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The Queen’s Beer Tavern

Portland, Oregon

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Table of Contents

I. Executive Summary 04II. General Company Description 05

2.1 Overview 052.2 Legal Description 052.3 Company Concept/History 062.4 Current Status 062.5 Vision & Mission Statement 07

III. Products and Services 083.1 Product Description 083.2 Service Description 08

IV. Marketing Plan 094.1 Industry Overview 094.1.1 Market Size 114.1.2 Target Market 124.1.3 Marketing Objectives 144.2 Products/Services 144.2.1 Pricing Strategy 154.2.2 Promotion Strategy 154.2.3 Distribution/Placement Strategy 164.3 Competitor Analysis 164.4 SWOT Analysis 174.5 TOWS Strategy Development 18

V. Operational Plan 205.1 Production 205.2 Location 205.3 Inventories 205.4 Suppliers 205.5 Exit Strategies 21

IV. Management and Organization 226.1 Company Structure & Ownership 226.2 Core Management Personnel 226.3 Roles & Responsibilities 226.4 Salary Structure 236.5 Key Success Factors 23

VII. Personal Financial Statements 247.1 Personal Financial Statements 24

7.2 Details of Personal Financial Statements 25VIII. Startup Expenses and Capitalization 27

8.1 Capitalization 278.2 Startup Expenses 27

IX. Financial Plan 299.1 Primary Assumptions 299.2 Summary of Financial Results 29

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9.3 12 Month Profit/Loss 299.4 3 Year Profit Projection 329.5 Opening Day Balance Sheet 329.6 Break Even Analysis 34

Appendices 35Appendix 1: Supply Lists 35Appendix 2: State & Local Requirements 40Appendix 3: Business Ratios 41Research Bibliography 43

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I. Executive Summary

Queen’s has been a successful Irish themed bar in the center of downtown

Portland, Oregon for many years but is just now being purchased by Mr. John Milton.

Recently Queen’s has seen a drop in its clientele due to the rise of microbreweries and

micro-beer in the Portland area. In order to successfully compete with this new trend,

Queen’s objectives are to create its own microbreweries on-site and to offer superior

kinds of beers than that of these new competitors. Queen’s was established originally

by Ms. Showalter and over the years has become a well trafficked venue in downtown

Portland. Two years ago, Ms. Showalter put the tavern up for sale and Mr. Milton

intends to purchase it. The company is licensed in the State of Oregon. Queen’s is

located in one of the most outstanding downtown locations in Portland as it is

strategically placed to attract the middle and upper middle-class working clientele during

lunch and after work as well. The building itself is one of the oldest structures still

standing in downtown Portland and has an old world style to it. Queen’s offers a wide

variety of spirits and beers from domestic and imported to wines as well. Additionally,

the tavern offers a limited menu of light food and snacks, and specialty items during the

holidays. Once the onsite brewery begins production, Queen’s will concentrate on ale

production including wheat beers, stouts, and porters as these include the more

traditional types of Irish brews. The tavern intends to initially start with five different

types of beer, eventually increasing to ten. All of the expected brews will have a

different brand name. Mr. Milton is asking for a small business loan in the amount of

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$150 thousand to purchase the tavern and also will assist with the microbrewery’s

startup expenses.

I. General Company Description

2.1 Overview

Queen’s was established in 1982 by Ms. Showalter and over the years has

become a recognized fixture in downtown Portland. This notoriety includes having

articles written about the establishment in various travel magazines and recommended

by the Portland Travel Bureau as one of the most popular drinking establishments in the

city. Several years ago, Ms. Showalter started advertising the tavern as being for sale,

citing poor health and lowering profits. Queen’s is now a sole proprietorship owned and

operated by Ms. Showalter but is being purchased by Mr. Milton. The company is

licensed in Oregon as a legal business entity. Queen’s has been a successful Irish bar

in the heart of downtown Portland, Oregon for many years and as such has a high

degree of visibility. However, recently Queen’s has seen a drop in its clientele due to the

increase in popularity of microbreweries in the Portland area. In order to successfully

compete with this new threat, Queen’s objectives, under the guidance of Mr. Milton are

to create its own microbrewery onsite and to offer superior kinds of beers than that of

these new competitors.

2.2 Legal Description

Queen’s is listed under the official NAICS system as 722410 and is described as

being a, “establishments known as bars, taverns, nightclubs, or drinking places primarily

engaged in preparing and serving alcoholic beverages....”1 Additionally, the legal status

1 “2007 NAICS Definition.” U.S. Census Bureau.< http://www.census.gov/ eos/www/naics/>

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of Queen’s is a subchapter "S" corporation. The company location is in Portland,

Oregon.

2.3 Company Concept/History

While Queen’s has been in operation for many years, Mr. Milton’s dream of

owning a tavern began as a youth when he went to Europe and saw how the locals in

each town or village all congregated in one or two local pubs. He has wanted to

recreate this type of venue in his native Portland since that time and has been saving

the money to do so. Rather than invest in a new startup, Mr. Milton perceives the

opportunity to purchase Queen’s and to upgrade its operations with its own

microbrewery operation as the best strategy to realize his dream.

2.4 Current Status

Queen’s is located at the corner of Salmon St and SE 19th Avenue in Portland

about four blocks from the city center and within walking distance of the city's business

district. This is one of the most outstanding locations for a tavern in Portland as it is

strategically located to attract the middle-class and upper middle-class working clientele

as well as tourists who gather in the downtown area in the afternoon and evening to

walk along the riverfront. The building itself is one of the oldest structures still standing

in Portland and has an old world cachet about it. Presently the establishment can seat

96 customers simultaneously and Queen’s has secured the purchase of the adjacent

storefront for its expansion, and with renovation, will have room for the brewery and

another 24 customers. The current facilities, including two large bars and a fireplace,

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kitchen, and plenty of room for games such as darts, pool, and other amusements make

this an excellent local attraction.

2.5 Vision & Mission Statement

Queen’s vision statement informs the consumer that this is a different kind of

tavern with an emphasis on community and local cultural environment:

“Queen’s will be the place where the locals hang out and visitors meet.”

The mission of Queen’s will be to expand on its vision statement by offering a

more concrete operating statement:

“Queen’s will have a drink for everyone, whether they drink wine, liquor or beer

and they’ll receive it with a smile.”

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III. Products and Services

3.1 Product Description

Queen’s will continue to offer a wide variety of spirits, concentrating on imports

from Ireland such as Harps, Guinness, Erin's Rock, Murphy's Irish Stout, and Wild Irish

Rouge on tap along with Baileys Irish Crème, St. Brendan's and other popular liguors. In

addition, the tavern also offers domestic and other imported beers by the bottle and a

full bar is stocked for all manner of mixed drinks. In the back the tavern has a small

kitchen that offers a limited menu of such things as sandwiches, hamburgers, fish and

chips, and other appetizers. While for holidays such as St. Patrick's Day, the tavern

offers traditional favorites such as Irish stew, leek and potato soup, and corned beef and

cabbage, and such things as turkey dinner and stuffing for Thanksgiving, among many

other examples. Once the tavern begins production, Queen’s will concentrate on ale

production including wheat beers, stouts, and porters as these include the more

traditional types of international brews such as Irish brews. Queen’s intends to initially

start with five different types of beer, eventually increasing to ten or more. All of Queen’s

brews will have a different brand name.

3.2 Service Description

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The service quality at Queen’s will be second to none. All wait, bar, and kitchen

staff will receive a full day’s training on solely how to interact with clientele in a

technique Mr. Milton refers to as the “Queen’s Way.” This is involves getting to know

their names, making eye contact, and responding quickly and politely to all requests.

IV. Marketing Plan

4.1 Industry Overview

Queen’s operates in a highly competitive industry whose environment creates

low margins due to the high amounts of pressure placed upon participants from

customers, suppliers, other rivals, potential market entrants, and participants’ diverse

products. Additionally, the competition around virtually any holiday makes this

competitive profile intense year around. Currently, because traditional alcohol is fully

associated with Thanksgiving, for example, all manner of alcoholic beverage makers

are competing to develop a branded alcoholic beverage that becomes associated with

this and other holidays.2 This has created a fragmented industry in which no one

participant has a significant market share in almost every local or national market.

Customers have a great deal of buyer power and influence in this industry since there

are virtually no switching costs to move from one competitor to another, whether it is a

tavern or a type of alcohol. Customers regularly go to more than one tavern or bar to

socialize and drink. In addition, while this type of bar-hopping is very popular, the overall

quality of the customer's life is unaffected if they choose to forgo pursuing it. Finally,

even with the rise of microbreweries, many customers still find that most taverns have

2 Mullman, Jeremy. “Booze Makers Battle over Turkey Day.” Advertising Age, 78/43(2007): 4-57.

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the products that they seek, making the visit itself undifferentiated from on

establishment to the next.

However, with the rise of microbreweries and the wide variety of microbrews,

many tavern operators see an opportunity to differentiate based on the flavor and

quality of their beers. Research indicates that this is increasingly an effective strategy

since as recently as 2005, the volume of microbrews in the United States (US) market

exceeded 750 thousand barrels and this figure is expected to continue to rise.3

Furthermore, these suppliers also have a great deal of influence in relation to the

taverns and their operations. Almost all suppliers are regional companies that have a

wide variety of customers including grocery stores, liquor stores, restaurants, caterers,

and similar. This means that any single customer of these distributors makes up a

fraction of their sales and has little influence on their overall prices, quality and terms.

Furthermore, while these distributors often sell a wide variety of products such as

produce, poultry, meat products, tobacco, and other items, taverns are almost solely

dependent upon the distributors for all of their merchandise and products. The only real

strategy to offset this distributor's influence is to reverse-integrate into the supply

industry itself by brewing and marketing an establishment’s own microbrew product.

Since industry growth is relatively small, there is a strong push by all competitors

to gain market share at the expense of other operators. The lack of a differentiated

product or service by most taverns only makes this situation worse and yet, by venturing

into microbrews, Queen’s can attain the same type of profitability other small breweries

have where companies such as Metro Beverages, Inc. in Northern Indiana reached

3 “US Specialty Beer.” Beverage World, 126/7(2007): 18.

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annual sales of $40 million based on a local market of only five counties.4 In this type of

environment, each firm attempts to lower prices, increase services and products and cut

costs. This in turn creates retaliation among rivals and leads to falling profits or even

narrower margins. There are relatively few barriers to entry in the bar and tavern

industry, making the threat of new entrants to the market very real. The capital costs of

starting up a bar or taverns are relatively low and access to distribution channels is quite

easy. Where firms seek advantages is in finding a favorable location, building brand

equity through customer loyalty, creating a unique environment, or, alternatively,

reverse-integration by producing unique products.

4.1.1 Market Size

While the market for well kept taverns and bars is established, the concept of

taverns and bars that contain their own microbrewery is a growing enterprise and

industry. Research reveals that the overall beer industry is relatively flat, the microbrew

industry is strong with almost 1400 unique craft brewers throughout the US, which

includes those located in taverns and sales increased by 7% from 2003 to 2005 alone.5

With this kind of growth, taverns such as Queen’s should absolutely examine

augmenting existing business with their own microbrew products and branding efforts.

Additionally, the Portland, Oregon area is home to fairly significant population that is

acclimated to local alcohol products since the area is also home to a healthy local wine

industry as well. The most recent US census data reveal that the area has a population

of 537 thousand that the population has grown by almost 20% since 1990.6 With this

4 Atkinson, William. “Working Smart.” Beverage World, 125/12(2006): 72. 5 Spaeder, Karen. “Heady Stuff.” Entrepreneur, 34/1(2006): 51. 6 “Portland, Oregon.” U.S. Census Bureau (online). <http://www.census.gov>.

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kind of population growth expected to continue, Portland and the surrounding area can

not only support another microbrew but require. According to the population density

map of the Portland downtown area, Queen’s is located in one of the area’s most

populated areas during the day due to the sheer number of workers who live and work

in the surrounding areas:7

4.1.2 Target Market

7 “Persons Per Square Mile.” U.S. Census Bureau, (online). http://www.census.gov>.

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The market segmentation for Queen’s target market is divided into the leading

market segments for its industry. The division reflects the differences in marketing

strategy that will be used to target each different market and they are as follows:

Middle to upper class white collar office workers from the downtown area.

These are people seeking to have a drink or some quick food during

lunchtime and sometimes want to take out-of-towners to see some of the

local highlights. In addition, the tavern can expect to see these types of

customers dropping in for some hours after work in order relax and discuss

business in a less formal manner.

Late nighters and weekend partiers. These are the type of clientele that drop

by and stay for many hours socializing and drinking for purely entertainment

purposes. Growth of this segment is based on the estimated population

growth of Portland itself viewed previously.

Brew or beer connoisseur. These customers are a relatively new type to the

tavern scene and industry. Although there have been beer connoisseurs all

over since beer was first invented, until recently government regulation was

such that the industry was concentrated within a few national companies such

as Anheuser Busch, Coors, and others that do not brew craft beer. These

companies had few product lines and sought to produce large amounts of

beer over very short time periods in a process that removes the artisan flavor

and context from the industry. Since industry deregulation the industry has

rapidly fragmented, allowing small brewers to compete against the larger

established companies on a local and even national level. All this has inspired

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new connoisseur in brewing that has revolutionized the industry. With so

many new types and brands of beer available, the customer that wants to try

new types is being wooed by all industry participants and Queen’s tap into

this segment’s potential.

Queen’s Market Analysis

    2008 2009 2010 2011 2012  

Potential Customers Growth           CAGR

professional workers 3% 75,000 77,250 79,568 81,955 84,414 3.00%

Late nighters and weekend partiers

3% 435,000 448,050 461,492 475,337 489,597 3.00%

Beer connoisseur 8% 120,000 129,600 139,968 151,165 163,258 8.00%

Total 4.01% 630,000 654,900 681,028 708,457 737,269 4.01%

4.1.3 Marketing Objectives

The following marketing objectives will guide the marketing strategy formulation

and execution over the next 12 month period:

Meet all first years sales objectives

Increase sales by 10% monthly

Develop a local distribution network for the tavern’s craft beers

Brew five branded microbrews by the end of the first 12 month business cycle

4.2 Products/Services

Queen’s will offer a wide variety of spirits, concentrating on imports from Ireland

such as Harps, Guinness, Erin's Rock, Murphy's Irish Stout, and Wild Irish Rouge on

tap along with Baileys Irish Crème, St. Brendan's and other popular liguors. In addition,

the tavern also offers domestic and other imported beers by the bottle and a full bar is

stocked for all manner of mixed drinks. In the back the tavern has a small kitchen that

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offers a limited menu of such things as sandwiches, hamburgers, fish and chips, and

other appetizers. While for holidays such as St. Patrick's Day, the tavern offers

traditional favorites such as Irish stew, leek and potato soup, and corned beef and

cabbage, and such things as turkey dinner and stuffing for Thanksgiving, among many

other examples. Once the tavern begins production, Queen’s will concentrate on ale

production including wheat beers, stouts, and porters as these include the more

traditional types of international brews such as Irish brews. Queen’s intends to initially

start with five different types of beer, eventually increasing to ten or more. All of Queen’s

brews will have a different brand name.

4.2.1 Pricing Strategy

Queen’s pricing strategy will be competitive. However, the tavern will not

compete on price because this is not necessary in the microbrew industry. Rather, the

tavern’s prices will be reasonable but its products will be exemplary:

Small Mug $1.95

Medium Mug $2.95

Large Mug-the Queen’s Ransom $3.95

4.2.2 Promotion Strategy

Queen’s intends to advertise its new brewery products through newspaper and

magazine articles, focusing primarily on entertainment and lifestyle publications that are

locally produced and printed. In addition the tavern will run ads in local journals and

intends to erect four billboard advertisements. Past experience with other taverns and

breweries indicates that radio is an especially useful tool to this industry and

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management plans to run ads with three of the local radio stations most listened to by

young professionals aged 25-40 with an emphasis on pop-radio. In order to ensure the

maximum efficiency from this campaign, Queen’s has retained the services of an

advertising consulting firm in the Portland area. Advertisements and articles are

scheduled to begin approximately one month after the Mr. Milton takes full possession

of the tavern.

4.2.3 Distribution/Placement Strategy

Queen’s is located at the corner of Salmon St and SE 19th Avenue in Portland

about four blocks from the city center and within walking distance of the city's business

district. All of Queen’s operations will occur in this single location.

4.3 Competitor Analysis

There are a wide variety of bars, restaurants, nightclubs and other direct and

indirect competitors in the Portland downtown area. Some of the closest in terms of

location and quality include the following bars, taverns and nightclubs:

1. Henry’s 12th Street Tavern. This tavern offers the largest threat to Queen’s as it

has created an excellent reputation for its microbrews by regularly stocking a

diverse supply of the area’s best as well as some of the best microbrews

nationally.

2. Nob Hill Bar & Grill. This establishment is located close to Queen’s and it

attracts a niche market of customers who gravitate to is locally recognized dishes

as well as its long standing presence as one of downtown Portland’s most

recognized fixtures.

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3. Berbati’s Pan Cafe. This is a restaurant/nightclub that attracts national level

entertainers and huge crowds. Its popularity could be a threat to establishing

market share for Queen’s.

Competitor Profile Matrix (CPM)

Berbati’s Pan Café

Queen’sHenry’s 12th

Street Tavern

CRITICAL SUCCESS FACTORS

QUEEN’SIGHT

RATING SCORE RATING SCORE RATING SCORE

Advertising 0.20 2 0.40 3 0.60 1 0.20

Product Quality 0.10 4 0.40 4 0.40 3 0.30

Price Competitiveness

0.10 1 0.10 3 0.30 2 0.20

Management 0.10 3 0.40 4 0.40 2 0.20

Financial Position

0.15 3 0.60 2 0.30 4 0.60

Customer Loyalty

0.10 4 0.40 2 0.20 3 0.30

Brand Identity 0.20 2 0.40 2 0.40 4 0.80

Market Share 0.05 2 0.10 1 0.05 4 0.20

TOTAL 1.00 2.80 2.65 2.80

4.4 SWOT Analysis

The greatest competitive opportunity in the tavern and bar industry is the growth

projections that most analysts associate with the industry. This expected market growth

over the next 3-5 years affords Queen’s its most tangible rationale for expanding in the

Portland, Oregon market at this time. The following section outlines Queen’s strengths,

weaknesses, opportunities and threats associated with its market entry:

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Strengths. Queen’s is an established company but one with a fresh brand and an

experienced owner/manager in Mr. Milton. Additionally, Queen’s has a strong business

plan and access to ready capital.

Weaknesses. Queen’s lacks an established identity for its microbrews in the loca

market but its established presence in the market may counter this. Furthermore,

although its focus on customer service and service delivery is an extremely strong

attribute, customers must also be willing to pay for such service since it is not competing

on price alone.

Opportunities. The market growth over the next 3-5 years presents Queen’s with

its most promising opportunity in the market. Also, the lack of any single dominant

competitor in the industry over the next 12 months at least, ensures that Queen’s has

the ideal scenario to establish itself as a recognized brand in local microbrew industry

and market.

Threat. Competitive threats form the nucleus of Queen’s most significant market

threat. Some national beer brands have the operational skills and the capital to enter

and quickly dominate the local market should they so desire.

4.5 TOWS Forward Strategy & Outlook

Complete strengths, weaknesses, opportunities, and market threats are outlined below in

order to establish a better understanding of its position in the marketplace as a new microbrewery

competitor:

STRENGTHS OPPORTUNITIES

Knowledgeable Executive

Professional management

Quality Price Point

7 Day a week Availability

Fractured market

Undifferentiated rival services

Portland market is attractive

Market growth expected in 2008

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WEAKNESSES THREATS

Lack of brand recognition

New employees

Must learn microbrew processes

Sustained price competition

Ongoing tavern market competitiveness

Competitor entry into the local market

These strengths, weaknesses, opportunities and threats then lead to the following TOWS chart

that establishes the basis for an actionable strategy:

  External Opportunities External Threats

Internal Strengths SO: Knowledgeable Leadership w/Attractive Portland market

ST: Price competition/industry competitiveness

Internal Weaknesses WO: Lack of brew industry experience w/Market upturn in 2008

WT: Lack of brew industry experience/ongoing competitive difficulties

Complete competitive advantage will be based on the company’s large

investment in human capital and in microbrewery equipment and processes. Complete

success begins with a rigorous training program for new employees because while

initially Mr. Milton will do most of the oversight himself, he would be unable to maintain

effective marketing efforts while also trying to run all operations. Therefore, quality staff

and well trained brew masters are the key to the company’s success. In fact, the human

resource aspect is the company’s primary competitive differentiator because these are

the staff that the customers interact with.

V. Operational Plan

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5.1 Production

All production of food and service delivery occur onsite. The microbrewery facility

will be enclosed in the additional space that Mr. Milton is negotiating for and includes all

necessary equipment such as vats, tubing, and storage for all ingredients such as hops

and barley. However, a full list of equipment required for a small microbrewery can be

found in appendix one.

5.2 Location

All operations occur at the location in which the tavern is already situated.

Queen’s is located at the corner of Salmon St and SE 19th Avenue in Portland about

four blocks from the city center and within walking distance of the city's business district.

All of Queen’s operations will occur in this single location.

5.3 Inventories

Inventories of all fresh food will only be kept for a two day supply since they are

delivered both daily as well as on an ad hoc basis. All dry goods will be inventoried for a

period of seven days and beer will be brewed in advance of 30 days for both tavern and

local distribution uses.

5.4 Suppliers

Only local suppliers will be utilized, however, for the initial startup and setup of

the microbrewery, an out of state supplier for the equipment and consulting will be used.

This supplier is the Applied Beverage Technologies, Inc. company located in Chicago,

Illinois at B.O. Box 267814, 60626.

5.5 Exit Strategies

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Queen’s fully expects to stay operational and financially solvent however, at

times this is not feasible due to market conditions or other unexpected events within the

tavern and bar industry. In such circumstances, the company will adhere to several

strategies that will allow it to liquidate its business and business assets in a fashion that

best suits the particular circumstances:

Sale of Business to a 3rd party

Liquidation of assets including industry contacts

Bankruptcy through Chapter 13

Simple closure of business

VI. Management and Organization

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6.1 Company Structure & Ownership

The company is going to be licensed as a limited liability company or an LLC in

order to limit the liability of the company’s individual employees and its owner against

any potential legal exposure should such actions arise. The LLC structure calls its

owners members and does not restrict the number of members that can be attached to

an LLC and this includes the establishment of single member LLCs as Queen’s will be.8

This ownership structure allows Mr. Miltion to take on additional investors should the

need arise in order to facilitate future growth and expansion.

6.2 Core Management Personnel

Mr. Milton: Mr. Milton is both the sole owner and manager of the Queen’s enterprise.

Restaurant/Floor Manager: An individual with industry experience will be sourced to

manage all food and service related operations.

6.3 Roles & Responsibilities

Mr. Milton: Mr. Milton will manage the activities related to marketing, budgeting and

scheduling of local entertainment. Additionally, he will oversee the branding and

distribution processes related to Queen’s branded microbrews.

Restaurant/Floor Manager: This individual will manage and oversee all food related

activities such as kitchen and food preparation, floor and wait staff scheduling, as well

as customer service related concerns.

8 “Limited Liability Company.” Internal Revenue Service (online). http://www.irs.gov/ businesses/small/article/0,,id=98277,00.html

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6.4 Salary Structure

PERSONNEL PLANYEARS 2008 2009 2010RATIO% 0% 20% 22%OWNER $44,000 $58,800 $84,560 HOSTESS $19,600 $21,520 $23,824 FOOD MANAGER $33,600 $43,320 $53,184 TOTAL PERSONNEL TOTAL PAYROLL $97,200 $123,640 $161,568

6.5 Key Success Factors

The following key success factors are critical to the company’s ongoing and long-

term success in its industry:

Hiring talented and innovative employees to fill key roles within the organization

Maintaining a strict adherence to the company’s vision and mission statements

Attaining first year sales objectives

Meeting the company’s three year revenue projection

Executing the company’s 12 month and 3-year growth strategy

VII. Personal Financial Statements

7.1 Personal Financial Statements

PERSONAL FINANCIAL STATEMENTS

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SECTION 1 – INDIVIDUAL INFORMATION (Type or Print) SECTION 2- OTHER PARTY INFORMATION (Type or Print)Name NameResidence Address Residence AddressCity, State, Zip City, State, ZipPosition or Occupation Position or OccupationBusiness Name Business NameBusiness Address Business AddressCity, State, Zip City, State, ZipRes. Phone Bus. Phone Res. Phone Bus. Phone

SECTION 3 – STATEMENT OF FINANCIAL CONDITION AS OF _________________________________________, 20___________

ASSETS(Do not include Assets of doubtful value)

In Dollars (Omit Cents)

Liabilities In Dollars (Omit Cents)

Cash on hand and in banks Notes payable to banks – securedU.S. Gov’t & Marketable Securities – see Schedule A

Notes payable to banks – unsecured

Non-marketable Securities – see Schedule B Due to brokersSecurities held by broker in margin accounts Amounts payable to others – securedRestricted or control stocks Amounts payable to others - unsecuredReal Estate owned as personal residenceSee Schedule C

Accounts and bills dueUnpaid income taxes and interest

Real Estate owned for investment purposesSee Schedule D (attached)

Real estate owned as personal residenceMortgages payable – see Schedule C

Loans receivable Real estate owned for investment purposesmortgages payable – see Schedule DAutomobiles and other personal property

Cash value life insurance – see Schedule E Credit card/revolving debtOther assets – itemize Other debts – itemized

TOTAL LIABILITIES

TOTAL ASSETS NET WORTH = ASSETS – LIABILITIES

TOTAL LIABILITIES & NET WORTH

SOURCES OF INCOME FOR YEAR ENDED_____________________20______

PERSONAL INFORMATION

Salary, bonuses & commissions $ Do you a will? No Yes if yes, name of executorDividendsNet real estate income Are you a partner or officer in any other venture? If so describeOther income (Alimony, child support, or separate maintenanceIncome need not be revealed if you do not wish to have it considered as a basis for repaying this obligation)

Are you obligated to pay alimony child support or separate maintenance payments? If so, describe themAre any assets pledged other than as described on the schedules?If so, describeTOTAL $

CONTINGENT LIABILITIESDo you have any contingent liabilities? If so, describe them Income tax settled through (date) ______________________

Are you a defendant in any suits or legal actions?

As endorser, co-maker or guarantor $ Personal bank accounts carried atOn leases or contracts $Legal claims $Other special debt $

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Have you ever declared bankruptcy, personal or otherwise? If so, describe

Amount of contested income tax liens $

7.2 Details of Personal Financial Statements

SCHEDULE A – U.S. GOVERNMENTS AND MARKETABLE SECURITIES

Number of Sharesof Face Value (Bonds) Description In Name Of

Are ThesePledged? Market Value

SCHEDULE B – NON-MARKETABLE SECURITIES

Number of Shares Description In Name OfAre ThesePledged?

Source of Value Value

SCHEDULE C – REAL ESTATE OWNED

Address & Type Of Property

Title In Name Of

% OfOwnershi

p

Date Acquired Cost Market Value Mortgage

MaturityMortgage Amount

SCHEDULE D – LIFE INSURANCE CARRIED, INCLUDING GROUP INSURANCE

Name of Insurance Company

Owner of Policy Beneficiary Face Amount Policy Loans Cash Surrender Value

SCHEDULE E – BANKS OR FINANCE COMPANIES WHERE CREDIT HAS BEEN OBTAINED

Name & Address of Lender

Credit In The Name Of

Secured Or Unsecured

Original Date High Credit Current Balance

25

The information contained in this statement is provided for the purpose of obtaining or maintaining a credit account, loan, small business loan or other financial transaction on behalf of the undersigned or persons, firms or corporations in whose behalf the undersigned may either severally or jointly with others, execute a guaranty in the issuer’s favor. Each undersigned understands that the issuer of such financial support is relying on the information provided herein (including the designation made as to ownership of property) in deciding to grant or continue such financial support or oversight as is being requested. Each undersigned represents and warrants that the information provided is true and complete and that the issuer or provider may consider this statement as continuing to be true and correct until a written notice of a change is given to it by the undersigned. The issuer or provider is authorized to make all inquiries deemed necessary to verify the accuracy of the statements made herein, and to determine applicant’s creditworthiness or financial health. Furthermore, the issuer/provider is authorized to ansQueen’sr questions about its financial experience with the undersigned party(s).

Signature (Individual) S.S. No. Date of Birth

Signature (Other party) S.S. No. Date of Birth

Date Signed 20

VIII. Startup Expenses and Capitalization

8.1 Capitalization

26

Mr. Milton is the sole investor related to the purchase of Queen’s as well as its

expansion into the microbrew activities. He is investing $150 thousand of his own funds

and seeking a small business loan for the same amount.

8.2 Startup Expenses

The following startup expenses are an approximate cost estimate. Further estimates of

material and supplies can be found in appendix 1. These startup expenses offer a detailed

approximation of the costs associated with the daycare startup:

QUEEN’S START-UP EXPENSES (REQUIREMENTS)BUSINESS START YEAR 2009OFFICE SUPPLY/PAPER/FAX PAPER/PRINTER INKS $473 MARKETING/QUEEN’SB/BUSINESS CARDS/BROCHURES/ADS

$1,305

EQUIPMENT/POS/HARDWARE/SOFTWARE/PHONES/DESK $3,580 ARCHITECTURE/DECORATION/REMODELING $2,143 OTHERS-LEGAL (PERMITS/TRADEMARKS/CORPS) $870 RENT+SECURITY DEPOSIT $1,500 INSURANCE $300 OTHER A $4,100 OTHER B $700 OTHER C $2,500 OTHER D $1,000 FRANCHISE FEE (NONE) $0 BUSINESS FEE TRANSFER $0 TOTAL START-UP EXPENSES ($18,471)Start-up Assets Needed  Cash Balance on Starting Date $8,700 Start-up Inventory $6,079 Other Current Assets $1,000 TOTAL CURRENT ASSETS $15,779    Long-term Assets $10,000 TOTAL ASSETS $25,779 Total Requirements $7,308    Funding & Investor  INVESTOR 1 $30,000 INVESTOR 2 $0 OWNER 1 $0

27

OWNER 2 $0 BANK 1 $0 BANK 1 $0 TOTAL INVESTMENT $30,000    Current Liabilities  Accounts Payable $1,000 Current Borrowing $0 Other Current Liabilities $0 CURRENT LIABILITIES $1,000    Long-term Liabilities $3,444 TOTAL LIABILITIES $3,444    LOSS AT START-UP $18,471TOTAL CAPITAL $11,529 TOTAL CAPITAL & LIABILITIES $14,973

IX. Financial Plan

9.1 Primary Assumptions

28

Cash Sales: Projected gross sales will be based on the average of the monthly

revenues of recruitment and placement services originated from Queen’s single

business location.

Other Income: This income is generated through the provisions of services not directly

related to daily tavern operations such as certain ad hoc marketing and service offerings

as well as its outside distribution of its branded microbrews.

Cost of Goods Sold: This figure is based on a figure of 35% of revenues which is the

industry corporate standard.

Payroll: This is figure is based on both full-time and part-time staff.

9.2 Summary of Financial Results

1st Year Sales COGS Net Profit 3rd Year Sales Net Profit

$306,000 $92,000 $106,447 $564,570 $242,041

9.3 3-Year Profit/Loss

The following table shows Queen’s expectations for Profit and Loss. The company

will begin to make a better profit in its second year of operation.

Queen’s Pro Forma Profit and Loss

  2008 2009 2010

Sales $1,017,000 $1,307,000 $1,410,000

29

Direct Costs of Goods $457,650 $562,010 $578,100

Other $33,000 $38,000 $43,000

  ------------ ------------ ------------

Cost of Goods Sold $490,650 $600,010 $621,100

       

Gross Margin $526,350 $706,990 $788,900

Gross Margin % 51.76% 54.09% 55.95%

       

       

Expenses      

Payroll $202,800 $317,000 $353,000

Sales and Marketing and Other Expenses $70,925 $82,900 $102,000

Depreciation $36,000 $40,000 $45,000

Utilities $18,000 $18,000 $20,000

Insurance $18,000 $21,000 $23,000

Rent $72,000 $77,000 $80,000

Other $18,000 $6,300 $10,000

Payroll Taxes $24,336 $38,040 $42,360

Other $0 $0 $0

  ------------ ------------ ------------

Total Operating Expenses $460,061 $600,240 $675,360

       

Profit Before Interest and Taxes $66,289 $106,750 $113,540

EBITDA $102,289 $146,750 $158,540

Interest Expense $39,000 $37,500 $32,250

Taxes Incurred $6,643 $17,313 $20,661

       

Net Profit $20,646 $51,938 $60,629

Net Profit/Sales 2.03% 3.97% 4.30%

9.4 3-Year Profit Projection

The following chart and table show the Projected Cash Flow for Queen’s:

30

QUEEN’S Pro Forma Cash Flows

  2008 2009 2010

Cash Received      

       

Cash from Operations      

Cash Sales $661,050 $849,550 $916,500

Cash from Receivables $340,853 $449,153 $490,553

Subtotal Cash from Operations $1,001,903 $1,298,703 $1,407,053

       

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

Acquired 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 $50,000 $0 $0

Subtotal Cash Received $1,051,903 $1,298,703 $1,407,053

       

Expenditures 2003 2004 2005

       

31

Expenditures from Operations      

Cash Spending $202,800 $317,000 $353,000

Bill Payments $790,606 $896,677 $949,161

Subtotal Spent on Operations $993,406 $1,213,677 $1,302,161

       

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 $0 $30,000 $75,000

Purchase Other Current Assets $0 $0 $0

Purchase Long-term Assets $0 $0 $10,000

Dividends $0 $0 $25,000

Subtotal Cash Spent $993,406 $1,243,677 $1,412,161

       

Net Cash Flow $58,497 $55,026 ($5,108)

Cash Balance $148,497 $203,523 $198,415

9.5 Opening Day Balance Sheet

The following table is the Projected Balance Sheet for Queen’s and its new

operations:

QUEEN’S Pro Forma Balance Sheet

  2008 2009 2010

Assets      

       

Current Assets      

Cash $148,497 $203,523 $198,415

Accounts Receivable $29,097 $37,394 $40,341

Inventory $42,570 $52,277 $53,774

Other Current Assets $4,000 $4,000 $4,000

Total Current Assets $224,164 $297,194 $296,530

       

32

Long-term Assets      

Long-term Assets $80,000 $80,000 $90,000

Accumulated Depreciation $36,000 $76,000 $121,000

Total Long-term Assets $44,000 $4,000 ($31,000)

Total Assets $268,164 $301,194 $265,530

       

Liabilities and Capital 2003 2004 2005

       

Current Liabilities      

Accounts Payable $63,518 $74,611 $78,318

Current Borrowing $0 $0 $0

Other Current Liabilities $0 $0 $0

Subtotal Current Liabilities $63,518 $74,611 $78,318

       

Long-term Liabilities $390,000 $360,000 $285,000

Total Liabilities $453,518 $434,611 $363,318

       

Paid-in Capital $125,000 $125,000 $125,000

Retained Earnings ($331,000) ($310,354) ($283,417)

Earnings $20,646 $51,938 $60,629

Total Capital ($185,354) ($133,417) ($97,788)

Total Liabilities and Capital $268,164 $301,194 $265,530

       

Net Worth ($185,354) ($133,417) ($97,788)

9.6 Break Even Analysis

The Break-even Analysis chart and table indicate that if the costs stay at the

current, or relatively stable level that the tavern has maintained prior to Mr. Milton

acquiring it, Queen’s will be able to make an increased profit by the second year. The

break-even point is approximately $70,000 per month:

33

QUEEN’S Break-even Analysis

   

Monthly Revenue Break-even $69,706

   

Assumptions:  

Average Percent Variable Cost 45%

Estimated Monthly Fixed Cost $38,338

Appendices

Appendix 1: Supply List

APPLIED 7 BARREL FULL MASH BREWERY SPECIFICATIONSABT MALT CONVEYING SYSTEM

* Malt auger,4 inch diameter with top mounted low RPM motor* 15 foot drive section* Flexible drop tube* Floor level hopper with hand guard* Delivers 32 lbs. per minute* 1/2 h.p. , 115/220 V, 1ø, TEFC motor

34

ABT 7 BARREL SYSTEM HOT LIQUOR (WATER) TANK* Capacity : 5 bbls. working, 6.7 bbls. gross, to hold sparge water* 40" O.D., 5.4' overall height* Insulated and clad on sides* Dished top and bottom* Top fittings: manway and CIP ball with shaft* Side fittings: thermowell; liquid level gauge fittings (2); thermometer, 0-220°F* Bottom fittings: 1 1/2" coupling inlet / outlet; * 14" legs* Material: 12 gauge T304 stainless steel* Internal finish: 2B, welds ground and polished to 180 grit* External finish: 2B, brushed welds* Cladding:16 gauge stainless steel with #4 finish

HOT LIQUOR (WATER) PUMP* Bronze head, centrifugal* 1" NPT discharge, 1 1/4" NPT inlet* 1 1/2 hp, TEFC motor,230V, 3ø, 5 amps.

ACTIVATED CARBON WATER FILTER* Complete activated carbon water filter with 1.75 cu. ft. activated type PE natural carbon for removal of trace water contaminants and chlorine, 42 GPM flow rate max., 30 GPM recommended, 45 psi max. working pressure, 38"high x 21" wide, 1 1/2" inlet/outlet, c/w bypass and on/off valve.

ABT 7 BARREL MASH / LAUTER VESSEL* Capacity : 5.2 bbls. working, 9.5 bbls gross* 46" O.D., 8' overall height,10 ft. min. ceiling height, 35" floor to bottom of side manway* Max. grain capacity 475 lbs., .4 bbl. below false bottom plates, 24"-33" grain bed depth* 950 lbs. empty, 2900 lbs. working* Insulated and clad on sides* Top: flat and flanged* Large top opening 17" manway with handle and manway support bracket* Shallow cone bottom,160° included* Top fittings: CIP spray ball; sprayball shaft welded with arm to side, cap,clamp and gasket; 4" ferrule for premasher and sparge devices; 1 1/2" T/C ferrule for vapor outlet* Side fittings: Thermowell, 17" outward opening hinged manway for spent grain removal* Bottom: 1 1/2" tri-clamp ferrule outlet* Polished stainless steel wedge wire two piece false bottom* Premasher and sparge devices with 3/4" MNPT nipples, clamp and gasket* 3/4" high temp. hose with quick disconnect set for above* Wort recycle fitting for CIP shaft* Legs with flat anchoring pads and shims for leveling* Material: 12 gauge 304 stainless steel* Internal finish: 2B, welds ground and 180 grit polished* External finish: 2B, brushed welds* Cladding: 16 gauge stainless steel, #4 finish

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GRANT PIPING SYSTEM* System designed to receive wort from mash tun side outlet and transfer it to the pump* Valentine arm produces uniform flow without clogging* Hi-Lo outlets allow reduced hydrostatic pressure across the false bottom and total draining* Clear top sight tube allows visible flow control and level detection* Includes stainless steel pipework, sight glass, valves, clamps, gaskets

ABT 7 BARREL BREWKETTLE / WHIRLPOOL - GAS* Capacity : 7.7 bbls. working, 10 bbls. gross, 12" freeboard* 48" O.D., 7.6' overall height, 9 ft. min. working height* 1000 lbs. empty; 3,100 lbs. working* Insulated and S/S clad* Top: ASME shape dished and flanged head* Bottom: flat sloping, 3/16" plate, T316 stainless steel* Top fittings: CIP sprayball, welded shaft with 90° elbow to 1 1/2" T/C connection, 3/4" NPT water inlet coupling, 6" steam vent stub with condensate trap and 1/2" coupling, 17" outward opening top hinged manway* Side fittings: thermowell to fit thermocouple, 1 1/2" tangental whirlpool inlet, 4" tri-clamp ferrule for cleanout,1 1/2" tri-clamp ferrule for wort draw-off* Lower fire box, internal 2400°F insulation, burner flange, 6" I.D. , 8" O.D. exhaust outlet, insulated access manway* Material: 12 gauge 304 stainless steel* Internal finish: 2B, with welds ground and 180 grit polished* External finish: 2B, with brushed welds* Cladding: 18 gauge stainless steel with #4 finish

KETTLE GAS BURNER* 200,000 BTU/hr. power gas burner* U.L. Listed

ABT BURNER CONTROL PANEL - GAS* NEMA 4 watertight burner control panel for wall mounting with: Indicating temperature controller with temperature sensor; manual/auto(timer)/off switch and run light; 24 hour timer; fuse.* Hot liquor pump on/off switch and run light

WORT PUMP and MOTOR* Stainless steel sanitary non overloading centrifugal pump* 1 1/2" x 1 1/2" tri-clamp inlet and outlets* 3 1/2" open impeller, epdm O rings, replaceable rotating seal* 3600 rpm, 1 1/2 h.p., 220 V, 1ø, TEFC motor, 10 amps.* Mounted on stainless steel portable cart with four wheels* Nema 4 motor starter, cord and plug mounted on cart

HEAT EXCHANGE/ WORT CHILLER* Single stage heat exchanger to cool wort to within 8°F of cooling liquid* All wort contact surfaces 316 stainless steel, nonclogging plate design* Painted mild steel frame ends* 1 1/2 inch tri-clamp product inlet and outlet* 1" water inlet and outlet

36

WORT AERATING SYSTEM* 0°F to 210°F S/S thermometer* Sintered S/S aerating element on T/C cap* Air line quick disconnects* Sterile air filter, 0.01micron with stainless steel wall bracket* S/S fittings, clamps and gaskets

ABT BREWHOUSE TRANSFER SYSTEM* All necessary multiposition butterfly valves, clamps, and gaskets* 50 ft. high temp. reinforced multiply brewers hose, orange, 1 1/2" I.D.* 6 - 1 1/2" T/C hose ends and S/S clamps

ABT 7 BARREL FERMENTATION/CONDITIONING VESSELS* Capacity: 6.5 bbls. working, 7 bbls. gross, 5" freeboard * 42" O.D., 6' overall height, 6 1/4" floor to bottom outlet* 700 lbs. empty, 3500 lbs. working* Top and bottom: Dished and flanged heads* Jacketed, insulated & clad:  - Jacketed - 3/4" S/S glycol inlet/outlet couplings  - Insulated - 2" on side  - Clad - #4 finish S/S on side* Internal volume calibrations* Top fittings: 3" triclamp fitting & 3/8" FNPT coupling in top lid; (2) sight glasses* Side fittings: Thermowell for temperature controller probe* Bottom fittings:1 1/2" triclamp drawoff ferrule; 1 1/2" triclamp totally draining center outlet and pipe to vessel side* Mild steel painted legs* Other:  1 - Top lid gasket and clamp  1 - 3" triclamp to grundy valve fitting adapter  1 - New grundy pressure relief/anti-vacuum valve with pressure gauge,   bronze ball valve,CIP shaft and sprayball  1 - 1 1/2" triclamp x 1/2" MPT adapter for CIP inlet  1 - Sanitary S/S 1 1/2" T/C butterfly valve  1 - Set of quick disconnects 3/8"MNPT x 3/8" tubing-both auto closing  1 - One quick disconnect to fit tank disconnect x 3/8" hose barb, straight through-open  1 - 3" triclamp clamp and gasket  4 - 1 1/2" triclamp clamps and hycar gaskets  2 - 1 1/2" triclamp caps

GLYCOL CHILLER SYSTEM* Totally enclosed units for indoor or outdoor use* Sealed freon primary, secondard circulating glycol* Adjustable coolant temperature, set at 30°F* 2 h.p. compressor, 1/2 h.p. circulating pump, 15,000 BTU/hr. @30°F outlet temperature* Capacity to cool up to 28 bbls. from 60°F to 36°F in 24 hours and maintain 35 bbls. at 36°F and remove the heat of fermentation from 14 bbls. fermenting lager beer; 5,000 BTU/hr. excess cap.

37

* 230/60/3ø, 20 amps* 1/2" NPT plumbing connections* 28" L x 25"W x 57"H; 450 lbs. working weight

ABT TEMPERATURE CONTROLLERS* Digital LED temperature controllers indicate current temperature and set point* Thermowell probe and wire included* Housed in water tight wall mountable control box* Solenoid valves for glycol piping

PLATE AND FRAME SHEET FILTER* 40 cm x 40 cm stainless steel plate and frame holds upto 24 sheets* 18 plates for 17 sheets* Filters 7-10 barrels per hour* Inlet/outlet valves - 1 1/2" tri-clamp* Stainless sanitary valves, pressure gauges, sample valve* Lower drain pan* Portable on wheels* 6 grades of filter pads available

ABT 7 BARREL RECONDITIONED SERVING TANKS* Capacity: 7 bbls. working volume* 38" O.D., 6' overall height, 6 1/4" floor to bottom outlet* 700 lbs. empty, 3500 lbs. working* Single shell polished* Internal volume calibrations* Top: Dished and flanged, Grundy valve fitting, 3/8" NPT CO2 inlet coupling* Two top dish sight glasses* Grundy anti-vacuum pressure relief valve with pressure gauge, ball valve and 1 1/2" T/C to ball valve adapter for CIP, CIP sprayball and shaft* Bottom fittings: 1 1/2" T/C above bottom ferrule and sintered stainless steel carbonating element; 1 1/2" T/C triclamp bottom outlet* Sanitary S/S 1 1/2" T/C butterfly valve* Stainless steel 1/4" valve for carbonating stone inlet* Quick disconnect sets(2) for top fitting, carbonating stone, gas transfer* Three 1 1/2" T/C heavy duty clamps and gaskets* Mild steel painted legs

SERVING TANK OUTLETS* Stainless steel outlet manifolds for connecting three beer lines* Clamps, valves, gaskets, piping

SET OF CELLAR EQUIPMENT* 100 ft. clear spiral reinforced suction transfer hose, 1 " I.D.* One set 3/8" NPT x 3/8" I.D. quick disconnect* 14 S/S hose clamps, 1 1/2" to 2" O.D.* Six - 1 1/2" hose ends* Six -heavy duty 1 1/2" T/C clamps* Two -1 1/2" T/C caps* Twenty -1 1/2" T/C hycar gaskets

38

Appendix 2: State & Local Requirements

39

Appendix 3: Business Ratios

40

Standard business ratios are provided in the following table. The ratios show

strong, yet safe growth for Queen’s in the mid to long-term. Industry Profile ratios are

based on Standard Industrial Classification or the now more utilized NAICS codes 3873.

Ratio Analysis

  2008 2009 2010Industry

Profile

Sales Growth 9.35% 28.52% 7.88% 1.90%

         

Percent of Total Assets        

Accounts Receivable 10.85% 12.42% 15.19% 4.60%

Inventory 15.87% 17.36% 20.25% 3.10%

Other Current Assets 1.49% 1.33% 1.51% 44.60%

Total Current Assets 83.59% 98.67% 111.67% 52.30%

Long-term Assets 16.41% 1.33% -11.67% 47.70%

Total Assets 100.00% 100.00% 100.00% 100.00%

         

Current Liabilities 23.69% 24.77% 29.49% 28.20%

Long-term Liabilities 145.43% 119.52% 107.33% 23.10%

Total Liabilities 169.12% 144.30% 136.83% 51.30%

Net Worth -69.12% -44.30% -36.83% 48.70%

         

Percent of Sales        

Sales 100.00% 100.00% 100.00% 100.00%

Gross Margin 51.76% 54.09% 55.95% 42.30%

Selling, General & Administrative Expenses

49.74% 50.12% 51.63% 23.40%

Advertising Expenses 3.54% 2.75% 2.84% 2.40%

Profit Before Interest and Taxes 6.52% 8.17% 8.05% 2.80%

         

Main Ratios        

Current 3.53 3.98 3.79 1.14

Quick 2.86 3.28 3.10 0.74

Total Debt to Total Assets 169.12% 144.30% 136.83% 51.30%

Pre-tax Return on Net Worth -14.72% -51.90% -83.13% 5.20%

Pre-tax Return on Assets 10.18% 22.99% 30.61% 10.60%

41

         

Additional Ratios 2003 2004 2005  

Net Profit Margin 2.03% 3.97% 4.30% n.a

Return on Equity 0.00% 0.00% 0.00% n.a

         

Activity Ratios        

Accounts Receivable Turnover 12.23 12.23 12.23 n.a

Collection Days 29 27 29 n.a

Inventory Turnover 10.91 11.85 10.90 n.a

Accounts Payable Turnover 12.42 12.17 12.17 n.a

Payment Days 29 28 29 n.a

Total Asset Turnover 3.79 4.34 5.31 n.a

         

Debt Ratios        

Debt to Net Worth 0.00 0.00 0.00 n.a

Current Liab. to Liab. 0.14 0.17 0.22 n.a

         

Liquidity Ratios        

Net Working Capital $160,646 $222,583 $218,212 n.a

Interest Coverage 1.70 2.85 3.52 n.a

         

Additional Ratios        

Assets to Sales 0.26 0.23 0.19 n.a

Current Debt/Total Assets 24% 25% 29% n.a

Acid Test 2.40 2.78 2.58 n.a

Sales/Net Worth 0.00 0.00 0.00 n.a

Dividend Payout 0.00 0.00 0.41 n.a

Research Bibliography

“2007 NAICS Definition.” U.S. Census Bureau.< http://www.census.gov/

eos/www/naics/>

42

Atkinson, William. “Working Smart.” Beverage World, 125/12(2006): 72.

“Limited Liability Company.” Internal Revenue Service (online). http://www.irs.gov/

businesses/small/article/0,,id=98277,00.html

Mullman, Jeremy. “Booze Makers Battle over Turkey Day.” Advertising Age,

78/43(2007): 4-57.

“Persons Per Square Mile.” U.S. Census Bureau, (online). http://www.census.gov>.

“Portland, Oregon.” U.S. Census Bureau (online). <http://www.census.gov>.

Spaeder, Karen. “Heady Stuff.” Entrepreneur, 34/1(2006): 51.

“US Specialty Beer.” Beverage World, 126/7(2007): 18.

43