Specialty Car Wash Business Plan

BUSINESS PLAN A.B.C., INC.

1004 East Towne Square
Madison, Wisconsin 53705

EXECUTIVE SUMMARY
OBJECTIVES & GOALS, AND STRATEGIES FOR ACHIEVING THEM
BUSINESS DESCRIPTION, STATUS, & OUTLOOK
MANAGEMENT & OWNERSHIP
THE SERVICE (AN UNFILLED NEED)
UNIQUENESS OF THE SERVICE
MARKET ANALYSIS
MARKETING STRATEGIES
FINANCIAL PLANS
CONCLUSIONS & SUMMARY

EXECUTIVE SUMMARY

BUSINESS DESCRIPTION

Americans began a love affair with their cars as soon as the first one rolled off the assembly line. An integral part of this affair is keeping the family automobile clean and looking good. It didn't take long for "car laundries" to develop to make it easier to keep our cars looking great. Since these early car washes, we have seen a variety of different types of car washes develop around the country. We have seen automated, coin-operated, and brushless car washes come and go. We have seen car wash boutiques that combine one or more other businesses with the convenience of a car wash.

The purpose of A.B.C., Inc. is to provide the area with a unique facility that combines both a full service car wash with a quality restaurant. People will be able to get their cars cleaned and/or detailed while they have a pleasant, quality meal. This type of operation is unique to southern Wisconsin. The atmosphere will be friendly and open. The business will display a new attitude. It will treat customers like first-class citizens and try to make them feel like they are at home. We will also offer a variety of gift-related items. The services will be offered at a competitive price and pricing will be reviewed periodically.

The operating hours will be Monday through Sunday from 7:00 A.M. through 7:00 P.M. We will review our hours periodically and extend them to meet demand, when necessary.

CURRENT POSITION AND FUTURE OUTLOOK

The business is in a start-up mode. It is a Wisconsin for profit "C" corporation. Operations will be conducted in a 10,000-square-foot building located on a 5-acre site on East Towne Square, which is just a half-block south of Plymouth Road. It is approximately one half mile west of I-90. We estimate we will serve 80,000 restaurant and gift shop customers and 98,550 car wash customers the first year. This is a conservative estimate and our projections do reflect the seasonal nature of each. More customers of the car wash will be served during months with bad weather and more customers in the restaurant and gift shop will be served during the summer. To attain these goals we will use a combination of media advertising, flyers, and word-of-mouth. The customers are there, the experience and ability are there and, with a proper funding, we are convinced the profit will be there.

MANAGEMENT AND OWNERSHIP

The company is set up as a corporation with David Odle and his wife, Sally, owning 100% of all outstanding stock. David will serve as president. Sally Odle will serve as vice president and manager of the restaurant. Kirt Lansing will serve as secretary, treasurer, and manager of the car wash. David will be involved in sales, public relations, advertising, planning, and equipment purchases, and will provide the function as general contractor for the project. Sally will oversee the restaurant operation and will be involved in sales, public relations, advertising, planning, insurance, purchasing, labor, and equipment purchases. Kirt Lansing will manage the day-to-day operations of the car wash and will be involved in sales, public relations, advertising, office management, personnel, operations, planning, purchasing, labor and equipment purchases, and maintenance. The business will employ additional employees who will be involved in cooking and waiting on tables in the restaurant, and as laborers on the car wash line and for additional support. They will be a combination of part-time and full-time. When volume picks up, additional part-time or full-time employees will be hired, as the workload requires. Ameriwest Business Consultants, Inc. will provide help in additional areas such as planning and general business advising when necessary and to supplement the Odles' overall business knowledge. The services of an accountant, attorney, and a qualified insurance agent will be retained.

UNIQUENESS AND DIFFERENTIATION OF THE SERVICE

A.B.C., Inc. will be unique in this part of Wisconsin. The combination of a car wash and a full-service restaurant will provide the ultimate in service to our customers. We will appeal to a wide spectrum of clientele. Nowhere else in southern Wisconsin does an operation combine the services of a car wash and detailing center along with those of a full-service restaurant.

The idea of combining a car wash and restaurant is to provide customers with an informal, social setting and atmosphere and to couple that with a level of convenience that cannot be found elsewhere. It also will prolong their stay by providing food or limited drink while their cars are being cleaned and detailed. In addition, on a limited basis, we may cater to private parties and special groups in the restaurant throughout the year, especially after normal closing hours.

The growth potential is virtually unlimited for the greater Madison area. The population is growing at an accelerated rate. It is rare in today's business world to find a true market void. That is exactly what A.B.C., Inc. has done. Our facility will have little true competition in southern Madison.

FUNDS REQUIRED AND USAGE

To finalize the project, A.B.C. will need to obtain new funding of approximately $1,400,000. This coupled with the $295,000 investment by the owners will provide the funding to acquire the land, build the improvements, purchase the machinery and equipment, and provide furnishings for the restaurant and initial inventory, supplies, and working capital for the restaurant, gift shop, and car wash.

Projected Five-Year Income Statement

(MOST LIKELY CASE)	Projected 2000	Projected 2001	Projected 2002	Projected 2003	Projected 2004
Total Revenue	1,960,830	2,058,872	2,182,404	2,335,172	2,521,986
Cost of Sales	282,649	296,781	314,588	336,609	363,538
Gross Profit	1,678,181	1,762,091	1,867,816	1,998,563	2,158,448
Selling, General Expense	1,426,404	1,479,208	1,537,450	1,601,664	1,672,454
Income Before Taxes	251,777	282,883	330,366	396,899	485,994
Income Taxes	82,907	94,417	111,985	136,603	169,568
INCOME AFTER TAXES	168,870	188,466	218,381	260,296	316,426
(OPTIMISTIC CASE)
Total Revenue	2,352,996	2,470,646	2,618,885	2,802,206	3,026,383
Cost of Sales	339,179	356,137	377,506	403,931	436,246
Gross Profit	2,013,817	2,114,509	2,241,379	2,398,276	2,590,138
Selling, General Expense	1,711,685	1,775,050	1,844,940	1,921,997	2,006,945
Income Before Taxes	302,132	339,460	396,439	476,279	583,193
Income Taxes	99,488	113,300	134,382	163,924	203,482
INCOME AFTER TAXES	202,644	226,159	262,057	312,355	379,711

(PESSIMISTIC CASE)	Projected 2000	Projected 2001	Projected 2002	Projected 2003	Projected 2004
Total Revenue	1,568,664	1,647,098	1,745,923	1,868,138	2,017,589
Cost of Sales	226,119	237,425	251,670	269,287	290,830
Gross Profit	1,342,545	1,409,673	1,494,253	1,598,850	1,726,758
Selling, General Expense	1,141,123	1,183,366	1,229,960	1,281,331	1,337,963
Income Before Taxes	201,422	226,306	264,293	317,519	388,795
Income Taxes	66,326	75,534	89,588	109,282	135,654
INCOME AFTER TAXES	135,096	150,773	174,705	208,237	253,141

Notes:

The most likely case assumes 90,000 customers the first year for the restaurant and gift shop and 105,550 customers for the car wash. The optimistic case assumes revenues and expenses will increase 15% over the most likely case. The pessimistic case assumes revenues and expenses will decrease 15% below the most likely case above.
Cost of goods sold for the car wash will equal 6.44% of sales, 40% for the restaurant, and 53.33% for the gift shop.

OBJECTIVES & GOALS, AND STRATEGIES FOR ACHIEVING THEM

To provide a high quality, full-service car wash which will include complete car detailing, restaurant, and gift shop so that customers will perceive great value and give them the opportunity to have an enjoyable meal while their car is being washed or detailed.
Service an average of 80,000 customers in 1999 for the restaurant and gift shop and 98,550 customers the first year for the car wash. We have projected a conservative increase of 5%, 6%, 7%, and 8% for years 2-5.
To repay the entire loan amount by the end of the fifteenth year and to provide the shareholders with an exceptionally stable income.
Our goal is to become the premier car wash destination in Madison during the next two years.
A.B.C., Inc. plans to closely monitor changing technology to be certain that the company is using the latest and most cost effective equipment and that it keeps up with current trends in the marketplace.

When growth has stabilized we plan to add extra services for customer convenience such as delivery, Internet order taking, greater selection of products (especially seasonal), and continued growth of the food operations. In addition to the above goals we will survey our customers and make changes in our programs and add services to meet their changing ideas in the marketplace.

To obtain the first two sets of goals we will try to maximize sales with an extensive campaign to promote our service. We will utilize the radio stations and newspapers along with brochures, media advertising, pamphlets, use of coupons, referrals, and a variety of other advertising and marketing tools to reach the customer base of southern Madison. We expect to flood the market with advertising until consumers become aware of us and more comfortable with our company. As we grow, word-of-mouth referrals will bring in increasing numbers of customers and we will reduce our reliance on advertising.

The dominant driving force behind our company will be profit and income and to provide the best possible related products and service.

To become the premier car wash and detailing center in southern Madison, we will offer outstanding quality, good hours, exceptional service, and reasonable pricing. We will listen to our customers and conduct surveys.

BUSINESS DESCRIPTION, STATUS, & OUTLOOK

Both cars and car washes have come a long way since the days of cranks and pails and sponges. The first car wash was opened in Detroit in 1914 when two young fellows opened the world's first car wash: the Automated Laundry. It was basically a pail and sponge type of operation. These early "Automobile Laundries" have evolved into sophisticated operations today.

Back in 1914 the cars had to be left all day, since they were pushed through the system manually, and even brass parts were removed for polishing by hand. Twenty-five years later, the first crude "automatic" conveyor car wash was opened in Hollywood, California. On busy days, as many as forty men splashed in the tunnel, soaping, scrubbing, wiping, and drying cars as they were pulled through.

Today, there are over 20,000 automatic car washes, many of which can completely wash and dry a car in less than thirty seconds, without it being touched by human hands. Some car washes handle 20,000 cars per month and net over $200,000 a year before income taxes. Net profits of $50,000 to $75,000 are common.

What happens when it rains? That seems to be the first question that prospective car wash owners ask. If your part of the country has 250 rain free days a year, you're in a good position to do business. Madison has 310 days of sunshine a year. We get just enough rain and snow to make it necessary to frequently wash the car. And remember that night or morning rains don't necessarily hurt business. In fact, the day after a heavy rain, business is usually better than normal in car washes because autos get muddy and sloppy driving around.

Car washes in northern climates do much more business during the winter because car owners are concerned with keeping their cars free of the corrosive road salts used for melting snow and ice.

One thing is certain: car washes are more popular than ever. Like so many other household chores, washing the car is becoming just too much work for busy professionals. Given a choice between spending a Saturday afternoon relaxing or being up to their armpits in soap, most working people will opt for a day of rest. And that spells good news for the car wash industry— both currently and for the future.

A successful car wash business is dependent on 3 factors:

location
vehicle flow
producing a good wash

Our goal is to not have one dissatisfied customer leave our business. With this business we will have to sell and resell our services over and over again. The National Restaurant Association estimates that satisfied customers tell an average of .7 (seven-tenths) other people they have had a positive experience. Unhappy customers tell 7 to 11 other people of their bad experience.

Ongoing decisions in car wash management include: maintenance of equipment, financial management, control of waste, personnel management, front man and managers, wash line crew, cashier, training programs, and establishing rules (hours of work, appearance, penalties, etc.). All of these areas will all be supervised by Kirt Lansing who has had experience in car washes and in other management situations.

Ongoing decision-making in the restaurant will include design of the menu, set-up, layout, server stations, dishwashing, furnishings, cashier station, rest rooms, traffic flow of employees, order taking procedures, error handling, supplies, inventory control, staffing, training, and cleanup. Sally Odle has previously owned and successfully run two restaurants and has the experience to supervise this operation.

We are selling cleanliness. We also realize that first impressions are of utmost importance and will always put our best foot forward.

There are nearly 500,000 restaurant units in the United States. However, there are very few that have been combined with full service car washes. The match seems perfect. People need their cars cleaned and they also need to eat. In today's busy world, it seems only natural to combine the two into one operation.

To maintain operations, the business will require sales tax licenses, health department permits, liquor license, and occupational use license.

The future holds the promise for almost unlimited growth and income as the business matures and considers other markets and products. Complementary products such as fleet service, additional seasonal products, and other functions at the restaurant also will be considered in the future in response to customer surveys indicating customer's wants and needs. Enhanced food services will be offered in the future as the needs are demonstrated. Future plans include additional locations and perhaps some limited franchising of this new concept.

MANAGEMENT & OWNERSHIP

David Odle graduated from Dane County Community College in 1970 with an Associate Degree in Food Service. He also received a Certificate in Business from the Mid-Central Business College. David served as a police officer for the city of Madison from 1960-1990. From 1981 to present, David founded Blue Mound Builders, which specializes in home construction. David also is licensed for commercial construction and is clearly competent to serve as general contractor for the proposed project. His 18 years' experience as a successful builder and business owner has demonstrated David's supervision and leadership skills.

Sally Odle has owned and managed several business operations. Between 1978-1980 she started and managed a pig litter operation. From 1980-1984 she owned and managed two restaurants named Black Feet and Fancy Food in Mauston. She designed and managed these restaurants. She was involved with menu design and built both into popular restaurants that earned reputations for high quality and affordable pricing. From 1986 to 1988 she owned her own real estate business, the Elite Real Estate Group, which has now merged with Monmouth and Associates. Sally's 30 years' experience in all areas of responsibility obviously makes her highly qualified to start and manage the proposed restaurant. Sally has strong leadership and people skills and has developed strong creative instincts, which she has often transformed into successful operations.

A.B.C., Inc. will supplement its employees' skills by using outside consultants in areas such as legal work, income tax preparation, insurance, and general business advising. The business was set up as a corporation primarily for liability reasons and makes it easier to secure investors. To continue operation, a mix of full-and part-time employees will be utilized to help in areas such as cooking, waiting on tables, and for labor. As the business grows, additional part-time or full-time employees may be added to handle the increased workload.

THE SERVICE—AN UNFILLED NEED

Wisconsin growth in families is the ninth greatest in the country. The past decade has seen this segment of the population grow by more than thirty percent. It is growing five and a half times as fast as the general population. This trend will also help our proposed venture.

The few existing car washes and restaurants that cater to our clientele are not nearly as convenient or service oriented as our operation. Nowhere else are these two types of operations combined on one site. Competitors seem to pay little attention to detail and seeing that the customer is satisfied. A.B.C., Inc. and its ownership will embrace the concept of trying to become a focal point for our clientele and never having a dissatisfied customer leave our property.

The timing for such a business is perfect. A significant window of opportunity exists for A.B.C., Inc. to take advantage of the huge growth of the area and start this kind of business. This business will be providing the "Right Service at the Right Time to the right clientele."

UNIQUENESS OF THE SERVICE

It is rare in today's world that a true market void exists. Our service will meet the "unfilled need" described above by providing customers with competitively priced, high service car wash and detailing facility combined with the services of a full-service restaurant on the premises. We will be unique to Madison area and indeed all of Wisconsin.

Customers will be attracted because of our atmosphere, pricing, and facilities. They will be made to feel welcome and as part of the family.

Some major advantages A.B.C., Inc. will have over potential competition and conventional car washes are:

Larger and newer facility
Lower operating expenses than most
Full service restaurant on site (new concept)
Location, location, location
We will offer carryout
We will offer limited liquor (beer and wine)

MARKET ANALYSIS

MARKET OVERVIEW, SIZE, AND SEGMENTS

The market area we will concentrate on is central, northern, and western Madison. This area has been growing rapidly for the past several years and should continue for the foreseeable future. According to Inc. Magazine, Madison is ranked eleventh in the nation for start-up businesses. This means that the economic climate is extremely favorable for virtually any type of new business. In 1998, Madison recorded 5,414 start-up companies to its 400,000 population or 1.36 per 100 citizens. With Madison's exploding growth in population that has occurred during the last decade, local car wash sales should continue to be well in excess of national averages. Once the concept catches on locally, we feel the potential is unlimited. As we grow we will have the financial capacity to carry on an advertising campaign on a regional basis.

The economy is in the midst of a particularly strong growth period. Many new jobs are being added to the local community. Within a five-mile radius of A.B.C., Inc., 12,000 new homes are projected within the next few years. All of these factors are cause for a much greater need in car washes in the area. All of this activity can only help our attempts to begin this car wash.

Listed below are just some of the reasons that the Madison area is growing and why it is a good time to be running any kind of business that caters to this growth:

The local economy is booming and virtually busting at the seams.
More than 65 nationally based insurance companies are headquartered here. The largest is Allstate. It has over 1,200 employees) and an operating budget of over $85 million.
Madison has a new airport that should grow and attract even more new businesses.
The new Milwaukee Airport is open and provides an economic boost to the entire state, including Madison.
Gambling in nearby Baraboo continues to draw many visitors and some new businesses.
Every week, we see articles in the newspapers of Michigan residents and companies relocating here.
The world-renowned Four Seasons Hotel has completed an extensive remodeling.
MCI and Quantum Electronics are undergoing large increases in their operations here that should add many hundreds of employees.
Milwaukee is only 50 minutes away and is another good market for businesses in the area.
Many experts predict Madison to become the second fastest growing city in the state between now and the year 2007.
Dane County is predicted to become the largest county in the state by the year 2003.
The local economy is now more diversified than it was when troubles occurred in the local economy in the late 1980s and early 1990s.

The estimated population of Dane County in 1999 is 500,000 people. The number of households are approaching 200,000. Currently, this market is growing at an annual rate of 3-5%. Projections see this trend continuing for the balance of this decade.

From the above figures it can readily be seen that the potential market for our services is huge. We feel with our pricing and value we will become a price and industry leader within two years.

CUSTOMER PROFILE

Our surveys have shown the following potential mix of patrons for our facilities:

We will cater to both blue collar and white collar people
Income of typical customers is in the $20,000 and up range
Large numbers of young professionals
Wide range of age of clientele is 18-80
Large numbers of electronics workers in the various plants within a five-minute drive

Beyond the local market we could eventually tap into a more regional market. The advantage of our service is that it could appeal to all segments of the community. By expanding the role of the restaurant, we can continue to become an even greater focal point for the local community.

Competition Analysis

Competitor Name	Strengths	Weaknesses
Waterwashes	Good Location	Dated building
123 South Lincoln	Fully Automated	Poor design
		Not customer friendly
		Car wash and detailing only
Badger Car Wash	Good Location	Poor at managing problems
1115 N. Main	New Building	Was sold and reclaimed
		Trying to rebuild reputation
		Car wash and detailing only

Competitor Name	Strengths	Weaknesses
The Waves	Location	Small lot
5500 Lapeer	Handwash	Not automated
		Labor intensive
		Not customer friendly
		Poor design
Water Works	Newer design	Not customer friendly
123 N. Washington	Fully automated	Car wash and detailing only
The Clean Place	Good Location	Converted building
1108 N. Drummond	Nice building	Poor design
		Small lot
		Not customer friendly
		Car wash and detail only

The marketplace is currently shared by 3 major car washes. Most of the existing facilities have one or more significant waeknesses and are not really in the same market as us. They cannot be considered competitors, especially when you add our restaurant into the mix.

Risk Analysis

	RATINGS
ELEMENT	LOW	MEDIUM	HIGH
Industry (Maturity and Cyclicality)	X
Market/Local Economy	X
Competitive Position		X
Dependence upon other companies	X
Vulnerability to Substitutes	X
Technology	X
Distribution		X
Regulatory Environment		X
Suppliers		X
Strategy	X
Assumptions		X
Financial Performance		X
Management Performance		X
Inflation/Interest Rates	X
Others		X
Overall Risk	X

Identification of Strengths & Weaknesses

Identification of Strengths & Weaknesses
Functions	Strong (+)	Average (0)	Weak (-)	Strengths and/or Weaknesses Compared to Competitors
General Administration (Management)		X		Business experience, especially restaurant
Marketing		X
Finance/Planning		X		Experience in planning and finance
Human Resources	X			Better performance achievable
Operations	X			Have run numerous businesses before
Production		X
Purchasing		X
Distribution		X
Servicing	X			Multi-service approach
Quality of Service	X			Heads above competition
Company Policies	X			Strict adherence to policies
Product Mix	X			Several choices available
Product Features	X
Options	X
Warranties/Guarantees		X
Reliability	X			Strong management
Desirability	X
Advertising		X
Market Leadership		X		New initially, leader within two years
Sales Force	X
Overhead			X	New loans, start-up expenses
Pricing	X			Very competitive
Delivery Time	X
Location	X			1/2 block from E. Washington Road
Facilities	X			Best combination around, new proposed complex

We feel we will have strengths in product features, management, operations, quality of service, product mix, company policies, reliability, desirability, highly trained sales force, pricing, location, and facilities.

We will have low risk exposure in the areas of industry maturity, market, dependence upon other companies, vulnerability to substitutes, technology, inflation/interest rates, regulatory environment, management ability, location, facilities, and suppliers.

We perceive medium risk exposure in competitive position (we are new) suppliers, finance, and planning. We have retained the services of specialists to help in various areas such as marketing, accounting, legal, and general overall business operation advice.

We do not feel we have any high-risk exposure situations or major inherent weaknesses.

MARKETING STRATEGIES

PRICING AND VALUE

Our intention is to raise the public's awareness of our company. We plan to review our prices and those of our competitors every six months. We will review direct material costs, direct labor costs, and total overhead expenses. We will continually monitor the cost of providing our service to each customer. We will offer various free or reduced rate programs to get customers acquainted with us.

Numerous package deals may be offered to customers. Examples of various marketing strategies we may try include the following:

Discounts for larger or repeat purchases
Special party rates for the restaurant
Ladies day (brings in women and reduces weekend congestion in the car wash—may give ladies a plant, hosiery, household item, etc.)
Free car wash on your birthday
Free car wash with a certain mileage on your auto as announced over the radio
Free meal after so many car washes
Free car wash after so many meals at the restaurant
Fleet discounts to larger customers such as automobile dealers
Special detailing and wash packages

SELLING TACTICS

Our company's marketing strategy will incorporate plans to promote our line of services through several different channels and on different levels of use. We will advertise heavily on the popular local radio stations and newspapers.

We will flood the market with advertising and try to go after our specific targets. We will try to capture their attention, pique their interest, and make them feel that they must have our services.

We will offer continuous promotional rates. The results sell themselves. We will offer discounts to frequent users. The more a customer uses our services the cheaper it will become for them.

We will also be a MasterCard and Visa charge card merchant which enables us to more readily service our customers.

In order to sell our facility we shall consider a variety of promotions including:

Reserve certain hours or sections of the restaurant for unique groups such as children's birthday parties, senior citizens, service clubs, adults, etc.
Conduct special theme nights, use ethnic holidays, family night, charity promotion night, classes, etc.
Cultivate local churches and women's organizations for the restaurant.
Promote private parties using entire facility, especially after normal closing hours.
Early bird specials.

ADVERTISING, PROMOTION, AND DISTRIBUTION OF SERVICES

We recognize that the key to success at this time requires extensive promotion. Advertising goals include all of the following:

Position the company as the premier car wash in Madison
Increase public awareness of A.B.C. and its benefits
Increase public awareness of our company and establish a professional image
Maximize efficiency by continually monitoring media effectiveness
Consider a possible credit coupon in some of the advertisements
Develop a brochure or pamphlet to explain our service and company
Continue use of a distinctive business card and company letterhead
Use a mix of media to saturate the marketplace

PUBLIC RELATIONS

We will develop a public relations policy that will help increase awareness of our company and product. To achieve these goals we will consider some or all of the following:

Develop a press release and a company backgrounder as a public relations tool.
Develop a telephone script to handle customer and advertiser contact.
We will attempt to never have a customer leave dissatisfied.
Develop a survey to be completed by customers to help determine the following:
How did they hear about us?
What influenced them to use our service?
How well did our service satisfy their needs?
How efficient was our service?
Did they have any problems getting through to us?
Did they shop competitors before selecting us?
How did they initially perceive our company and product?
Where are most of our customers located?
Do they have suggestions for improving our service or our approach to advertising?
What additional services would they like us to offer?
Would they recommend us to others?

We will join trade organizations and subscribe to trade journals to keep abreast of trends, management techniques etc. This organizations may include, National Restaurant Association, Auto Laundry News, and the International Car wash Association

FINANCIAL PLANS

Data Sheet #1

GENERAL:

Fiscal Year in which Projections/Calculations are to start ................................................................................... 2000

Number of Months in which Projections/Calculations are to start............................................................................. 5

The purpose for this Analysis is Business Start-Up, Expansion, or Review.............................................START-UP

Owner's contribution to business (include both cash and time in dollar equivalency) ............................ $295,000.00

Indicate below if the figures are actual, annualized, or projected for each year in the analysis:

2000	Projected
2001	Projected
2002	Projected
2003	Projected
2004	Projected

Indicate the type of business entity you have to the right: C

START-UP/EXPANSION EXPENSES:
Inventory	25,000.00
Advertising	6,000.00
Telephone/Utilities	3,000.00
Professional Fees	4,000.00
Organizational Expenses	2,000.00
Furniture/Fixtures	25,000.00
Land	365,000.00
Buildings	800,000.00
Machinery/Equipment	300,000.00

EXPENSES FOR YEAR:	2000
	Car Wash	Rest/Gift Shop
Advertising & Marketing Expenses	10,000.00	10,000.00
Bad Debts	0.00	0.00
Contract Labor	0.00	0.00
Depreciation	35,421.00	24,293.00
Direct Labor Expenses	0.00	0.00
Dues, Subscriptions, and Memberships	600.00	600.00
Employee Reimbursement Expenses	0.00	0.00
Freight/Shipping	0.00	0.00
Furniture or Fixture Purchases	0.00	2,000.00

START-UP/EXPANSION EXPENSES:
Rent Deposits	0.00
Insurance	4,000.00
Leasehold Improvements	0.00
Licenses/Fees/Permits	2,500.00
Miscellaneous	80,000.00
Real Estate Taxes	0.00
Other #2	0.00
Other #3	0.00
Other #4	0.00
Total	1,616,500.00
LOAN DATA: (If Needed)
Amount of Loan 1	1,400,000
Term of Loan 1 (Months)	240
Interest Rate for Loan 1	10.00%
First Year of Loan 1	1999
First Payment Month	8
Amount of Loan 2	$0.00
Term of Loan 2 (Months)	60
Interest Rate for Loan 2	0.00%
First Year of Loan 2	1999
First Payment Month	1

EXPENSES FOR YEAR:	2000
	Car Wash	Rest/Gift Shop
Insurance	5,000.00	2,000.00
Lease Expenses	0.00	0.00
Leasehold Expenses	0.00	0.00
Machinery & Equipment Purchases	3,000.00	500.00
Office Supplies and Postage	1,200.00	1,200.00
Professional Fees	8,000.00	2,000.00
Permits/Licenses	1,000.00	1,000.00
Rent	0.00	0.00
Repair & Maintenance	12,000.00	6,000.00
Salaries-Officer's	0.00	0.00
Salaries-Administrative	28,700.00	19,680.00
Salaries and Wages-Other	590,040.00	205,000.00
Salaries-Manager	41,000.00	41,000.00
Telephone/Utilities	57,000.00	12,000.00
Real Estate Taxes	15,000.00	5,000.00
Other #2	0.00	0.00
Other #3	0.00	0.00
Other #4	0.00	0.00
Miscellaneous/Contingency Expenses	4,000.00	4,000.00
Total First-Year Expenses Including Interest Paid and Cost of Goods Sold:	811,961	336,273

PERCENTAGE OF TOTAL PAYROLL ALLOTTED TO PAYROLL TAXES AND BENEFITS		15.00%
PERCENTAGE OF NET SALES—COST OF GOODS SOLD:	Car Wash	3.44%
PERCENTAGE OF NET SALES—COST OF GOODS SOLD:	Restaurant	30.00%
PERCENTAGE OF NET SALES—COST OF GOODS SOLD:	Gift Shop	33.33%
PERCENTAGE OF NET SALES—COST OF GOODS SOLD:	Income Source #4	0.00%

Data Sheet #2

SOURCES/AMOUNTS OF INCOME FOR YEAR	INCOME OPTION ONE 2000
Car Wash	$1,162,000.00
Restaurant	$708,830.00
Gift Shop	$90,000.00
Income Source #4	$0.00
Other Income/Exp (Net)	$0.00
TOTAL INCOME	$1,960,830.00

PERCENTAGE OF INCREASE IN EXPENSES:
For Second Year	4.50%
For Third Year	4.75%
For Fourth Year	5.00%
For Fifth Year	5.25%

PERCENTAGE OF INCOME GROWTH:
For Second Year	2001	5.00%
For Third Year	2002	6.00%
For Fourth Year	2003	7.00%
For Fifth Year	2004	8.00%

PERCENTAGE OF NET INCOME TO BE PAID OUT IN DIVIDENDS
For First Year	2000	20.00%
For Second Year	2001	30.00%
For Third Year	2002	40.00%
For Fourth Year	2003	60.00%
For Fifth Year	2004	80.00%

Number of Restaurant & Gift Shop Customers the First Year:	80,000.00
Number of Car Wash Customers the First Year:	98,550.00
Average Car Wash Income received per Customer:	$14.53
Average Restaurant/Gift Shop Income received per Customer:	$9.99

Operating Data	2000	2001	2002	2003	2004
Days Sales in Accounts Receivable	10.0	10.0	10.0	10.0	10.0
Days Materials Cost in Inventory	45.0	45.0	45.0	45.0	45.0
Days Finished Goods in Inventory	45.0	45.0	45.0	45.0	45.0
Days Materials Cost in Payables	25.0	25.0	25.0	25.0	25.0
Days Payroll Expenses accrued	25.0	25.0	25.0	25.0	25.0
Days Operating Expenses accrued	15.0	15.0	15.0	15.0	15.0

MONTH	Percentage of Sales	Car Wash
JANUARY	10.50%
FEBRUARY	10.50%
MARCH	11.00%
APRIL	11.50%
MAY	9.00%
JUNE	5.00%
JULY	5.00%
AUGUST	6.50%
SEPTEMBER	6.50%
OCTOBER	7.50%
NOVEMBER	8.00%
DECEMBER	9.00%

MONTH	Percentage of Sales	Restaurant & Gift Shop
JANUARY	7.00%
FEBRUARY	7.00%
MARCH	7.00%
APRIL	7.00%
MAY	8.50%
JUNE	10.00%
JULY	11.00%
AUGUST	10.50%
SEPTEMBER	7.00%
OCTOBER	7.00%
NOVEMBER	9.00%
DECEMBER	9.00%

Start-up Expenses
Category	Amount
Cash and Working Capital	$78,500
Material-Supplies-Inventory	$25,000
Advertising	$6,000
Telephone and Utilities	$3,000
Professional Fees	$4,000
Organizational Expenses	$2,000
Furniture and Fixtures	$25,000
Land	$365,000
Building	$800,000
Machinery and Equipment	$300,000
Insurance	$4,000
Licenses, Fees, and Permits	$2,500
Miscellaneous	$80,000
TOTAL PROJECT COST	$1,695,000

New investments or loans totaling $1,400,000 must be obtained. This added to owner's investment of $295,000 will complete the project.

Owner's contribution breakdown is as follows:

Cash	$30,000
Deferred Contractor fees for building	$200,000
Owner's time (converted to dollars)	$65,000
Total Owner's Contribution	$295,000

Cash Flow Projection - 2000

Month	Start-Up	Month 1 May-00	Month 2 Jun-00	Month 3 Jul-00	Month 4 Aug-00	Month 5 Sep-00	Month 6 Oct-00
CASH RECEIPTS:
Car Wash		$104,580	$58,100	$58,100	$75,530	$75,530	$87,150
Restaurant		$60,251	$70,883	$77,971	$74,427	$49,618	$49,618
Gift Shop		$7,650	$9,000	$9,900	$9,450	$6,300	$6,300
Income Source #4		$0	$0	$0	$0	$0	$0
Other Income/Expense (Net)		$0	$0	$0	$0	$0	$0
Owner's Equity	295,000
Loan	1,400,000
Total Cash Received	1,696,000	172,481	137,983	145,971	159,407	131,448	143,068
DISBURSEMENTS:
Cost of Goods Sold/Inventory (Car Wash)	25,000	$3,600	$2,000	$2,000	$2,600	$2,600	$3,000
Cost of Goods Sold: Restaurant		$18,076	$21,265	$23,391	$22,328	$14,885	$14,885
Cost of Goods Sold: Gift Shop		$2,550	$3,000	$3,300	$3,150	$2,100	$2,100
Cost of Goods Sold-Income Source 4		$0	$0	$0	$0	$0	$0
Advertising/Marketing Expenses	6,000	1,800	1,000	1,000	1,300	1,300	1,500
Bad Debts		$0	$0	$0	$0	$0	$0
Contract Labor		$0	$0	$0	$0	$0	$0
Depreciation		$5,374	2,986	2,986	3,881	3,881	4,479
Direct Labor		$0	$0	$0	$0	$0	$0
Dues/Subscrip/Memberships		$100	$100	$100	$100	$100	$100
Employee Reimbursement Expenses		$0	$0	$0	$0	$0	$0
Freight/Shipping		$0	$0	$0	$0	$0	$0
Furniture or Fixture Purchases	26,000	$167	$167	$167	$167	$167	$167
Insurance	4,000	$583	$583	$583	$583	$583	$583
Land	365,000	$0	$0	$0	$0	$0	$0
Buildings	800,000	$0	$0	$0	$0	$0	$0
Lease Expenses		$0	$0	$0	$0	$0	$0
Leasehold Expenses	0	$0	$0	$0	$0	$0	$0
Machinery/Equipment Purchases	300,000	$292	$292	$292	$292	$292	$292
Organizational Expenses	2,000	$33	$33	$33	$33	$33	$33
Office Supplies and Postage		$200	$200	$200	$200	$200	$200
Payroll Taxes/Employee Benefits		$12,363	$7,593	$7,593	$9,381	$9,381	$10,574
Professional Fees	4,000	$833	$833	$833	$833	$833	$833
Permits/Licenses	2,500	$167	$167	$167	$167	$167	$167
Rent	0	$0	$0	$0	$0	$0	$0
Repair & Maintenance		$1,620	$900	$900	$1,170	$1,170	$1,350
Salaries-Officer's	$0	$0	$0	$0	$0	$0
Salaries-Administrative		$4,032	$4,032	$4,032	$4,032	$4,032	$4,032
Salaries and Wages-other		$71,554	$39,752	$39,752	$61,678	$61,678	$59,628
Salaries-Manager		$6,833	$6,833	$6,833	$6,833	$6,833	$6,833
Telephone/Utilities	3,000	$6,210	$3,450	$3,450	$4,485	$4,485	$5,175
Real Estate Taxes	0	$1,667	$1,667	$1,667	$1,667	$1,667	$1,667
Other #2	0	$0	$0	$0	$0	$0	$0
Other #3	0	$0	$0	$0	$0	$0	$0
Other #4	0	$0	$0	$0	$0	$0	$0
Misc./Contingency Expenses	80,000	$667	$667	$667	$667	$667	$667
Total Cash Paid Out	1,616,500	138,719	97,518	99,945	115,547	107,054	118,264
LOANS SECTION:
Interest		11,667	11,651	11,636	11,620	11,604	11,589
Principal		1,844	1,859	1,874	1,890	1,906	1,922
Cash Pyts to Loans		13,510	13,510	13,510	13,510	13,510	13,510
Taxable Income		22,095	28,813	34,391	32,240	12,790	13,215
Income Tax (State & Federal)		6,909	6,909	6,909	6,909	6,909	6,909
NET INCOME		15,186	21,904	27,482	25,331	6,881	6,306
LOANS (Balance)	1,400,000	1,398,156	1,396,297	1,394,423	1,392,533	1,390,627	1,388,705
DIVIDENDS PAID		3546	3,546	3,715	3,884	3,040	1,689
BEGINNING CASH	78,500

Month 7 Nov-00	Month 8 Dec-00	Month 9 Jan-01	Month 10 Feb-01	Month 11 Mar-01	Month 12 Apr-01	Totals
$92,960	$10,580	$122,010	$122,010	$127,820	$133,630	$1,162,000
$63,795	$63,795	$63,795	$49,618	$49,618	$49,618	$708,830
$8,100	$8,100	$6,300	$5,300	$6,300	$6,300	$90,000
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
164,855	176,475	177,928	177,928	183,738	189,548	$1,960,830
$3,200	$3,600	$4,200	$4,200	$4,400	$4,600	$40,000
$19,138	$19,138	$19,138	$14,886	$14,885	$14,885	$212,649
$2,700	$2,700	$2,100	$2,100	$2,100	$2,100	$30,000
$0	$0	$0	$0	$0	$0	$0
1,60	1,800	2,100	2,100	2,200	2,300	$20,000
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
4,777	5,374	6,270	6,270	6,569	6,867	$59,714
$0	$0	$0	$0	$0	$0	$0
$100	$100	$100	$100	$100	$100	$1,200
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
$167	$167	$167	$167	$167	$167	$2,000
$583	$583	$583	$583	$583	$583	$7,000
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
$292	$292	$292	$292	$292	$292	$3,500
$33	$33	$33	$33	$33	$33	$400
$200	$200	$200	$200	$200	$200	$2,400
$11,170	$12,363	$14,152	$14,152	$14,748	$15,344	$138,813
$833	$833	$833	$833	$833	$833	$10,000
$167	$167	$167	$167	$167	$167	$2,000
$0	$0	$0	$0	$0	$0	$0
$1,440	$1,620	$1,890	$1,890	$1,980	$2,070	$18,000
$0	$0	$0	$0	$0	$0	$0
$4,032	$4,032	$4,032	$4,032	$4,032	$4,032	$48,380
$63,603	$71,654	$83,479	$83,479	$87,464	$91,430	$795,040
$6,833	$6,833	$6,833	$6,833	$6,833	$6,833	$82,000
$5,520	$6,210	$7,245	$7,245	$7,590	$7,935	$69,000
$1,667	$1,667	$1,667	$1,667	$1,667	$1,667	$20,000
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0	$0
$667	$667	$667	$667	$667	$667	$8,000
128,722	139,932	151,995	151,895	157,500	163,105	$1,570,096
11,573	11,556	11,640	11,524	11,507	11,490	$138,957
1,938	1,954	1,970	1,987	2,003	2,020	$23,166
13,510	13,510	13,510	13,510	13,510	13,510	$162,124
24,560	24,986	14,493	14,510	14,731	14,953	$251,777
6,909	6,909	6,909	6,909	6,909	6,909	$82,907
17,651	18,077	7,686	7,601	7,822	8,044	$168,870
1,386,767	1,384,813	1,382,843	1,380,857	1,378,854	1,376,834
1,689	2,195	2,195	2,533	2,702	3,040	33,774

Cash Flow Projection - 2001

Month	Month 13 May-01	Month 14 Jun-01	Month 15 Jul-01	Month 16 Aug-01	Month 17 Sep-01	Month 18 Oct-01	Month 19 Nov-01
CASH RECEIPTS:
Car Wash	$109,809	$61,005	$61,005	$79,307	$79,307	$91,508	$97,608
Restaurant	$63,263	$74,427	$81,870	$78,149	$52,099	$52,099	$66,984
Gift Shop	$8,033	$9,450	$10,395	$9,923	$6,615	$6,615	$8,505
Income Source #4	$0	$0	$0	$0	$0	$0	$0
Other Income/Expense (Net)	$0	$0	$0	$0	$0	$0	$0
Owner's Equity
Loan
Total Cash Received	181,105	144,882	153,270	167,378	138,021	150,222	173,097
DISBURSEMENTS:
Cost of Goods Sold/Inventory (Car Wash)	$3,780	$2,100	$2,100	$2,730	$2,730	$3,150	$3,360
Cost of Goods Sold: Restaurant	$18,979	$22,328	$24,561	$23,445	$15,630	$15,630	$20,095
Cost of Goods Sold: Gift Shop	$2,677	$3,150	$3,465	$3,307	$2,205	$2,205	$2,835
Cost of Goods Sold-Income Source 4	$0	$0	$0	$0	$0	$0	$0
Advertising/Marketing Expenses	$1,881	$1,045	$1,045	$1,359	$1,359	$1,568	$1,672
Bad Debts	$0	$0	$0	$0	$0	$0	$0
Contract Labor	$0	$0	$0	$0	$0	$0	$0
Depreciation	$5,374	$2,986	$2,986	$3,881	$3,881	$4,479	$4,777
Direct Labor	$0	$0	$0	$0	$0	$0	$0
Dues/Subscrip/Memberships	$105	$105	$105	$105	$105	$105	$105
Employee Reimbursement Expenses	$0	$0	$0	$0	$0	$0	$0
Freight/Shipping	$0	$0	$0	$0	$0	$0	$0
Furniture or Fixture Purchases	$174	$174	$174	$174	$174	$174	$174
Insurance	$610	$610	$610	$610	$610	$610	$610
Land
Buildings
Lease Expenses	$0	$0	$0	$0	$0	$0	$0
Leasehold Expenses	$0	$0	$0	$0	$0	$0	$0
Machinery/Equipment Purchases	$305	$305	$305	$305	$305	$305	$305
Organizational Expenses	$33	$33	$33	$33	$33	$33	$33
Office Supplies and Postage	$209	$209	$209	$209	$209	$209	$209
Payroll Taxes/Employee Benefits	$12,919	$7,934	$7,934	$9,804	$9,804	$11,050	$11,673
Professional Fees	$871	$871	$871	$871	$871	$871	$871
Permits/Licenses	$174	$174	$174	$174	$174	$174	$174
Rent	$0	$0	$0	$0	$0	$0	$0
Repair & Maintenance	$1,693	$941	$941	$1,223	$1,223	$1,411	$1,505
Salaries-Officer's	$0	$0	$0	$0	$0	$0	$0
Salaries-Administrative	$4,213	$4,213	$4,213	$4,213	$4,213	$4,213	$4,213
Salaries and Wages-Other	$74,774	$41,541	$41,541	$54,003	$54,003	$62,311	$66,465
Salaries-Manager	$7,141	$7,141	$7,141	$7,141	$7,141	$7,141	$7,141
Telephone/Utilities	$6,489	$3,605	$3,605	$4,687	$4,687	$5,408	$5,768
Real Estate Taxes	$1,742	$1,742	$1,742	$1,742	$1,742	$1,742	$1,742
Other #2	$0	$0	$0	$0	$0	$0	$0
Other #3	$0	$0	$0	$0	$0	$0	$0
Other #4	$0	$0	$0	$0	$0	$0	$0
Misc./Contingency Expenses	$697	$697	$697	$697	$697	$697	$697
Total Cash Paid Out	144,839	101,902	104,450	120,711	111,793	123,483	134,423
LOANS SECTION:
Interest	11,474	11,457	11,440	11,422	11,405	11,387	11,370
Principal	2,037	2,054	2,071	2,088	2,105	2,123	2,141
Cash Pyts to Loans	13,510	13,510	13,510	13,510	13,510	13,510	13,510
Taxable Income	24,792	31,523	37,380	35,245	14,822	15,351	27,304
Income Tax (State & Federal)	7,868	7,868	7,868	7,868	7,868	7,868	7,868
NET INCOME	16,924	23,655	29,512	27,376	6,954	7,483	19,436
LOANS (Balance)	1,374,797	1,372,743	1,370,673	1,368,585	1,366,479	1,364,356	1,362,215
DIVIDENDS PAID	4,712	4,712	4,712	4,712	4,712	4,712	4,712

Month 20 Dec-01	Month 21 Jan-02	Month 22 Feb-02	Month 23 Mar-02	Month 24 Apr-02	Totals
$109,809	$128,111	$128,111	$134,211	$140,312	$1,220,100
$66,984	$52,099	$52,099	$52,099	$52,099	$744,272
$8,505	$6,615	$6,615	$6,615	$6,615	$94,500
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
185,298	186,825	186,825	192,925	199,026	$2,058,872
$3,780	$4,410	$4,410	$4,620	$4,830	$42,000
$20,095	$15,630	$15,630	$15,630	$15,630	$223,281
$2,835	$2,205	$2,205	$2,205	$2,205	$31,500
$0	$0	$0	$0	$0	$0
$1,881	$2,195	$2,195	$2,299	$2,404	$20,900
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$5,374	$6,270	$6,270	$6,569	$6,867	$59,714
$0	$0	$0	$0	$0	$0
$105	$105	$105	$105	$105	$1,254
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$174	$174	$174	$174	$174	$2,090
$610	$610	$610	$610	$610	$7,315
					$0
					$0
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$305	$305	$305	$305	$305	$3,658
$33	$33	$33	$33	$33	$400
$209	$209	$209	$209	$209	$2,508
$12,919	$14,788	$14,788	$15,412	$16,035	$145,060
$871	$871	$871	$871	$871	$10,450
$174	$174	$174	$174	$174	$2,090
$0	$0	$0	$0	$0	$0
$1,693	$1,975	$1,975	$2,069	$2,163	$18,810
$0	$0	$0	$0	$0	$0
$4,213	$4,213	$4,213	$4,213	$4,213	$50,557
$74,774	$87,236	$87,236	$91,390	$95,544	$830,817
$7,141	$7,141	$7,141	$7,141	$7,141	$85,690
$6,489	$7,571	$7,571	$7,932	$8,292	$72,105
$1,742	$1,742	$1,742	$1,742	$1,742	$20,900
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$697	$697	$697	$697	$697	$8,360
146,113	158,552	158,552	164,397	170,242	$1,639,458
11,352	11,334	11,316	11,297	11,279	$136,531
2,159	2,176	2,195	2,213	2,231	$25,592
13,510	13,510	13,510	13,510	13,510	$162,124
27,833	16,939	16,957	17,231	17,505	$282,883
7,868	7,868	7,868	7,868	7,868	$94,417
19,965	9,071	9,089	9,363	9,637	$188,466
1,360,057	1,357,880	1,355,686	1,353,473	1,351,242
4,712	4,712	4,712	4,712	4,712	56,540

Cash Flow Projection - 2002

Month	Month 25 May-02	Month 26 Jun-02	Month 27 Jul-02	Month 28 Aug-02	Month 29 Sep-02	Month 30 Oct-02	Month 31 Nov-02
CASH RECEIPTS:
Car Wash	$116,398	$64,665	$64,665	$84,065	$84,065	$96,998	$103,464
Restaurant	$67,059	$78,893	$86,782	$82,837	$55,225	$55,225	$71,004
Gift Shop	$8,514	$10,017	$11,019	$10,518	$7,012	$7,012	$9,015
Income Source #4	$0	$0	$0	$0	$0	$0	$0
Other Income/Expense (Net)	$0	$0	$0	$0	$0	$0	$0
Owner's Equity
Loan
Total Cash Received	191,971	153,575	162,466	177,420	146,302	159,235	183,483
DISBURSEMENTS:
Cost of Goods Sold/Inventory (Car Wash)	$4,007	$2,226	$2,226	$2,894	$2,894	$3,339	$3,562
Cost of Goods Sold: Restaurant	$20,118	$23,668	$26,035	$24,851	$16,567	$16,567	$21,301
Cost of Goods Sold: Gift Shop	$2,838	$3,339	$3,673	$3,506	$2,337	$2,337	$3,005
Cost of Goods Sold-Income Source 4	$0	$0	$0	$0	$0	$0	$0
Advertising/Marketing Expenses	$1,970	$1,095	$1,095	$1,423	$1,423	$1,642	$1,751
Bad Debts	$0	$0	$0	$0	$0	$0	$0
Contract Labor	$0	$0	$0	$0	$0	$0	$0
Depreciation	$5,374	$2,986	$2,986	$3,881	$3,881	$4,479	$4,777
Direct Labor	$0	$0	$0	$0	$0	$0	$0
Dues/Subscrip/Memberships	$109	$109	$109	$109	$109	$109	$109
Employee Reimbursement Expenses	$0	$0	$0	$0	$0	$0	$0
Freight/Shipping	$0	$0	$0	$0	$0	$0	$0
Furniture or Fixture Purchases	$182	$182	$182	$182	$182	$182	$182
Insurance	$639	$639	$639	$639	$639	$639	$639
Land
Buildings
Lease Expenses	$0	$0	$0	$0	$0	$0	$0
Leasehold Expenses	$0	$0	$0	$0	$0	$0	$0
Machinery/Equipment Purchases	$319	$319	$319	$319	$319	$319	$319
Organizational Expenses	$33	$33	$33	$33	$33	$33	$33
Office Supplies and Postage	$219	$219	$219	$219	$219	$219	$219
Payroll Taxes/Employee Benefits	$13,533	$8,311	$8,311	$10,269	$10,269	$11,575	$12,227
Professional Fees	$912	$912	$912	$912	$912	$912	$912
Permits/Licenses	$182	$182	$182	$182	$182	$182	$182
Rent	$0	$0	$0	$0	$0	$0	$0
Repair & Maintenance	$1,773	$985	$985	$1,281	$1,281	$1,478	$1,576
Salaries-Officer's	$0	$0	$0	$0	$0	$0	$0
Salaries-Administrative	$4,413	$4,413	$4,413	$4,413	$4,413	$4,413	$4,413
Salaries and Wages-Other	$78,325	$43,514	$43,514	$56,568	$56,568	$65,271	$69,622
Salaries-Manager	$7,480	$7,480	$7,480	$7,480	$7,480	$7,480	$7,480
Telephone/Utilities	$6,798	$3,776	$3,776	$4,909	$4,909	$5,665	$6,042
Real Estate Taxes	$1,824	$1,824	$1,824	$1,824	$1,824	$1,824	$1,824
Other #2	$0	$0	$0	$0	$0	$0	$0
Other #3	$0	$0	$0	$0	$0	$0	$0
Other#4	$0	$0	$0	$0	$0	$0	$0
Misc./Contingency Expenses	$730	$730	$730	$730	$730	$730	$730
Total Cash Paid Out	151,780	106,944	109,645	126,627	117,175	129,396	140,909
LOANS SECTION:
Interest	11,260	11,242	11,223	11,204	11,184	11,165	11,145
Principal	2,250	2,269	2,288	2,307	2,326	2,345	2,365
Cash Pyts to Loans	13,510	13,510	13,510	13,510	13,510	13,510	13,510
Taxable Income	28,931	35,390	41,599	39,590	17,943	18,673	31,429
Income Tax (State & Federal)	9,332	9,332	9,332	9,332	9,332	9,332	9,332
NET INCOME	19,599	26,057	32,267	30,257	8,611	9,341	22,097
LOANS (Balance)	1,348,992	1,346,723	1,344,435	1,342,129	1,339,803	1,337,457	1,335,093
DIVIDENDS PAID	7,279	7,279	7,279	7,279	7,279	7,279	7,279

Month 32 Dec-02	Month 33 Jan-03	Month 34 Feb-03	Month 35 Mar-03	Month 36 Apr-03	Totals
$116,398	$135,797	$135,797	$142,264	$148,730	$1,293,306
$71,004	$55,225	$55,225	$55,225	$55,225	$788,928
$9,015	$7,012	$7,012	$7,012	$7,012	$100,170
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
196,416	198,034	198,034	204,501	210,967	$2,182,404
$4,007	$4,675	$4,675	$4,897	$5,120	$44,520
$21,301	$16,567	$16,567	$16,567	$16,567	$236,678
$3,005	$2,337	$2,337	$2,337	$2,337	$33,390
$0	$0	$0	$0	$0	$0
$1,970	$2,299	$2,299	$2,408	$2,518	$21,893
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$5,374	$6,270	$6,270	$6,569	$6,867	$59,714
$0	$0	$0	$0	$0	$0
$109	$109	$109	$109	$109	$1,314
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$182	$182	$182	$182	$182	$2,189
$639	$639	$639	$639	$639	$7,662
					$0
					$0
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$319	$319	$319	$319	$319	$3,831
$33	$33	$33	$33	$33	$400
$219	$219	$219	$219	$219	$2,627
$13,533	$15,491	$15,491	$16,144	$16,796	$151,950
$912	$912	$912	$912	$912	$10,946
$182	$182	$182	$182	$182	$2,189
$0	$0	$0	$0	$0	$0
$1,773	$2,069	$2,069	$2,167	$2,266	$19,703
$0	$0	$0	$0	$0	$0
$4,413	$4,413	$4,413	$4,413	$4,413	$52,959
$78,325	$91,379	$91,379	$95,731	$100,082	$870,281
$7,480	$7,480	$7,480	$7,480	$7,480	$89,760
$6,798	$7,931	$7,931	$8,308	$8,686	$75,530
$1,824	$1,824	$1,824	$1,824	$1,824	$21,893
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$0	$0	$0	$0	$0	$0
$730	$730	$730	$730	$730	$8,757
153,131	166,062	166,062	172,173	178,824	$1,718,187
11,126	11,106	11,086	11,066	11,045	$133,851
2,385	2,404	2,424	2,445	2,465	$28,272
13,510	13,510	13,510	13,510	13,510	$162,124
32,160	20,866	20,886	21,262	21,638	$330,366
9,332	9,332	9,332	9,332	9,332	$111,985
22,828	11,534	11,554	11,930	12,306	$218,381
1,332,708	1,330,304	1,327,879	1,325,435	1,322,970
7,279	7,279	7,279	7,279	7,279	87,352

Five-Year Income Statement (Restaurant & Gift Shop)

	FIVE-YEAR ANALYSIS
	Projected 2000	Projected 2001	Projected 2002	Projected 2003	Projected 2004
Sales:
Sales	$798,830	$838,772	$889,098	$951,335	$1,027,441
Cost of Sales	$242,649	$254,781	$270,068	$288,973	$312,091
Gross Profit	$556,181	$583,991	$619,030	$662,362	$715,350
Expenses:
Operating expenses	$373,271	$390,068	$408,596	$429,026	$451,550
Interest	$56,555	$55,568	$54,477	$53,273	$51,942
Depreciation	$24,304	$24,304	$24,304	$24,304	$24,304
Amortization	$163	$163	$163	$163	$163
Total expenses	$454,293	$470,103	$487,541	$506,766	$527,959
Operating income	$101,888	$113,888	$131,489	$155,596	$187,391
Other income and expenses:
Gain (loss) on sale of assets	$0	$0	$0	$0	$0
Other (net)	$0	$0	$0	$0	$0
Subtotal	$0	$0	$0	$0	$0
Income before tax	$101,888	$113,888	$131,489	$155,596	$187,391
Taxes (Federal & State)	$33,743	$38,428	$45,578	$55,597	$69,014
Rate	32.93%	33.38%	33.90%	34.42%	34.89%
Net Income	$68,145	$75,460	$85,911	$99,999	$118,377
Retained earnings-beginning	$0	$54,399	$106,847	$157,206	$193,641
Dividends paid	$13,746	$23,012	$35,552	$63,564	$103,029
Retained earnings-ending	$54,399	$106,847	$157,206	$193,641	$208,989
Detailed Supporting Information:
Cost of Sales
Direct labor	$0	$0	$0	$0	$0
Materials	$242,649	$254,781	$270,068	$288,973	$312,091
Other costs

Five-Year Income Statement (Car Wash)

	FIVE-YEAR ANALYSIS
	Projected 2000	Projected 2001	Projected 2002	Projected 2003	Projected 2004
Sales:
Sales	$1,960,830	$2,058,872	$2,182,404	$2,335,172	$2,521,986
Cost of Sales	$282,649	$296,781	$314,588	$336,609	$363,538
Gross Profit	$1,678,181	$1,762,091	$1,867,816	$1,998,563	$2,158,448
Expenses:
Operating expenses	$1,227,333	$1,282,563	$1,343,485	$1,410,659	$1,484,719
Interest	$138,957	$136,531	$133,851	$130,891	$127,621
Depreciation	$59,714	$59,714	$59,714	$59,714	$59,714
Amortization	$400	$400	$400	$400	$400
Total expenses	$1,426,404	$1,479,208	$1,537,450	$1,601,664	$1,672,454
Operating income	$251,777	$282,883	$330,366	$396,899	$485,994
Other income and expenses:
Gain (loss) on sale of assets	$0	$0	$0	$0	$0
Other (net)	$0	$0	$0	$0	$0
Subtotal	$0	$0	$0	$0	$0
Income before tax	$251,777	$282,883	$330,366	$396,899	$485,994
Taxes (Federal & State)	$82,907	$94,417	$111,985	$136,603	$169,568
Rate	32.93%	33.38%	33.90%	34.42%	34.89%
Net Income	$168,870	$18,866	$218,381	$260,296	$316,426
Retained earnings-beginning	$0	$15,096	$267,022	$398,051	$502,169
Dividends paid	$33,774	$56,540	$87,352	$156,178	$253,142
Retained earnings-ending	$135,096	$267,022	$398,051	$502,169	$565,453
Detailed Supporting Information:
Cost of Sales
Direct labor	$0	$0	$0	$0	$0
Materials	$282,649	$296,781	$314,588	$336,609	$363,538
Other costs

Five-Year Balance Sheet

		FIVE-YEAR ANALYSIS
	START-UP	Projected 2000	Projected 2001	Projected 2002	Projected 2003	Projected 2004
ASSETS:
Cash and cash equivalents	$78,500	$274,812	$425,430	$571,374	$681,176	$750,371
Accounts receivable	$0	$83,721	$56,407	$59,792	$63,977	$69,096
Inventory	$25,000	$69,694	$73,179	$77,570	$82,999	$89,640
Other current assets	$13,000	$20,000	$25,000	$30,000	$40,000	$45,000
Total Current Assets	$116,500	$418,227	$580,016	$738,736	$868,152	$954,107
FIXED ASSETS:
Land	$365,000	$365,000	$365,000	$365,000	$365,000	$365,000
Buildings	$800,000	$800,000	$800,000	$800,000	$800,000	$800,000
Machinery & Equipment	$300,000	$300,000	$303,658	$307,489	$311,512	$315,746
Furniture/Fixtures	$25,000	$25,000	$27,090	$29,279	$31,578	$33,997
Subtotal	$1,490,000	$1,490,000	$1,495,748	$1,501,768	$1,508,090	$1,514,743
Less-accumulated depreciation	$0	$59,714	$119,428	$179,142	$238,856	$298,570
Total Fixed Assets	$1,490,000	$1,430,286	$1,376,320	$1,322,626	$1,269,234	$1,216,173
INTANGIBLE ASSETS:
Cost	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000
Less-accumulated amortization	$0	$400	$800	$1,200	$1,600	$2,000
Total Intangible Assets	$2,000	$1,600	$1,200	$800	$400	$0
Other Assets	$86,500	$90,000	$95,000	$100,000	$105,000	$110,000
Total Assets	$1,695,000	$1,940,113	$2,052,536	$2,162,162	$2,242,786	$2,280,280
LIABILITIES:
Accounts payable	$0	$19,360	$20,327	$21,547	$23,055	$24,900
Notes payable	$0	$0	$0	$0	$0	$0
Current portion of long-term debt	$23,166	$25,592	$28,272	$31,232	$34,503	$38,116
Income taxes	$0	$0	$0	$0	$0	$0
Accrued expenses	$0	$113,823	$118,945	$124,595	$130,825	$137,693
Other current liabilities	$0	$0	$0	$0	$0	$0
Total Current Liabilities	$23,166	$158,775	$167,544	$177,374	$188,383	$200,709
Long-term debt	$1,376,834	$1,351,242	$1,322,970	$1,291,737	$1,257,234	$1,219,118
Deferred income	$0	$0	$0	$0	$0	$0
Deferred income taxes	$0	$0	$0	$0	$0	$0
Other long-term liabilities	$0	$0	$0	$0	$0	$0
Total Liabilities	$1,400,000	$1,510,017	$1,490,514	$1,469,111	$1,445,617	$1,419,827
EQUITY:
Capital stock issued	$295,000	$295,000	$295,000	$295,000	$295,000	$295,000
Additional paid in capital	$0	$0	$0	$0	$0	$0
Retained earnings	$0	$135,096	$267,022	$398,051	$502,169	$565,453
Total Equity	$295,000	$430,096	$562,022	$693,051	$797,169	$860,453
Total Liabilities and Equity	$1,695,000	$1,940,113	$2,052,536	$2,162,162	$2,242,786	$2,280,280
"C" Corporation (Y/N)	Y
Cash balance positive /(negative)	Positive	Positive	Positive	Positive	Positive	Positive
Amount sheet is out-of-balance	$0	$0	$0	$0	$0	$0
Amount cash flow out-of-balance		$0	$0	$0	$0	$0

Five-Year Cash Flow Statement

	FIVE-YEAR ANALYSIS
	Projected 2000	Projected 2001	Projected 2002	Projected 2003	Projected 2004
Cash from operations:
Net earnings (loss)	$168,870	$188,466	$218,381	$260,296	$316,426
Add-depreciation and amortization	$60,114	$60,114	$60,114	$60,114	$60,114
Cash from operations	$228,984	$248,580	$278,495	$320,410	$376,540
Cash provided (used) by operating activities:
Accounts Receivable	($53,721)	($2,686)	($3,385)	($4,185)	($5,119)
Inventory	($44,694)	($3,485)	($4,391)	($5,429)	($6,641)
Other current assets	($7,000)	($5,000)	($5,000)	($10,000)	($5,000)
Other non-current assets	($3,500)	($5,000)	($5,000)	($5,000)	($5,000)
Accounts payable	$19,360	$967	$1,220	$1,508	$1,845
Current portion of long-term debt	$2,426	$2,680	$2,960	$3,271	$3,613
Income taxes	$0	$0	$0	$0	$0
Accrued expenses	$113,823	$5,122	$5,650	$6,230	$6,868
Other current liabilities	$0	$0	$0	$0	$0
Dividends paid	($33,774)	($56,540)	($87,352)	($156,178)	($253,142)
Net cash from operations	($7,080)	($63,942)	($95,298)	($169,783)	($262,576)
Financing transactions
Increases (decreases):
Land	$0	$0	$0	$0	$0
Buildings and improvements	$0	$0	$0	$0	$0
Equipment	$0	$3,658	$3,831	$4,023	$4,234
Furniture/Fixtures	$0	$2,090	$2,189	$2,299	$2,419
Intangible assets	$0	$0	$0	$0	$0
Net cash from investments	$0	$5,748	$6,020	$6,322	$6,653
Financing transactions
Increases (decreases):
Short-term notes payable	$0	$0	$0	$0	$0
Long-term debt	($25,592)	($28,272)	($31,233)	($34,503)	($38,116)
Deferred income	$0	$0	$0	$0	$0
Other long-term liabilities	$0	$0	$0	$0	$0
Capital stock and paid in capital	$0	$0	$0	$0	$0
Net cash from financing	($25,592)	($28,272)	($31,233)	($34,503)	($38,116)
Net increase (decrease) in cash	$196,312	$150,618	$145,944	$109,802	$69,195
Cash at beginning of period	$78,500	$274,812	$425,430	$571,374	$681,176
Cash at the end of period	$274,812	$425,430	$571,374	$681,176	$750,371

Common Size Income Statement

	Company Projected 2000	Company Projected 2001	Company Projected 2002	Company Projected 2003	Company Projected 2004	Restaurant Industry 1998	Restaurant Industry 1998
Revenue from Sales	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Cost of Sales	14.4%	14.4%	14.4%	14.4%	14.4%	41.9%	0.0%
Gross Profit	85.6%	85.6%	85.6%	85.6%	85.6%	58.1%	100.0%
Operating Expenses	72.7%	71.8%	70.4%	68.6%	66.3%	53.2%	92.2%
Operating Profit	12.8%	13.7%	15.1%	17.0%	19.3%	4.9%	7.8%
Other Expen/Inc (Net)	0.0%	0.0%	0.0%	0.0%	0.0%	-1.7%	-2.8%
Pre-Tax Profit	12.8%	13.7%	15.1%	17.0%	19.3%	3.2%	5.0%
Income Taxes	4.2%	4.6%	5.1%	5.8%	6.7%	0.0%	0.0%
Income After Taxes	8.6%	9.2%	10.0%	11.1%	12.5%	3.2%	5.0%

Common Size Balance Sheet

	Company Projected 2000	Company Projected 2001	Company Projected 2002	Company Projected 2003	Company Projected 2004	Restaurant Industry 1998	Restaurant Industry 1998
Cash & Equivalent	14.2%	20.7%	26.4%	30.4%	32.9%	16.0%	16.2%
Accounts Receivable	2.8%	2.7%	2.8%	2.9%	3.0%	2.6%	7.0%
Inventory	3.6%	3.6%	3.6%	3.7%	3.9%	7.0%	3.9%
Other Current	1.0%	1.2%	1.4%	1.8%	2.0%	1.5%	0.5%
Total Current Assets	21.6%	28.3%	34.2%	38.7%	41.8%	27.1%	27.6%
Fixed Assets (Net)	73.7%	67.1%	61.2%	56.6%	53.3%	53.5%	61.7%
Intangibles	0.1%	0.1%	0.0%	0.0%	0.0%	10.3%	5.1%
Other Assets	4.6%	4.6%	4.6%	4.7%	4.8%	9.1%	5.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities:
Accounts Payable	1.0%	1.0%	1.0%	1.0%	1.1%	8.6%	9.4%
Short-Term Notes	0.0%	0.0%	0.0%	0.0%	0.0%	6.4%	4.5%
Current Maturities (LTD)	1.3%	1.4%	1.4%	1.5%	1.7%	4.9%	7.0%
Income Taxes	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.6%
Accrued Expenses	5.9%	5.8%	5.8%	5.8%	6.0%	15.1%	8.2%
Other Current Liabilities	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Total Current Liabilities	8.2%	8.2%	8.2%	8.4%	8.8%	35.4%	29.7%
Long-Term Debt	69.6%	64.5%	59.7%	56.1%	53.5%	30.0%	34.1%
Other Non-Current	0.0%	0.0%	0.0%	0.0%	0.0%	4.8%	5.8%
Total Liabilities	77.8%	72.6%	67.9%	64.5%	62.3%	70.2%	69.6%
Total Equity	22.2%	27.4%	32.1%	35.5%	37.7%	29.8%	30.4%
Total Liablilities & Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Average Monthly Break-even Analysis-2000
Car Wash

	Per Month-1st Year
Cost Variables	Optimistic -20%	Most Likely Case	Pessimistic 20%
FIXED COSTS:
Rentals/Leases	$0	$0	$0
Salaries (Fixed/Officer's)	$1,913	$2,392	$2,870
Insurance	$333	$417	$500
Depreciation & Amortization	$2,377	$2,971	$3,565
Interest	$5,493	$4,867	$8,240
Utilities/Phone	$3,800	$4,750	$5,700
(Other fixed costs)	$0	$0	$0
Total Fixed Costs	$13,917	$17,396	$20,875
VARIABLE COSTS:
Cost of Goods Sold	$2,667	$3,333	$4,000
Variable Labor/Wages	$41,799	$52,248	$62,698
Advertising	$667	$833	$1,000
Professional Services	$533	$667	$800
(Other variable cost)	$7,976	$9,971	$11,965
Total Variable Costs	$53,642	$67,052	$80,463
SALES AND INCOME DATA:
Average Income Per Customer	$14.53	$14.53	$14.53
Average # of Customers Per Month	9,855.00	8,212.50	6,570.00
RESULTS:
Fixed Costs per Customer	$1.41	$2.12	$3.18
Variable Costs per Customer	$5.44	$8.16	$12.25
Break-Even Number of Customers	$1,532.35	$2,735.03	$9,163.61
Number of Customers over Break-Even	8,322.65	5,477.47	-2,593.61
Break-Even Sales Amount	$22,257.32	$39,726.34	$133,101.42
Gross Profit per Customer	$9.08	$6.36	$2.28
Gross Profit (over Break-Even)	$75,585.51	$34,838.60	($5,908.30)

Average Monthly Break-even Analysis - 2000
Combined Restaurant & Gift Shop

	Per Month-1st Year
Cost Variables	Optimistic -20%	Most Likely Case	Pessimistic 20%
FIXED COSTS:
Rentals/Leases	$0	$0	$0
Salaries (Fixed)	$1,312	$1,640	$1,968
Insurance	$133	$167	$200
Depreciation & Amortization	$1,631	$2,039	$2,447
Interest	$3,770	$4,713	$5,656
Utilities/Phone	$796	$995	$1,194
(Other fixed costs)	$0	$0	$0
Total Fixed Costs	$7,643	$9,553	$11,464
VARIABLE COSTS:
Cost of Goods Sold	$16,177	$20,221	$24,265
Variable Labor/Wages	$16,671	$20,838	$25,006
Advertising	$667	$833	$1,000
Professional Services	$133	$167	$200
(Other variable cost)	$5,184	$6,481	$7,777
Total Variable Costs	$38,832	$48,540	$58,248
SALES AND INCOME DATA:
Average Income Per Customer	$9.99	$9.99	$9.99
Average # of Customers Per Month	8,000.00	6,666.67	5,333.33
RESULTS:
Fixed Costs per Customer	$0.96	$1.43	$2.15
Variable Costs per Customer	$4.85	$7.28	$10.92
Break-Even Number of Customers	$1,489.39	$3,532.46	($12,247.36)
Number of Customers over Break-Even	6,510.61	3,134.20	17,580.70
Break-Even Sales Amount	$14,872.07	$35,272.98	($122,294.52)
Gross Profit per Customer	$5.13	$2.70	($0.94)
Gross Profit (over Break-Even)	$33,408.66	$8,476.24	($16,456.18)

Average Monthly Break-even Analysis - 2000
Combined Operations

	Per Month-1st Year
Cost Variables	Optimistic -20%	Most Likely Case	Pessimistic 20%
FIXED COSTS:
Rentals/Leases	$0	$0	$0
Salaries (Fixed/Officer's)	$3,225	$4,032	$4,838
Insurance	$467	$583	$700
Depreciation & Amortization	$4,008	$5,010	$6,011
Interest	$9,264	$11,580	$13,896
Utilities/Phone	$4,600	$5,750	$6,900
(Other fixed costs)	$0	$0	$0
Total Fixed Costs	$21,563	$26,954	$32,345
VARIABLE COSTS:
Cost of Goods Sold	$18,843	$23,554	$28,265
Variable Labor/Wages	$58,469	$73,087	$87,704
Advertising	$1,333	$1,667	$2,000
Professional Services	$667	$833	$1,000
(Other variable cost)	$13,061	$16,326	$19,591
Total Variable Costs	$92,373	$115,467	$138,560
SALES AND INCOME DATA:
Average Income Per Customer	$24.51	$24.51	$24.51
Average # of Customers Per Month	17,855.00	14,879.17	11,903.33
RESULTS:
Fixed Costs per Customer	$1.21	$1.81	$2.72
Variable Costs per Customer	$5.17	$7.76	$11.64
Break-Even Number of Customers	$1,115.15	$1,609.20	$2,513.23
Number of Customers over Break-Even	16,739.85	13,269.96	9,390.10
Break-Even Sales Amount	$27,332.65	$39,442.14	$61,600.25
Gross Profit per Customer	$19.34	$16.75	$12.87
Gross Profit (over Break-Even)	$323,695.90	$222,272.90	$120,849.89

Car Wash Break-even Chart - Year 1

Income per customer	$14.53
Total fixed Costs	$17,395.76
Variable costs per customer	$8.16

# of customers	Total Revenues	Total Costs
1,641.02	$23,836	$30,794
1,914.52	$27,808	$33,027
2,188.03	$31,781	$35,260
2,461.53	$35,754	$37,493
2,735.03	$39,726	$39,726
3,008.54	$43,699	$41,959
3,282.04	$47,672	$44,192
3,555.54	$51,644	$46,426
3,829.05	$55,617	$48,659
4,102.55	$59,590	$50,892

Restaurant & Gift Shop Break-even Chart - Year 1

# of customers	Total Revenues	Total Costs
2,119.48	$21,164	$24,985
2,472.73	$24,691	$27,557
2,825.97	$28,218	$30,129
3,179.22	$31,746	$32,701
3,532.46	$35,273	$35,273
3,885.71	$38,800	$37,845
4,238.96	$42,328	$40,417
4,592.20	$45,855	$42,989
4,945.45	$49,382	$45,561
5,298.70	$52,909	$48,133

Loan Compliance Covenants

Year	Net Working Capital	Current Ratio	Quick Ratio	EBIT/ Interest	EBIT/ I+P	DEBT/ Equity	Z-Score
2000	$259,452	2.63	2.07	2.81	2.41	3.52	1.91
2001	$412,472	3.46	2.88	3.07	0.37	2.66	2.05
2002	$561,362	4.16	3.56	3.47	0.85	2.12	2.21
2003	$679,769	4.61	3.96	4.03	8.41	1.81	2.41
2004	$753,398	4.75	4.08	4.81	0.00	1.65	2.64
Industry Median	N/A	1.00	0.80	2.00	N/A	3.00	N/A

Annual Projections Summary

Projection Period	Gross profit	After-Tax Net Income	Cash from Operations	Book Equity
Start-Up/Base				$295,000
2000	$1,678,181	$168,870	$228,984	$430,096
2001	$1,762,091	$188,466	$248,580	$562,022
2002	$1,867,816	$218,381	$278,495	$693,051
2003	$1,998,563	$260,296	$320,410	$797,169
2004	$2,158,448	$316,426	$376,540	$860,453

Rates of Return

	Net Income	IRR	MIRR	ANNUAL DIVIDENDS	TOTAL ASSETS
Initial
Investment	($295,000)
2000	$168,870	0.00%	-42.76%	$33,774	$1,940,113
2001	$188,466	13.52%	128.44%	$56,540	$2,052,536
2002	$218,381	40.35%	248.94%	$87,352	$2,162,162
2003	$260,296	54.05%	329.65%	$156,178	$2,242,786
2004	$316,426	61.67%	386.57%	$253,142	$2,280,280

ASSUMPTIONS:

Income figures are after taxes
Dividend Payout = 50% of After Tax Income
Reinvestment rate = 7%

IRR = INTERNAL RATE OF RETURN
MIRR = MODIFIED RATE OF RETURN
ROI = RATE OF RETURN ON OWNER'S INVESTMENT
ROA = RATE OF RETURN ON TOTAL ASSETS

IRR = the interest rate received for an investment and income that occur at regular periods.
MIRR = adds the cost of funds and interest received on reinvestment of cash to the IRR.

	2000	2001	2002	2003	2004
Return on Assets	8.70%	9.18%	10.10%	11.61%	13.88%
Return on Investment	11.45%	19.17%	29.61%	52.94%	85.81%
Income Per Share	$0.57	$0.64	$0.74	$0.88	$1.07
Dividends Per Share	$0.11	$0.19	$0.30	$0.53	$0.86

Income Per Share Chart

Year 1	$0.57
Year 2	$0.64
Year 3	$0.74
Year 4	$0.88
Year 5	$1.07

Income Statement

	Projected 2000	Projected 2001	Projected 2002	Projected 2003	Projected 2004
Sales	1,960,830	2,058,872	2,182,404	2,335,172	2,521,986
Cost of Sales	282,649	296,781	314,588	336,609	363,538
Expenses	1,426,404	1,479,208	1,537,450	1,601,664	1,672,454
Operating Income	251,777	282,883	330,366	396,899	485,994
Income Taxes	82,907	94,417	111,985	136,603	169,568
Net Income	168,870	188,466	218,381	260,296	316,426

Balance Sheet Chart

	2000	2001	2002	2003	2004
Current Assets	418,227	2,058,872	738,736	868,152	954,107
Fixed Assets	1,430,286	1,376,320	1,322,626	1,269,234	1,216,173
Total Assets	1,940,113	2,052,536	2,162,162	2,242,786	2,280,280
Current Liabilities	158,775	167,544	177,374	188,383	200,709
Total Liabilities	1,510,017	1,490,514	1,469,111	1,445,617	1,419,827
Net Worth	430,096	562,022	693,051	797,169	860,453

Growth Trends

	2000	2001	2002	2003	2004
Cost of Goods Sold	$282,649	$296,781	$314,588	$336,609	$363,538
Total Expenses	$1,426,404	$1,479,208	$1,537,450	$1,601,664	$1,672,454
Total Revenue	$1,960,830	$2,058,872	$2,182,404	$2,335,172	$2,521,986

Net Income Growth

	2000	2001	2002	2003	2004
NET INCOME	$168,870	$188,466	$218,381	$260,296	$316,426

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Ratio Comparison

	Restaurant Projected 2000	Car Washes Projected 2001	Combined & Projected 2002	Projected 2003
Liquidity Ratios:
Current Ratio	2.63	3.46	4.16	4.61
Quick Ratio	2.07	2.88	3.56	3.96
Sales/Receivables	36.50	36.50	36.50	36.50
Days' Receivables	10.00	10.00	10.00	10.00
Cost of Sales/Inventory	4.06	4.06	4.06	4.06
Days' Inventory	90.00	90.00	90.00	90.00
Cost of Sales/Payables	14.60	14.60	14.60	14.60
Days' Payables	25.00	25.00	25.00	25.00
Sales/Work Capital	7.56	4.99	3.89	3.44
EBIT/Interest	2.81	3.07	3.47	4.03
Net Profit+Depr.+Amort./C.L.T.D.	8.95	8.79	8.92	9.29
Leverage Ratios
Fixed Assets/Tangible Net Worth	3.34	2.45	1.91	1.59
Debt/Worth	3.52	2.66	2.12	1.81
Operating Ratios
Profit Before Tax/Tan. Net Worth	58.76%	50.44%	47.72%	49.81%
Profit Before Tax/Total Assets	12.98%	13.78%	15.28%	17.70%
Sales/Net Fixed Assets	1.37%	1.50%	1.65%	1.84%
Sales/Total Assets	1.01%	1.00%	1.01%	1.04%
Other Ratios/Numbers:
Officers' Salaries (Actual)	$0	$0	$0	$0
Equity (Net Worth)	$430,096	$562,022	$693,051	$797,169
Loans Balance (Actual)	$1,376,834	$1,351,242	$1,322,970	$1,291,737
% Deprec., Amort./Sales	0.03	0.03	0.03	0.03
% Officers' Compensation/Sales	0.00	0.00	0.00	0.00
Tangible Net Worth (NW-Intangibles)	$428,496	$560,822	$692,251	$796,769
Working Capital (Actual)	$259,452	$412,472	$561,362	$679,769
Gross Profit
Key Percentages as a Percent of Gross Profit
Rent	0.00%	0.00%	0.00%	0.00%
Interest Paid	8.28%	7.75%	7.17%	6.55%
Depreciation & Amortization	3.58%	3.41%	3.22%	3.01%
Officers' Compensation	0.00%	0.00%	0.00%	0.00%
Taxes Paid	4.94%	5.36%	6.00%	6.84%

Projected 2004	Industry Ave. 1998	Industry Ave. 1998	Weighted Ave. 1998
4.75	0.70	1.00	0.88
4.08	0.40	0.80	0.64
36.50	N/A	N/A	N/A
10.00	N/A	N/A	N/A
4.06	34.90	N/A	N/A
90.00	10.46	N/A	N/A
14.60	16.00	N/A	N/A
25.00	22.81	N/A	N/A
3.35	-40.90	-16.80	-26.44
4.81	2.50	2.00	3.00
9.88	2.30	2.40	2.36
1.41	2.90	4.20	3.68
1.65	3.50	3.00	3.20
56.48%	39.60%	35.70%	37.26%
21.31%	10.00%	5.20%	7.12%
2.07%	7.50%	1.50%	3.90%
1.11%	3.60%	1.50%	2.34%
$0	$0	N/A
$860,453	0.00	N/A
$1,257,234	0.00	N/A
0.00	2.50	9.50
0.00	0.00	0.00
$860,453	0.00	N/A
$753,398	0.00	N/A
0.00%	20.10%	0.00%
5.91%	1.30%	0.00%
2.79%	2.60%	0.00%
0.00%	3.80%	0.00%
7.86%	4.00%	N/A

RATIO ANALYSIS

If A.B.C., Inc. meets the financial goals outlined in this plan, a ratio analysis of those numbers are extremely favorable when compared to industry averages according to the Robert Morris & Associates 1998 industry average figures.

Current Ratio is an approximate measure of a firm's ability to meet its current obligations and is calculated as Current Assets divided by Current Liabilities. The company's Current Ratio is above the industry median. This indicates a relatively more stable position for the company compared to the industry and indicates a possible opportunity for expanding operations.

Quick Ratio is a measure of a firm's ability to meet current obligations without relying on the sale of inventories. It is calculated as Current Assets minus inventories divided by Current Liabilities. This ratio is above the industry median, which indicates that A.B.C., Inc. is more stable relative to the industry and again points to an apparent opportunity for expansion.

EBIT to interest ratio is a measure of ability to meet annual interest payments. It is calculated as Earnings before Interest and Taxes divided by Annual Interest Expense. Since this ratio is above industry averages, the company should have no problem servicing its debt and can even service greater amounts of debt.

The Fixed Assets to Tangible Net Worth Ratio measures the extent to which owner's equity has been invested in the business. Since this ratio is on a downward trend, it provides an even larger "cushion" to creditors in the event of liquidation.

Current Maturities Coverage Ratio measures the ability to pay current maturities of longterm debt with cash flow from operations. It is calculated as Net Income + depreciation & amortization divided by current portion of long-term debt. This ratio is on an upward trend which indicates that cash flows available to service debt are increasing relative to the level of debt. It also indicates additional debt capacity is available if needed.

The Debt to Equity Ratio expresses the relationship between capital contributed by creditors and capital contributed by owners. It is calculated as Total Liabilities divided by Net Worth. This ratio shows a downward trend which would seem to indicate that if the company meets its goals that it will provide greater long-term financial safety for creditors. It also points out that A.B.C., Inc. can handle additional debt if needed.

The Earnings before Taxes to Total Assets Ratio expresses the pre-tax return on total assets and measures the effectiveness of management in employing available resources. It is calculated as Earnings Before Taxes divided by Net Worth minus Net Intangible Assets times 100. Since this ratio is above industry averages, the company would be more efficient than the industry in its effective employment of resources and would out-perform the industry as a whole.

The Revenue to Total Assets Ratio is a general measure of ability to generate revenue in relation to total assets. It is calculated as Earnings Before Taxes divided by Total Assets times 100. This ratio is above industry averages which can indicate that the company is efficient in using available resources to generate revenue as compared to the industry.

CONCLUSIONS & SUMMARY

Assuming the financial projections in this plan are attained, the future looks very bright indeed. The property improvement, increased inventory items and the continued growth of both the car wash, restaurant, and the surrounding Madison area will help make A.B.C., Inc. one of the premier car wash destinations in the area.

A look at the financial ratios in this plan bears out our confidence in the future. A look at our competition comparison gives us a real look into the possibilities to become a market leader. A close look at the property can only reaffirm that the market, location, and clientele are all in place and waiting to be serviced by a car wash and restaurant such as A.B.C., Inc.

Throughout this plan we have taken special care to remain conservative in our growth projections. Even so, the numbers are spectacular. Some of the highlights include:

Return on Invest of 15.45%, 19.17%, 29.61%, 55.94%, and 95.81% over the next five years.
Steady growth conservatively averaging over 5% per year.
Pre-Tax Profit is consistently far above industry averages.
Total Equity is substantially higher than peer operations by the third year.
Far greater strengths than weaknesses when compared to competition.
Overall risks associated with the business are low.

Investment in A.B.C., Inc. at this time makes excellent economic sense. The projected cash flow is well above industry averages.

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