ear 3 Y ear 4 Y ear 5 Potential Customers Age 1-2 yrs Age 3 -4 yrs Growth 5% 3% 18,089 18,151 18,993 18,605 19,943 19,070 20,940 19,547 21,987 20,036 CAGR 5.00% 2.50% Age 5 -9 yrs Age 10 -12 yrs Age 13 -17 yrs Total 5% 5% 2% 3.88% 45,838 26,100 42,688 150,866 48,130 27,405 43,542 156,675 50,537 28,775 44,413 162,738 53,064 30,214 45,301 169,066 55,717 31,725 46,207 175,672 5.00% 5.00% 2.00% 3.88% 4.2 Service Providers Analysis There is no known organization in the Chicagoland area that offers the unique art experience provided by Hands On! Alternatives come from such Chicago area institutions as the Kohl Children's Museum, the Chicago Children's Museum, the Museum of Contemporary Art, and the Kraft Education Center at the Art Institute of Chicago, however, these institutions do not have the singular f oc us of Hands On!, on providing a rich art experience for children. There are several area organizations where children c an register for art classes. Local examples include the Beverly Art Center, Heritage Gallery, Spectrum Art Supplies, and the Chicago Park District. Lakeshore Learning offers free craft workshops on Saturday mornings. Again, an art class for children is only a part of what these institutions provide. Hands On! intends to establish cooperative relationships with these organizations with the expec tation that increased awareness in these types of programs will result in mutual benefit. In a much broader sense, our competition is not limited to plac es offering art classes Page 12 Hands On! Children's Art Museum of Chicago and museums. There are many external ac tivities in which families can choose to participate. Given free time and disposable income, families may choose among a variety of ac tivities including sports, music classes, dance classes, and park district programs. We believe that families will recognize the benefit of an organization with a singular foc us, as a means of providing balance, as an opportunity to enrich their children's lives, and as a fun plac e to spend time with their children. Beverly Art Center, Chicago Park District, and Lakeshore Learning are the closest to direct alternatives. 5.0 Strategy and Implementation Summary Through our singular foc us on visual arts targeted to children, we are positioned as a premier source of arts education, enrichment and enjoyment for the entire Chicagoland area. Our offerings will include a diverse range of programs and ac tivities on a rotated calendar basis, ensuring a fresh experience for even the most frequent visitors. A key marketing strategy for Hands On! is membership growth as a means to drive recurring revenue. By extending a value proposition to our target market in the form of comprehensive membership benefits, we expec t to quickly expand our membership. Closely related to membership are fees from general admissions. Targeted advertising and networking throughout a very ac tive loc al community will allow us to foc us on continually bringing first time attendees to the Museum. Once inside, we will rely upon the dynamic environment and our staff to spark interest in our programs and workshops. Print advertising during our first year will be limited. We plan to distribute flyers through loc al community groups and specific child-oriented groups that directly reac h our initial target market. As we expand our presence in the Chicagoland area, we will sc ale our advertising ac cordingly. On-site marketing for workshops and special events is an economical and effective way to generate revenue. By reac hing attendees, we anticipate a high degree of interest and participation in activities such as workshops and special events. A strong Internet presence is an opportunity to extend our market reac h. Initially, our direct marketing efforts will be loc ally foc used, but we will rely upon a dynamic and informative website to support our efforts, while broadcasting our message to a much larger audience. Building and maintaining a solid database of potential customers will be critical to the success of our outreac h programs. We are planning direct mail and telemarketing campaigns, and will offer general informational on-site outreac h to all interested groups. Hands On! has begun an extensive fundraising campaign to provide our initial start-up costs. Our current work includes the development of prospec t lists of persons who may be interested in providing a financial donation, the solicitation of support from corporations and the loc al business community, the writing of grant proposals soliciting funds from Illinois foundations, and the temporary hiring of a professional fundraising consultant. Approximately 60% of Hands On!'s annual revenue will be generated by a combination of membership, admissions, programming, retail sales, and related ac tivities. The remainder of our funding will be generated by: · · The writing of proposals to secure grants from foundations. The solicitation of individuals, corporations, and small businesses. Page 13 Hands On! Children's Art Museum of Chicago · · An annual large scale benefit concert, family benefits, and spec ial events. A variety of small sc ale fundraising ac tivities. We anticipate that we will be able to manage our consumable expenses through the pursuit of in-kind donations from businesses and individuals, the creative use of found objects, and inexpensive means of purchasing bulk items. 5.1 Competitive Edge We start with a critical competitive edge: there is no competitor we know of that can offer the unique art experience for children provided by Hands On! T hrough our singular foc us on visual arts targeted to children, we are positioned as a premier source of arts education, enrichment, and enjoyment for the entire Chicagoland area. Our offerings include a diverse range of programs and ac tivities on a rotated calendar basis, ensuring a fresh experience for even the most frequent visitors. A key strategy for Hands On! is membership growth as a mechanism to drive recurring revenue. By extending a value proposition to our target market in the form of comprehensive membership benefits, we expec t to quickly expand our membership. Our membership plan is structured to allow members to determine the frequency of visits to the museum and the degree of participation in spec ial programming. We will offer four levels of membership that include an "Introductory Membership," "Friend," "Frequent Artist," and "Sponsor." All members will receive a ten percent disc ount on retail purchases, spec ial programming, and events. Our quarterly newsletter will keep members informed and involved. Our diverse and calendar of programs and events, coupled with the uniqueness of the Hands On! experience, will deliver high member retention rates. Closely related to membership, but anticipated to be a larger source of revenue, are fees from general admissions. Through a grassroots approach, we will continually communicate the compelling influence and value that attendance at Hands On! will deliver to children and their families. Targeted advertising and networking throughout a very ac tive loc al community will allow us to foc us on continually bringing first time attendees to the museum. Once inside, we will rely upon the dynamic environment and our staff to spark interest in our programs and workshops. We will also employ PSAs on radio stations and well timed press releases as effective and affordable vehicles to deliver our message. Print advertising during our first year will be limited and plac ed in the less expensive loc al media such as the Beverly Review, Villager, and News Marketer. We plan to distribute flyers through loc al community groups. The Beverly/Morgan Park area has highly ac tive community groups who provide a proven c ommunication network throughout the area. These civic organizations coupled with spec ific child oriented groups (Indian Princesses, Sc outs, AYSO Soccer, etc.) have shown to be receptive to similar messages in the past and directly reac h our initial target market. As we expand our presence in the Chicagoland area, we will scale our advertising ac cordingly: Chicago Parent magazine and the weekend sections of the major newspapers. On-site marketing for workshops and special events represents an economical and effective way to generate revenue. By reac hing attendees, people who have already made the initial step to engage in our experience, we anticipate a high degree of interest and participation in revenue producing ac tivities such as workshops and special events. We recognize that a strong Internet presence is an opportunity to extend our market reac h in a manner consistent with our mission. Initially, our direct marketing efforts will be loc ally Page 14 Hands On! Children's Art Museum of Chicago foc used, but we will rely upon a dynamic and informative website to support our efforts, while broadcasting our message to a much larger audience. The goal of our site is to create interest, inform and entertain visitors, fac ilitate requests for membership, renewals and registrations, and generate additional revenue. We will direct visitors to our site through consistent references in all of our marketing materials and the strategic plac ement of links to our site from other related websites. Building and maintaining a solid database of potential customers will be critical to the success of our outreac h programs. We are currently in the proc ess of developing a database of contac t persons at all loc al and Chicago-area sc hools, community groups, and private organizations whose programming serves the youth of Chicago and her surrounding communities. Examples include Chicago Public Library branches, loc al public, private, and paroc hial elementary and high sc hools, Chicago Park District fieldhouses, loc al and regional Girl and Boy Sc out troops and service units, Indian Princesses and Guides, art supply stores, children's retailers, loc al churches, daycare centers and preschools, sports programs, teac her stores, loc al civic associations, and pediatric dentist and doctor offices. We are planning direct mail and telemarketing campaigns, and will offer general informational on-site outreac h to all interested groups. Additionally, we are developing a prospec t database of persons who may be interested in making a financial contribution and/or giving their time as volunteers. 5.2 Marketing Strategy We start with a critical competitive edge: there is no competitor we know of that can offer the unique art experience for children provided by Hands On! T hrough our singular foc us on visual arts targeted to children, we are positioned as a premier source of arts education, enrichment, and enjoyment for the entire Chicagoland area. Our offerings include a diverse range of programs and ac tivities on a rotated calendar basis, ensuring a fresh experience for even the most frequent visitors. A key strategy for Hands On! is membership growth as a mechanism to drive recurring revenue. By extending a value proposition to our target market in the form of comprehensive membership benefits, we expec t to quickly expand our membership. Our membership plan is structured to allow members to determine the frequency of visits to the museum and the degree of participation in spec ial programming. We will offer four levels of membership that include an "Introductory Membership," "Friend," "Frequent Artist," and "Sponsor." All members will receive a ten percent disc ount on retail purchases, spec ial programming, and events. Our quarterly newsletter will keep members informed and involved. Our diverse and calendar of programs and events, coupled with the uniqueness of the Hands On! experience, will deliver high member retention rates. Closely related to membership, but anticipated to be a larger source of revenue, are fees from general admissions. Through a grassroots approach, we will continually communicate the compelling influence and value that attendance at Hands On! will deliver to children and their families. Targeted advertising and networking throughout a very ac tive loc al community will allow us to foc us on continually bringing first time attendees to the museum. Once inside, we will rely upon the dynamic environment and our staff to spark interest in our programs and workshops. We will also employ PSAs on radio stations and well timed press releases as effective and affordable vehicles to deliver our message. Print advertising during our first year will be limited and plac ed in the less expensive loc al media such as the Beverly Review, Villager, and News Marketer. We plan to distribute flyers through loc al community groups. The Beverly/Morgan Park area has highly ac tive community groups Page 15 Hands On! Children's Art Museum of Chicago who provide a proven c ommunication network throughout the area. These civic organizations coupled with spec ific child oriented groups (Indian Princesses, Sc outs, AYSO Soccer, etc.) have shown to be receptive to similar messages in the past and directly reac h our initial target market. As we expand our presence in the Chicagoland area, we will scale our advertising ac cordingly: Chicago Parent magazine and the weekend sections of the major newspapers. On-site marketing for workshops and special events represents an economical and effective way to generate revenue. By reac hing attendees, people who have already made the initial step to engage in our experience, we anticipate a high degree of interest and participation in revenue producing ac tivities such as workshops and special events. We recognize that a strong Internet presence is an opportunity to extend our market reac h in a manner consistent with our mission. Initially, our direct marketing efforts will be loc ally foc used, but we will rely upon a dynamic and informative website to support our efforts, while broadcasting our message to a much larger audience. The goal of our site is to create interest, inform and entertain visitors, fac ilitate requests for membership, renewals and registrations, and generate additional revenue. We will direct visitors to our site through consistent references in all of our marketing materials and the strategic plac ement of links to our site from other related websites. Building and maintaining a solid database of potential customers will be critical to the success of our outreac h programs. We are currently in the proc ess of developing a database of contac t persons at all loc al and Chicago-area sc hools, community groups, and private organizations whose programming serves the youth of Chicago and her surrounding communities. Examples include Chicago Public Library branches, loc al public, private, and paroc hial elementary and high sc hools, Chicago Park District fieldhouses, loc al and regional Girl and Boy Sc out troops and service units, Indian Princesses and Guides, art supply stores, children's retailers, loc al churches, daycare centers and preschools, sports programs, teac her stores, loc al civic associations, and pediatric dentist and doctor offices. We are planning direct mail and telemarketing campaigns, and will offer general informational on-site outreac h to all interested groups. Additionally, we are developing a prospec t database of persons who may be interested in making a financial contribution and/or giving their time as volunteers. Page 16 Hands On! Children's Art Museum of Chicago 5.3 Fundraising Strategy More than one-half of Hands On!'s annual revenue will be generated by a combination of membership, admissions, programming, retail sales and related ac tivities. We estimate that memberships and admissions combined will ac count for a third of our annual revenue. See the following Funding Forecast table and the Funding Monthly chart. The remainder of our funding will be generated by the following ac tivities: · · · · · · · The writing of grant proposals t o secure grants from Illinois foundations. The solicitation of members of the Board of Directors and other individuals for financial contributions. The solicitation of corporations and small businesses f or financial support. The pursuit of large scale in-kind donations f rom major retailers that provide the materials and supplies that we will need. They include Borders Books and Music, Lakeshore Learning Store, and Microsoft, among others. We will offer a sponsorship agreement that will provide exclusive sponsorship in their industry or market, the option to dec orate the chosen sponsorship area with suitable company materials, positive PR in all printed materials and special programming, and pride in their participation in a project that is educational, charitable, and enjoyable. An annual large scale benefit concert f eaturing a top name performer. Family benefits and special events. A variety of small scale fundraising activities including Shop and Share days at loc al supermarkets and bookstores, affinity campaigns such as a "Day at _______" in which a percentage of retail sales for the day are donated to our organization, art auctions, raffles of donated items, large tag sales, and movie benefits, among others. Hands On! has begun an extensive fundraising campaign and we are currently devoting our energies to this end. Our current work includes: Page 17 Hands On! Children's Art Museum of Chicago · · · · The development of primary and secondary prospect lists of persons who may be interested in providing a financial donation. We plan to follow-up with personal phone calls as well as a direct mail campaign as soon as we receive an advance ruling of taxexempt status. The solicitation of support from corporations and the local business community . We are pursuing in-kind donations of money, time, and supplies from corporations and loc al businesses. The writing of grant proposals soliciting funds from Illinois foundations. Research thus far has included seminars at the Donor's Forum in Chicago on using the library, as well as one on the "ABC's of Grant Writing;" extensive research into the funding and operations of Illinois- based nonprofits whose mission is to fulfill their purposes as educational and charitable organizations; extensive research time at Donor's Forum using the Foundation Search c omputer service and the books and videos in the library. Grant proposals will be sent as soon as we receive an advance ruling of tax exempt status. The temporary hiring of a professional fundraising consultant t o direct us toward foundations that will fund the seed money to cover start-up costs, as well as to help develop a long-range fundraising plan. Table: Funding Forecast Funding Forecast Y ear 1 Y ear 2 Y ear 3 Funding Membership Admissions Culture Bugs/Art Colony/Apprentice Family Wkshp/Film & Concert Series $27,000 $66,360 $45,198 $4,260 $29,700 $72,996 $49,718 $6,100 $32,670 $80,296 $54,690 $6,710 Birthday Parties/Rentals Outreach Programs Curiosity Shop $3,025 $12,900 $18,200 $3,328 $14,835 $20,020 $3,660 $17,060 $22,022 $50,000 $12,000 $45,000 $3,700 $287,643 $55,000 $13,200 $50,000 $4,070 $318,966 $60,500 $14,520 $55,000 $4,477 $351,605 Direct Cost of Funding Membership Admissions Y ear 1 $1,130 $0 Y ear 2 $1,243 $0 Y ear 3 $1,367 $0 Culture Bugs/Art Colony/Apprentice Family Wkshp/Film & Concert Series Birthday Parties/Rentals Outreach Programs Curiosity Shop Foundation Grants $2,020 $1,800 $693 $720 $9,100 $180 $2,222 $3,300 $762 $828 $10,010 $198 $2,444 $3,300 $839 $952 $11,011 $218 $120 $3,500 $40 $19,303 $132 $3,800 $75 $22,570 $145 $4,100 $75 $24,451 Foundation Grants Corporate Sponsorship Annual Family Benefit/Events Affinity Campaigns Total Funding Corporate Sponsorship Annual Family Benefit/Events Affinity Campaigns Subtotal Cost of Funding Page 18 Hands On! Children's Art Museum of Chicago 5.4 Strategic Alliances We have forged several beneficial relationships with various organizations and are currently working on establishing others. The President of Saint Xavier University (Richard Yanikoski, xxxxx, Chicago, IL) has offered Hands On! c omplimentary use of banquet and building fac ilities for meetings and fundraising benefits, as well as offering to review written grant proposals. SXU has also agreed to establish an internship program with Hands On! whereby art and/or education majors will serve as part-time junior staff members. Martha Anderson of Lothair, Inc. (xxxxx., Blue Island, IL) has committed to an in-kind donation of graphic design services for the Hands On! logo and layout design of stationary. Paul Krutulis, Joslyn Construction Co. (xxxxx, Chicago, IL) has agreed to provide an in-kind donation of architectural services. Lawyers for the Creative Arts (xxxxx, Chicago, IL) will provide any legal services required on a pro bono basis. Jim Lindsey, CPA (xxxxx, Chicago, IL) will provide pro bono ac countancy services. Tom Mc Gourty of Gomembers, Inc., (xxxxx, Lombard, IL) a leading provider of member-based management software, has agreed to provide an in-kind donation of their software. Hands On! c urrently has six artists committed to providing products to be sold through the Curiosity Shop, and plans to expand this number to about twelve artists. Approximately 75% of the retail items available in the Curiosity Shop will be sold on a consignment basis, with 25% of Page 19 Hands On! Children's Art Museum of Chicago the retail sales going to fund Hands On! programs. Local examples of organizations that are candidates for co-marketing include the Beverly Art Center, Heritage Gallery, Spectrum Art Supplies, and Lakeshore Learning. T hese organizations will benefit from a shared effort that creates increased awareness of art related ac tivities for children. Chicago area alliances may include the Old Town School of Folk Music, Gallery 37, and Woman Made Gallery, among others. We are in the proc ess of developing a complimentary relationship with Woman Made Gallery to combine our outreac h efforts, share gallery shows, and provide ongoing artistic support. 5.5 Milestones The following table and chart show the specific implementation milestones. Table: Milestones Milestones Milestone Non-profit status application Business plan Grant writing seminar Funding plan training Logo design Business cards Grant applications Start Date 2/25/2001 3/1/2001 3/11/2001 4/1/2001 4/3/2001 7/16/2001 3/19/2001 End Date 3/1/2001 4/1/2001 3/11/2001 4/9/2001 6/30/2001 7/20/2001 5/1/2001 Budget $565 $110 $140 $1,100 $0 $120 $0 Manager KK NM SJ KK NM NM SJ, KK Department Marketing Marketing Marketing Marketing Marketing Marketing Marketing Stationery Curriculum development In-kind donations 7/16/2001 5/1/2001 5/1/2001 7/20/2001 8/1/2001 10/1/2001 $250 $0 $0 NM KK KK, SJ, NM Marketing Marketing Marketing 7/1/2001 9/1/2001 10/15/2001 1/1/2002 10/15/2001 11/1/2001 8/1/2001 12/1/2001 11/15/2001 1/15/2002 11/15/2001 12/15/2001 $0 $14,000 $7,000 $1,200 $1,750 $100 KK, SJ, NM KK, SJ, NM SJ NM KK KK, SJ Web Web Department Department Department Department 10/1/2001 11/1/2001 12/1/2001 12/15/2001 $1,700 $1,400 $29,435 NM NM Department Department Location selection Buildout of space Office equipment and supplies Press releases/advertising Art supplies Hiring of staff Web site design Outdoor signage Totals Page 20 Hands On! Children's Art Museum of Chicago Page 21 Hands On! Children's Art Museum of Chicago 6.0 Management Summary The initial management team consists of Karolyn Kuehner, Executive Director; Sheri Jendra, Operations Director; and Nancy Mc Gourty, Marketing Director. Karolyn Kuehner, Executive Director. The Executive Director is hired by the board of directors. Responsibilities include, but are not limited to: · · · · · · · · Advise the board and carry out tasks assigned by the board. Oversee daily operations, project planning, and spec ial events, working closely with eac h program coordinator. Personnel management (recruitment, hiring, training, evaluation and termination of staff). Together with the Operations Director, develop and manage the annual budget for board approval including nec essary revisions. Program development. Supervision of artistic staff. Develop network of support within the arts community. Develop and implement outreac h program. Sheri Jendra, Operations Director. The Operations Director is hired by the Executive Director. Responsibilities include, but are not limited to: · · · · · · · · · · · · Advise the board and carry out tasks assigned by the board. Assist in personnel management. Development of administrative standards and proc edures related to personnel and staff development. Supervision of staff. Serve as liaison between staff and board members. Coordinate with the Executive Director and the board to oversee ac tivities including grant applications, management of grants, special projects, fisc al management. Together with the Executive Director, develop and manage the annual budget for board approval including nec essary revisions. Oversee the preparation of the annual report of ac tivities as well as fisc al reports. Manage network finances and reporting, including museum store. Coordinate work on annual audits. Define priorities for all supervised staff. Inventory management of art and office supplies. Nancy McGourty , Marketing Director. The Marketing Director is hired by the Executive Director. Responsibilities include, but are not limited to: · · · · · · · · Advise the board and carry out tasks assigned by the board. All marketing ac tivities including establish the marketing budget with the executive director; create and implement marketing plan; develop marketing materials; advertising plac ement; develop direct mail plan. Membership management including establish and maintain member and prospec tive member databases; produce renewal notices; special member mailings. Publication and distribution of the quarterly newsletter. Website maintenance. Direct fundraising ac tivities. Coordinate volunteers. Coordinate solicitation of corporate and in-kind donations. Page 22 Hands On! Children's Art Museum of Chicago · Measure effectiveness of marketing ac tivities (program trac king). 6.1 Organizational Structure Our initial team includes three directors, a curator, four senior staff working artists, and two store clerks. During the second month of operation we will add two junior staff members, and in the third month of operation we will add another. In the fourth month, we will add the Culture Bugs/Art Colony program coordinator. All staff positions are part-time. The Executive Director will assume the responsibility of the program coordinator until that position is filled. As stated in our articles of incorporation, our board of directors is to consist of a minimum of five and a maximum of twelve persons. We currently have seven persons serving on our board of directors representing various fac ets of both the arts and business. 6.2 Personnel Plan Store Manager. T his person is responsible for the operation of the Curiosity Shop. Responsibilities include sales, retail display, and balancing cash intake. Additionally, this person will collect admission fees and distribute membership and program information. (Part-time position for two employees, approximately 80 hours eac h per month.) Culture Bugs and Art Colony Coordinator. T his person plans and executes the Culture Bugs and Art Colony Programs. (Part-time position, approximately 60 hours per month.) Curator. T his person c urates all exhibits in the Museum's three galleries. (Part-time position, approximately 60 hours per month.) Senior Staff. All senior staff members must have experience working with c hildren through their art. Staff members assist children as needed and serve as monitors in the various openart stations throughout the Museum. They demonstrate their skills to the children, guide visitors through the galleries, and maintain studio space. Staff also participate in the planning and execution of the daily Storytime at Poppyseed Palac e, the Daily Special, and Second Sunday Family Workshops. (Part-time position for 4 employees at approximately 52 hours eac h per month.) Junior Staff. Junior staff members assist senior staff members when needed. They ensure that all stations are kept clean and materials are in plac e. They monitor the children's behavior and, if needed, gently assist them to engage in appropriate ac tivities. Junior staff members are college students at Saint Xavier University. (Part-time position for 3 employees at approximately 54 hours eac h per month.) Page 23 Hands On! Children's Art Museum of Chicago Table: Personnel Personnel Plan Y ear 1 $86,400 $6,480 $10,800 $16,320 $12,960 $37,440 14 Total Payroll Y ear 2 $90,720 $9,180 $11,520 $17,136 $13,608 $39,936 14 Y ear 3 $95,256 $9,720 $12,240 $17,993 $14,288 $42,432 14 $170,400 Directors Culture Bugs/Art Colony Coordinator Curator Store Staff Junior Staff Senior Staff Total People $182,100 $191,929 7.0 Financial Plan The basis for our financial planning has been looking forward with c onservative estimates for revenue and expenses. We are committed to consistent growth of our cash balances through prudent management of our expenses. Our foc us will be on remaining profitable year to year, while also building adequate cash reserves. 7.1 Important Assumptions Personnel burden is relatively low at 15% based on the assumption that the only benefits included will be minimal vac ation time based on the number of hours worked. Personnel burden also includes taxes. We anticipate carrying one month's worth of inventory in the Curiosity Shop. The majority of items in the shop are sold on a consignment basis, and therefore do not affect inventory turnover. The estimate of 8% funding on credit refers to the delay between the commitment of funding and the ac tual receipt of funds. We anticipate the great majority of our revenues will be paid by cash or chec k. Table: General Assumptions General Assumptions Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other Y ear 1 1 6.50% 7.00% 0.00% 0 Y ear 2 2 6.50% 7.00% 0.00% 0 Y ear 3 3 6.50% 7.00% 0.00% 0 Page 24 Hands On! Children's Art Museum of Chicago 7.2 Break-even Analysis The table and chart below show the level of funding, from all sources combined, we need on a monthly average, to cover our operating expenses. Table: Break-even Analysis Break-even Analysis Monthly Revenue Break-even $24,111 Assumptions: Average Percent Variable Cost Estimated Monthly Fixed Cost 7% $22,493 Page 25 Hands On! Children's Art Museum of Chicago 7.3 Projected Surplus or Deficit Our projected annual surplus or deficit is shown on the following table. The detailed monthly projections are included in the appendix. Page 26 Hands On! Children's Art Museum of Chicago Table: Surplus and Deficit Surplus and Deficit Y ear 1 $287,643 $19,303 Y ear 2 $318,966 $22,570 Y ear 3 $351,605 $24,451 Other Total Direct Cost $0 $19,303 $0 $22,570 $0 $24,451 Gross Surplus Gross Surplus % $268,340 93.29% $296,396 92.92% $327,153 93.05% Expenses Payroll $170,400 $182,100 $191,929 $54,325 $2,004 $600 $14,400 $2,625 $25,560 $56,000 $2,004 $600 $15,000 $3,500 $27,315 $56,700 $2,004 $600 $15,000 $3,500 $28,789 $0 $0 $0 $269,914 $286,519 $298,523 Surplus Before Interest and Taxes EBITDA Interest Expense T axes Incurred ($1,574) $430 $0 $0 $9,877 $11,881 $0 $0 $28,631 $30,635 $0 $0 Net Surplus Net Surplus/Funding ($1,574) -0.55% $9,877 3.10% $28,631 8.14% Funding Direct Cost Sales and Marketing and Other Expenses Depreciation Leased Equipment Utilities Insurance Payroll Taxes Other Total Operating Expenses Page 27 Hands On! Children's Art Museum of Chicago 7.4 Projected Cash Flow Management of cash flow is critical to our success. The monthly cash flow is shown in the illustration, with one bar representing the cash flow per month, and the other bar the monthly balance. The annual cash flow figures are included here and the more important detailed monthly numbers are included in the appendix. Should our monthly cash flows fail to meet expec tations, directors salaries will not be paid. If further ac tion is required, we will utilize revolving credit fac ilities. Page 28 Hands On! Children's Art Museum of Chicago Page 29 Hands On! Children's Art Museum of Chicago Table: Cash Flow Pro Forma Cash Flow Y ear 1 Y ear 2 Y ear 3 Cash from Operations Cash Funding Cash from Receivables Subtotal Cash from Operations $264,632 $19,666 $284,297 $293,449 $25,153 $318,602 $323,476 $27,749 $351,225 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 $0 $0 $0 $0 $0 $0 $0 $284,297 $0 $0 $0 $0 $0 $0 $0 $318,602 $0 $0 $0 $0 $0 $0 $0 $351,225 Y ear 1 Y ear 2 Y ear 3 $170,400 $106,718 $277,118 $182,100 $126,009 $308,109 $191,929 $128,808 $320,737 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchase Other Current Assets Purchase Long-term Assets Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $277,118 $308,109 $320,737 $7,179 $32,179 $10,493 $42,672 $30,488 $73,160 Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Subtotal Cash Spent Net Cash Flow Cash Balance Page 30 Hands On! Children's Art Museum of Chicago 7.5 Projected Balance Sheet The following balance sheet shows our projected financial position during the next three years. The monthly estimates are included in the appendix. Table: Balance Sheet Pro Forma Balance Sheet Y ear 1 Y ear 2 Y ear 3 Current Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets $32,179 $3,346 $1,686 $0 $37,211 $42,672 $3,710 $2,793 $0 $49,175 $73,160 $4,090 $2,803 $0 $80,053 Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets $8,500 $2,004 $6,496 $43,707 $8,500 $4,008 $4,492 $53,667 $8,500 $6,012 $2,488 $82,541 Y ear 1 Y ear 2 Y ear 3 Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities $10,281 $0 $0 $10,281 $10,364 $0 $0 $10,364 $10,607 $0 $0 $10,607 Long-term Liabilities Total Liabilities $0 $10,281 $0 $10,364 $0 $10,607 $70,000 ($35,000) ($1,574) $33,426 $43,707 $70,000 ($36,574) $9,877 $43,303 $53,667 $70,000 ($26,697) $28,631 $71,934 $82,541 $33,426 $43,303 $71,934 Assets Liabilities and Capital Paid-in Capital Accumulated Surplus/Deficit Surplus/Deficit Total Capital Total Liabilities and Capital Net Worth Page 31 Hands On! Children's Art Museum of Chicago 7.6 Standard Ratios Our projected business ratios for the three years of this plan are shown below, along with ratios for an industry profile, based on the Standard Industry Classification (SIC) Index, 8412, for Museums and Art Galleries. Page 32 Hands On! Children's Art Museum of Chicago Table: Ratios Ratio Analysis Y ear 1 n.a. Y ear 2 10.89% Y ear 3 10.23% Industry Profile 9.50% 7.65% 3.86% 0.00% 85.14% 14.86% 100.00% 6.91% 5.20% 0.00% 91.63% 8.37% 100.00% 4.95% 3.40% 0.00% 96.99% 3.01% 100.00% 18.90% 1.00% 36.40% 56.30% 43.70% 100.00% 23.52% 0.00% 23.52% 76.48% 19.31% 0.00% 19.31% 80.69% 12.85% 0.00% 12.85% 87.15% 32.50% 28.50% 61.00% 39.00% 100.00% 100.00% 100.00% 100.00% 93.29% 93.84% 2.66% -0.55% 92.92% 89.83% 2.82% 3.10% 93.05% 84.90% 2.70% 8.14% 0.00% 82.00% 0.90% 1.70% Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets 3.62 3.46 23.52% -4.71% -3.60% 4.74 4.48 19.31% 22.81% 18.40% 7.55 7.28 12.85% 39.80% 34.69% 1.71 1.52 61.00% 1.10% 2.90% Additional Ratios Net Surplus Margin Return on Equity Y ear 1 -0.55% -4.71% Y ear 2 3.10% 22.81% Y ear 3 8.14% 39.80% n.a n.a 6.88 57 9.45 11.38 6.88 50 10.08 12.17 6.88 51 8.74 12.17 n.a n.a n.a n.a Payment Days Total Asset Turnover 27 6.58 30 5.94 30 4.26 n.a n.a Debt Ratios Debt to Net Worth Current Liab. to Liab. 0.31 1.00 0.24 1.00 0.15 1.00 n.a n.a $26,930 $38,811 $69,446 n.a 0.00 0.00 0.00 n.a 0.15 24% 3.13 8.61 0.17 19% 4.12 7.37 0.23 13% 6.90 4.89 n.a n.a n.a n.a Funding Growth Percent of Total Assets Accounts Receivable Inventory Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Funding Funding Gross Surplus Selling, General & Administrative Expenses Advertising Expenses Surplus Before Interest and Taxes Main Ratios Activity Ratios Accounts Receivable Turnover Collection Days Inventory Turnover Accounts Payable Turnover Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Funding Current Debt/Total Assets Acid Test Funding/Net Worth Page 33 Hands On! Children's Art Museum of Chicago Dividend Payout 0 .00 0.00 0.00 n.a Page 34 Appendix Table: Funding Forecast Funding 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 0% $1,500 $2,000 $2,500 $2,400 $2,400 $2,400 $2,400 $2,300 $2,200 $2,200 $2,200 $2,500 0% 0% 0% $4,080 $2,600 $205 $5,280 $2,800 $505 $6,000 $3,000 $205 $6,600 $4,533 $505 $6,600 $4,533 $205 $6,600 $4,533 $505 $6,600 $4,533 $205 $6,000 $4,533 $505 $4,200 $3,200 $205 $4,200 $3,200 $505 $4,200 $3,200 $205 $6,000 $4,533 $505 Birthday Parties/Rentals Outreach Programs Curiosity Shop 0% 0% 0% $0 $400 $700 $275 $900 $1,500 $275 $1,100 $1,800 $275 $1,200 $1,400 $275 $1,200 $1,600 $275 $1,200 $1,700 $275 $1,200 $1,700 $275 $1,200 $1,700 $275 $1,100 $1,500 $275 $1,100 $1,500 $275 $1,100 $1,500 $275 $1,200 $1,600 Foundation Grants 0% $0 $0 $10,000 $0 $10,000 $0 $0 $10,000 $0 $10,000 $0 $10,000 Corporate Sponsorship Annual Family Benefit/Events 0% 0% $1,000 $0 $1,000 $5,000 $1,000 $0 $1,000 $0 $1,000 $0 $1,000 $35,000 $1,000 $0 $1,000 $0 $1,000 $5,000 $1,000 $0 $1,000 $0 $1,000 $0 Affinity Campaigns Total Funding 0% $0 $10,485 $300 $19,560 $400 $26,280 $0 $17,913 $500 $28,313 $500 $53,713 $0 $17,913 $500 $28,013 $500 $19,180 $0 $23,980 $500 $14,180 $500 $28,113 Month 1 $60 $0 Month 2 $80 $0 Month 3 $90 $0 Month 4 $100 $0 Month 5 $110 $0 Month 6 $110 $0 Month 7 $110 $0 Month 8 $110 $0 Month 9 $90 $0 Month 10 $90 $0 Month 11 $90 $0 Month 12 $90 $0 Culture Bugs/Art Colony/Apprentice Family Wkshp/Film & Concert Series Birthday Parties/Rentals $100 $25 $0 $130 $275 $63 $140 $25 $63 $200 $275 $63 $200 $25 $63 $200 $275 $63 $200 $25 $63 $200 $275 $63 $150 $25 $63 $150 $275 $63 $150 $25 $63 $200 $275 $63 Outreach Programs Curiosity Shop $20 $350 $45 $750 $55 $900 $65 $700 $75 $800 $75 $850 $75 $850 $70 $850 $55 $750 $55 $750 $55 $750 $75 $800 Foundation Grants $15 $15 $15 $15 $15 $15 $15 $15 $15 $15 $15 $15 Corporate Sponsorship $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $0 $0 $500 $5 $0 $5 $0 $0 $0 $5 $2,500 $5 $0 $0 $0 $5 $500 $5 $0 $0 $0 $5 $0 $5 $580 $1,873 $1,303 $1,428 $1,303 $4,103 $1,348 $1,598 $1,663 $1,408 $1,163 $1,533 Funding Membership Admissions Culture Bugs/Art Colony/Apprentice Family Wkshp/Film & Concert Series Direct Cost of Funding Membership Admissions Annual Family Benefit/Events Affinity Campaigns Subtotal Cost of Funding Page 1 Appendix Table: Personnel Personnel Plan Directors Culture Bugs/Art Colony Coordinator 0% 0% Month 1 $7,200 $0 Month 2 $7,200 $0 Month 3 $7,200 $0 Month 4 $7,200 $720 Month 5 $7,200 $720 Month 6 $7,200 $720 Month 7 $7,200 $720 Month 8 $7,200 $720 Month 9 $7,200 $720 Month 10 $7,200 $720 Month 11 $7,200 $720 Month 12 $7,200 $720 Curator Store Staff Junior Staff 0% 0% 0% $900 $1,360 $0 $900 $1,360 $810 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 $900 $1,360 $1,215 Senior Staff Total People 0% $3,120 10 $3,120 12 $3,120 13 $3,120 14 $3,120 14 $3,120 14 $3,120 14 $3,120 14 $3,120 14 $3,120 14 $3,120 14 $3,120 14 $12,580 $13,390 $13,795 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 Total Payroll Page 2 Appendix Table: General Assumptions General Assumptions Month 1 1 6.50% Month 2 2 6.50% Month 3 3 6.50% Month 4 4 6.50% Month 5 5 6.50% Month 6 6 6.50% Month 7 7 6.50% Month 8 8 6.50% Month 9 9 6.50% Month 10 10 6.50% Month 11 11 6.50% Month 12 12 6.50% Long-term Interest Rate 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% Tax Rate Other 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 Plan Month Current Interest Rate Page 3 Appendix Table: Surplus and Deficit Surplus and Deficit Month 1 $10,485 $580 Month 2 $19,560 $1,873 Month 3 $26,280 $1,303 Month 4 $17,913 $1,428 Month 5 $28,313 $1,303 Month 6 $53,713 $4,103 Month 7 $17,913 $1,348 Month 8 $28,013 $1,598 Month 9 $19,180 $1,663 Month 10 $23,980 $1,408 Month 11 $14,180 $1,163 Month 12 $28,113 $1,533 Other Total Direct Cost $0 $580 $0 $1,873 $0 $1,303 $0 $1,428 $0 $1,303 $0 $4,103 $0 $1,348 $0 $1,598 $0 $1,663 $0 $1,408 $0 $1,163 $0 $1,533 Gross Surplus Gross Surplus % $9,905 94.47% $17,687 90.42% $24,977 95.04% $16,485 92.03% $27,010 95.40% $49,610 92.36% $16,565 92.47% $26,415 94.30% $17,517 91.33% $22,572 94.13% $13,017 91.80% $26,580 94.55% Expenses Payroll $12,580 $13,390 $13,795 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 $14,515 $4,075 $4,600 $4,400 $4,600 $5,000 $4,500 $4,500 $4,650 $4,500 $4,500 $4,500 $4,500 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $1,200 $0 $1,887 $1,200 $0 $2,009 $1,200 $0 $2,069 $1,200 $875 $2,177 $1,200 $0 $2,177 $1,200 $0 $2,177 $1,200 $0 $2,177 $1,200 $875 $2,177 $1,200 $0 $2,177 $1,200 $0 $2,177 $1,200 $0 $2,177 $1,200 $875 $2,177 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $19,959 $21,416 $21,681 $23,584 $23,109 $22,609 $22,609 $23,634 $22,609 $22,609 $22,609 $23,484 ($10,054) ($9,887) ($3,729) ($3,562) $3,296 $3,463 ($7,099) ($6,932) $3,901 $4,068 $27,001 $27,168 ($6,044) ($5,877) $2,781 $2,948 ($5,092) ($4,925) ($37) $130 ($9,592) ($9,425) $3,096 $3,263 Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($10,054) ($3,729) $3,296 ($7,099) $3,901 $27,001 ($6,044) $2,781 ($5,092) ($37) ($9,592) $3,096 -95.89% -19.06% 12.54% -39.63% 13.78% 50.27% -33.74% 9.93% -26.55% -0.16% -67.65% 11.01% Funding Direct Cost Sales and Marketing and Other Expenses Depreciation Leased Equipment Utilities Insurance Payroll Taxes Other Total Operating Expenses Surplus Before Interest and Taxes EBITDA Net Surplus Net Surplus/Funding 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 from Operations Cash Funding Cash from Receivables $9,646 $0 $17,995 $28 $24,178 $863 $16,480 $1,583 $26,048 $2,080 $49,416 $1,461 $16,480 $2,333 $25,772 $4,202 $17,646 $1,460 $22,062 $2,217 $13,046 $1,547 $25,864 $1,892 Subtotal Cash from Operations $9,646 $18,023 $25,041 $18,063 $28,128 $50,877 $18,813 $29,974 $19,106 $24,279 $14,593 $27,756 Cash Received Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Current Borrowing New Other Liabilities (interest-free) 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Long-term Liabilities Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $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 Subtotal Cash Received $0 $9,646 $0 $18,023 $0 $25,041 $0 $18,063 $0 $28,128 $0 $50,877 $0 $18,813 $0 $29,974 $0 $19,106 $0 $24,279 $0 $14,593 $0 $27,756 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 Cash Spending Bill Payments $12,580 $240 $13,390 $7,334 $13,795 $10,800 $14,515 $8,767 $14,515 $10,125 $14,515 $9,777 $14,515 $14,871 $14,515 $7,995 $14,515 $9,918 $14,515 $8,929 $14,515 $8,978 $14,515 $8,984 Subtotal Spent on Operations $12,820 $20,724 $24,595 $23,282 $24,640 $24,292 $29,386 $22,510 $24,433 $23,444 $23,493 $23,499 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Principal Repayment of Current Borrowing Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $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 Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Cash Spent $12,820 $20,724 $24,595 $23,282 $24,640 $24,292 $29,386 $22,510 $24,433 $23,444 $23,493 $23,499 Net Cash Flow ($3,174) ($2,701) $446 ($5,219) $3,488 $26,585 ($10,573) $7,464 ($5,328) $835 ($8,900) $4,257 Cash Balance $21,826 $19,125 $19,571 $14,351 $17,839 $44,424 $33,851 $41,315 $35,987 $36,822 $27,922 $32,179 Expenditures from Operations Page 5 Appendix Table: Balance Sheet Pro Forma Balance Sheet Month 1 Assets Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Starting Balances Current Assets Cash Accounts Receivable $25,000 $0 $21,826 $839 $19,125 $2,376 $19,571 $3,615 $14,351 $3,465 $17,839 $3,650 $44,424 $6,487 $33,851 $5,587 $41,315 $3,626 $35,987 $3,701 $36,822 $3,402 $27,922 $2,989 $32,179 $3,346 Inventory Other Current Assets Total Current Assets $1,500 $0 $26,500 $920 $0 $23,585 $2,060 $0 $23,561 $1,757 $0 $24,943 $1,571 $0 $19,388 $1,433 $0 $22,923 $4,513 $0 $55,424 $3,165 $0 $42,603 $2,567 $0 $47,509 $1,904 $0 $41,592 $1,549 $0 $41,773 $1,386 $0 $32,297 $1,686 $0 $37,211 Long-term Assets Long-term Assets $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 Accumulated Depreciation Total Long-term Assets $0 $8,500 $167 $8,333 $334 $8,166 $501 $7,999 $668 $7,832 $835 $7,665 $1,002 $7,498 $1,169 $7,331 $1,336 $7,164 $1,503 $6,997 $1,670 $6,830 $1,837 $6,663 $2,004 $6,496 $35,000 $31,918 $31,727 $32,942 $27,220 $30,588 $62,922 $49,934 $54,673 $48,589 $48,603 $38,960 $43,707 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total Assets Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing $0 $0 $6,972 $0 $10,509 $0 $8,429 $0 $9,806 $0 $9,273 $0 $14,607 $0 $7,663 $0 $9,621 $0 $8,630 $0 $8,680 $0 $8,630 $0 $10,281 $0 Other Current Liabilities Subtotal Current Liabilities $0 $0 $0 $6,972 $0 $10,509 $0 $8,429 $0 $9,806 $0 $9,273 $0 $14,607 $0 $7,663 $0 $9,621 $0 $8,630 $0 $8,680 $0 $8,630 $0 $10,281 Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Liabilities $0 $6,972 $10,509 $8,429 $9,806 $9,273 $14,607 $7,663 $9,621 $8,630 $8,680 $8,630 $10,281 $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) $70,000 ($35,000) Paid-in Capital Accumulated Surplus/Deficit Surplus/Deficit $0 ($10,054) ($13,783) ($10,487) ($17,586) ($13,685) $13,316 $7,271 $10,052 $4,960 $4,923 ($4,670) ($1,574) Total Capital $35,000 $24,946 $21,218 $24,513 $17,414 $21,315 $48,316 $42,271 $45,052 $39,960 $39,923 $30,330 $33,426 Total Liabilities and Capital $35,000 $31,918 $31,727 $32,942 $27,220 $30,588 $62,922 $49,934 $54,673 $48,589 $48,603 $38,960 $43,707 Net Worth $35,000 $24,946 $21,217 $24,513 $17,414 $21,315 $48,315 $42,271 $45,052 $39,960 $39,922 $30,330 $33,426 Page 6 ...
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This note was uploaded on 08/30/2011 for the course BUSN 1003 taught by Professor Carr,r during the Spring '08 term at Arkansas State.

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