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 Table of Contents

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

1.1 Mission...........................................................................................................................................1
1.2 Keys to Success.........................................................................................................................1
Chart: Highlights...........................................................................................................................2
1.3 Objectives....................................................................................................................................2
2.0 Company Summary......................................................................................................................2
2.1 Start-up Summary....................................................................................................................2
Table: Start-up..............................................................................................................................3
Table: Start-up Funding.............................................................................................................4
Chart: Start-up..............................................................................................................................5
2.2 Company Ownership................................................................................................................5
3.0 Products and Services.................................................................................................................6
4.0 Market Analysis Summary.........................................................................................................6
4.1 Market Segmentation..............................................................................................................6
Chart: Market Analysis (Pie).....................................................................................................8
Table: Market Analysis................................................................................................................8
4.2 Service Business Analysis......................................................................................................8
4.2.1 Competition and Buying Patterns...............................................................................9
4.3 Target Market Segment Strategy.......................................................................................9
5.0 Strategy and Implementation Summary...........................................................................11
5.1 Competitive Edge....................................................................................................................11
5.2 Marketing Strategy.................................................................................................................11
5.3 Sales Strategy..........................................................................................................................13
5.3.1 Sales Forecast..................................................................................................................14
Table: Sales Forecast............................................................................................................15
Chart: Sales Monthly.............................................................................................................15
Chart: Sales by Year..............................................................................................................16
5.4 Milestones..................................................................................................................................16
Table: Milestones........................................................................................................................17
6.0 Web Plan Summary....................................................................................................................18
6.1 Website Marketing Strategy...............................................................................................19
6.2 Development Requirements................................................................................................19
7.0 Management Summary.............................................................................................................19
7.1 Personnel Plan..........................................................................................................................19
Table: Personnel..........................................................................................................................20
8.0 Financial Plan................................................................................................................................20
8.1 Important Assumptions........................................................................................................20
Table: General Assumptions...................................................................................................21
8.2 Break-even Analysis...............................................................................................................21
Table: Break-even Analysis....................................................................................................21
Chart: Break-even Analysis....................................................................................................21
8.3 Projected Profit and Loss.....................................................................................................22
Chart: Profit Monthly.................................................................................................................22
Chart: Profit Yearly.....................................................................................................................23

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 Table of Contents

Chart: Gross Margin Monthly.................................................................................................23

Chart: Gross Margin Yearly.....................................................................................................24
Table: Profit and Loss................................................................................................................24
8.4 Projected Cash Flow...............................................................................................................25
Chart: Cash...................................................................................................................................26
Table: Cash Flow.........................................................................................................................25
8.5 Projected Balance Sheet......................................................................................................27
Table: Balance Sheet.................................................................................................................27
8.6 Business Ratios........................................................................................................................27
Table: Ratios.................................................................................................................................28
Table: Sales Forecast..........................................................................................................................1
Table: Personnel....................................................................................................................................2
Table: Personnel....................................................................................................................................2
Table: General Assumptions.............................................................................................................3
Table: General Assumptions.............................................................................................................3
Table: Profit and Loss..........................................................................................................................4
Table: Profit and Loss..........................................................................................................................4
Table: Cash Flow...................................................................................................................................5
Table: Cash Flow...................................................................................................................................5
Table: Balance Sheet...........................................................................................................................6
Table: Balance Sheet...........................................................................................................................6

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 Accurate Chiropractic

1.0 Executive Summary

Accurate Chiropractic, LLC is a clinic that specializes in providing natural healthcare to members
of the community who are injured as a result of motor vehicle and work related accidents, or
suffer from chronic pain. Its owner is Dr. Angelo M. Rubano, Jr., D.C.

Dr. Rubano has a proven track record of success in his profession, having recently sold a
practice in New Jersey for $124,000, which he purchased 3 years ago at a cost of $20,000. He
has been in private practice as a business owner since graduating from Life Chiropractic College
11 years ago. His leadership ability has proven effective in both the civic and professional
arenas, where he has served on various executive boards of successful and growing
organizations. Through these organizations he has developed expertise in coordinating large
scale events and networking. In addition, he is an accomplished public speaker, an attribute
which has served him well as both an expert medical witness and lecturer on various health
related topics.

His guiding business philosophy is to be creative rather than competitive. Realizing that nearly
80% of the population has never used or thought about Chiropractic Care, he understands
there are more than enough potential patients to go around. Ultimately his plan for growth will
incorporate other doctors in the area who can benefit from the corporate approach Accurate
Chiropractic has for providing health and safety consultation to the service and construction
corporate market. With this in mind Dr. Rubano's approach is to see himself primarily as a
marketer of chiropractic services. Accurate Chiropractic, LLC will reach the untapped market of
Chiropractic patients by connecting emotionally with our target market through a systematic
series of direct mail advertising. We will serve the injured directly, as well as indirectly through
corporate clientele. We will be a contributor to the community through outreach events aimed
at childrens' and workers' safety.

1.1 Mission

Our mission is to educate and adjust as many families as possible to optimal health through
natural Chiropractic Care in an environment that encourages personal growth and development
and recognizes the basic human need to feel in control and be respected.

1.2 Keys to Success


Implementing and maintaining an organized, consistent means of lead generation, lead
tracking, and follow-up to turn leads into prospects

Utilizing a repeatable system for turning prospects into patients.

Hiring and keeping reliable office staff who grasp the company mission and share the same
concern for people.1

1
see Addendum, Personnel Plan

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 Accurate Chiropractic

Chart: Highlights

1.3 Objectives

 Collections of $420,000 in the first year

 Hold Gross Margin to minimum of 55%
 300 total cases by the end of year 1
 Case Average of $3,500 by end of year 2

2.0 Company Summary

Accurate Chiropractic, LLC is a new company that provides patient-centered care, rehabilitation,
and education to the following markets:

 Residents of our community injured in motor vehicle crashes and their families
 Chronic and acute back and neck pain sufferers and their families
 Members of the area's work force that are injured on the job

As the business grows, we will bring on more providers to more readily facilitate our patients'
steps to wellness and fitness, and we will sell nutritional goods. Aside from treating injured
workers, our goal will be to expand into the work related injury market and develop alliances
with self insured companies on a consultant basis.

2.1 Start-up Summary

Our start-up costs are $207,575, which includes of concept research and development,
business and marketing software, educational brochures, stationary, legal and accounting cost,
office furniture and computers, initial month's rent/security deposit, and initial advertising cost,
including production of printed reports.

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 Accurate Chiropractic

Long-term assets include a key of diagnostic equipment (Surface EMG with dynamic range of
motion valued at $8,000), X-ray equipment, and chiropractic tables.

Much of this will be financed by direct owner investment. The projected loan to aid in the
purchase of equipment and working capital is shown as a long term liability. The assumptions
are shown in the following table and chart.

Table: Start-up

Start-up

Requirements

Start-up Expenses
Legal $2,500
Stationery etc. $1,000
Brochures $200
Consultants $0
Insurance $1,000
Rent $5,675
Licensing $6,000
Research and Development $6,000
800 Line Set Up Fees $200
Computers and Software $8,000
Print Advertising and Report Production $1,000
Office Furniture $3,000
Total Start-up Expenses $34,575

Start-up Assets
Cash Required $69,000
Other Current Assets $0
Long-term Assets $104,000
Total Assets $173,000

Total Requirements $207,575

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 Accurate Chiropractic

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund $34,575
Start-up Assets to Fund $173,000
Total Funding Required $207,575

Assets
Non-cash Assets from Start-up $104,000
Cash Requirements from Start-up $69,000
Additional Cash Raised $0
Cash Balance on Starting Date $69,000
Total Assets $173,000

Liabilities and Capital

Liabilities
Current Borrowing $0
Long-term Liabilities $164,000
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $164,000

Capital

Planned Investment
Start Up Cost Funded by Owner $33,575
Additional Owner Capitol Investment $10,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $43,575

Loss at Start-up (Start-up Expenses) ($34,575)

Total Capital $9,000

Total Capital and Liabilities $173,000

Total Funding $207,575

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 Accurate Chiropractic

Chart: Start-up

2.2 Company Ownership

The company is set up as a Florida Limited Liability Corporation for the purpose of providing
some shielding of liability to its members without the intricacies of an S-Corporation. The
principal and founding member is Angelo M. Rubano, Jr. D.C.

Dr. Angelo M. Rubano, Jr. is a 1993 graduate of Life Chiropractic College in Marietta, Ga. After
receiving his license to practice chiropractic medicine from the State of New Jersey in March of
19941 he immediately went into private practice as a junior partner of Adams Chiropractic
Center in Wall, N.J. where he continued until 1999. During that time, he also was co-owner of
The Pain Relief Center in Edison, N.J. In May of 2000 Dr. Rubano gave up his partnership with
Adams Chiropractic and purchased The Pain Relief Center for $20,000, renaming the clinic
Accurate Health and Wellness LLC. After producing increased revenues over the past three
years, Dr. Rubano sold this practice for $124,000. Dr. Rubano received his license to practice
chiropractic medicine in the State of Florida in May of 2003 and became certified by the state as
a workers' compensation provider in September of 2003.1

In addition to providing care to those injured in work and motor vehicle related accidents Dr.
Rubano has also been called upon to function as the physician for college and professional
sports teams, Fortune 500 companies, and the president and founder of one of the largest
ministries in the Northeast United States.2 He has been utilized as a consultant and as a
witness in personal injury cases because of his expertise in the area of Low Speed Rear Impact
Collisions. Dr. Rubano served as president of Letip of Middlesex County 3 for 2 years (maximum
allowable term) and on the board of directors of the organization for 5 years. He was named
an Elder of Faith Fellowship Ministries World Outreach Center, a 12,000 member church in
Sayerville, New Jersey in 1998. He will continue in this role at the church's Faith International
Training School and Faith Fellowship World Outreach Ministries Church in Fort Myers,
Florida. In this capacity he has helped the church organize its outreach ministry through home
bible studies, and large gatherings such as the Great Big Event, in which he personally
performed health screenings of 75 members of the Fort Myers community.

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 Accurate Chiropractic

___________________________________________________
1
see Addendum, Credentials;
2
see Addendum, Testimonials;
3
Letip is an international organization that functions to help small businesses grow through the
exchange of business tips. The central offices are located in California, and there are local
chapters throughout the country.

3.0 Products and Services

Accurate Chiropractic, LLC offers a high level professional service that helps take injured and ill
people of all ages from varying states of pain and inactivity to comfort and wholeness. We
provide a drugless approach to healthcare by giving patients the tools they need, physically,
mentally, and emotionally, to return to an active and healthy lifestyle. To the corporate client,
we provide analysis of factors that increase the risk of on-the-job injuries and the tools to
reduce those risks. Considering that low back pain is responsible for half of workers'
compensation costs, and that past research has demonstrated time and again that Chiropractic
Care compared to other typical medical treatment is more successful and more cost effective
for these conditions, it is obvious that this is a much needed service that will create a high
demand when approached the right way.1,2

We will also sell products that support our services, including home exercise devices, pillows,
TENS units, and weight loss programs. (A TENS -- transcutaneous electric nerve stimulation
--unit is a small, battery-powered, portable muscle stimulation machine that can be used at
home to help control pain.)
___________________________________________________

1
Mootz, R.D., Franklin,G.M., Stoner,W.H. Strategies for preventing chronic disability in injured
workers. Topical Clinical Chiropractic, 1999; 6(2):13-25
2
Florida Department of Labor and Employment Security, Division of Workers' Compensation,
Claims and Medical Billing Data, 1994-1999

4.0 Market Analysis Summary

Accurate Chiropractic, LLC will focus on people injured in motor vehicle traffic accidents and
work related incidents, as well as those with chronic and acute back and neck pain and their
families. These are groups which respond well to conservative treatment and have often been
dismissed by the medical community as malingerers or difficult to treat cases.

Our most important group of potential customers (those injured in accidents) come in all
ages. They range in income and social status from the "Actualizers" (the very wealthy who are
actually living the American Dream) to "Strugglers" (those that are barely getting by). Whether
young or old, these people want to get back to an active lifestyle so they can to return to work,
recreation, and family as quickly as possible and they are covered by the health, accident, or
workers' compensation insurance to pay for it or have the legal backing to win it in court.

4.1 Market Segmentation

 Recent Motor Vehicle Accident Victims: our most important segment includes those
individuals injured within a 6 month time period of visiting our office. Insurance claims are
easier to handle at this stage making for more lucrative reimbursement rates. In addition,

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 Accurate Chiropractic

early intervention aids more rapid recovery, which leads to greater word of mouth referral.

 Work Related Injury Victims: this is a yet untapped market in our field. Recent
legislation in the state of Florida (Effective October 1, 2003) makes it possible for
Chiropractors to not only treat injured workers but to also function as case managers. In
this capacity we are able to direct the entire care of the injured worker. With case averages
ranging from $6,323-$7,465 this is a very lucrative market. (Case averages referenced from
Florida division of Financial services website:
www.fldfs.com/WCAPPS/Claims_Research/Stats_Results.asp year 2001 statistics.)

 Victims of Chronic Pain Resultant from Past Motor Vehicle Accident: the segment of
the population that has attempted other forms of treatment without the results they were
expecting. They are candidates for not only a natural approach to treatment but also "back
end" sales of therapeutic devices such as TENS units, heat and cold packs, and home
exercise devices.

 Neck and Back Pain sufferers with onset unrelated to Motor Vehicle Accidents: This
accounts for a large percentage of the population, nearly 30% of our population experiences
one or the other (we have adjusted our numbers to account for the fact that a large portion
of these will have experienced their problem as a result of a motor vehicle accident).

 Other Pain Sufferers: refers to the segment of the market that experiences pain
syndromes like Fibromyalgia, Chronic Fatigue Syndrome, Migraine and Tension Headaches,
Carpal Tunnel Syndrome, middle back pain, etc. This is a segment of the population we will
attract thanks in part to our affiliation with several managed care and major medical
programs. These are cases that most M.D.s are not equipped to properly service because
their training in musculoskeletal disorders is limited, and the prescription drug route has yet
to develop a legitimate answer for these problems.

 Corporate Clients: This segment of the market is primarily overlooked by Doctors of

Chiropractic. But, based on the fact that musculoskeletal injuries are a significant
contributor to rising workers' compensation insurance costs, it is an area that is ripe for the
Chiropractic Industry. Not only can we provide the care for their workers, but we can also
provide the education and follow-up necessary to prevent injuries from occuring in the first
place. The rapid development of SouthWest Florida in general, and Fort Myers in particular,
has attracted many new businesses. Presently there are over 529 businesses in Lee
County with 50 or more employees.1 By law, these companies are required to have safety
programs in place. We can help provide them with the framework for their program to
succeed.

 Wellness Patients: Through education and awareness programs,it is our goal to help the
community understand the role their nervous and skeletal system plays in their overall well-
being. This is the area for the largest growth potential. Whereas the other conditions are
tied mainly to population growth, this area is tied to our ability to educate patientswho have
healedon theimportance ofcontinuing care on a wellness and preventative basis.

___________________________________________________
1
Lee County Demographic Profile 2003, Lee County Economic Development Office (in
conjunction with Horizon Council Team Lee County and The Lee County Industrial Development
Authority)

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 Accurate Chiropractic

Chart: Market Analysis (Pie)

Table: Market Analysis

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Wellness patients 6% 78,697 83,419 88,424 93,729 99,353 6.00%
Motor Vehicle Accident 6% 3,553 3,766 3,992 4,232 4,486 6.00%
Victims
Work Related Injury Victims 1% 20,603 20,809 21,017 21,227 21,439 1.00%
Chronic Pain Sufferers Via 6% 13,141 13,929 14,765 15,651 16,590 6.00%
Motor Vehicle Accidents
Neck and Back Pain 6% 37,182 39,413 41,778 44,285 46,942 6.00%
Sufferers (non MVA)
Other Chronic Pain Sufferers 6% 8,062 8,546 9,059 9,603 10,179 6.00%
Corporate Clients 3% 529 542 558 575 592 2.85%
Total 5.39% 161,767 170,424 179,593 189,302 199,581 5.39%

4.2 Service Business Analysis

Chiropractic Medicine in Lee County, Florida consists of several hundred chiropractic offices. In
the city of Fort Myers and neighboring Fort Myers Beach, there are some 73 offices listed.1

Chiropractic entities range from small operations which do not take or accept insurance plans to
multi-discipline offices with medical doctors and physical therapist on staff. While practicing in
New Jersey, I was part of the Provider Panels for several of the largest Health Insurance
Providers, including several that are among the most heavily utilized in Florida, including Aetna,
United HealthCare, and Blue Cross/Blue Shield. While I stand a good chance of being accepted
into these organizations, due in part to my relationship with a key representative within the Lee
County Government Office (letters of recommendation from large employers count a great deal
to image conscious insurance companies), this segment only affects a small percentage of my
overall plan for success. Since automobile accident cases do not follow the managed care
paradigm, there is easy access to our services without need of referral or membership in a
Page 8
 Accurate Chiropractic

managed care organization. Within the area of workers' compensation, although managed care
does play a role to a certain extent, our plan to market to "self insured" companies (see
Marketing Plan) will give our clinic ample exposure and access to thousands of injured workers
without the stipulations of managed care, nor their propensity to slash medical fees.

___________________________________________________

1
Yellow Book 2003-2004, Ft. Myers/Cape Coral Edition, Chiropractic Section, pages 182-185.

4.2.1 Competition and Buying Patterns

The key element in the purchase decisions in the healthcare of accident victims is the patient's
perceptions of the doctor's competence and empathy with his or her situation. More so than in
illness care, there is a certain psychosocial component that goes along with being injured in an
accident and the potential of being unable to provide for yourself or for your family for any
length of time. The doctor who can demonstrate to the patient that he has a good sense of
what the patient is experiencing is more likely to connect with and gain the trust of that
patient. This relationship is fostered by establishing a game plan for that patient's care and
consistently following that game plan so that there are no sudden changes or surprises.

Auto accident patients frequently are referred by personal injury attorneys and medical
doctors; therefore, it is essential to build relationships with attorneys in the area that specialize
in personal injury litigation as well as medical physicians. Maintaining these relationships
requires prompt reporting, open lines of communication, and the utilization of a team of
specialists in other fields of diagnostic imaging and medicine.

Patients rarely compare providers. Typically if they are referred by an outside source such as
an attorney, physician, or other patient they follow the word of mouth referral. It is rare for
someone to go price shopping from one chiropractor to the next, although some will "shop" for
a second opinion.

The most important element by far is what it takes to keep a patient and have that patient refer
their friends and family. It is well worth the effort to go the extra mile and return the patient's
(or attorney's, or doctor's) phone call personally or provide a free cervical pillow to the accident
victim, especially in light of the potential revenue each of these cases brings.

In the area of workers' compensation, the principles of patient's perception are similar, with the
added element that the patient's employer also needs to feel confident in the type of care
provided. It is essential to understand the investment each company has in their employees,
beyond just their ability to perform a specific job. A clear focus on constant communication
with the company's safety manager and an emphasis on rehabilitation to return the injured
worker back to the job as quickly as possible are essential components.

In this area, ancillary services such as follow-up education for injury prevention, post-job-offer
screenings, and updating the employer groups in changes to workers compensation law are
ideally part of the package companies are looking for when considering a doctor to oversee the
care and rehabilitation of their injured labor force.

4.3 Target Market Segment Strategy

We have chosen this target market because it represents a portion of the population whose
needs match our offerings. Although for years many have viewed Chiropractors as "bone

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 Accurate Chiropractic

doctors," we are actually specialist in helping correct problems related to the muscles, tendons,
ligaments, and nerves, who use bones as mechanical levers to assist the body's natural healing
properties. Most injuries due to vehicular and work related accidents involve the soft tissues of
the body, namely the muscles, ligaments, and nerves. In addition to the facts mentioned
above, it makes complete economical sense to target this market, because it is still the most
financially rewarding, with case average amounts being 30-50% higher than cases covered by
traditional insurance plans. Perhaps most importantly, this area needs this type of service. As of
the 2000 Census this section of Lee County (a 7 mile ring around our projected office location),
one of the fastest growing counties in the country, had over 75,000 people in the 15-54 years
of age category, a segment of the population that is projected to grow 6% by the year 2005.
Accident rates for this segment of the population are close to 30% higher than the general
population.

According to a compilation of data obtained from NHTSA (The National Highway Traffic Safety
Authority), The Crashworthiness Data System, The Fatal Accident Sampling System, as well as
the General Estimates System, the national average with regard to incidence (that is the
number of a given event occuring within a population in a given time period) is 770 out of
100,000. That is, 770 out of every 100,000 people will be involved in an accident each year. In
a growing area with as many young drivers as in Fort Myers, Fl., that number is much higher.
In fact, according to data for the year 2001 obtained from the Florida Department of Highway
Safety and Motor Vehicles, the incidence for motor vehicle crashes across all age groups (age
15-85+) in the state of Florida is closer to 2,270 out of 100,000.1 This is nearly 3 times the
national average. Based on information provided by Scan/US Inc. That translates into over
3,500 motor vehicle accidents for the residents living within a 7 mile ring around our office
location.2

Another key factor in analyzing our market is calculating injury prevalence. Prevalence is the
number of people who suffer with a given problem at one time. Assuming a 25% chronicity for
a period of 25 years at the national average rate of incidence (770/100,000), 6.7% of the
population would be affected. Assuming a 50% chronicity, 9.6% of the population would be
affected.3 That translates into 10,803-15,479 people within a 7 mile radius of our office
suffering from chronic neck, back, and other pain syndromes resultant from motor vehicle
accidents alone. Keeping in mind that the incidence rate in Florida is 3 times the national
average this is a very conservative estimation.

Much like the victims of motor vehicle accidents, a large percentage of those injured at work
experience problems with the soft tissues in and around the spine. According to data provided
by the U.S. Department of Labor, as of the year 2001, 20% of all work related injuries in the
U.S. affect the soft tissues of the neck, back, and extremities. 5 In Lee County alone there were
20,603 reported cases of neck, back, trunk, and extremity injuries that required medical
attention.6 These are people who would benefit from Chiropractic care and up to now have not
had the opportunity to receive it on a broad scale. As previously stated, recent legislative
changes make that possible.7

___________________________________________________
1
2001 Florida Traffic Crash Facts www.hsmv.state.fl.us
2
2000/2005 Scan/US Estimates for Site located at 26.5214, 81.8977 www.scanus.com
3
Foreman SM, Croft A.C.: Whiplash Injuries The Cervical Acceleration/Deceleration Syndrome
(3rd Edition). Baltimore, Lippincott Williams Wilkins Co., 2001
4
U.S. Census Bureau Statistics for 2000 Census with Population Reported by Age and Sex.
5
U.S. Department of Labor, Bureau of Labor Statistics Injuries, Illnesses, and Fatalities
www.bls.gov/iif/home.htm

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 Accurate Chiropractic

6
Florida Division of Financial Services workers' compensation Claims Statistical Query (made
10/1/2003) www.fldfs.com/WCAPPS/Claims_Research/Stats_Results.asp
7
2003 Florida workers' compensation Reform

5.0 Strategy and Implementation Summary

Accurate Chiropractic, LLC will focus, geographically on the southwestern Lee County region of
Florida, particularly in the town of Fort Myers.

The target customers are those members of our community who have been injured in motor
vehicle and work related accidents either recently or in the past. We will reach these people
directly through emotional based direct response marketing and indirectly through our contacts
with local personal injury attorneys, medical physicians, and corporate clients.

5.1 Competitive Edge

We start with a competitive edge in that our location is ideal.Within a 7 mile ring around our
officethere are projected to be 165,958 people by the year 2005 (156,517 as of the 2000
census).1 There is no other competitor in this areathat we know of that can make the same
claimand shares our vision for care of the injured. Our positioning in this area is hard to match;
the combination of land development and road improvement in the area make for hazardous
driving conditions andgreater potential for injured workers.We must be aware that wewill only
produce results if we maintain our mainstrategic focus and direct our marketing, business
development, and fulfillment in the area of injury and chronic pain care.

Our name, Accurate Chiropractic, LLC, also provides us a competitive edge. First the name
itself, Accurate has the connotation we are looking to get across to our patients that our care is
the right care for them. Second it puts us at or nearthe front of the yellow pages and managed
care providerdirectories.

___________________________________________________
1
2005 Scan/US Projections, Scan/US, Inc. (800)272-2687 and www.scanus.com

5.2 Marketing Strategy

Marketing in a chiropractic practice hinges on the ability to properly communicate to the

general public that natural care is a viable and effective alternative to traditional medicine.In
accident/injury care,marketing must be done directly to the end consumer (patients),and
indirectly through legal and medical professionals, as well as corporate safety managers.

We will develop a database of injured people who are seeking or have an interest inalternatives
to traditional medicalcare. It starts withdirectresponse advertising geared at eliciting an
emotional response. We will place small advertisements in local daily, weekly, and monthly
publications unlike any listings from other doctors in our area.We will not attempt to sell our
services by stating we are the best, wecare, we have a friendly staff, etc.- everyone else is
doing just that.1Rather, we will sell a concept that strikes an emotional cord with the injured
and causes them to call a toll freevoice recorded message (people are more likely to call
knowing they will not be pressured by a live person)for a free report on various topics. 2 Each
topic, be it auto accident, back pain, orneck painwill have its own (800) number to allow us to
track the effectiveness of our advertising (wehave already purchased this tool from a
companythat provides the service and transcription of information calledPATlive).We will simply
ask the prospective patient to leave their name andaddress only (the software automatically
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records their phone number) and give them the option of being directly connected to a caring
professional.3 The database will be managed by our clerical staff, who will enter data received
by fax from PATlive's transcription service directly into ourcontact management software and
follow-up with our system of mailing reports and newsletters.

The purpose of the free reports will be to show our prospects that we "really do" understand not
only their condition, but their situation as well (i.e. its affect on their work, family life, etc.),
and will lead them to the next level of a free "condition specific" evaluation. All free offers will
have a one month expiration date with follow up reports and progressively enticing offersbeing
sent the 2nd and 3rd weeks. Any prospect that does not schedule within the first month will
automatically begin receiving our newsletter the next month.

Internal marketing is just as important to the well being of a chiropractic practice.Each patient
will receive a monthly newsletter and be"rewarded" for providing referrals of family and
friends.Rewards will be items such as free movie tickets and gift certificates to local
restaurants. Biweekly half hour health seminars held in the office will be used to educate our
patients on subjects that are essential to maintaining their improved state of health.These two
means of communication with our existing client base will also provide a means of "back end"
sales with direct response advertisements for exercise, nutritional, and therapeutic devices.Asa
means of offsetting the cost of producing and mailing the newsletters, we will seek out
corporate partnerships from our suppliers. In this relationship we will include an advertisement
of their specific product(s) in our newsletter in exchange for their financial backing.As our
mailing list grows, we will have more bargaining power with these corporate entities.(Although
privacy laws prevent us from sharing our patients' personal information with these companies,
it does not forbid usfrom mailing to them directly.)

As part of a grass roots effort to become entrenched in the community Dr. Rubano has already
begun efforts to form a LeTip Chapter in Fort Myers. LeTip is a professional organization of men
and women dedicated to the highest standards of competence and service.Its purpose is the
exchange of business tips. Unlike the local Chambers of Commerce, there are no conflicts of
interest allowed in LeTip.Dr. Rubano was president of the Middlesex County New Jersey Chapter
for 2 years and served on the executive board for 5 years. Business Tips from that chapter
resulted in a yearlyaverage of $35,000 worth of businessfor Dr. Rubano's New Jersey practice
during his 6 year membership with the organization.Dr. Rubano will also join the local Chamber
of Commerce, with perhaps a different mindset than most other practitioners.Rather than
attempting to get individual patients through the variouschamber functions, he will
usemembership in this organizationas the avenue to further corporate relationships.

In order to put Dr.Rubano in the public eye as the expert in the area for accident and chronic
pain care, we will secure speaking engagements with local high schools and civic groupsand
arrange meetings with local personal injury attorneys and physicians (see section 5.4). In
addition, once annually we will coordinate our area's "Kids Day America"tm in which we
coordinate the efforts of the localpolice, fire department, EPA, and other area businessesin aBig
Event designed to increase awareness of children's safety, following the guidelines set forth by
FuturePerfect.4 The police will do fingerprinting, the fire marshall will have activitiesrelating to
fire safety, while we will check every child that participates for the presence of spinal
misalignments and educate their parents on child safety measures for automobile travel.We
have already secured the licensing as the official event coordinator for the Fort Myers area
event to be held in May 2004. Since this event began 10 years ago,practitioners in the state of
Florida have held some of the most successful events, with anywhere between 500 to4,000
children being screened by theChiropractor.

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It is important that we position ourselves as the most efficient and cooperative chiropractic
office in town by not only speaking about service, but demonstrating it. We will do this by being
open on "off hours" and "off days." Historically chiropractic offices have been closed on
Tuesdays, Thursdays, and Saturdays, as well as early mornings andlunch hours. We willmake it
a point to provideopportunities for patients to be seen during these days and times. Patient
phone calls will be returned within 2 hours and a 24-hour emergency line will be provided for all
patients.Understanding that communication is essential to how physicians and attorneys handle
their clients, we will see to it that everyphysician and attorneywho refers a patient will get a
phone call from the doctorwithin 1 hour and a report within 48 hours, with regular status
reports to follow on a weekly basis. This high level of communication for patients and
professionalswill be accomplished during "off" hours by using a locator service which will
automatically send a message to the doctor's beeper or cell phone that a message has been
recorded.

As we expand further into the corporate market, we will seek to function as consultants to
midsize companies (50 or more employees).Our strategy will be basically the same, with just a
slight variation.Direct response advertisements will be aimed at CFOs and safety managers
instead of accident victims.Free reports will be geared to peaking the corporate clients' interest
in us as the expert at reducing insurance cost, improving employer-employee relationships, and
creating a safer work environment to help them keep more dollars in their pockets.
Communicationin this area is paramount.We will send daily Fax summariesin a clear, concise
format to the companies' safety managers, detailinginjury and return to work status of their
employees. Patients will be seen the same day as the injury,with an immediatestatus report to
follow within 1 hour of his/her visit. Newsletters specifically geared to the corporate client's
interestwill be sent monthly with legislative updates and tips for safety and injury
prevention.Our Health and Safety Awareness Campaign outreach program to Hispanic workers
through our affiliation with Faith Fellowship World Outreach Ministries 5 will facilitate our
relationship with both the growing Hispanic community and demonstrate our commitment to
servicing the area labor force.6

___________________________________________________
1
See Addendum- Sample Advertisement
2
See Addendum- Sample Free Report
3
See Addendum- Sample PATlive Report
4
See Addendum- KidsDay Americatm Brochure
5
Faith Fellowship World Outreach Ministries is a multicultural church. Founded in 2000 as an
offshoot of Faith Fellowship Ministries World Outreach Center in Sayerville, N.J. the church has
put on such civic programs as The Great Big Event (community outreach program which
provided medical screenings, fingerprinting, financial seminars for the elderly, etc.) and First
Time Home Buyers Seminars.
6
See Addendum- Letter of Collaboration from FFWOM

5.3 Sales Strategy

Sales in our business are part service and part education. We must service the patient by
listening intently and identifying their chief area(s) of concern, and then provide visible
evidence, when it exists, to show them what the cause of their problem is and the benefits of
correcting that problem. We will never sell a patient on a visit by visit basis, but rather on a per
case basis demonstrating the value of following a proven program that works for their
complaint.

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We must never be afraid to tell the patient everything they need, but also keep in mind people
do not always buy what they need but what they emotionally desire. We must cause them to
emotionally desire better health. When a patient balks at our care plan we must refocus them
on the benefits of the end result and in the end be willing to walk away from someone who is
not willing to invest in their own health. Our fees are non-negotiable.

The same holds true when working at the corporate level. When selling a company on our
ability to service their workforce, we must make it clear that cheap care is not the same as
cost-effective care. It is important to demonstrate how providing the right type of care for each
situation while costing them money in the short term will actually save them money by
reducing lost work time, the cost of training new or replacement employees, and insurance
costs.

5.3.1 Sales Forecast

The following table and chart give a run down of forecasted sales. We expect sales to increase
steadily as our marketing program and contact management system (see Marketing Strategy
Summary, section 5.3) are put into place. The cost of Chiropractic Service is representative of
what we believe to be a reasonable assumption of how much we need to spend in advertising,
both internal and external, to obtain new patients. The unit cost of one new patient is
$50. Revenue created from each new patient is assumed to be $3000 per case, which is
averaged out to $250 per month per case. This figure is a conservative estimate, based on the
figures we have reviewed regarding Medical Treatment amounts for victims of Motor Vehicle
and Work Related Accidents (reference section 2.3, Market Segmentation). While in the real
world these numbers will vary based on the frequency of any one given patient's treatment
(some higher, some lower), averaging makes it easier to calculate.

Revenue generated by our Corporate Client base will be based on an up-front contingency fee,
set at $1500, and a commission of 20% of clients' workers' compensation insurance savings.
The contingency fee will include the production of a safety manual if needed, as well as
quarterly Safety Seminars, our monthly newsletter, ergonomic and injury assessment, and
access to our 24 hour industry hot-line. The only direct costs associated with chiropractic care
are the cleaning of patient areas and laundry, and the chiropractors' time, which is accounted
for by owner's salary in the Personnel Table.

Sales for TENS units and Weight Loss Systems were projected with an assumption of a 10%
compliance for new patients each month. Pillows and Home Exercise devices were projected
with a 25% compliance rate. The per unit cost of TENS units is $29, selling for $150. The per
unit cost of exercise devices is $23 selling for $50. Pillows cost $14 each, and are sold at $30 a
piece, while the Weight Loss Systems costs $27 and retails for $80.

Please note that for ease of understanding year by year growth projections are made with a
January 2004 start date. We are, however, prepared to begin immediately providing adequate
funding is secured.

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Table: Sales Forecast

Sales Forecast
Year 1 Year 2 Year 3
Sales
Chiropractic Cases $412,475 $990,000 $1,188,000
Corporate Clients $18,000 $21,600 $25,920
Home Exercise Devices $5,700 $8,640 $10,800
Weight Loss System $3,760 $5,760 $6,912
Pillows $3,480 $5,616 $6,739
TENS Units $5,640 $8,640 $10,368
Total Sales $449,055 $1,040,256 $1,248,739

Direct Cost of Sales Year 1 Year 2 Year 3

Chiropractic Cases $4,125 $9,900 $11,880
Corporate Clients $3,600 $4,320 $5,184
Home Exercise Devices $2,622 $3,974 $4,968
Weight Loss System $1,269 $1,944 $2,333
Pillows $1,624 $2,617 $3,140
TENS Units $1,363 $2,091 $2,509
Subtotal Direct Cost of Sales $14,603 $24,846 $30,014

Chart: Sales Monthly

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Chart: Sales by Year

5.4 Milestones

The accompanying table lists important program milestones, with dates and managers in
charge, and budgets for each. The milestone schedule indicates our emphasis on planning for
implementation.

What the table doesn't show is the commitment behind it. Our business plan includes complete
provisions for plan-vs.-actual analysis, and we will hold monthly follow-up meetings to discuss
the variance and course corrections.

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Table: Milestones

Milestones

Milestone Start Date End Date Budget Manager Department

"Whiplash: the Epidemic" 12/20/2003 1/20/2003 $50 Dr. Rubano Marketing
Presentations to Attorneys
Complete Business Plan 10/10/2003 11/11/2003 $350 Dr. Rubano Administrative
Establish Bank Account For 11/1/2003 11/11/2003 $0 Dr. Rubano Administrative
Business
Purchase Business Card sand 11/3/2003 11/17/2003 $450 Sonia Rubano Marketing
Letterhead/Envelopes
Print 500 copies of MVA Free 11/17/2003 11/17/2003 $200 Sonia Rubano Marketing
Report
Compose Sales Letters For MVA 9/10/2003 11/20/2003 $0 Dr. Rubano Marketing
victims, Low Back Pain, Neck Pain
Print Copy of Office Policy and 11/20/2003 11/23/2003 $20 Sonia Rubano Administrative
Procedural Manual
Mail Intoductory Letter to 25 Area PI 11/20/2003 11/23/2003 $25 Dr. Rubano Marketing
Attorneys
Mail Introductory Letter to 25 Area 11/20/2003 11/23/2003 $25 Dr. Rubano Marketing
Physicians
Letters to 4 Area High School Vice 11/23/2003 11/25/2003 $4 Sonia Rubano Marketing
Principals Re Driver safety
Follow-up Phone Calls to Area 11/23/2003 11/26/2003 $0 Dr. Rubano Marketing
Attorneys
Followup Phone Calls to Area 11/23/2003 11/26/2003 $0 Dr. Rubano Marketing
Physicians
Secure Start Up Funding 10/31/2003 11/30/2003 $0 Dr. Rubano Administrative
Followup Calls To Vice Principals 11/27/2003 11/30/2003 $0 Dr. Rubano Marketing
Type and Print Sales Letters 9/20/2003 12/2/2003 $150 Sonia Rubano Marketing
Team Meeting 12/1/2003 12/5/2003 $0 Dr. Rubano Administrative
Team Meeting 12/15/2003 12/19/2003 $0 Dr. Rubano Administrative
Compose Corporate Client Sales 11/30/2003 12/20/2003 $0 Dr. Rubano Marketing
Letter
Direct Response Ad for MVA Victims 12/20/2003 12/20/2003 $400 Sonia Rubano Marketing
Multiple Publications
Type and Print Corporate Sales 12/20/2003 12/23/2003 $0 Sonia Rubano Marketing
Letter
Team Meeting 12/22/2003 12/24/2003 $0 Dr. Rubano Administrative
Organize LeTip Chapter 10/10/2003 12/30/2003 $0 Dr. Rubano Administrative
Team Meeting 12/29/2003 12/30/2003 $0 Dr. Rubano Administrative
Money Mailer Direct Response 12/27/2003 1/4/2004 $500 Sonia Rubano Marketing
Saturation Mailer
Team Meeting 1/2/2004 1/4/2004 $0 Dr. Rubano Administrative
Opening Day in Office 1/5/2004 1/5/2004 $750 Dr. Rubano Administrative
Half Hour to Health Seminar 1/6/2004 1/6/2004 $50 Dr. Rubano Marketing
Team Meeting 1/9/2004 1/12/2004 $0 Dr. Rubano Administrative
Team Meeting 1/16/2004 1/19/2004 $0 Dr. Rubano Administrative
Half Hour To Health Seminar 1/20/2004 1/20/2004 $50 Dr. Rubano Marketing
Followup Mailing and Phone Call to 1/21/2004 1/24/2004 $0 Dr. Rubano Marketing
Initial 25 Attorney and Physicians
Mail to 25 Additional Attorneys and 1/21/2004 1/24/2004 $50 Sonia Rubano Marketing
Physicians
Prepare and Mail Monthly 1/11/2004 1/25/2004 $250 Sonia Rubano Marketing
Newsletter to Patients and
Prospects
Team Meeting 1/23/2004 1/26/2004 $0 Dr. Rubano Administrative
Followup Phone Calls with 1/24/2004 1/27/2004 $0 Dr. Rubano Marketing
Additional Attorneys and Physicians
Inaugaral Letip Meeting 1/15/2004 1/29/2004 $0 Dr. Rubano Marketing
Multiple Direct Response Ads 1/6/2004 1/31/2004 $320 Sonia Rubano Marketing
Contact MADD Organization for 1/27/2004 2/1/2004 $0 Dr. Rubano Marketing
Help with Teen Driver Safety
Awareness
Team Meeting 1/30/2004 2/2/2004 $0 Dr. Rubano Administrative
Half Hour to Health Seminar 2/3/2004 2/3/2004 $50 Dr. Rubano Marketing
Team Meeting 2/6/2004 2/9/2004 $0 Dr. Rubano Administrative
Role Out Corporate Program with 1/27/2004 2/14/2004 $350 Sonia Rubano Marketing
Direct Response Post Cards to
CFO's
Team Meeting 2/13/2004 2/16/2004 $0 Dr. Rubano Administrative

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Half Hour to Health Seminar 2/17/2004 2/17/2004 $50 Dr. Rubano Marketing
Team Meeting 2/20/2004 2/23/2004 $0 Dr. Rubano Administrative
Prepare and Mail Monthly 2/11/2004 2/25/2004 $250 Sonia Rubano Marketing
Newsletter
Letip Meeting 2/5/2004 2/26/2004 $30 Dr. Rubano Marketing
Presentation to Corporate Client 2/5/2004 2/26/2004 $100 Dr. Rubano Marketing
Whiplash The Epidemic 2/20/2004 2/27/2004 $50 Dr. Rubano Marketing
Presentation to Attorney
Multiple Direct Response Ads 2/1/2004 2/28/2004 $320 Sonia Rubano Marketing
Team Meeting 2/27/2004 3/2/2004 $0 Dr. Rubano Administrative
Half Hour To Health Seminar 3/2/2004 3/2/2004 $50 Dr. Rubano Marketing
Team Meeting 3/4/2004 3/7/2004 $0 Dr. Rubano Administrative
Presentations to Area High Schools 1/10/2004 3/10/2004 $300 Dr. Rubano Marketing
Followup with Any Upcoming 3/5/2004 3/10/2004 $0 Sonia Rubano Marketing
Speaking Engagements
Direct Response Post Card to 2/27/2004 3/14/2004 $300 Sonia Rubano Marketing
Corporate Clients
Team Meeting 3/11/2004 3/14/2004 $0 Dr. Rubano Administrative
Half Hour to Health Seminar 3/16/2004 3/16/2004 $50 Dr. Rubano Marketing
Followup Phone call and mailing to 3/17/2004 3/20/2004 $0 Dr. Rubano Marketing
previously contacted Physicians and
Attorneys
Mail Introductory Letter to 25 3/17/2004 3/20/2004 $50 Sonia Rubano Marketing
Attorneys and Physicians
Team Meeting 3/18/2004 3/21/2004 $0 Dr. Rubano Marketing
Followup Calls to Attorneys and 3/20/2004 3/23/2004 $0 Dr. Rubano Marketing
Physicians
LeTip Meeting 3/4/2004 3/25/2004 $44 Dr. Rubano Marketing
Prepare and Mail Monthly 3/11/2004 3/25/2004 $250 Sonia Rubano Marketing
Newsletter
Presentation to Corporate Clients 3/5/2004 3/26/2004 $100 Dr. Rubano Marketing
Whiplash the Epidemic Presentation 3/20/2004 3/27/2004 $50 Dr. Rubano Marketing
Team Meeting 3/25/2004 3/28/2004 $0 Dr. Rubano Administrative
Multiple Direct Response Ads 3/1/2004 3/31/2004 $400 Sonia Rubano Marketing
Review Business Plan and Adjust 3/28/2004 3/31/2004 $0 Dr. Rubano Administrative
Action Steps as Needed
Direct Response Mailing to 3/27/2004 4/14/2004 $300 Sonia Rubano Marketing
Corporate Clients
Begin Action Steps For Kids Day 2/28/2004 5/15/2004 $850 Dr. Rubano Marketing
America Program (see Kids Day
Manual)
Totals $7,588

6.0 Web Plan Summary

Although we do not anticipate the website being a big player in our marketing and sales game
plan initially, we do understand the importance a web presence has in portraying a certain
image to the public. The Accurate Chiropractic, LLC website will offer basic information on the
benefits of chiropractic care for various injuries and conditions, as well as listing our address,
contact information, and hours. We will list a series of FAQs (Frequently Asked Questions),
and include a link to a mapping site with online directions to the office.

In the future, we may consider adding an interactive format that allows patients to check their
account balance and activity, pay bills, and schedule appointments online. It is our goal to keep
up with changes in technology so long as they are cost effective; therefore, we will review our
web plan quarterly and make changes in accordance with our growth and cash flow analysis.

To further show off its expertise, the Accurate Chiropractic, LLC website should create a
resources area, offering articles, research and copies of our monthly newsletters to interested
parties. A calendar of upcoming seminars and Dr. Rubano's schedule of continuing education
will also be an excellent way of showing our commitment to keeping up with the latest in
natural healthcare advances.

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The key to the website strategy will be combining a very well designed front end, with a back
end capable of recording leads. The web address, which is already under construction, is
www.accuratechiro.com.

6.1 Website Marketing Strategy

Initially, our website will not play a large part in our overall marketing strategy. As previously
stated, the Accurate Chiropractic, LLC site will be provided as a convenience for our active
clientele and for information purposes on a word of mouth basis. It should be well designed to
add to our professional image. Eventually, we may decide to buy targeted key word searches;
however, this would be subject to price and cost effectiveness.

6.2 Development Requirements

The Accurate Chiropractic website will be initially developed with few technical resources. A
simple hosting provider, AllSoft Computer Associates, will host the site and provide the
technical back end.

Accurate Chiropractic will work with a contracted user interface designer to develop the site.
The user interface designer will use our existing graphic art to come up with the website logo,
and the website graphics.

The maintenance of the site will be done by AllSoft. As the website rolls out future development
such as newsletters and downloadable articles, we may need to contract with a technical
resource to build the trackable download and the newsletter capabilities.

7.0 Management Summary

The initial management depends on the founder himself. In addition to Dr. Rubano, we have
back up consulting services provided by Sam Fisher, our CPA and Mary Snell, our corporate
attorney. We also have a consulting agreement with Altadonna Communications, who provides
support with regard to our marketing program.

7.1 Personnel Plan

The following table summarizes our personnel expenditures for the first three years, with
compensation increasing from less than $110K the first year to about $755K in the third. We
believe this plan is a compromise between fairness and expedience, and reflects our mindset
toward expansion to service a growing market. Year 1 salaries reflect 2 months for the front
desk position; initially this role will be included in the insurance staff position. The Chiropractic
Assistant position will be added at the start of the fourth quarter to aid in the increased patient
flow.

Year 2 salaries reflect a full year for Associate Doctor #1 and a 1/2 year for Associate Doctor
#2. Performance bonuses will be calculated at the end of each year based on net profits.
Employee benefits such as health insurance are addressed in the Profit and Loss Table (section
8.3). The detailed monthly personnel plan for the first year is included in the appendices.

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Table: Personnel

Personnel Plan
Year 1 Year 2 Year 3
Angelo M. Rubano, Jr. D.C. $63,500 $200,000 $300,000
Associate Dr. #1 $0 $65,000 $130,000
Associate Dr. #2 $0 $37,500 $110,000
Insurance Staff $26,316 $28,396 $30,476
Insurance Staff #2 $0 $14,448 $28,396
Front Desk Staff $6,450 $25,800 $28,400
Front Desk Staff #2 $0 $12,900 $25,800
Chiropractic Assistant #1 $12,900 $33,540 $36,120
Chiropractic Assistant #2 $0 $30,960 $33,540
Chiropractic Assistant #3 $0 $0 $30,960
Total People 4 9 10

Total Payroll $109,166 $448,544 $753,692

8.0 Financial Plan

1. We want to finance growth mainly through cash flow. We recognize that this means we will
have to grow more slowly than we might like.

2. The most important factor in our situation is maintaining or growing our case average (i.e.,
the amount of revenue per case per year). This is the area that will account for exponential
growth. While the goal of our external sales and marketing plan is to bring new patients to
the practice, the focus of our internal program will be to increase the value of the service
provided.

3. We are also assuming start-up capital of $43,575 (provided by the owner), and an initial
long-term loan from a reputable funding source of another $164,000.

8.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following
table as annual assumptions. The monthly assumptions are included in the appendices. From
the beginning, we recognize that collection days are critical. Interest rates, tax rates, and
personnel burden are based on worst case scenario assumptions.

Three of the more important underlying assumptions are:

1. We assume that there are no unforeseen changes in automobile insurance provisions

regarding personal injury protection coverage.
2. We assume that motor vehicle accidents and injuries will continue at a rate commensurate
with that of the last 10-year period.
3. We assume that work place injuries continue at a rate commensurate with that of the last
10 years as well.

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Table: General Assumptions

General Assumptions
Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00%
Other 0 0 0

8.2 Break-even Analysis

 Fixed costs are calculated as day-to-day running expenses and are averaged out over the
course of 12 months to develop the one month figure.
 Fixed costs include owner's salary, rent, payroll, utilities, commonly used supplies and
forms, necessary insurance, legal and technical support, professional memberships,
continuing education, and employee benefits.
 Variable Cost includes our costs for inventory sold, and direct costs per patient of
chiropractic care.

Table: Break-even Analysis

Break-even Analysis

Monthly Revenue Break-even $14,694

Assumptions:
Average Percent Variable Cost 3%
Estimated Monthly Fixed Cost $14,216

Chart: Break-even Analysis

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8.3 Projected Profit and Loss

Our projected profit and loss is shown in the following table, with sales increasing from just
under $450K the first year to more than $1.2 million the third. Due in part to the nature of our
business (service oriented, without the need of expensive production cost or inventory), we
expect modest profits for the first year. Although our location is somewhat subject to seasonal
shifts, particularly in the senior citizen population, or main target group is year round
residents; therefore, we can expect linear growth as opposed to cyclical growth. In other
words, our year two earnings are based on growth from the average sales of month 12 in year
one, rather than the twelve month average of year one. We anticipate this growth will level out
somewhat near the end of year 3, as we reach maximum capacity in terms of case load for our
present staff size. Prior to that point, we will review our business plan and determine if space
additions are necessary and viable for our present office location, or if we should consider
developing an office in a neighboring town.

Marketing/Promotion expenses are estimated at $300 per client for the first year, decreasing
over the next two years as word of mouth and corporate affiliations generate sales without
extra advertising.

Depreciation of long-term assets is as follows: X-ray equipment over a thirty year period,
chiropractic tables over a twenty year period, and computerized diagnostic equipment over
a seven year period.

As with the break-even, we are projecting very conservatively regarding fixed cost, cost of
sales, and gross margin. Our fixed cost and cost of sales should be slightly lower in reality, and
gross margin higher, than in this projection. In determining insurance, printing, and
advertising expenses, we purposely projected higher than average costs. We prefer to project
conservatively so that we ensure adequate cash flow.

The detailed monthly projections are included in the appendices.

Chart: Profit Monthly

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Chart: Profit Yearly

Chart: Gross Margin Monthly

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Chart: Gross Margin Yearly

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1 Year 2 Year 3
Sales $449,055 $1,040,256 $1,248,739
Direct Cost of Sales $14,603 $24,846 $30,014
Other Costs of Sales $0 $0 $0
Total Cost of Sales $14,603 $24,846 $30,014

Gross Margin $434,452 $1,015,410 $1,218,725

Gross Margin % 96.75% 97.61% 97.60%

Expenses
Payroll $109,166 $448,544 $753,692
Marketing/Promotion $20,000 $20,000 $20,000
Depreciation $4,248 $4,634 $4,634
Rent $15,100 $22,335 $25,455
Utilities $5,500 $9,000 $11,500
Insurance $925 $2,965 $3,575
Payroll Taxes $0 $0 $0
Office Supplies $4,763 $11,353 $14,205
Legal Fees $0 $2,500 $2,500
Accounting Fees $1,100 $2,500 $2,500
Computer Technical Support $660 $792 $872
XRay Film and Processor Maintenance $1,925 $3,890 $5,980
Professional Organization Membership $770 $966 $1,110
Employee Benefits Package $6,435 $21,060 $42,120

Total Operating Expenses $170,592 $550,539 $888,143

Profit Before Interest and Taxes $263,860 $464,871 $330,582

EBITDA $268,108 $469,505 $335,216
Interest Expense $14,910 $12,275 $9,525
Taxes Incurred $74,685 $135,779 $96,317

Net Profit $174,265 $316,817 $224,740

Net Profit/Sales 38.81% 30.46% 18.00%

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8.4 Projected Cash Flow

Cash flow projections are critical to our success. The monthly cash flow is shown in the
illustration, with one bar representing the cash flow per month, and the other the monthly cash
balance. The annual cash flow figures are included here and the more important detailed
monthly numbers are included in the appendices.

Table: Cash Flow

Pro Forma Cash Flow

Year 1 Year 2 Year 3
Cash Received

Cash from Operations

Cash Sales $112,264 $260,064 $312,185
Cash from Receivables $234,790 $645,903 $889,198
Subtotal Cash from Operations $347,054 $905,967 $1,201,383

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $347,054 $905,967 $1,201,383

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash Spending $109,166 $448,544 $753,692
Bill Payments $139,334 $270,089 $266,050
Subtotal Spent on Operations $248,500 $718,633 $1,019,742

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $27,504 $27,500 $27,500
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $276,004 $746,133 $1,047,242

Net Cash Flow $71,050 $159,834 $154,141

Cash Balance $140,050 $299,884 $454,024

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Chart: Cash

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8.5 Projected Balance Sheet

The balance sheet in the following table shows managed but sufficient growth of net worth, and
a healthy financial position.

Table: Balance Sheet

Pro Forma Balance Sheet

Year 1 Year 2 Year 3
Assets

Current Assets
Cash $140,050 $299,884 $454,024
Accounts Receivable $102,001 $236,290 $283,646
Other Current Assets $0 $0 $0
Total Current Assets $242,051 $536,173 $737,670

Long-term Assets
Long-term Assets $104,000 $104,000 $104,000
Accumulated Depreciation $4,248 $8,882 $13,516
Total Long-term Assets $99,752 $95,118 $90,484
Total Assets $341,803 $631,292 $828,155

Liabilities and Capital Year 1 Year 2 Year 3

Current Liabilities
Accounts Payable $22,042 $22,213 $21,836
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $22,042 $22,213 $21,836

Long-term Liabilities $136,496 $108,996 $81,496

Total Liabilities $158,538 $131,209 $103,332

Paid-in Capital $43,575 $43,575 $43,575

Retained Earnings ($34,575) $139,690 $456,507
Earnings $174,265 $316,817 $224,740
Total Capital $183,265 $500,082 $724,823
Total Liabilities and Capital $341,803 $631,292 $828,155

Net Worth $183,265 $500,082 $724,823

8.6 Business Ratios

The following table shows the projected businesses ratios. We expect to maintain healthy ratios
for profitability, risk, and return.

Business ratios for the years of this plan are shown below. Industry profile ratios based on the
Standard Industrial Classification (SIC) code 8041, [Offices and Clinics of Chiropractors], are
shown for comparison.

The following table outlines some of the more important ratios from the chiropractic industry.
The final column, Industry Profile, details specific ratios based on the industry as it is classified
by the Standard Industry Classification (SIC) code, 8041.

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Table: Ratios

Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth n.a. 131.65% 20.04% 5.93%

Percent of Total Assets

Accounts Receivable 29.84% 37.43% 34.25% 21.14%
Other Current Assets 0.00% 0.00% 0.00% 45.36%
Total Current Assets 70.82% 84.93% 89.07% 71.11%
Long-term Assets 29.18% 15.07% 10.93% 28.89%
Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 6.45% 3.52% 2.64% 29.10%

Long-term Liabilities 39.93% 17.27% 9.84% 19.50%
Total Liabilities 46.38% 20.78% 12.48% 48.60%
Net Worth 53.62% 79.22% 87.52% 51.40%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 96.75% 97.61% 97.60% 100.00%
Selling, General & Administrative Expenses 58.41% 58.00% 52.82% 75.10%
Advertising Expenses 0.00% 0.00% 0.00% 0.61%
Profit Before Interest and Taxes 58.76% 44.69% 26.47% 3.98%

Main Ratios
Current 10.98 24.14 33.78 1.86
Quick 10.98 24.14 33.78 1.38
Total Debt to Total Assets 46.38% 20.78% 12.48% 10.80%
Pre-tax Return on Net Worth 135.84% 90.50% 44.29% 60.83%
Pre-tax Return on Assets 72.83% 71.69% 38.77% 27.59%

Additional Ratios Year 1 Year 2 Year 3

Net Profit Margin 38.81% 30.46% 18.00% n.a
Return on Equity 95.09% 63.35% 31.01% n.a

Activity Ratios
Accounts Receivable Turnover 3.30 3.30 3.30 n.a
Collection Days 55 79 101 n.a
Accounts Payable Turnover 7.32 12.17 12.17 n.a
Payment Days 27 30 30 n.a
Total Asset Turnover 1.31 1.65 1.51 n.a

Debt Ratios
Debt to Net Worth 0.87 0.26 0.14 n.a
Current Liab. to Liab. 0.14 0.17 0.21 n.a

Liquidity Ratios
Net Working Capital $220,009 $513,960 $715,834 n.a
Interest Coverage 17.70 37.87 34.71 n.a

Additional Ratios
Assets to Sales 0.76 0.61 0.66 n.a
Current Debt/Total Assets 6% 4% 3% n.a
Acid Test 6.35 13.50 20.79 n.a
Sales/Net Worth 2.45 2.08 1.72 n.a
Dividend Payout 0.00 0.00 0.00 n.a

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Table: Sales Forecast

Sales Forecast
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Sales
Chiropractic Cases 0% $0 $6,250 $12,500 $18,725 $25,000 $31,250 $37,500 $43,750 $50,000 $56,250 $62,500 $68,750
Corporate Clients 0% $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Home Exercise Devices 0% $300 $350 $400 $400 $450 $500 $500 $500 $550 $550 $600 $600
Weight Loss System 0% $240 $240 $240 $240 $320 $320 $320 $320 $320 $400 $400 $400
Pillows 0% $180 $210 $240 $240 $270 $270 $300 $330 $330 $360 $360 $390
TENS Units 0% $360 $360 $360 $360 $360 $480 $480 $480 $600 $600 $600 $600
Total Sales $2,580 $8,910 $15,240 $21,465 $27,900 $34,320 $40,600 $46,880 $53,300 $59,660 $65,960 $72,240

Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Chiropractic Cases $0 $63 $125 $187 $250 $313 $375 $438 $500 $563 $625 $688
Corporate Clients $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Home Exercise Devices $138 $161 $184 $184 $207 $230 $230 $230 $253 $253 $276 $276
Weight Loss System $81 $81 $81 $81 $108 $108 $108 $108 $108 $135 $135 $135
Pillows $84 $98 $112 $112 $126 $126 $140 $154 $154 $168 $168 $182
TENS Units $87 $87 $87 $87 $87 $116 $116 $116 $145 $145 $145 $145
Subtotal Direct Cost of Sales $690 $790 $889 $951 $1,078 $1,193 $1,269 $1,346 $1,460 $1,564 $1,649 $1,726

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 Appendix

Table: Personnel

Personnel Plan
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Angelo M. Rubano, Jr. D.C. 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $5,000 $6,000 $6,000 $7,500 $7,500 $7,500
Associate Dr. #1 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Associate Dr. #2 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance Staff 0% $2,150 $2,150 $2,150 $2,150 $2,150 $2,150 $2,236 $2,236 $2,236 $2,236 $2,236 $2,236
Insurance Staff #2 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Front Desk Staff 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,150 $2,150 $2,150
Front Desk Staff #2 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Chiropractic Assistant #1 0% $0 $0 $0 $0 $0 $0 $0 $2,580 $2,580 $2,580 $2,580 $2,580
Chiropractic Assistant #2 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Chiropractic Assistant #3 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total People 2 2 2 2 2 2 2 3 3 4 4 4

Total Payroll $6,150 $6,150 $6,150 $6,150 $6,150 $6,150 $7,236 $10,816 $10,816 $14,466 $14,466 $14,466

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Table: General Assumptions

General Assumptions
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Plan Month 1 2 3 4 5 6 7 8 9 10 11 12
Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0

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 Appendix

Table: Profit and Loss

Pro Forma Profit and Loss

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Sales $2,580 $8,910 $15,240 $21,465 $27,900 $34,320 $40,600 $46,880 $53,300 $59,660 $65,960 $72,240
Direct Cost of Sales $690 $790 $889 $951 $1,078 $1,193 $1,269 $1,346 $1,460 $1,564 $1,649 $1,726
Other Costs of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $690 $790 $889 $951 $1,078 $1,193 $1,269 $1,346 $1,460 $1,564 $1,649 $1,726

Gross Margin $1,890 $8,121 $14,351 $20,514 $26,822 $33,128 $39,331 $45,535 $51,840 $58,097 $64,311 $70,515
Gross Margin % 73.26% 91.14% 94.17% 95.57% 96.14% 96.53% 96.87% 97.13% 97.26% 97.38% 97.50% 97.61%

Expenses
Payroll $6,150 $6,150 $6,150 $6,150 $6,150 $6,150 $7,236 $10,816 $10,816 $14,466 $14,466 $14,466
Marketing/Promotion $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667
Depreciation $0 $386 $386 $386 $386 $386 $386 $386 $386 $386 $386 $386
Rent $0 $1,373 $1,373 $1,373 $1,373 $1,373 $1,373 $1,373 $1,373 $1,373 $1,373 $1,373
Utilities $0 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Insurance $0 $0 $0 $0 $0 $0 $154 $154 $154 $154 $154 $154
Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Office Supplies $0 $433 $433 $433 $433 $433 $433 $433 $433 $433 $433 $433
Legal Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accounting Fees $0 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100
Computer Technical Support $0 $60 $60 $60 $60 $60 $60 $60 $60 $60 $60 $60
XRay Film and Processor $0 $175 $175 $175 $175 $175 $175 $175 $175 $175 $175 $175
Maintenance
Professional Organization 15% $0 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70
Membership
Employee Benefits Package $0 $585 $585 $585 $585 $585 $585 $585 $585 $585 $585 $585

Total Operating Expenses $7,817 $11,499 $11,499 $11,499 $11,499 $11,499 $12,739 $16,319 $16,319 $19,969 $19,969 $19,969

Profit Before Interest and Taxes ($5,927) ($3,378) $2,852 $9,015 $15,323 $21,629 $26,592 $29,216 $35,521 $38,128 $44,342 $50,546
EBITDA ($5,927) ($2,992) $3,239 $9,401 $15,710 $22,015 $26,978 $29,602 $35,907 $38,514 $44,728 $50,932
Interest Expense $1,348 $1,328 $1,309 $1,290 $1,271 $1,252 $1,233 $1,214 $1,195 $1,176 $1,157 $1,137
Taxes Incurred ($2,182) ($1,412) $463 $2,317 $4,216 $6,113 $7,608 $8,401 $10,298 $11,086 $12,956 $14,822

Net Profit ($5,092) ($3,295) $1,080 $5,407 $9,837 $14,264 $17,752 $19,601 $24,029 $25,866 $30,230 $34,586
Net Profit/Sales -197.36% -36.98% 7.09% 25.19% 35.26% 41.56% 43.72% 41.81% 45.08% 43.36% 45.83% 47.88%

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Table: Cash Flow

Pro Forma Cash Flow

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Cash Received

Cash from Operations

Cash Sales $645 $2,228 $3,810 $5,366 $6,975 $8,580 $10,150 $11,720 $13,325 $14,915 $16,490 $18,060
Cash from Receivables $0 $65 $2,093 $6,841 $11,586 $16,260 $21,086 $25,897 $30,607 $35,321 $40,134 $44,903
Subtotal Cash from Operations $645 $2,292 $5,903 $12,207 $18,561 $24,840 $31,236 $37,617 $43,932 $50,236 $56,624 $62,963

Additional Cash Received

Sales Tax, VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $645 $2,292 $5,903 $12,207 $18,561 $24,840 $31,236 $37,617 $43,932 $50,236 $56,624 $62,963

Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Expenditures from Operations

Cash Spending $6,150 $6,150 $6,150 $6,150 $6,150 $6,150 $7,236 $10,816 $10,816 $14,466 $14,466 $14,466
Bill Payments $51 $1,660 $5,734 $7,687 $9,588 $11,594 $13,577 $15,255 $16,143 $18,098 $19,006 $20,942
Subtotal Spent on Operations $6,201 $7,810 $11,884 $13,837 $15,738 $17,744 $20,813 $26,071 $26,959 $32,564 $33,472 $35,408

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292
Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $8,493 $10,102 $14,176 $16,129 $18,030 $20,036 $23,105 $28,363 $29,251 $34,856 $35,764 $37,700

Net Cash Flow ($7,848) ($7,810) ($8,272) ($3,922) $530 $4,804 $8,131 $9,254 $14,681 $15,379 $20,860 $25,263
Cash Balance $61,152 $53,342 $45,070 $41,148 $41,678 $46,482 $54,613 $63,867 $78,548 $93,927 $114,787 $140,050

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Table: Balance Sheet

Pro Forma Balance Sheet

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Assets Starting Balances

Current Assets
Cash $69,000 $61,152 $53,342 $45,070 $41,148 $41,678 $46,482 $54,613 $63,867 $78,548 $93,927 $114,787 $140,050
Accounts Receivable $0 $1,935 $8,553 $17,890 $27,148 $36,487 $45,968 $55,332 $64,595 $73,963 $83,388 $92,724 $102,001
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $69,000 $63,087 $61,895 $62,960 $68,296 $78,165 $92,450 $109,945 $128,462 $152,511 $177,315 $207,511 $242,051

Long-term Assets
Long-term Assets $104,000 $104,000 $104,000 $104,000 $104,000 $104,000 $104,000 $104,000 $104,000 $104,000 $104,000 $104,000 $104,000
Accumulated Depreciation $0 $0 $386 $772 $1,158 $1,545 $1,931 $2,317 $2,703 $3,089 $3,475 $3,862 $4,248
Total Long-term Assets $104,000 $104,000 $103,614 $103,228 $102,842 $102,455 $102,069 $101,683 $101,297 $100,911 $100,525 $100,138 $99,752
Total Assets $173,000 $167,087 $165,509 $166,187 $171,137 $180,621 $194,519 $211,628 $229,759 $253,422 $277,839 $307,649 $341,803

Liabilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Current Liabilities
Accounts Payable $0 $1,471 $5,479 $7,370 $9,204 $11,143 $13,069 $14,719 $15,541 $17,467 $18,310 $20,182 $22,042
Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $0 $1,471 $5,479 $7,370 $9,204 $11,143 $13,069 $14,719 $15,541 $17,467 $18,310 $20,182 $22,042

Long-term Liabilities $164,000 $161,708 $159,416 $157,124 $154,832 $152,540 $150,248 $147,956 $145,664 $143,372 $141,080 $138,788 $136,496
Total Liabilities $164,000 $163,179 $164,895 $164,494 $164,036 $163,683 $163,317 $162,675 $161,205 $160,839 $159,390 $158,970 $158,538

Paid-in Capital $43,575 $43,575 $43,575 $43,575 $43,575 $43,575 $43,575 $43,575 $43,575 $43,575 $43,575 $43,575 $43,575
Retained Earnings ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575) ($34,575)
Earnings $0 ($5,092) ($8,387) ($7,306) ($1,899) $7,938 $22,201 $39,953 $59,554 $83,583 $109,449 $139,679 $174,265
Total Capital $9,000 $3,908 $613 $1,694 $7,101 $16,938 $31,201 $48,953 $68,554 $92,583 $118,449 $148,679 $183,265
Total Liabilities and Capital $173,000 $167,087 $165,509 $166,187 $171,137 $180,621 $194,519 $211,628 $229,759 $253,422 $277,839 $307,649 $341,803

Net Worth $9,000 $3,908 $613 $1,694 $7,101 $16,938 $31,201 $48,953 $68,554 $92,583 $118,449 $148,679 $183,265

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