Download useful templates for corporate finance, financial modelling, valuation, sensitivity analysis, cost of capital, FP&A, treasury, cash management and more. Download PDF. Discounted Cash Flow (DCF) Model. ADDITIONAL INFORMATION. Building Financial Models with Microsoft Excel is an independent publi- cation and is not affiliated with, nor has it been authorized, . The Analysis ToolPak. Part Two: Financial Modeling Using Excel. CHAPTER 5 How to Build Good Excel Models. Attributes of Good Excel Models.

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This document is based on the Financial Modelling Fundamentals training within Microsoft Excel using bpmToolbox® – a best practice add-in available from . Pro Excel Financial Modeling Building Models for Technology StartupsTom Y. Sawyer Pro Excel Financial Modeling: Bui Size Report. DOWNLOAD PDF. Financial modeling using MS. Excel. KPMG Business Academy. Financial toolkit. May Dubai. Improve your financial modeling skills for accurate.

You should select this option if you are replacing formulas with values. Remove cell comments While cell comments can provide clarity to assumptions and methodologies used in a model, they may contain sensitive information or exchanges between colleagues that are not suitable for external distribution.

Remove defined names This tool replaces all defined names in formulas with their appropriate cell references, then deletes the name from the workbook.

Remove hidden worksheets Hidden worksheets may contain sensitive information or works-in-progress not suitable for external distribution. Be sure that removing hidden worksheets does not result in REF! Bury hidden worksheets Hide hidden worksheets so that they cannot be unhidden other than programmatically. This does not prevent viewing hidden worksheets, but does make it more difficult to view them.

When performing this operation from the Prepare to Share dialog and "Remove hidden worksheets" is checked, hidden worksheets will be deleted, rather than buried. Be sure that removing hidden rows and columns does not result in REF! Remove charts Removes all charts from the workbook.

Think of YR 0 as representing the first few months of actual company operations prior to any significant modeling or forecasting. NNote Consider how you will integrate company actual operating results of YR 0 with your financial model.

If your company already has a set of books, design the model to be compatible with their formats. Financial models often become the basis for budgeting systems and must be integrated with accounting system reports. Design for this contingency. Years one through five YR 1 to YR 5 compose the five-year planning horizon for the model. The model is built in a monthly format 60 months. Data is combined into yearly formats when appropriate.

My experience is that it is easier to design monthly and roll up data, particularly when your model has seasonal sales forecasts and is computing depreciation and recurring revenues. Remember that I have suggested that we start with this model because of the informational benefits derived from the analysis that is required to develop the model.

The following discussion and methodology is applicable to all models in the CBM. The format in Figure is used throughout this book to describe the basic design of operational and financial models. Arrows indicate general data flow relationships. View of Staff model worksheets, which shows the top-level structure of STAFF model Initiating and Planning the Model Using the information from the previous planning exercise, we allocate cost, schedule, operating, and other assumptions to the staffing model.

This means that we gather all data from our planning exercise that is relevant to designing this model. A key piece of information that we will need is the planned WBS or organizational structure.

We also need to know the period of performance and have a feel for the master schedule of the primary value events that the company will strive to attain. Figure shows the organizational chart derived from the planning exercise, and Figure shows the master schedule developed during the planning process. Company master schedule derived from the planning process Outlining the Functional Requirements of the Model Next, we develop the following set of functional requirements related to the STAFF model: Creating the Top-Level Model Design Specifications Now that we have a set of functional requirements, we need to create design specifications.

Design specifications describe how we are going to meet the objectives of the functional requirements. A list of design specifications based on the functional requirements follows: No cells within the model will be locked.

This is done by replicating the roll-up methodology for each department using departmental headcount data. Input variables will be placed in logical places in the worksheet. Cells that allow input of variables will be color coded. These are logically placed alongside position titles in Column A. Input areas for the headcount are also provided. The spreadsheet will be organized to allow for roll up of salary and wage and consulting costs at a departmental level based on company organization.

See Figure , and note that the positions listed in the Sales and Mkt section mirror the organizational chart shown in Figure The spreadsheet computes total headcount and total salary, wages, and benefits for the department. Total Consultant costs are accounted for in the total costs but are not included in the taxable basis. Select Formulas from the ribbon and select Error Checking. Excel will check your spreadsheet for formula anomalies. Perform operations and maintenance. In the case of this CBM, configuration management can be managed with systematic file saving and file-naming conventions.

We reviewed a standard methodology for planning and designing models that draws from the best practices of two formal disciplines, project planning and the software design life cycle SDLC. Our first step is to validate the feasibility of the idea. If feasibility is tested and appears positive, the next step is to look to what it takes to design, build and bring the idea to the world. We think of the company as a project. The company has a purpose, a scope, deliverables, tasks, schedules, costs, and a work breakdown structure WBS or organizational chart.

Since we are thinking of the company as a project we will use project planning techniques to plan it. Then we will design the company to implement the plan. The operational models replicate the operations of the moving parts of the company. The financial models utilize the financial outputs from the operational models and present them in standard financial reports.

Green Devil Control Systems our Company and its products and services are fictional but are representative of early-stage technology enterprises striving to get to market today. The business case presented is designed to provide a framework in which we can review, discuss, and analyze many of the issues and challenges that face early-stage companies. In each chapter, we will review and present those parts of the business case that are relevant to the subject matter being discussed.

This chapter presents a top-level overview of the Company business case, and we will discuss the following: He graduated with a degree in mechanical engineering and soon owned his own electrical contracting company. He then began building homes. After years of success, he turned to custom home building, becoming interested in green technologies and smart homes.

He had a flair for sales and was well known in the industry, and he served on many industry committees and study groups.

After more years of success, he sold his company and decided to attend graduate school to obtain an MBA before taking on his next career challenge. During their MBA studies, these two were selected for a team to work on a case study about creating a startup company. Little did they know that they would soon be working together to start a company of their own. Over coffee, while studying balance sheets for their business case study, they began talking about their mutual interest in green technologies.

A company was born.

Giving Birth to the Idea Simply stated, the founders will design, build, and offer a product and service that will allow homeowners to control and monitor electricity usage in their homes.

The founders have a common desire to bring something of value to the world and are convinced that their idea will do just that and that they possess the right mix of talent to make it happen. They believe they can deliver significant energy savings from their product and intend to create a new paradigm for energy conservation and awareness in an industry that has long needed products and technologies of this type.

Getting the Company Started Soon after graduation, the founders rent a small office in their hometown and begin an intensive planning process for their new Company.

They decide to proceed through a logical process of planning and fact finding.

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They must decide, early in the game, if their idea is feasible. How will they test this? They decide to approach initial feasibility testing from three angles: Their feasibility study asks three fundamental questions: He studies the market with a sharp eye on forces that shape competition, looking for products, services, and players that could present competitive threats. He uses his industry background, connections, and know-how to gather as much information as possible to understand the market feasibility of the idea.

She creates a functional requirements document and a preliminary design for the product. Using her own expertise and the expertise of other experts under nondisclosure agreements , she validates the technical feasibility of the product. She examines the entire product development life cycle and assesses the feasibility of bringing the proposed technology to market.

She assesses, to the extent possible, the chances of patenting the product or controlling the idea through trade secrets and technological expertise. Validating Resource Feasibility The founders work together and assess their ability to gather the technical team necessary to design and build the product. Their main question is not about money but expertise.

Designing the Company The feasibility studies prove positive. The next step for the founders is to design their Company. Having read an outstanding book on financial modeling for technology companies, they begin a formal planning process. Once the planning process is completed, and using the information garnered by the process, they will develop a financial model to prototype the design for their Company.

They will develop their financial model, and using it as a baseline, write their business plan. They proceed with a formal planning process.

The following sections explain the results from the planning process. This information forms the basis for the initial business case for Green Devil Control Systems the Company.

Stating the Company Purpose Green Devil Control Systems develops energy monitoring and control systems for the residential home building market. ECS is a patent-pending, programmable hardware and software device that monitors and controls electricity usage on a circuit-by-circuit basis within the home.

ECS usage will reduce electricity usage 10—35 percent annually. Smart homes are primarily being built in the western region of the United States. They have integrated advanced networking capability to electronically control the home environment, including temperature, lighting, telecommunications, and security. Assessing the Market A large number of well-established electrical supply equipment manufacturers and distributors support the housing industry.

The primary economic downloader or customer is the high-end home builder who is building smart homes for progressive and affluent customers.

New players offering the same type of product are not known. The demand for smart homes is growing, but the pace of growth has slowed due to the recent recession in home building. The market for innovative ways to save on utility costs is an early adopter market. Government policies, in general, are highly favorable toward this type of industry. Smart home appliances and services like LANs, security systems, and smart thermostats are all complementary to the ECS product.

Developing a Marketing Strategy The Company will position the ECS product as a green technology, a must-have feature for the progressive smart-home downloader. The founders will utilize standard branding methodologies to position Green Devil Control Systems as a standard feature for all progressive, energy-efficient homes.

The Company will market ECS directly to the target downloader, the high-end home builder, using a technical and business value approach.

They will also cross-market into the electrical contractor market segment that normally sells and installs electrical infrastructure. Each year they will attend two high-end home builder and home downloader trade shows and participate with a booth that portrays the Company as a sophisticated vendor of top-quality smart home infrastructure devices.

The Company will employ field sales engineers who are technically oriented toward electrical control devices and who can both sell and provide on-site technical support.

Products will be limited to versions of ECS for that period. No international sales are anticipated within the planning horizon. Establishing Naming Conventions Naming conventions will be developed as the financial model is developed. The primary product name, which includes any service options, is ECS. Identifying Assumptions and Risk Major assumption areas are the sales forecast and product pricing, the aggressive product development schedule, the ability to outsource manufacturing, and the ability to raise the necessary working capital to bring the product to market.

Major risk factors include market acceptance, market competition, and technology risks associated with product design to manufacturing. Developing the product in a timely fashion and within cost estimates is a critical success factor. Hiring qualified staff members is another critical success factor.

Developing the Production Approach The Company will develop an initial prototype of its hardware and software followed by a production prototype. The production prototype will be thoroughly field tested and sent to labs for compliance testing.

There will be two iterations of this process. Production prototypes will be converted to manufacturing designs. Manufacturing will be outsourced. Assembly and testing will be performed by the Company prior to shipment to customers. The founders will develop and hire the necessary staffing to implement Company strategy.

Low-level breadboard prototype development and testing will be completed by March of YR 1. There will be two iterations of field and compliance testing, which will include final modifications to the production prototype.

Testing will be completed by September of YR 1. Manufacturing will be outsourced and will begin in November of YR 1.

LS software and ES software will be developed in an integrated plan with product development. Master Schedule, Critical Milestones, and Earned Value Criteria There are clearly identified key operational milestones or value events which, when achieved, significantly increase the credibility of the Company and significantly reduce the risk profile of the venture. These value events and the dates they are planned follow: Critical Path The critical path of the Company is revealed by the designated value events, those value events that substantially increase the valuation of the Company, thus becoming natural points to raise investment capital.

Work Breakdown Structure The Company will be organized into three functional organizations: They use best practices from software design life cycle SDLC methods to develop the model. The following chapters guide you through the detailed business thinking and development of the CBM.

Summary In this chapter, you have witnessed the creation of an initial idea for a company and the early-stage thought process and steps necessary for the founders to get started. The founders proceed through a logical process of planning and fact finding. They must decide, early in the game, if their idea is feasible by testing initial feasibility from three angles: Their feasibility study addresses three fundamental questions: They proceed through the process, developing an initial business case for their Company.

They now intend to develop a CBM based on their planning findings that will serve as the first prototype and proof of concept for their idea.

Now that the founders have developed their business case for their Company, we can peer over their shoulders as they create their CBM. As the CBM evolves, it will guide them in implementing their operating plans and allow them to hone their assumptions and strategies as they move forward. The following chapters of this book will guide you through this journey. We will begin with business thinking about staffing and how it relates to the operational implementation of your business idea.

We will then plan and consider how the model will work. Evolution or Intelligent Design? You can feel it when you walk into a business.

I think you know what I mean. In this regard, a startup has a different challenge on its hands. Startup 2. This dimension of staffing is usually not planned for strategically.

NNote One of my clients found himself stuck in a perpetual development cycle because his initial development team, a mixture of visionaries and pathfinders, could not settle on a final configuration for the product and get it to market.

They were stuck in a continuous visionary development do loop. Only when a new product manager a homesteader was hired was the company able to get off the dime and move forward from IOC into FOC. Some would say this is premature hand wringing and that there are bigger fish to fry. I suggest that the operational phase shifts occur sooner rather than later.

The founders must now begin the design and planning process for the Company. They will begin with the modeling of a detailed staffing plan and begin the process of designing the Staffing Model component of the CBM. They must think through the best way to organize the Company in order to do the work required.

The organizational structure defines the relationships between functional positions and functional teams departments and their reporting responsibilities.

What salaries will be required for each needed position? NNote There is a cost roll-up design consideration to be made here. This should always be the lowest level needed for the analysis of the staffing data. For example, you may decide that it is sufficient to collect costs at the functional position level rather than at the individual employee level. Figure this out before you start programming your model.

Create the staffing plan. The forecasted organizational chart that addresses all funtional positions required during the period of performance of the model. For example, an entry of. An entry of 2. The organizational chart shows only three line functions: STAFF is grouping the top executives into an executive department to keep track of their bonus plans separately. This staffing model shows a high-level design and data-process flow. The arrows indicate the primary data flow direction. Understanding the Staffing Plan Worksheet 34!

It calculates salaries and payroll taxes and computes the number of phones, computers, and the requirements for office space needed based on headcount projections. This data is needed as an input to the operating and capital expenditure plan. The K burden calculation is offset by 12 months, assuming that K benefits kick in after one year of employment. Consulting expenses do not carry any applicable taxes or burdens and are not included in the tax and burden basis.

Understanding the Executive Dashboard The 34! Understanding the Executive Chart Data 34! The requirement for each of these items is a variable cost to the Company based on the number of people that will be working for the Company. It is possible that the Company will not have to provide phones or computers or work spaces for consultants.

For instance, the consultant may work from home. We want to count the number of phones, computers, and work spaces based on the input of forecasted headcount. However, there is one additional complication. In many cases, the position will be filled part-time, that is, the input may be shown as a.

This is good enough for our planning purposes. In this example, the formula is in cell G Input the following variables into the formula: Select the range of cells that are the criteria for selection.

In this case, the range is D D23, the Y and N values indicating the need for a phone. Input the criterion, which is Y, for yes. Select the sum range, the range of numbers to be summed if the criterion in the range D D23 is Y. In this case, the range is G Click OK. You have created the first formula to count phones, computers, and work spaces required. Prepare the formula for replication copy into the remaining months on the spreadsheet. You are now ready to replicate the formula for the remaining 59 months of the model by copying and pasting it to the right.

To complete this exercise, you must develop similar formulas in the two cells below your current cell and modify them to use column E and F as the range input. Remember to prepare for replication and rounding up. You have completed the count formulas for this particular section. These formulas are replicated for each functional department. The linking allows for quick spreads of salary adjustment modifications, but it is time consuming to set up. Financial models often involve large spreadsheets.

Linking of cells can be time consuming and is subject to error. The Find and Replace command can be used as a powerful tool to modify formulas en masse when linking large spreadsheets.

Press the Delete key to clear out this cell range. Select cell G Type an equals sign indicating that you are creating a formula. Press Enter. B30, by making column B absolute. Next, copy and paste the formula in G across the range H Now, the identical formula resides in each cell of the range G We will use the Find and Replace command to quickly make these changes in the formulas we just copied.

AE the range of cells for YR 2. Click Find. The Find and Replace dialog box shown in Figure will appear. Find and Replace dialog box 6. If the replacement works correctly, Excel will return a message that 12 replacements have been made, as shown in Figure You have changed 12 formulas with one command.

Save before you use this command and check your results again.

It will find and replace all occurrences. Make sure that you have given it the proper criteria and have the correct range selected. Note that you can undo the operation if you notice that the wrong data was changed. If the message does not say 12 replacements, something is wrong.

We were trying to replace 12 monthly formulas. Repeat the process to change cells in the other year ranges: One purpose of the chart is to show the relationship between the changes in headcount and the corresponding change in cost. The chart data series data we want to chart , that is, the headcount and costs of wages, vary widely in value and are not conducive to charting together because of the wide variance in values between the headcount series and the dollar costs series.

However, showing this data together on one chart is valuable because doing so clearly shows the relationship between headcount and cost. Create a double-axis chart plotting headcount on one axis and cost of salaries and wages on another.

Learning Outcomes - Introduction to Financial Modelling in Excel

Follow these steps to create the chart: BJ11 ; see Figure On the Home tab, select Insert followed by Line. Then, select the 2-D Line chart at the upper-left corner of the possible selections see Figure A line chart will appear within your spreadsheet, as shown in Figure Select the 2-D Line chart.

A line chart will appear within your currently active worksheet. A new chart sheet is inserted, and the chart will fill your screen. See Figures and A new sheet appears, and in it is the chart we have moved. Note that the GT Headcount line is a flat line at the bottom of the chart hugging the horizontal axis.

We will select it for plotting on a secondary axis, thus making it visible. The GT Headcount data series will become highlighted, as shown in Figure Select the GT Headcount series , and it will become highlighted.

A Format Data Series dialog box will appear. Select Secondary Axis, and click Close see Figure The chart is modified to show two vertical axes, one for the headcount series and another for other cost series. See Figure Select Secondary Axis.

Select Layout, and modify chart and axis titles as required. A double-axis chart is created, ready for edit of vertical axis titles and header.

The Staffing model utilizes the organizational structure and the listing of functional positions to compute the cost of salaries, wages, and benefits for the projected headcount. In the full operating capability phase, you need homesteaders. The REV model has been developed to demonstrate modeling of sales and revenue forecasts of Green Devil Control Systems the Company as set forth in its business case.

Products and services can generate distinct revenue streams and usually have direct and identifiable variable costs associated with them. It is common for technology startups to offer product components that can be mixed and matched with different pricing scenarios to address the needs of their target markets.

Components can also be viewed from a value proposition point of view; that is, components deliver differentiated and added value as part of the total value proposition. Components can be positioned to add incremental value to the total value proposition.

Pricing is critical to strategy. Pricing strategy is utilized to drive customers toward the higher margin products and services. The Company develops energy monitoring and control systems for the residential and commercial building markets.

The Company founder and president has extensive experience and contacts in the home building industry. His partner and cofounder is an electrical engineer with extensive experience in electrical control systems and software. Home and business owners are seeking ways to reduce utility costs. ECS is a patent-pending programmable hardware and software device that monitors and controls electricity usage on a circuit-by-circuit basis within a facility.

ECS allows for the mapping of all electric circuits extending into and utilized by the smart home. ECS is programmable and provides switching and control capabilities like a programmable thermostat for all individual electrical circuits. Electrical usage, down to the appliance level, can be programmed, controlled, and monitored. ES also provide a suite of analysis tools and system setup tools for optimizing electricity usage, as well as demographic comparison data and unlimited usage data and statistics.

ES require a yearly subscription. ECS Sales Forecast Assumptions To forecast sales and revenue, we must forecast the number of units that will be sold and the timing of those sales based on our understanding of market conditions. In this section, we look at the sales forecast in two dimensions: It is assumed that all sales will be to builders of new smart homes, which constitute five to six percent of total new housing starts.

In the case of housing starts, there is a definite seasonal impact. This plot serves as a basis for spreading sales unit forecasts across the years of performance. Define the product configuration and assumptions related to component revenue and costs. Develop sales forecast assumptions. Develop methods for forecasting revenue. Develop cash collection assumptions based on revenue. Develop the following assumptions for each component for each year of the forecast model: Options for selecting various product or services mixes.

Plan for the ability to change or model input parameters for the above assumptions. Developing Methods for Forecasting Revenue Develop pricing and revenue generation assumptions for product and services selections: Software download revenue occurs once at download. Maintenance revenue is recurring. This is the top-level design and process flow of the Sales and Revenue Model modules. Arrows represent primary process and data flows between model components. The following section discusses the components of the model.

NNote You can consider what if with this model, and the change in sales units will flow through the entire model. This is a powerful capability. The sales units forecast is a primary driver critical success factor for the CBM. NNote Where do the assumptions come from? How good are the assumptions? One measure of the entrepreneur is the ability to make this call. NNote The decision to spread sales unit forecasts across the period of performance based on historical data is used primarily as an example.

Practically speaking, many other factors influence this decision. Spreading the sales forecast across the period of performance using the seasonal monthly spread percentages completes the modeling of the sales unit forecast. So this worksheet allows for the input of differing pricing and product mix options on a yearly basis. This option generates two revenue streams: This selection is used to compute the number of ES versus LS customers. The relative number of ES customers should grow over the years, since it is the premier product choice.

This worksheet also models the cost of goods sold and profit margin, which will be discussed in greater detail in Chapter 6. It also provides the ability to model pricing levels on a yearly basis.

Option one: Option two: NNote Exercise at the end of this chapter provides a detailed explanation of the calculation of recurring maintenance revenues. Accounts receivable represent money owed to the company and are considered an asset. Accounts receivable balances are shown on the company balance sheet as a current asset. When you create a financial model, you must forecast the amount and timing of cash collections from sales.

This is accomplished, in part, by creating an AR model. The AR model is critical to forecasting cash flows, because it forecasts cash collections from expected sales. NNote It is possible to have rapidly growing sales and no cash. You may have heard of companies going out of business because they grew too fast. Not being able to collect cash due can be a major contributing factor.

NNote Exercise at the end of this chapter gives a detailed explanation of the development of the AR model. It can be used as a management report. Charts are defined, and the data ranges for the chart are derived from linking back to the other worksheets in the model. If customers select the Extended Services ES option, they are signing up for an online service offered by the Company. Online service revenues are recurring in nature.

The ES option is billed to the customers once yearly on the anniversary date of their initial sign-up for the services. As the number of customers grows, computing recurring revenues from this source becomes necessary. Develop a recurring revenue model that computes recurring revenues from an increasing base of ES subscribers.

The following exercise demonstrates how to build a model of this type. This is the recurring revenue model portion of this spreadsheet. Create a replicable formula that copies the column D units the number of ES service units downloadd each month into the same month for all subsequent years. See Figure for a data view and Figure for a formula view of this spread.

Create your formula by placing a formula that grabs the current month new unit count beginning with D79 or January of YR 1 and placing it in each corresponding month for the next five years. Follow the next steps to accomplish this: Cell F79 corresponds to the month of January in YR 1. The range R BM79 now has formulas in it that replicate the data that appears in Cell D79 each January of subsequent years.

Copy the range R BM79 to create a replicable formula that can be pasted in a cascading fashion throughout the calculation matrix of the model.

Financial Modeling in Excel For Dummies - 1E (2017) 25.pdf...

Create a replicable formula that spreads or counts the units from column D annually, that is, repeats the number in column D each year in the same month for all out years. Formula view of Figure c. Cascade the formulas see Figure by copying them in a cascading fashion over the period of performance of the model.

To do this, paste the formula range R It practically demonstrates the creation of operational and financial models that describe the workings of the company in quantitative terms. This book shows you how to take a business idea for a company and break it down into basic functional and operational components that can be modeled.

The resulting model describes the business in quantitative terms and generates operational scenarios and financial projections that are needed to assess the value of the proposed enterprise. Who This Book Is For The ideal reader of this book is the technology entrepreneur, the business or technology student, the owner of an early-stage business, or anyone with an interest in the mechanics of planning, organizing, and developing financial projections for business enterprises.

This book is also for anyone interested in using Microsoft Excel to develop operational and financial models of business enterprises. How This Book Is Structured This book presents a structured and logical exploration and development of a business strategy combined with the development of operational and financial models. The book takes you through the progressive creation of operational models that reflect primary functions of the business leading to the creation of financial models that develop standard financial statements.

The first three chapters of the book form an introduction to the remaining chapters, each of which takes you through a step-by-step process of building the next logical model in a sequence required to complete the entire company business model.

Chapter 1 begins with a high-level discussion of business principles and practical suggestions for the entrepreneur and concludes with a discussion of concepts for developing financial models. Chapter 2 describes, in greater detail, the structure and methodology and best practices for building a financial model for a technology company.

Chapter 3 outlines the business case for Green Devil Control Systems the Company , our business case company and new-breed, green technology company. We will analyze and model the Company throughout the remainder of this book. Chapter 4 kicks off the planning process with the development of organizational concepts and the forecasting of staffing and related costs.

Chapter 5 opens our examination of Company target market assumptions with the creation of a sales and revenue forecast. Chapter 9 budgets for capital expenditures and other operating expenditures that are associated with the core operations of the Company, product development, and sales and marketing.

Chapter 10 is the first of our financial modeling chapters covering the concepts of profit and loss and cash flow in detail and developing profit and loss financial reports. Chapter 11 explores Company valuation and investment strategy utilizing the forecasts and assumptions developed in previous chapters.When and how are all patent applications filed? Make sure that you have given it the proper criteria and have the correct range selected.

We were young and dead broke. The logic of sequencing model creation is based on absolute dependencies, unfolding of company information, and iteration. Chapter 3 outlines the business case for Green Devil Control Systems the Company , our business case company and new-breed, green technology company. No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system, without the prior written permission of the copyright owner and the publisher.

The founders proceed through a logical process of planning and fact finding. Common Ways of Getting Stuck It is common for early-stage companies to lose momentum and get bogged down early in their product introduction cycles. Define the critical path: