Business Plan 29 January 2019 Strictly Confidential
XXXXX
XXXX XXXX XXXX XXXX
Disclaimer
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
2 Business Plan: XXXXX
Disclaimer
Disclaimer • This presentation has been prepared exclusively for the benefit and internal use of a qualified sophisticated global financier to whom it is directly addressed and delivered. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by XXXXX Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of XXXXX. • The information in this presentation is based upon forecasted numbers provided in industry literature and our best estimates. These projections and estimations reflect prevailing conditions and our views as of this date, all of which are accordingly subject to change. • In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public and private sources which were provided to us or which were otherwise reviewed by us. In addition, our analyses do not claim to be appraisals of the assets, or the valuation of any entity. XXXXX makes no representations as to the actual benefits which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction. • A number of statements referenced in this presentation that have been granted, are forward-looking statements, and any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, and goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements.” • Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this presentation may be identified through the use of words such as "expects,” "will,” "anticipates,” "estimates,” "believes,” or statements indicating certain actions "may,” "could,” or "might" occur. Any person or entity seeking to make an investment in the company should not rely on the information set forth in this business plan as complete. • Any person or entity seeking to make an investment in the company should not rely on the information set forth in this business plan as complete. There exists substantial information with respect to the company, its business and its future prospects which are not set forth in the business plan and there exist a substantial number of risks associated with an investment in the company which are not set forth in this business plan. • Any person or entity considering making an investment in the company must ensure that they avail themselves of all other information relating to the company, its business, and its financial projections, as well as all other information deemed necessary or desirable by such prospective, prior to any such investor making an investment in the company. • Any prospective investors shall be required to represent to the company that, prior to making such investment, they have received from the company all information deemed necessary or desirable by them with respect to such investment and that such investor did not rely on any information set forth in this business plan in making any such investment. • By accepting delivery of this plan, the recipient agrees to return this copy to the corporation at the address listed below if requested. • Do not copy, fax, reproduce or distribute without written permission from XXXXX.
3 Business Plan: XXXXX
Executive Summary
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
4 Business Plan: XXXXX
Executive Summary
XXXXX will manufacture and sell XXXXX brand toothbrushes in the USA. Business Model
The Market • The global toothbrush industry is expected to generate $3.6 billion in 2016. • The U.S industry is expected to reach $1.7 billion by 2021. • Electric toothbrushes is expected to post a volume CAGR of 4% over 2015-2020. • Leading markets in electric toothbrush industry are Germany, USA, Italy, UK and France. • In 2015, US oral care continued to be contested by four major players: Procter & Gamble, Colgate-Palmolive, Johnson & Johnson and GlaxoSmithKline Consumer Health, which together accounted for a retail value share of 72%. • The top ten popular toothbrush brands in America include those from major oral hygiene product manufacturers including Colgate, Sonicare, Crest, Oral B and more.
• • • • • • •
Goals • • • • • •
Achieve 1% of the world toothbrushes market Be one of the leading brands in the market by 2020 Produce top-quality, eco-friendly and affordable products for consumers Achieve at least $1.4 million in sales by 2020 Achieve a net profit of at least $0.6 million by 2020 Have at least 14 staff members by 2020
XXXXX is a Delaware registered company formed in July 2011. The company is owned equally by XXXXX and XXXXX. The company operates out of Dover, DE and manufactures and sells XXXXX sonic and manual toothbrushes for adults and kids. The company will sell XXXXX brand angled toothbrushes. Two types of toothbrushes, manual and sonic, will be sold in three categories: adults, teens and kids. The company will also sell toothbrush units and replacement brush heads. The company is looking for potential distributors in the USA and wholesale customers from a number of US states and international markets.
Strengths & Benefits to the Economy • • • • • • •
Exclusive product that caters to the widespread need for effective oral care. Experienced management team Complete financing by personal funds (no debt) Company self manufactures the product Endorsements already available from dentists and hygienists Employment positions for 14 people by 2020 Cumulative taxes of $500,000+ over the next five years
5 Business Plan: XXXXX
Executive Summary
XXXXX, CEO, is applying for an E2 visa. He will head innovations and operations for the company. Financial Summary
The Management •
•
•
XXXXX is a passionate entrepreneur who aims to develop and commercialize the XXXXX toothbrushes (manual, sonic for kids and adults). His goal is to gain 1% of the world toothbrushes market. He has keen interest in innovation, new ideas and inventions, and he frequently reviews case studies of successful companies so that he can bring in new and successful ideas to his business venture. He is an excellent designer and his handiwork is extremely creative. He joined XXXXX CA Inc. in 2006 and was responsible for the invention and development of prototypes for the XXXXX toothbrush. He has also been responsible for contacting potential customers, crafting business plans, filing patents, filling forms, performing tests, etc.
Financial Summary $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $2016
2017
Revenue
$
Value 38% 51% 605,231 50% 72% 111%
Source: Management Information Source: Management Information
Gross Profits
2019
Net Profits
2020
Cash Surplus
Uses of Funds
Key Performance Indicators KPI Accounting Rate of Return Internal Rate of Return Net Present Value Revenue CAGR Profit CAGR Cash CAGR
2018
He will bring $201,396 as equity and is applying for an E2 visa 3%
1%
Agent Delaware Bank Fees CPA Customs Exhibitor fees Tradeshows FDA Registration Gas Insurance Legal Mold Office Supplies Rent
0.02%
0.40%
0.40% 0.35%
1% 27%
32% 2%
1% 3%
17%
3% 3% 3% 2%
0.17%
0.29%
6 Business Plan: XXXXX
The Market
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
7 Business Plan: XXXXX
The Market
Market Research
The global toothbrush industry is expected to generate $3.6 billion in 2016. The Toothbrush Manufacturing industry is expected to generate $3.6 billion in 2016, up 6.9% from 2015. Over the five years to 2016, revenue has been growing at an annual average of 9.2%. Over the next five years, ACMRIBISWorld forecasts that industry revenue will increase at the slightly lower rate of 5.3%, reaching $4.7 billion in 2021. Most people use toothpaste and toothbrushes on a daily basis. Demand for these products is steady and increasing in line with household income levels and consumption power. Other products, including whitening strips, dental floss and mouthwash, only account for a small portion of industry revenue. There are 49 enterprises operating in the toothbrush manufacturing industry in 2016. The top four industry participants hold a combined market share of 71.8% in terms of industry revenue, representing a high industry concentration level. The largest toothpaste and toothbrush manufacturer, Colgate Palmolive, will account for about 21.1% of industry revenue in 2016. According to Euromonitor International’s data on consumer appliances, the global unit price of power toothbrushes was around US$55 per unit in 2014, compared to just US$1-2 for manual. The price of electric toothbrush replacement heads is also high (US$10). 8 Business Plan: XXXXX
The Market
Market Research
Global Toothbrush Market Segments
Toothbrush
Power Toothbrush
Manual Toothbrush
Battery Toothbrush
Electric Toothbrush
Toothbrush Units
Toothbrush Replacement Heads
9 Business Plan: XXXXX
The Market
Market Research
Power Toothbrushes – Global Market •
Electric toothbrushes as a product category is expected to post a volume CAGR of 4% over 2015-2020.
•
Developed markets, namely Germany, the US, the UK, Italy and France, are the major markets currently and are expected to drive growth over the forecast period. Growing demand in these markets is expected to trigger growth of electric toothbrushes over 2015-2020, leading to CAGRs of 8%, 5% and 4%, respectively.
•
Lately, several oral care appliances manufacturers (Procter & Gamble, Koninklijke Philips NV and Kolibree) launched connected electric toothbrushes. These connected toothbrushes help consumers brush their teeth more effectively with tutoring provided via smartphones and tablets.
•
Two major factors are expected to spur the growth of connected electric toothbrushes in the market. Firstly, increased usage of smartphones and tablets; the popularity of internet of things (IoT) triggers the popularity of connected appliances. Secondly, consumers in developed markets value high-quality products that help them brush more effectively.
Business Plan: XXXXX
Source: http://blog.euromonitor.com/2016/06/connected-electric-toothbrushes-becomehot-innovative-category-in-oral-care-appliances.html
10
The Market
Market Research
Power Toothbrushes – Leading Markets and Market Players Leading electric toothbrush markets with volume shares in 2015
Source: http://blog.euromonitor.com/2016/06/connected-electric-toothbrushes-become-hot-innovative-category-in-oral-care-appliances.html
Business Plan: XXXXX
11
The Market
Market Research
Power Toothbrushes – Market segments With replacement heads costing around US$10, and since dentists typically advise patients to change their toothbrushes every three months for better cleaning, consumers need to spend at least US$40 per year to maintain their electric toothbrushes. In contrast, consumers who use manual toothbrush will spend somewhere between $4-8 per year. Growth of electric toothbrushes is being driven by sustained innovation and product updates. Procter & Gamble launched the Oral-B SmartSeries electric toothbrush in 2014, marking entry into an era of information-generating devices. Compatible with iOS and Android devices, the electric toothbrush features Bluetooth connectivity. Similarly, Koninklijke Philips launched a few models in 2013, including Philips DiamondClean, FlexCare and HealthyWhite, emphasizing powerful brushes that can effectively clean hard-to-reach areas. Additionally, during the Consumer Electric Show 2015 (CES), Kolibree unveiled its “smart” toothbrush with 3D motion sensor, which informs users which areas they have missed while brushing. These developments have stimulated consumer interest in dental health and the expectations for improved results. Source: http://blog.euromonitor.com/2015/04/electric-toothbrushes-thrive-in-developed-markets.html
Business Plan: XXXXX
12
The Market
Market Research
Power Toothbrushes – Market Drivers •
In addition to higher incomes, consumers in developed markets increasingly view premium-priced dental hygiene products as higher-quality and more beneficial. In sharp contrast, consumers in emerging markets tend to prefer using manual toothbrushes. They report that buying expensive electric toothbrushes is not worth the added cost. They also rely more on dental cleaning and whitening via dentists, since these dental expenses are more affordable.
•
It is expected that developed markets (led by Italy, Germany and the UK) will continue driving growth of electric toothbrushes from 2014-2019.
•
Western Europe will lead growth, accounting for 77% of total value.
•
Consumers in developed markets are expected to continue taking good care of their dental health and hygiene, and manufacturers will develop new products that address consumers’ dental cleaning and whitening requirements.
13 Business Plan: XXXXX
The Market
Market Research
Sonic Toothbrushes •
Sonic toothbrushes are different from standard electric toothbrushes because they vibrate from side to side instead of spinning and pulsating the way spinning brushes do. While studies at Consumer Reports show that manual and electric toothbrushes clean equally well, sonic toothbrushes may come with extra attachments that floss, deep-clean and massage. There is also evidence that these types of toothbrushes aid in fighting gum disease and in motivating people to brush their teeth.
•
Sonic toothbrushes vibrate at 30,000 brush strokes per minute. Brush heads come in different sizes. Features like timers, massage, auto-shut off and attachments are also available in different brands of sonic toothbrushes. The more the features, the more expensive the toothbrush will tend to be. •
Prices for sonic toothbrushes range from $15 to $240. Sonicare Essence E5300 retails for $54 at Walmart and has an angled head and deep cleans between teeth.
•
The Sonicare Flexcare, priced at $124, features a two-minute timer. The Oral B Vitality is a no-frills option priced at $18 at most retailers. The Crest Spinbrush is the most affordable, retailing at most drugstores for $8. 14
Business Plan: XXXXX
The Market
Market Research
US Oral Care Market •
Oral care recorded current value growth of 3% in 2015.
•
New categories tend not to do particularly well in oral care given that most people’s oral care routines are fairly well-established.
•
While many categories in 2015 managed to record low, single-digit growth, a sharp upturn in dental floss sales, along with strong sales of mouth fresheners, enabled the wider category to register a stronger performance than that of the previous year.
•
Oral care in the US in 2015 continued to be contested by four major players: Procter & Gamble, Colgate-Palmolive, Johnson & Johnson, and GlaxoSmithKline Consumer Health, which together accounted for a retail value share of 72%.
•
Procter & Gamble, with its Crest, Oral-B, Fixodent and Scope brands, maintained its position as the leading player, commanding a 33% value share.
Source: http://www.euromonitor.com/oral-care-in-the-us/report
Business Plan: XXXXX
15
The Market
American Outlook
Top Brands in America The top ten popular toothbrush brands in America include those from major manufacturers of oral hygiene products, including Colgate, Sonicare, Crest, Oral B and more. Toothbrushes are available with different bristle textures, sizes and forms.
Oral B Laboratories
DenTek
Colgate-Palmolive
Nimbus
Crest
Flossy
Phillips Sonicare
Firefly
REACH
Pepsodent
Business Plan: XXXXX
16
American Outlook
The Market
Manual Toothbrushes – USA Statistics According to a survey conducted between February 1, 2010 and March 11, 2015 that polled more than 24,000 American adults on the usage of manual toothbrushes, 83.32% of American households used manual toothbrushes in 2015.
2011
Business Plan: XXXXX
2012 2013
2014
2015
2011
2012 2013
2014
2015
2011
2012 2013
2014
2015
17
American Outlook
The Market
Manual Toothbrushes – USA Statistics According to the same survey mentioned on the last slide, 37.6 % of American households used medium bristle manual toothbrushes in 2015, 31.35% use soft/extra bristle and 14.01% use firm bristle.
2011 Business Plan: XXXXX
2012 2013
2014
2015
2011
2012 2013
2014
2015
2011
2012 2013
2014
2015 18
The Market
American Outlook
Manual Toothbrushes – USA Statistics When it comes to the brands of manual toothbrushes used by American households, there is a fairly broad range. According to the same survey of 24,000 American adults, 14.27 % of households use Colgate Total, 14.1% use Other Oral-B toothbrushes, and 11.7% use Oral-B Advantage.
Business Plan: XXXXX
14.27%
14.1%
19
The Market
American Outlook
Power Toothbrushes – USA Statistics In a survey of almost 30,000 American adults conducted between February 4, 2014 and March 11, 2015 on the usage of power toothbrushes by the people living in their household, 32.63% of respondents said they use power toothbrushes at home.
Source: http://www.statista.com/statistics/278156/us-households-usage-of-power-toothbrushes/
Business Plan: XXXXX
20
The Market
American Outlook
Power Toothbrushes – USA Statistics In the same survey mentioned on the last slide, American adults revealed what brands of power toothbrushes they prefer. The researchers found that 11.08% of American households use Oral-B Powered By Braun.
Source: http://www.statista.com/statistics/278172/us-households-brands-of-power-toothbrushes-used/
Business Plan: XXXXX
21
American Outlook
The Market
Power Toothbrushes – USA Statistics The seven overall best electric toothbrushes of 2016 in USA as per Reviews.com are:
Oral-B Black 7000 with SmartGuide
Oral-B ProfessionalCare SmartSeries 5000 with SmartGuide
Philips Sonicare DiamondClean Oral-B ProfessionalCare 1000 Philips Sonicare Flexcare Platinum
Philips Sonicare Essence Oral-B Deep Sweep 5000 with SmartGuide Source: http://www.reviews.com/best-electric-toothbrush/
Business Plan: XXXXX
22
The Market
Competition
Competition Analysis
Oral B •
Oral-B is a brand of oral hygiene products, including toothbrushes, toothpastes, mouthwashes and dental floss.
•
The company sells electric toothbrushes, manual toothbrushes, battery powered toothbrushes, kids brushes, replacement brush heads, floss, etc.
•
Oral-B’s toothbrush segment offers a wide variety of choices.
•
Braun has been a leading brand of oscillating toothbrushes for more than 20 years. Oral-B brush heads produce rotating movements of bristles at high speeds, resulting in efficient cleaning and perfect oral hygiene.
•
Their newest Pulsonic line combines oscillating, vibrating and even pulsating movements to reach even higher vibrating speeds.
23 Business Plan: XXXXX
The Market
Competition
Competition Analysis
Sonicare •
Sonicare is the Philips-branded electric toothbrush.
•
The brush head vibrates at hundreds of times per second, with the latest models at 31,000 strokes per minute (260 Hz).
•
Rather than connecting to its charger with conductors, it uses inductive charging—the charger includes the primary winding of the voltage-reducing transformer and the fat handle of the brush includes the secondary winding. The replaceable head is also driven magnetically.
•
Individual clinical research has shown Sonicare toothbrushes to be more effective than comparable OralB electric toothbrushes in reduction of gingival inflammation and therefore improvement in periodontal health.
•
Individual studies have shown that Sonicare toothbrushes are more effective in plaque removal and reduction in gingivitis compared to manual toothbrushes. 24
Business Plan: XXXXX
Competition
The Market
Competition Analysis Oral-B vs. Sonicare: Comparison of Electric Toothbrushes
Sl. No.
Particulars
Oral-B
Sonicare
1
Brush head movement
Uses a combination of oscillating, pulsating and vibrating brush head movements. This technology is effective in reaching in to reach hidden plaque and stains lodged in-between teeth.
Uses high-velocity and ultrasonic lateral vibrations. Vibrates at frequencies above 30,000 brush head strokes in a minute. These vibrations make it easier to remove plaque in a much more effective and gentler manner.
2
Pressure sensor vs. beeps and pauses
Built-in pressure sensor and timer visual display.
Uses beeps and pauses instead of timers. No visual display of timer.
3
Travel case and charging base
Batteries last about 10 days.
Batteries last about 3 weeks. In addition, Sonicare DiamondClean travel case also serves as a USB travel charger which shows a high level of flexibility. 25
Business Plan: XXXXX
Competition
The Market
Competition Analysis Oral-B vs. Sonicare: Comparison of Electric Toothbrushes
Sl. No.
Particulars
Oral B
Sonicare
4
User friendliness
Complicated to use.
Relatively easy to use.
5
Cost of brush head replacement
Less expensive than Sonicare
More expensive than Oral B.
6
Noise level
Higher noise than Sonicare.
Significantly lower noise than Oral B.
7
UV Cleaner
No Oral B toothbrush has a UV Cleaner.
Some of the Sonicare models are fitted with this technology
With respect to cost, effectiveness and superiority of features in the Oral B and Sonicare toothbrush comparison, the Oral B brand carries the day. However, as far a design, comfort and ease of use if concerned, Sonicare gets a leg up on its competition. 26 Business Plan: XXXXX
The Market
Competition
Competition Analysis
Colgate •
Founded in 1806, Colgate-Palmolive is a $17.1 billion consumer products company that serves people around the world with well-known brands that make their lives healthier and more enjoyable.
•
The Colgate-Palmolive Company is an American worldwide consumer products company focused on the production, distribution and provision of household, health care and personal products, such as soaps, detergents, and oral hygiene products (including toothpaste and toothbrushes).
•
Colgate operates in over 75 countries and sells products in over 200 countries and territories. Approximately 75 percent of sales come from their operations outside of the United States.
•
Colgate (CL) has the highest brand penetration in the world. At a brand penetration rate of 64.6%, Colgate reaches more than half the households in the world, more than even Coca-Cola (43.3%).
•
Colgate Sensitive, Colgate Slim Soft, Colgate 360, Colgate Enamel Health, Colgate Optic White and Max Fresh are a few of the types of toothbrushes sold by the Colgate brand in the USA.
•
Colgate Manual toothbrushes are the most popular brand worldwide, which makes them an extremely tough competitor in this category.
27 Business Plan: XXXXX
The Market
SWOT Analysis
SWOT
Strengths • •
• • • •
Exclusive product that caters to a widespread need for effective oral care Having just two shareholders and decision makers in the company makes it easier to make decisions, change strategies, and solve problems. Complete financing by personal funds (no debt) Company self-manufactures the product Endorsements already available from dentists and hygienists Patented Products
Weaknesses • • •
Lack of constant physical presence of the non-American management in the US Yet to team up with American distributors Lack of credibility in the market since it is a small new start-up and yet to establish a reputation for itself
Opportunities • • • • •
Increasing awareness surrounding oral hygiene and care Diversification into other oral care products More innovations to differentiate the company from its competitors Growth in emerging rural and semi-urban markets Geographic expansion into the rest of the world
Threats • • • • • Business Plan: XXXXX
Strong and established existing competitors like Oral B, Sonicare, Colgate etc. New entrants to the market Regular introduction of new products by competitors Copied innovation by competitors Increase in commodity prices for manufacturing
28
The Business Model
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
29 Business Plan: XXXXX
The Business Model
The Entity
XXXXX (AKA XXXXX) XXXXX is a Delaware registered company formed in July 2011. It is owned equally by XXXXX and XXXXX. Clarck is married with XXXXX and together they created a company 50/50 because they have complementary tasks.
The company did several commercial tests in different countries like Canada, Brazil, France, Italy, Russia, US, for two years. The company operates out of Dover, Delaware, manufacturing and selling XXXXX sonic and manual toothbrushes for adults and kids.
Company Profile Name: XXXXX (aka XXXXX)
XXXXX
XXXX
Geographical Focus: North America Location: Dover, Delaware
50%
50%
Formation: July 2011 Founding Directors: XXXXX and XXXXX
XXXXX
Target Customers: 40+ year old women and divorced men. 30
Business Plan: XXXXX
The Business Model
Mission and Goals
Mission – Vision – Goals Mission Bring innovative oral care products to the market and raise awareness about the importance of oral health and its impact on our overall health.
Objective Increase company’s revenue by 20% per year over the next 5 years
Goals • Achieve 1% of the world market for toothbrushes • Be one of the leading brands in the market by 2020 • Produce top-quality, eco-friendly and affordable products for consumers • Achieve at least $1.75 million in sales by 2020 • Achieve a net profit of at least $0.5 million by 2020 • Have 15 employees by 2020
31 Business Plan: XXXXX
The Business Model
The Product
Angle-Neck Toothbrush The company will sell XXXXX-branded angled toothbrushes.
The angled neck is patented in the United Kingdom, Canada and France. The patent is protected in 144 countries. Two segments of toothbrushes of this brand, sonic and manual, will be sold. The products under the Sonic category include: • XXXXX Sonic 3000 for adults • Mini XXXXX Sonic for kids The products sold under the Manual category include: • XXXXX Manual for Adults • XXXXX Manual for Teens • XXXXX Manual for Kids The difference between the brushes for adults, teens and kids is the brush head size. The sonic angled toothbrush was developed in 2013. The management has a company doing the same kind of business in Brazil which has made tests that were positive and they are investing in getting all the licenses to be able to sell it in mass in this country. 32 Business Plan: XXXXX
The Business Model
The Product
Sonic 3000 for Adults The Sonic segment of the toothbrush has three brush head designs:
• • •
Exclusive, patented angled-neck technology Extra-fine bristle (green in the middle) plus tipped bristle (white surrounding) DuPont bristles - effective and gentle on teeth and gums
• • •
Exclusive, patented angled-neck technology Bristles design - contours to teeth DuPont bristles - effective and gentle on teeth and gums
• •
Ideal for cleaning along the gum line and behind the back teeth Great for cleaning around braces and crowns or the spaces between teeth DuPont bristles - effective and gentle on teeth and gums
Polishing Angle-Neck
Cleaning Angle-Neck
• PIK (Interdental)
33 Business Plan: XXXXX
The Business Model
The Product
Features - Sonic 3000 for Adults Sonic 3000 by XXXXX Brush handle and engine • Elegant, slim, and lightweight design • Three brushing modes • DuPont bristles • Rechargeable 40-day charge life • Two-minute timer • 30-second interval time
Toothbrush charger • Elegant and lightweight • Wall-mountable • Worldwide voltage • Inductive charging • Holds brush handle and two heads
34 Business Plan: XXXXX
The Business Model
The Product
Features - Sonic 3000 for Adults
Lateral Vibration
Vertical Vibration
3 Dimensional Vibration
Safe and Gentle
The sonic brush rotates at 31,000 sonic pulses per minute with three-dimensional oscillation. The combined effect of both together is very powerful and highly effective. The lateral vibration of the brush helps remove debris, the vertical vibration helps remove plaque. The sonic brush improves gum health and is safe and gentle on both the teeth and the gums. All these features make the Sonic 3000 by XXXXX the most complete oral care device on the market.
35 Business Plan: XXXXX
The Business Model
The Product
Mini XXXXX Sonic for Kids The Mini Sonic, with its smaller brush head, is designed especially for children. A few other features are: • • • • • • • • •
28,000 sonic pulses per minute Helps remove plaque along the gum line Cleans better between teeth DuPont bristles Special bristles design Two brushing modes (normal and high) 1 x AAA battery operated - lasts 120 days Angled-neck brush head Very effective and gentle on teeth and gums
36 Business Plan: XXXXX
The Business Model
The Product
Manual XXXXX Toothbrushes The manual line of toothbrushes, while not as advanced, still boast a wide range of features: • 45-degree patented angle-neck • Slight rear angle • Dupont bristles - more effective and gentler on gums and teeth • Center rubber bristles that polish teeth • Bi-level bristles row • Interdental extra-soft bristles • Tongue cleaner • Ergonomically designed handle • Two different head sizes: o #35 - for teenagers o #40 - for adults (soft and medium bristles)
37 Business Plan: XXXXX
The Business Model
The Product
Products
38 Business Plan: XXXXX
The Business Model
The Product
Products
39 Business Plan: XXXXX
The Business Model
The Product
Products
40 Business Plan: XXXXX
The Business Model
Distribution
Distribution •
The company’s products are sold in Japan, Brazil, Russia, Italy and Canada.
•
The company is looking for potential American distributors. It is also looking for American and international wholesale customers.
•
The company will have a distributor for each American and international region.
•
In the future, the company will have a major distributor that will take care of all the regional distributors.
•
The company will be a bridge between owners and distributors.
41 Business Plan: XXXXX
The Business Model
Organizational Structure
Organizational Structure
XXXXX
Sales Manager
Sales Staff
Design Manager
XXXXX
Manufacturing Manager
Secretary
Manufacturing Staff
Marketing Manager
Fulfillment Manager
Warehouse Staff
The team consists of: Dr Ananou France - 40 years of experience Dr. Thalita Souza Brazil - 15 years of experience Sondra Schachtmeister RDH, USA Timothy Bradbury, DDS,USA Dr Rivard - Canada 28 years of experience Dr Marcelo Carvalho - Professor at Manaus University - 10 years of experience 42 Business Plan: XXXXX
The Business Model
Organizational Structure
Roles and Responsibilities The Management: XXXXX and XXXXX • Oversee the day-to-day operations of the business • Network with suppliers and distributors • Address the legal requirements and formalities of the company • Devise long-term and short-term strategies and plans • Oversee growth and expansion of the business • Recruit staff • Build and lead the senior executive team • Allocate funds according to the company’s priorities • Build and maintain the company’s culture
Secretary • Answer phones and respond to queries and concerns that customers and potential customers may have • Handle warranty and online sales • Handle emails from customers • Receive merchandise and ship online orders
Design Manager • Manage and coordinate development of new products and improve existing products • Evaluate and ensure design feasibility and design optimization • Provide design solutions to meet cost-effectiveness targets and on-time deliveries • Validate product designs, identify constraints and provide corrective actions • Implement process improvements to ensure product quality and productivity • Interact with customers to help them clearly understand product requirements and vision
Marketing Manager • Development of marketing strategy • Customer relationship management • Identify potential markets • Oversee new product introductions • Develop pricing strategies
43 Business Plan: XXXXX
The Business Model
Organizational Structure
Roles and Responsibilities Manufacturing Manager • Coordinate Manufacturing staff • Solve problems with manufacturing • Product quality control • Ensure safety of staff working in the manufacturing facility • Lead and motivate all subordinates to fulfill schedules and to improve control costs and quality • Train, coach and supervise employees to attain optimum performance, considering every employee as they do so
Manufacturing Staff • Manufacture the sonic toothbrushes in the facility after training • Operate production line equipment • Pack goods ready for shipment in crates or other containers • Clean and maintain work areas and machinery
Sales Manager • Map potential customers and generate leads • Follow-up on new sales leads • Meet sales targets • Devise strategies to achieve targets • Motivate team members • Maintain and improve relationship with clients
Sales Staff • Professionally demonstrate the features and benefits of our products • Answer potential customers’ questions about the products • Provide favorable comparisons between the company’s products its competitors’ • Give information about oral-systemic health link and reduced rates of periodontal disease • Each sales person hired will be required to have training before starting on tradeshows
Fulfillment Manager • Look for and meet potential new distributors • Analyze the strengths and weaknesses of each potential distributor • Answer all potential distributors’ questions and provide all material needed in order for them to sign a contract • Follow all distributors’ actions and be there for them for whatever they need • Be the bridge between owners and distributors
Warehouse staff • Receive Supplies • Organize supplies at the warehouse • Separate online orders to be given to the secretary for shipment • Separate tradeshows products for each tradeshow depending on number of attendees • Organize booth décor in the warehouse after each tradeshow • Keep inventory updated 44
Business Plan: XXXXX
The Business Model
Staffing Plan
Staffing Plan Particulars Manpower Secretary Design Manager Manufacturing Manager Marketing Manager Sales Manager Fulfillment Manager Warehouse Assistant Total
2016
2017
2018
2019
2020
1
1
1 1 1 1 1 1 2 8
1 1 1 1 1 1 2 8
1 2 2 2 2 2 3 14
1 1 1 1 2
1 5
Manpower Cost Secretary
$
18,576
$
19,505
Design Manager
$
20,480
$
21,504
$
22,579
$
30,000
$
31,500
$
33,075
Manufacturing Manager
$
30,000
$
31,500
$
33,075
$
34,729
Marketing Manager
$
30,000
$
31,500
$
33,075
$
34,729
Sales Manager
$
30,000
$
31,500
$
33,075
$
34,729
$
30,000
$
31,500
$
33,075
Fulfillment Manager Warehouse Assistant
$
15,480
$
16,254
$
17,067
$
17,920
$
18,816
Total
$
34,056
$
125,759
$
192,047
$
201,649
$
211,732
Total Manpower Cost
$
34,056
$
125,759
$
209,113
$
219,569
$
419,700
Note: XXXXX and XXXXX will receive a share of profits and not salaries. Business Plan: XXXXX
45
The Business Model
Strategies
Strategies
Brand Presence
Marketing
• Establish brand in the US • Enhance brand equity by continuous promotion and trade shows in the US • Become one of the leading brands by 2020
Financial
• Devise specific strategies for three market segments: kids, teens, and adults • Continuously enhance product visibility by way of trade shows in LV, CA, FL, TX and AZ
Product Strategy • Manufacture the products in the USA • Diversify into innovative products • Manufacture and distribute at least two products in the USA
• Be profitable from 2016 onwards • Achieve at least 25% YoY growth • Achieve $1.75 million in sales and $0.5 in profits by 2020
Growth Strategy • Look for a distributor in each region in the USA • Achieve a minimum growth of 25% YoY
46 Business Plan: XXXXX
The Business Model
Milestones
Roadmap and Key Milestones 2018
2016 • Finalization of design and development of the product • Establish relationships with suppliers and distributors • Market and further develop the product, raising brand awareness and profile • Be actively present in the USA to participate in several tradeshows and find potential distributors for the product in USA. 2016
2018 • Sell at least 500,000 products in 2018 • Establish distribution across USA • Deploy sales teams to oversee marketing and sales efforts • Explore other developing markets for expansion
2017 2017 • Ongoing marketing • Expansion into new global markets • Achieve 100% YoY growth in terms of number of products sold 47
Business Plan: XXXXX
Marketing Plan
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
48 Business Plan: XXXXX
Marketing Plan
Marketing Strategy
Marketing Strategy Tradeshows and Medical Conferences The company will promote its products by making its brand presence felt in oral care and dentistry trade shows and conferences . A few of the upcoming events are: • • • • •
The Art and Science of Dentistry in August ‘16 in San Francisco 14th International Conference on Dental Health in September ‘16 in Philadelphia San Diego Dental Convention in November ‘16 in San Diego California Dental Expo 2017 in January ‘17 in Los Angeles Oregon Dental Conference 2017 in April ‘17 in Portland.
The company will prepare well for marketing at the tradeshows, with an updated website and social media pages, researching the speakers at the conference as well as the competitors likely to be present. The management of the company will also try and get a speaking gig, which is sure to create awareness about the product.
Networking The company will network with suppliers and distributors, dentists and other oral care providers etc. to promote their products through them as well as establish future business relationships. 49 Business Plan: XXXXX
Marketing Plan
Marketing Strategy
Marketing Strategy Signage The company will place signage, not just at the distribution sites of the product, but also at tradeshows and conferences. This will ensure that the brand registers with consumers. The company will invest in good signage and place it strategically at events and place.
Website The company will have an updated and user-friendly website optimized for a keyword search and a secure payment processing portal to ensure consumers can purchase the product directly from the website. Further, the website will have a clear description of each product and its features along with high-quality pictures of the products. The website will also have videos and tutorials guiding consumers’ who want to know more about how to use the product effectively.
Printed Marketing Material The company will have printed marketing material like brochures, product usage guides, business cards, etc. which will be readily available for distribution.
Social Media The company will have a strong social media presence with active accounts on all the popular sites like Facebook, Twitter, Instagram, etc. The company will promote its products and the offers on the various sites, respond to messages and enquiries, followup on leads, share general oral health information and latest updates in this field. The company will ensure that the brand’s online presence is felt far and wide. 50 Business Plan: XXXXX
Marketing Plan
Marketing Mix
Marketing Mix
Product The company will sell manual and sonic toothbrushes for adults, teens and kids.
Price The company will follow a medium pricing strategy for the sonic toothbrushes and low pricing for the manual ones.
Promotion Place The company operated out of Dover, Delaware. Once visa is granted to the owners, the company will operate out of Las Vegas, Nevada and will target the broader American and global markets.
The company will participate in trade shows and medical conferences to raise awareness about oral-systemic health and promote the product.
51 Business Plan: XXXXX
The Management
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
52 Business Plan: XXXXX
The Management
XXXXX, CEO •
XXXXX is a passionate entrepreneur who aims to develop and commercialize the XXXXX toothbrushes and achieve the goal of getting 1% of the world toothbrush market.
•
He has a keen interest in innovation, new ideas and inventions. He regularly reviews case studies of successful and other companies to learn from successful examples how to make his own company better.
•
He is a good designer and is highly creative with his handiwork.
•
His work experience includes: o Atlas Groupe: Sales Representative and a General Store Manager o Worms Gestion: Account Manager and Branch Director – Nice o Europeene Financemnt: Owner
•
He joined XXXXX CA Inc. in 2006 and was responsible for the invention and development of prototypes for the XXXXX toothbrush, contacting potential customers, crafting business plans, filing patents, filling forms, performing tests, etc.
•
In 2010, he has been self-employed with XXXXX, where he has been responsible for getting prospective customers, contacting potential distributors, and training and managing the sales team.
•
He is has a Master’s degree in Mathematics from the Universite de Nice. 53
Business Plan: XXXXX
The Management
XXXXX, COO •
XXXXX has a career in business administration as a manager and entrepreneur. She has been responsible for running and coordinating businesses since 2003 in Brazil.
•
Her professional experience focuses on management and strategic development, regarding expansion of units, internal coordination and cost control tasks with strong financial results and consistent profits. She has the ability to negotiate special prices, timeframes and conditions. She also has the ability to create, implement, and coordinate teams with the precise sense of urgency needed.
•
She has experience as team leader in different sectors of the business and has been responsible for putting together strong and dedicated teams with the ability to create a friendly and professional work environment.
•
She has a Bachelor’s degree in Veterinary Science obtained in 2003 at Universidade de Brasília (UnB). She was a strong academic performer, having an article published in scientific publications and presenting at international seminars. She has entered the MBA in Agribusiness at the Université Laval, Quebec, Canada.
•
She was the owner/manager of XXXXX Brasil Imp Ex and of Bardana Natural Cuisine. She has also worked with Vex Cosmeticos Ltda,Refazenda and Army-Horse Dept, all in Brazil. She has international experience thanks to her time living in France and Austria for a year and working in Australia and Canada. She is fluent in English, Portuguese and French with advanced knowledge of Spanish.
•
Her volunteer work includes working with children in need, helping develop business activity in local communities, community outreach programs with animals, etc.
•
Her leadership, sense of initiative and entrepreneurial outlook will contribute greatly to XXXXX.
Business Plan: XXXXX
54
Sources and Uses of Funds
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
55 Business Plan: XXXXX
Sources and Uses of Funds
The equity investment of $201,396 was used for financing the marketing and staffing needs of the company for its first six months of operation. Particulars Uses of Funds Agent Delaware Bank Fees CPA
Amount $
49
$
800
$ $
700
Exhibitor fees Tradeshows FDA Registration Gas Insurance
$ $ $
65,000 3,646 5,990
$
588
$ $ $ $ $
350 4,000 6,000 6,150 6,500
$ $
34,056 1,247
$ $ $ $ $
55,000 2,000 6,000 2,520 201,396
$ $
201,396 201,396
Source: Management information
Business Plan: XXXXX
0.40% Agent Delaware
0.02%
800
Customs
Legal Mold Office Supplies Rent Shipping & Storage Supplies Staffing Subscriptions Supplies Telephone Travel Expenses Utilities Total Sources of Funds Equity Total
Uses of Funds 0.40%
3% 1%
Bank Fees
0.35%
1%
CPA Customs Exhibitor fees Tradeshows FDA Registration Gas
32%
27%
Insurance Legal Mold Office Supplies Rent Shipping & Storage Supplies
1%
2% 17%
3%
3%
0.29% 3% 3%
2%
Staffing Subscriptions Supplies Telephone
0.17%
Travel Expenses Utilities
56
Financial Plan
Particulars
Page
1. Disclaimer
2
2. Executive Summary
4
3. The Market
7
4. The Business Model
29
5. Marketing Plan
48
6. The Management
52
7. Sources and Uses of Funds
55
8. Financial Plan
57
57 Business Plan: XXXXX
Financial Plan
Income Statement
Income Statement Particulars
2016
2017
2018
2019
2020
Sales Sonic Brushes Sonic Brushheads Manual Brushes Total Sales
$ $ $ $
332,500 14,000 3,500 350,000
$ $ $ $
498,750 21,000 5,250 525,000
$ $ $ $
748,125 31,500 7,875 787,500
$ $ $ $
1,122,188 47,250 11,813 1,181,250
$ $ $ $
1,683,281 70,875 17,719 1,771,875
Less: Cost of Goods Sold Sonic Brushes Sonic Brushheads Manual Brushes Total Cost of Goods Sold
$ $ $ $
52,500 1,750 175 54,425
$ $ $ $
78,750 2,625 263 81,638
$ $ $ $
118,125 3,938 394 122,456
$ $ $ $
177,188 5,906 591 183,684
$ $ $ $
265,781 8,859 886 275,527
Gross Profit
$
295,575
$
443,363
$
665,044
$
997,566
$
1,496,348
Source: Management information
58 Business Plan: XXXXX
Financial Plan
Income Statement
Income Statement (continued) Particulars Less: Expenses Manpower Commissions Advertising/Marketing Agent Fees Bank fees CPA Customs Exhibitor Fees Tradeshows FDA Registration Subscriptions Gas Insurance Legal Office Supplies Postage Rent Refunds Shipping and storage supplies Telephone Utilities Total Expenses
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
34,056 11,817 32,900 104 2,055 525 785 65,962 3,828 921 6,290 781 368 11,191 901 6,458 318 8,903 2,306 2,646 193,113
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
125,759 12,408 28,770 109 2,158 551 824 69,260 4,020 967 6,604 820 386 11,751 946 6,780 334 9,348 2,421 2,778 286,994
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
209,113 13,028 30,209 115 2,265 579 865 72,723 4,221 1,015 6,935 861 405 12,338 993 7,119 351 9,815 2,542 2,917 378,410
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
219,569 13,679 31,719 120 2,379 608 908 76,359 4,432 1,066 7,281 904 425 12,955 1,043 7,475 369 10,306 2,669 3,063 397,331
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
419,700 14,363 33,305 126 2,498 638 954 80,177 4,653 1,119 7,645 950 447 13,603 1,095 7,849 387 10,821 2,803 3,216 606,350
Operating Profit Less: Taxes Net Profit
$ $ $
102,462 25,615 76,846
$ $ $
156,369 39,092 117,276
$ $ $
286,633 71,658 214,975
$ $ $
600,235 150,059 450,176
$ $ $
889,999 222,500 667,499
Source: Management Information
Business Plan: XXXXX
2016
2017
2018
2019
2020
59
Financial Plan
Cash Flow Statement
Cash Flow Statement Particulars Inflows Sales Equity Total
2016 $ $ $
350,000 201,396 551,396
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
49 800 800 700 65,000 3,646 5,990 588 350 4,000 6,000 6,150 6,500 34,056 1,247 55,000 2,000 6,000 2,520 54,425 34,056 11,817 32,900 104
2017 $ $
525,000 525,000
2018 $ $
787,500 787,500
2019 $ $
1,181,250 1,181,250
2020 $ $
1,771,875 1,771,875
Outflows Agent Delaware Bank Fees CPA Customs Exhibitor fees Tradeshows FDA Registration Gas Insurance Legal Mold Office Supplies Rent Shipping & Storage Supplies Staffing Subscriptions Supplies Telephone Travel Expenses Utilities Cost of Goods Sold Manpower Commissions Advertising/Marketing Agent Fees
$ $ $ $ $
81,638 125,759 12,408 28,770 109
$ $ $ $ $
122,456 209,113 13,028 30,209 115
$ $ $ $ $
183,684 219,569 13,679 31,719 120
$ $ $ $ $
275,527 419,700 14,363 33,305 126
60 Business Plan: XXXXX Source: Management Information
Financial Plan
Cash Flow Statement
Cash Flow Statement (Continued) Particulars Bank fees CPA Customs Exhibitor Fees Tradeshows FDA Registration Subscriptions Gas Insurance Legal Office Supplies Postage Rent Refunds Shipping and storage supplies Telephone Utilities Taxes Total Opening Balance Surplus Closing Balance
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2016 2,055 525 785 65,962 3,828 921 6,290 781 368 11,191 901 6,458 318 8,903 2,306 2,646 25,615 474,550
$ $
76,846 76,846
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2017 2,158 551 824 69,260 4,020 967 6,604 820 386 11,751 946 6,780 334 9,348 2,421 2,778 39,092 407,724
$ $ $
76,846 117,276 194,123
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2018 2,265 579 865 72,723 4,221 1,015 6,935 861 405 12,338 993 7,119 351 9,815 2,542 2,917 71,658 572,525
$ $ $
194,123 214,975 409,098
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2019 2,379 608 908 76,359 4,432 1,066 7,281 904 425 12,955 1,043 7,475 369 10,306 2,669 3,063 150,059 731,074
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2020 2,498 638 954 80,177 4,653 1,119 7,645 950 447 13,603 1,095 7,849 387 10,821 2,803 3,216 222,500 1,104,376
$ $ $
409,098 450,176 859,274
$ $ $
859,274 667,499 1,526,773
61 Business Plan: XXXXX Source: Management Information
Financial Charts
Financial Plan
Financial Charts Sales and Profits
Structure of Expenses
$2,000,000
0.5%
Manpower
$1,800,000
4.6%
Commissions
5.8%
$1,600,000
0.2% $1,400,000
3.3%
0.2% 3.3%
1.2%
Advertising/Marketing
1.4% Agent Fees
0.4% $1,200,000
Bank fees
17.6%
0.5%
CPA
$1,000,000
6.1% Customs
$800,000
17.0% 34.2%
$600,000
Exhibitor Fees Tradeshows FDA Registration
0.1%
2.0%
$400,000
0.4% $200,000
1.1%
Subscriptions Gas
0.3% Insurance
$2016
2017 Sales
Source: Management Information
Business Plan: XXXXX
2018
Gross Profit
2019
2020
Legal
Net Profit
62
Key Financial Indicators
Financial Plan
Key Financial Indicators
38% ARR
$605,231
Net Present Value Source: Management Information
51% 111%
IRR
72%
50%
Cash Balance Growth
Profits Growth
Revenue Growth 63
Business Plan: XXXXX
Financial Plan
Historical Financials
Historical Financials Particulars Revenue (-) COGS Gross Profit
2013 156,703 (48,884) 107,819
2014 179,043 (37,272) 141,771
Partner's Salary Repairs and Maintenance Bad Debts Rent Taxes and Licenses Interest Depreciation Other expenses
(30,379) (58,157)
- (20,000) (3,554) (1,780) (35,482) (1,310) (30,960) (6,150) (892) (2,848) (1,305) (10,409) (4,461) (67,663) (137,639)
Net Profit/(Loss)
19,283
(7,189)
2015 272,720 (58,616) 214,104
38,611
Note: The year 2014 reflected a net loss since depreciation for equipment was completely charged off in this year by the CPA instead of dividing into many years. Source: Management Information
64 Business Plan: XXXXX
Financial Plan
Investments Made
Investments made Particulars Advertising Agent Delaware Bank Fees Change Agent Delaware CPA Customs Delivery Costs Exhibitor fees Tradeshows FDA Registration Gas General Administration Insurance Legal Maintenance Mold Office Supplies Postage Rent Refunds Shipping & Storage Supplies Staffing Subscriptions Supplies Taxes Telephone Travel Expenses Utilities Total Source: Management Information
Business Plan: XXXXX
$ $
2013 1,042 134
$
400
$
6,039
$ $ $ $ $ $ $
$
9,051 1,959 1,945 1,236 6,123 1,756 3,109
5,622
$ 2,399 $ 55,897 $ 450 $ 2,048 $ 7,521 $ 3,108 $ 109,839
2014 $ 12,042 $ 150 $ 3,980 $
800
2015 $ $ $ $ $
49 1,957 50 500 747
2016 $ $
49 800
$ $
800 700
The company has already invested $394,442 into the business up until 2015 and has invested $ 201,396 in 2016.
$ 12,185 $ 62,821 $ 3,646 $ 5,990
$ 65,000 $ 3,646 $ 5,990
$ $
744 350
$ $
588 350
$ $
4,000 6,000
$
6,150
8,321
$ 4,800 $ 10,658 $ 858 $ 6,150 $ 303 $ 8,479
$ 2,399 $ 38,589
$ 877 $ 54,923
$ 6,500 $ 34,056 $ 1,247 $ 55,000
$ 2,080 $ 9,732 $ 3,953 $ 104,730
$ 2,196 $ 11,254 $ 2,520 $ 179,873
$ 2,000 $ 6,000 $ 2,520 $ 201,396
$ $
$ $
$
1,959 2,512
2,215 3,813
65