Business Plan Eng

December, 2014

Business Planthe initiation of business

“The Tooth Fairy”

Dental Office

Director: Nepotu Cristina

Adress: MDA, Grenoble 69

Phone number: 0268-51-189

E-mail: [email protected]

Contents :

I. Executive SummaryII. Industry analyzeIII. Detailed descriptionIV. Production planV. Marketing planVI. Organizational planVII. Assesment of riscVIII.Financial planIX. Appendix

mailto:[email protected]

Executive SummaryThe Tooth Fairy is the dentistry practice of Nepotu Cristina. The Tooth Fairy will offer general and cosmetic dentistry to the citizens of Chisinau ,Republic of Moldova. Through a combination of industry benchmark customer service and flexibility, The Tooth Fairy will quickly gain market share.

I will leverage the years i spent in private practice to model my new business. My past experience in conjunction with forward-looking customer-centric business model will allow to rapidly grow a large and loyal patient base. Profitability will be reached by month 10, and sales will reach comfortable levels by the end of year two.

1.1 ObjectivesThe objectives for the first years of operation include:

To create a start-up organization from an already existing practice whose primary goal is to exceed customer's expectations.

To increase the number of clients by 20% per year through superior performance and word-of-mouth referrals.

To form a dentistry practice that is able to eventually survive off its own cash flow.

1.2 MissionThe Tooth Fairy's mission is to provide the finest dental care. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.

1.3 Keys to SuccessThe key to success is to meet the market need and exceed customer's expectations.

Company SummaryThe Tooth Fairy, to be located in Chisinau , Republic of Moldova , will offer both general dentistry as well as cosmetic dentistry. General dentistry consists of primarily of cleaning and fillings, while cosmetic dentistry consists of teeth whitening, veneers, and gap removal. The Tooth Fairy is forecasted to reach profitability by month 10 and have respectable third year profits.

2.1 Company OwnershipThe Tooth Fairy is a Moldavian limited liability corporation owned by Nepotu Cristins.

2.2 Start-up SummaryThe following are the required start-up costs:

The purchase of Dan Jokerdoc D.D.S.' private practice. The purchase includes the patient list, office space, front chair and desk, two dental chairs, two light systems, fully-equiped sterilization room, compression air system with a suction unit, x-ray unit, mirrors, and a phone system. This practice has been valued by the following variables: equipment, office space already built for a dentist, goodwill, and future revenue streams. The equipment has been valued at $30,000, $15,000 for tenant improvements on the office space, the patient list at $5,000 and $25,000 for future profitability. The entire practice was sold for $65,000 because Dr. Jokerdoc was in need of quick cash. Statistical studies have shown that patients that are made comfortable are likely to stay with the new doctor when a practice is sold. This will help with cash flow, minimizing the amount of start-up cash. The bulk of the equipment needed will procured through the purchase of the practice, however, there is a lot of equipment that will be needed to be purchased separately.

The following list details what else will be needed.

Front desk equipment including a Xerox machine, fax machine, a computer terminal with Microsoft office, QuickBooks Pro, laser printer and a CD-RW.

Disposables which include: assorted trays and explorers, x-ray film, filling material, paper products, and impression material.

Placing instrument. Curing instrument. Ultrasonic scaler (for removal of prophylaxis). High- and low-speed drills (enough for two operators).

Please note that all items that are to be used for more than a year will be classified as long-term capital assets and will be depreciated using the G.A.A.P approved straight-line method of depreciation.

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Start-up Requirements

Start-up Expenses

Legal

Stationery etc.

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Existing Practice (the portion that is not a capital asset

Remodeling of office

Insurance

Rent

Research and Development

Expensed Equipment

Other

Total Start-up Expenses

Start-up Assets

Cash Required

Other Current Assets

Long-term Assets

Total Assets

Total Requirements

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Start-up Funding

Start-up Expenses to Fund

Start-up Assets to Fund

Total Funding Required

Assets

Non-cash Assets from Start-up

Cash Requirements from Start-up

Additional Cash Raised

Cash Balance on Starting Date

Total Assets

Liabilities and Capital

Liabilities

Current Borrowing

Long-term Liabilities

Accounts Payable (Outstanding Bills)

Other Current Liabilities (interest-free)

Total Liabilities

Capital

Planned Investment

Steve

Other

Other

Additional Investment Requirement

Total Planned Investment

Loss at Start-up (Start-up Expenses)

Total Capital

Total Capital and Liabilities

Total Funding

ServicesThe Tooth Fairy provides both general improvements consisting primarily of cleaning and fillings, as well as cosmetics improvements. The cost for cleanings are around $100, not including x-rays. The cost for fillings ranges significantly depending on the material used. Dr. Extractor will be deriving the majority of revenue from cosmetics by the end of the year.

Cosmetics can be classified into three main areas:

Teeth whitening. There are many different ways a tooth can be stained, common causes are age, antibiotics, excess fluoride, illness, and certain beverage consumption. Teeth whitening removes the discoloration and restores the original whiteness. Dr. Extractor is currently using a state-of-art home treatment. The home treatment begins with a casting of the patient's teeth

made from an impression taken at the office. A bleaching tray is made from this impression and the Dr. then provides the patient with all the necessary instructions and material to accomplish the whitening at home. Costs are around $300.

Veneers. These are porcelain shells that are bonded to the front of the teeth. They reshape the tooth and make the tooth whiter in color. The costs of veneers range from $600-800 per tooth.

Gap removal. This procedure uses tooth-colored plastic that is bonded to places where there should be tooth material. The removal of gaps makes a significant improvement to a smile. The cost for gap removal ranges from $300-$1,000.

The Tooth Fairy will be billing customers at a per procedure rate. Only a portion of the cosmetics will be billed to an insurance company, the bulk will be paid by the individual.

Market Analysis Summary While people of all ages require a general dentist, Dr. Extractor will be concentrating his practice on cosmetic improvements. There are two distinct groups of people who use cosmetic dentistry. The first group is young adults, a group of people that are concerned with their appearance. The second group is seniors, equally concerned with their appearance, but for reasons, typically economic, have not had the ability to get the work done before.

4.1 Market SegmentationThe Tooth Fairy has two distinct groups of customers:

Adults. Younger adults, typically 27-39 who are concerned with their appearance. This group can be further defined as both male and female with individual incomes over $45,000 a year. While some of the target group are professionals, a large segment of this target segment are-live-at-home spouses who do not have a full time job. This group is more likely than not to consider cosmetic surgery as a method from improving their appearance.

Seniors. This group sees dental work as a safe way to improve they way they look. They prefer cosmetic dentistry over plastic surgery, which is viewed as a risky cosmetic surgery that this group is less likely to use. The seniors typically live off of more than $50,000 a year in retirement savings. This group is almost entirely retired and their day is mainly composed of leisure time activities.

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Market Analysis

Year 1

Potential Customers Growth

Adults 9% 18,774 20,464

Seniors 8% 17,321 18,707

Total 8.52% 36,095 39,171




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4.2 Target Market Segment StrategyThe Tooth Fairy will target two different segments with specific strategies in the marketing campaign. While the Yellow Page advertisements will develop visibility among both groups, the seminars will be specifically directed toward the "seniors."

4.3 Service Business AnalysisThe dentist industry is following a trend away from general maintenance toward cosmetics. There is less rampant decay of teeth now relative to five to 10 years ago so dentists are concentrating on areas where there is increased demand.

Please note that The Tooth Fairly's growth rate is higher than the industry average. This can be explained by the fact that Steve is concentrating on an emerging niche, and as he is starting a practice from ground zero, so higher than average growth rates can be expected.

4.3.1 Competition and Buying PatternsThere are two forms of competitors:

The generalist. This type of dentist has a practice centered around general maintenance and does not specialize.

The specialist. This type of dentist will have a general practice, but in addition to the general practice, they have an area that they specialize in, such as cosmetics.

The buying patterns of patients are based on referrals and trust. People will chose a dentist preferably based on a referral if that is possible. People new to an area may be unable to get a referral so they find a service provider based on advertising or the Yellow Pages and if they feel comfortable with the provider then they tend to form a long-term relationship with them.

Strategy and Implementation SummaryThe marketing strategy will utilize three different methods to generate visibility for The Tooth Fairy's practice. The sales strategy will be based on educating the consumer so that their decision is an informed one. By educating the prospective patient, you are empowering them to make the decision rationally by themselves, making them feel comfortable with their choice.

5.1 Competitive Edge

The Tooth Fairy will leverage their two competitive edges to generate market share.

Customer service. The Tooth Fairy's entire practice is based on a customer centric service model. This business model is particularly emphasized when Dr. Extractor is working with patients. The Dr. believes that the patient must make an informed decision regarding their cosmetic needs. The Dr. will take significant time detailing what occurs during the procedure, any side effects the patient may notice, as well as the success/failure rate. Only after the patient has been educated regarding the procedure will the Dr. allow the patient to go forward with the procedure.

Flexibility. The Dr. recognizes that his patients have busy schedules so he has tailored his practice around being flexible to meet the customers needs. This is an extension to their competitive advantage of customer service, however, the Dr.'s concentration on flexibility is worth noting separately. The Dr. does not have set office hours in which to schedule appointments within. He is willing to schedule an appointment at whatever time is needed, including nights or weekends.

To develop good business strategies, perform a SWOT analysis of your business. It's easy with our free guide and template. Learn how to perform a SWOT analysis

5.2 Marketing StrategyThe marketing strategy will be based on developing visibility among prospective patients. The first aspect of the marketing campaign is a large advertisement in the Yellow Pages which briefly lists the different procedures that the Dr. offers, as well as his flexibility.

Another method to increase visibility will be free informational seminars that the Dr. will offer, typically through community organizations. These seminars are an event where people can go and get more information concerning cosmetics as well as get a free individual consultation. The seminars will be especially attractive to seniors who have more free time, as well as typically take advantage of free informational seminars.

The third marketing strategy will employ networking through the various organizations that the Dr. is a member of including his church, the Lyons club, the Rotary club, as well as the country club. As a visible, active member of these organizations, the Dr. will leverage his personal relationships to generate interest in his services.

5.3 Sales StrategyThe sales strategy is based on educating the consumer as much as possible so that they are asking for the service instead of the Dr. trying to convince them they should have the procedure done. This method is quite effective because it allows the consumer to

feel that they arrived at the decision themselves instead of them agreeing to a sales pitch.

When a patient comes in to see the doctor, there is no charge for the initial consultation. During this consultation, the Dr. will educate the customer on the different procedures and then analyze the patient's particular needs. The patient is then free to ask any questions they have. After the customer is fully knowledgeable about all the different variables that will effect their procedure, they are then allowed to make a decision as to whether to have any work done. This sales strategy is geared toward turning prospective customers into long-term customers who are then quite vocal to their friends about the pleasant experiences they had with The Tooth Fairy.

5.3.1 Sales ForecastThe first month will be used to get the new office in order, set up appointments and begin marketing activities. Month two will see a few appointments, primarily from the prior practice. Months five through seven will see a jump in cosmetic appointments. After month seven, there should be a steady increase in sales activity.

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Sales Forecast

Sales

General dentistry $58,551

Cosmetics $118,321

Total Sales $176,872

Direct Cost of Sales

General dentistry $35,131

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Cosmetics $22,481

Subtotal Direct Cost of Sales $57,612




5.4 MilestonesThe Tooth Fairy will have several milestones early on:

Business plan completion. Office set-up. The 20th cosmetic procedure. Profitability.

Milestones

Milestone Start Date

Business plan completion 1/1/2001 2/1/2001

Office set-up 1/1/2001 2/1/2001

The 20th cosmetic procedure 1/1/2001 3/1/2001

Profitability 1/1/2001 11/1/2001

Totals

Management Summary

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Steve Extractor got his undergraduate degree in biology from Case Western Reserve. While at Case, Steve knew he wanted to practice health care but was unsure of exactly what. Toward the end of his years at Case, Steve discovered his interest in dentistry.

Several years later Steve became a graduate of The Ohio State University College of Dentistry. Steve knew that he did not want to live in Ohio for the rest of his life so he immediately upon graduating moved out to Oregon, a state that he was always fond of due to its natural beauty. The first four months were difficult to make contacts and find a job, but Steve eventually landed a job in an eight person firm doing general dentistry.

This was a good environment for Steve because it allowed him to use his colleagues as mentors to grow his skill sets. Steve spent five years practicing general dentistry, and by this time, Steve was no longer developing professionally so he decided to learn new cosmetic techniques. While still practicing, Steve began to shadow his colleagues learning cosmetic techniques. After four months of the shadowing, Steve began to see clients for cosmetic procedures and was quite proficient.

At this point friction within the practice began to surface as the other Drs. began to feel threatened by Steve's new skills and thought that his success would be at the expense of their profits. It was then that Steve decided that his best career move would be to open up his own practice, allowing him the freedom to manage it himself. He began by looking for already established practices which would allow him to open his practice quicker because all the equipment was set up and ready to go. In order to save money when purchasing an existing practice, Steve decided to look for practices that did not have a large list of patients. After several months of looking, Steve found a Dr. who was retiring with a small list of patients and went into negotiations for the practice. After three weeks, the deal was sealed.

6.1 Personnel PlanIn addition to Steve, a hygienist, a dental assistant and a front desk person will be hired during month two.

Personnel Plan

Steve

Hygienist

Assistant

Front desk person

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Total People

Total Payroll

Financial PlanThe following sections will outline important financial information.

7.1 Important AssumptionsThe following table details important financial assumptions.

General Assumptions

Year 1 Year 2 Year 3

Plan Month 1 2

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




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7.2 Break-even AnalysisThe Break-even Analysis indicates what will be needed in monthly revenue to reach the break-even point.

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Break-even Analysis

Monthly Revenue Break-even $22,025

Assumptions:

Average Percent Variable Cost 33%

Estimated Monthly Fixed Cost $14,851

7.3 Projected Profit and LossThe following table will indicate projected profit and loss.


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Pro Forma Profit and Loss

Sales $176,872

Direct Cost of Sales $57,612

Other Production Expenses $0

Total Cost of Sales $57,612

Gross Margin $119,260

Gross Margin % 67.43%

Expenses

Payroll $121,700

Sales and Marketing and Other Expenses $2,700

Depreciation $10,356

ADA dues $600

Utilities $1,800

Insurance- office and malpractice $4,800

Rent $18,000

Payroll Taxes $18,255

Other $0

Total Operating Expenses $178,211

Profit Before Interest and Taxes ($58,951)

EBITDA ($48,595)

Interest Expense $9,670

Taxes Incurred $0

Net Profit ($68,621)

Net Profit/Sales -38.80%

7.4 Projected Cash FlowThe following chart and table will indicate projected cash flow.

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Pro Forma Cash Flow


Cash Received

Cash from Operations

Cash Sales $176,872

Subtotal Cash from Operations $176,872

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0

New Current Borrowing $0

New Other Liabilities (interest-free) $0

New Long-term Liabilities $0

Sales of Other Current Assets $0

Sales of Long-term Assets $0

New Investment Received $0

Subtotal Cash Received $176,872

Expenditures

Expenditures from Operations

Cash Spending $121,700

Bill Payments $100,579

Subtotal Spent on Operations $222,279

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0

Principal Repayment of Current Borrowing $0

Other Liabilities Principal Repayment $0

Long-term Liabilities Principal Repayment $6,185

Purchase Other Current Assets $0

Purchase Long-term Assets $0

Dividends $0

Subtotal Cash Spent $228,464

Net Cash Flow ($51,592)

Cash Balance $16,508

7.5 Projected Balance SheetThe following table will indicate the projected balance sheet.

Pro Forma Balance Sheet


Assets

Current Assets

Cash $16,508

Other Current Assets $0

Total Current Assets $16,508

Long-term Assets

Long-term Assets $51,800

Accumulated Depreciation $10,356

Total Long-term Assets $41,444

Total Assets $57,952

Liabilities and Capital

Current Liabilities

Accounts Payable $12,858

Current Borrowing $0

Other Current Liabilities $0

Subtotal Current Liabilities $12,858

Long-term Liabilities $93,815

Total Liabilities $106,672

Paid-in Capital $51,000

Retained Earnings ($31,100)

Earnings ($68,621)

Total Capital ($48,721)

Total Liabilities and Capital $57,952

Net Worth ($48,721)




7.6 Business RatiosBusiness ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 8021, Offices of Dentists, are shown for comparison.

Ratio Analysis

Year 1

Sales Growth 0.00%

Percent of Total Assets

Other Current Assets 0.00%


Total Current Assets 28.49%

Long-term Assets 71.51%

Total Assets 100.00%

Current Liabilities 22.19%

Long-term Liabilities 161.88%

Total Liabilities 184.07%

Net Worth -84.07%

Percent of Sales

Sales 100.00%

Gross Margin 67.43%

Selling, General & Administrative Expenses 106.22%

Advertising Expenses 1.36%

Profit Before Interest and Taxes -33.33%

Main Ratios

Current 1.28

Quick 1.28

Total Debt to Total Assets 184.07%

Pre-tax Return on Net Worth 140.85%

Pre-tax Return on Assets -118.41%

Additional Ratios Year 1

Net Profit Margin -38.80%

Return on Equity 0.00%

Activity Ratios

Accounts Payable Turnover 8.82

Payment Days 27

Total Asset Turnover 3.05

Debt Ratios

Debt to Net Worth 0.00

Current Liab. to Liab. 0.12

Liquidity Ratios

Net Working Capital $3,650

Interest Coverage -6.10

Additional Ratios

Assets to Sales 0.33

Current Debt/Total Assets 22%

Acid Test 1.28

Sales/Net Worth 0.00

Dividend Payout 0.00

Appendix

Sales Forecast

Month 1 Month 2 Month 3 Month 4

Sales

General dentistry 0% $0 $3,500 $3,800 $4,454 $5,142

Cosmetics 0% $0 $0 $0 $4,500 $5,232

Total Sales $0 $3,500 $3,800 $8,954 $10,374

Direct Cost of Sales Month 1 Month 2 Month 3 Month 4

General dentistry $0 $2,100 $2,280 $2,672 $3,085

Cosmetics $0 $0 $0 $855 $994

Subtotal Direct Cost of Sales $0 $2,100 $2,280 $3,527 $4,079




http://www.bplans.com/dental_office_business_plan/appendix_fc.php

Personnel Plan


Steve 0% $4,000 $4,000 $4,000 $4,000

Hygienist 0% $0 $2,500 $2,500 $2,500

Assistant 0% $0 $2,200 $2,200 $2,200

Front desk person 0% $0 $2,000 $2,000 $2,000

Total People 1 4 4 4

Total Payroll $4,000 $10,700 $10,700 $10,700

General Assumptions


Plan Month 1 2 3 4

Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00%

Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00%

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00%

Other 0 0 0 0 0

Pro Forma Profit and Loss





Sales $0 $3,500 $3,800 $8,954

Direct Cost of Sales $0 $2,100 $2,280 $3,527

Other Production Expenses $0 $0 $0 $0

Total Cost of Sales $0 $2,100 $2,280 $3,527

Gross Margin $0 $1,400 $1,520 $5,427

Gross Margin % 0.00% 40.00% 40.00% 60.61%

Expenses

Payroll $4,000 $10,700 $10,700 $10,700

Sales and Marketing and Other Expenses

$225 $225 $225 $225

Depreciation $863 $863 $863 $863

ADA dues $50 $50 $50 $50

Utilities $150 $150 $150 $150

Insurance- office and malpractice $400 $400 $400 $400

Rent $1,500 $1,500 $1,500 $1,500

Payroll Taxes 15% $600 $1,605 $1,605 $1,605

Other $0 $0 $0 $0

Total Operating Expenses $7,788 $15,493 $15,493 $15,493

Profit Before Interest and Taxes ($7,788) ($14,093) ($13,973) ($10,066)

EBITDA ($6,925) ($13,230) ($13,110) ($9,203)

Interest Expense $829 $825 $821 $817

Taxes Incurred $0 $0 $0 $0

Net Profit ($8,617) ($14,918) ($14,794) ($10,883)

Net Profit/Sales 0.00% -426.23% -389.31% -121.54%

Pro Forma Cash Flow


Cash Received

Cash from Operations

Cash Sales $0 $3,500 $3,800 $8,954

Subtotal Cash from Operations $0 $3,500 $3,800 $8,954

Additional Cash Received

Sales Tax, VAT, HST/GST Received 0.00% $0 $0 $0 $0

New Current Borrowing $0 $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0 $0

New Long-term Liabilities $0 $0 $0 $0

Sales of Other Current Assets $0 $0 $0 $0

Sales of Long-term Assets $0 $0 $0 $0

New Investment Received $0 $0 $0 $0

Subtotal Cash Received $0 $3,500 $3,800 $8,954

Expenditures Month 1 Month 2 Month 3 Month 4

Expenditures from Operations

Cash Spending $4,000 $10,700 $10,700 $10,700

Bill Payments $125 $3,858 $6,861 $7,072

Subtotal Spent on Operations $4,125 $14,558 $17,561 $17,772


Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0 $0

Other Liabilities Principal Repayment $0 $0 $0 $0

Long-term Liabilities Principal Repayment $492 $496 $500 $505

Purchase Other Current Assets $0 $0 $0 $0

Purchase Long-term Assets $0 $0 $0 $0

Dividends $0 $0 $0 $0

Subtotal Cash Spent $4,617 $15,054 $18,061 $18,277

Net Cash Flow ($4,617) ($11,554) ($14,261) ($9,323)

Cash Balance $63,483 $51,929 $37,667 $28,344




Pro Forma Balance Sheet


Assets Starting Balances

Current Assets

Cash $68,100 $63,483 $51,929 $37,667 $28,344

Other Current Assets $0 $0 $0 $0 $0

Total Current Assets $68,100 $63,483 $51,929 $37,667 $28,344


Long-term Assets

Long-term Assets $51,800 $51,800 $51,800 $51,800 $51,800

Accumulated Depreciation $0 $863 $1,726 $2,589 $3,452

Total Long-term Assets $51,800 $50,937 $50,074 $49,211 $48,348

Total Assets $119,900 $114,420 $102,003 $86,878 $76,692

Liabilities and Capital Month 1 Month 2 Month 3 Month 4

Current Liabilities

Accounts Payable $0 $3,629 $6,627 $6,797 $7,998

Current Borrowing $0 $0 $0 $0 $0

Other Current Liabilities $0 $0 $0 $0 $0

Subtotal Current Liabilities $0 $3,629 $6,627 $6,797 $7,998

Long-term Liabilities $100,000 $99,508 $99,011 $98,511 $98,006

Total Liabilities $100,000 $103,137 $105,638 $105,307 $106,005

Paid-in Capital $51,000 $51,000 $51,000 $51,000 $51,000

Retained Earnings ($31,100) ($31,100) ($31,100) ($31,100) ($31,100)

Earnings $0 ($8,617) ($23,535) ($38,329) ($49,212)

Total Capital $19,900 $11,283 ($3,635) ($18,429) ($29,312)

Total Liabilities and Capital $119,900 $114,420 $102,003 $86,878 $76,692

Net Worth $19,900 $11,283 ($3,635) ($18,429) ($29,312)

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