Sample State Farm Agency


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Table of Contents


1.0 Executive Summary

 

 

State Farm/Sample Agency is in the process of being formed as an insurance agency owned and operated by State Farm. This plan is written as a guide for financing, start-up and management of this new agency and will also serve as the basis for measurement. The following is a summary of the main points of this plan.

  • The objectives of State Farm/ Sample Agency  are to generate a profit, grow at a challenging and manageable rate, and to be a good citizen in the community.
  • The mission of State Farm/ Sample Agency  is to provide products and services with high quality, protection and value pricing.
  • The keys to success for State Farm/Sample Agency  are variety of business services and products, personal contact, timely and accurate service, development of one-to-one relationships, and a reputation of honesty and integrity. 
  • The primary products offered will be from State Farm Insurance Company, and the added value to small businesses will be the investment, savings and other financial services offered.
  • The local market for this business is wide open. State Farm Insurance Company has captured 23% of the market share and is considered the second largest insurance company in Stark County. 
  • In the first year of operation, a customer base is being established. Over 85% of the new and established insurance business will renew each year creating compounding growth in sales of over 20% with limited increase in operational expense.

In conclusion, as shown in the highlights chart below, this plan projects rapid growth over the next three years with a profit forecasted in the second year of operation and continuing into future years of operation. Implementing this plan, will ensure that State Farm/ Sample Agency  becomes a profitable venture.


Highlights
1.1 Objectives & Business Acumen

The main objectives of State Farm/Sample Agency are:

  • Profit - to create enough prosperity for the agency and employees to have a secure and profitable career with State Farm.
  • Growth - to grow the business at a rate that is both challenging and manageable.
  • Citizenship - to be a social asset to the community and contribute to others who are less fortunate.
1.2 Mission

State Farm/ Sample Agency is dedicated to providing insurance products and business services that provide high quality, protection, and value pricing. We wish to establish a successful partnership with our clients that respects their interests and goals.

Success will be measured by our clients choosing us because of their belief in our ability to meet or exceed their expectations of price, service, and expertise.  

1.3 Initiative & Keys to Success

The keys to the success for State Farm/Sample Agency are:

Business Analysis

Strengths

  • 20 years of knowledge, experience and familiarity of Stark County
  • Strong rapport with local citizens & corporate decision makers 

Weaknesses

  • Demographic office visibility

Competition

  • Primary competition is local State Farm Agents, Farmers & Allstate and other Insurance companies catering to Stark County Market

Unique Agency Opportunities

  • Well recognized community events
  • Educational Institutions- several high schools, Stark Tech, Walsh
  • Healthcare Institutions- hospitals, long-term care facilities, adult daycare
  • 73% of focus population own their own home
2.0 Company Summary

State Farm/Sample Agency is located in Canton, OH providing insurance, investment, banking and retirement products to individuals, families, and small businesses.

2.1 Company Ownership

State Farm/Sample Agency will operate as an Independent Contractor the first 12 months under the ownership of State Farm Insurance Company. Born and raised in Massillon, OH, the agent is closely familiar with Stark County and Northeast Ohio. 

She has over 20 years of experience in Sales, Healthcare, Management, and Consulting and is recently pursuing her  insurance agent license for Life, Health, Property and Casualty insurance.

 

2.2 Start-up Summary

State Farm/Sample Agency start-up costs include:

Start-up costs come to $21,600 of which $18,000 is being financed by State Farm's Signing Bonus. In the first six months of operation:

  • Marketing/Lead Services: marketing and lead generation services to establish client base
  • 1st Month Payroll: for personnel & clerical services
  • Office Sign: professionally developed business sign for business recognition in the market place
  • Stationary: the printing of letterhead and envelopes with the Agency & State Farm company logo
  • Business Cards: the printing of business cards with Agency & State Farm company logo
  • Brochures: development and printing of brochures for marketing the business
  • Cell Phone and Pager: business cell phone and pager for communication with the clients at all times
  • Office Supplies: supplies necessary to set up an office
  • Training/Licensing: costs associated with the three state licenses required for insurance business
  • Business Associations: membership into several business associations such as Chamber of Commerce
  • 1st Month Rent/Lease:  for agency office space
  • 1st Month Utilities: for agency office utilities
  • Telephone: for agency telephone & broadband services
  • Postage: for agency mailings

State Farm/Sample Agency long-term assets include:

  • Laptop Computer: used in meetings with clients for printing insurance quotes and on-line applications
  • PC Computer/Monitor: used in office for accounting services and record of business transactions
  • Printer/Copier/Scanner: used in office for business transactions.  $18,000 sign-up bonus is being used towards the start-up costs. In May of 2008 an additional $11,000 in financing will be required to ensure business operations, marketing and stability during the first year of operation.
Start-up
  
Requirements 
  
Start-up Expenses 
Marketing/Lead Services$500
1st Month Payroll$4,600
Office Sign$500
Stationary$100
Business Cards$50
Marketing Brochures$200
Cell Phone $100
Office Supplies$450
Office Furniture$1,000
1st Month Rent/Lease$2,000
1st Month Utilities$400
Postage$400
Telephone/Broadband$300
Total Start-up Expenses$10,600
  
Start-up Assets 
Cash Required$11,000
Other Current Assets$0
Long-term Assets$0
Total Assets$11,000
  
Total Requirements$21,600

Start-up
3.0 Services

State Farm/Sample Agency provides insurance, banking, savings and retirement products to individuals, families, and small businesses.

As an agent of State Farm Insurance Company the following product and services are offered:

  • Personal Lines - auto, renters, home, motorcycle, boat/yacht, snowmobile, jet ski etc.
  • Commercial Lines - businesses, workers compensation, surety bonds
  • Life & Disability Products - term, whole, universal group and variable life and annuities
  • Health Insurance - long-term care, disability, supplemental medical insurance, Medicare supplemental
  • Retirement Products - fixed, equity indexed, and variable annuities, mutual funds
  • Retirement Plans - IRA, Roth IRA, pension plans, SEP plans, SIMPLE plans, 401K, Profit Sharing
  • Life Planning Concepts - Education Savings Accounts, College Savings Plan
  • Deposit Products - CDs, Money Markets, Savings Accounts, Checking Accounts, HSAs, IRAs
  • Loan Products - Vehicle Loans, Mortgage Loans, Home Equity Loans & Lines of Credit, Credit Cards
4.0 Market Analysis Summary

The market area for State Farm/Sample Agency will be focused on Stark County. Stark County is experiencing an average growth in population over the 2000 census of .06%.

As of 2007, the State Farm Insurance Company is the largest insurance company in Stark County with 23% of the market share. The overall market for State Farm/Sample Agency is wide open. This business plan has identified over 380,575 individuals and business as potential clients in the market area.

4.1 Market Segmentation

State Farm/Sample Agency has targeted the following market segments:

The available market share of 77% represents the estimated market that State Farm Insurance has not captured at this time. Although, the entire state is an available marketing area, the Stark County area will be the focus marketing area at this time.

The first and most important market segment is population broken down by age groups. This can be used for determining the market for personal lines of insurance such as auto and various recreational vehicles, life and life planning products.

Note that the population of 18 to 24 year olds has been separated from the available population as a market segment in itself for determining the possibility of high risk auto insurance policies.

The second market segment is housing units broken down by owner occupied and renters. This can be used for determining the market for personal lines of insurance such as home, town homes, condominium, renters and mortgage protection.

The third market segment is businesses with less than 20 employees. This can be used for determining the market for accounting and bookkeeping services and commercial lines of insurance including property and casualty, retirement and workers compensation.

          Ohio      Stark County     Available market Share 77%
YR 2007 Estimate-Total Population

11,478,006

380,575 293,043
YR 2007 Estimate-18 to 24 years old 31,379 24,162
YR 2007 Estimate-25 to 44 years old 105,259 81,049
YR 2007 Estimate-45 to 64 years old 90,512 69,694
YR 2007 Estimate-65 years and more 57,200 44,044
YR 2007 Estimate-Total Housing Units 148,000 113,960
Housing Units-Owner Occupied 107,397 82,696
Housing Units-Renters 40,919 31,508
YR 2007 Estimate- Businesses 9,277 7,143
2007 Major City Population Estimates          
Canton 79,905 61,527
Jackson 39,798 30,644
Plain 34,607 26,647
Massillon 32,055 24,682
Perry 28,700 22,099
Lake 23,558 18,140
Alliance 23,210 17,872
North Canton 16,796 12,933
Louisville 9,294 7,156


The Top Employers in the area are:

Aultman Hospital
Canton City Bd of Ed
General Electric Co
Mercy Medical Center
Precision Castparts Corp
Republic Engineered Products
Timken Co
Wal-Mart Stores Inc

Market Analysis
  20082009201020112012 
Potential CustomersGrowth     CAGR
Focus Population (Ages 18 & Older)1%291,520292,978294,443295,915297,3950.50%
Median Household Income2%$41,180$42,004$42,844$43,701$44,5752.00%
Focus Housing Units (Owned)0%107,397107,397107,397107,397107,3970.00%
Focus Housing Units (Rented)1%40,91941,32841,74142,15842,5801.00%
Median Housing Value0%$100,300$100,300$100,300$100,300$100,3000.00%
Median Age2%38383940412.12%
Unemployment Rate0%777771.48%
Private nonfarm business establishments, 2005 1%9,2779,3709,4649,5599,6551.00%
Total0.48%590,637593,422596,235599,077601,9500.48%

Market Analysis (Pie)
5.0 Strategy and Implementation Summary
  • Emphasize value instead of price. State Farm/Sample Agency is dedicated to working closely with each client and educating them on the importance of value over price.
  • Build long term relationships. State Farm/Sample Agency is dedicated to establishing a successful partnership with each client, respecting their interests and goals by cultivating a long term relationship to enhance client retention.
  • Focus on increasing market share. State Farm/Sample Agency will focus on personal and business clients that have been identified in the targeted markets.
5.1 Competitive Edge

State Farm/Sample Agency's competitive edge is our positioning as strategic ally with our clients, who are clients more than customers. By building a business based on long-standing relationships with satisfied clients, we simultaneously build defenses against competition. The longer the relationship stands, the more we help our clients understand what we offer them and why they need it.

5.2 Marketing Strategy & Action Plan

The marketing strategy is the core of State Farm/Sample Agency's main strategy:

    • Emphasize, and educate the client on, the importance of value over price
    • Build a relationship business that fosters client retention
    • Develop specific programs for each target market segment

Production Goals

           
Assigned Auto

99

 

 

1190

$57,501

 

Assigned Fire

58

 

 

700

$21,000

 

 

 

 

 

 

 

 

 

Monthly Team Goal

Top 100 Minimum

Monthly Stretch Goal

Policies

Compensation

 

Produced Auto

30

35

40

360

$17,395

 

Produced Fire

23

 

30

270

$8,100

 

Produced Life

10

$3100 Premiums

15

120

$18,780

 

Produced Health

2

$1500 Premiums

5

20

$2,814

 

Produced Bank Loans & CC

2

 

5

18

$5,000

 

Produced Bank Deposits

2

$300 Bank Commissions

5

18

$1,000

 

Mutual Funds

2

4

6

28

$2,800

 

Semi-Monthly Auto

129

 

115

1550

$14,043

 

Semi-Monthly Fire

81

 

62

970

$5,456

 

Semi-Monthly Life & BD

10

 

15

125

$9,390

 

 

 

 

 

 

 

 

Agent Scorecard Bonus 

Premium/Policy Goal

 

 

Points

 

 

Total Life Scorecard

$2,800

 

 

25

 

 

Total Health Scorecard 

$940

 

 

25

 

 

Total Bank Scorecard 

$285

 

 

25

 

 

Total Auto/Fire Scorecard

30 Auto & 23 Fire

 

 

100

 

 

Total Scorecard Bonus

 

 

 

 

$34,500

Auto/Fire/Life Production  10-20% Increase
3 Lines per Household 25% Increase
Policies per Household 4
Lapse or Cancellation Ratio  Below 10%
Sales Agent Asst. will be compensated on produced sales  with commissions based on the following rates:
  Commission Rate Yearly Production Goal Potential Commission
Produced Auto

1.50%

90

$820.00

 

 

 

Produced Fire

1.50%

68

$380.00

 

 

 

Produced Life

6.50%

30

$1,225.00

 

 

 

Produced Health

7.50%

5

$183.00

 

 

 

Auto Loan

$2-$10

1

$6.00

 

 

 

Mortgage Loan

$15-$45

1

$30.00

 

 

 

Refinance

$8

1

$8.00

 

 

 

HELOC

$6

1

$6.00

 

 

 

Credit Card

$2

1

$2.00

 

 

 

Mutual Funds

0.50%

7

$700.00

$3,360.00

Agency & Team Production & Marketing Strategy

One line searches without auto or without fire monthly

  • See multi-line discount program

Small Business Prospecting

  • Identify and visit 5 business owners per month
  • Follow up calls
  • Add at least 1 new small business per month

Renters Prospecting

  • Identify and visit 3 rental complexes per month
  • Mail rental brochure to occupants and/or leave with rental office managers

Referrals

  • Best way to access prospective clients. Always ask current policy holders and develop key centers of influence.  $10 gift card for referrals

Door Hangers in Targeted Subdivisions

Advertise in Subdivision Newsletters

Term Conversions

  • Life Policy must be one year old before it can be converted
  • Send Postcard
  • Follow up call one week later
  • Explain why they should convert:  Permanent is like ownership... Permanent builds cash value
  • Goal to convert at least 40%

Auto Loan Program

  • Quote:  You may not be aware of this but we can provide competitive Auto Financing
  • Change:  What car financing rate are you currently paying? May I share our great rates with you?
  • Total Loss:  Before you buy or look for a replacement vehicle, remember we offer competitive rates for auto financing
  • Adding:  We provide very competitive auto financing rates. May I share our great rates with you?

Used Vehicle Loan Brochures

  • Hand one to everyone who enters the office with rates attached.
  • Include with outgoing mail

Purchased Leads- Sales Genie, Choicepoint, MANTA

  • Identify, mail postcards and follow up on 4000 leads per month

Multi-Line Discount Program

  • Mail multi-line postcards to all one-line policy holders
  • 2 weeks later follow up with additional multi-line postcards
  • Call a minimum of 5 policy holders from auto only list each day
  • Send out letter annual premiums before calling giving differences without an additional line
  • Notate all policy holders for recalls
  • If calling clients within our book of business, we should be able to convert one line to two or more lines 50% of the time.

Agency & Team Retention Marketing Strategy 

Transfers In

  • Send welcome letter and address labels

Referrals

  • Develop relationships with realtors, mortgage brokers, developers, auto body shops, car rental agencies and others who can refer clients
  • Keep track of all key business contacts and referrals
  • Thank you notes

New Phone Hook ups

  • Postcard mailers
  • Mail rental brochure to occupants and/or leave with rental office Develop
  • Follow up calls

New homeowner Leads

  • Courthouse record vendor to identify leads one year after purchase
  • Mail New Homeowner letter
  • Follow up calls

Defector Letters

  • Send personal letters to Develop who have left in the past 2 years

Lapse/Cancellation

  • Call on BOD report

Seasonal Labels

  • Mail two sheets of labels to each client in October for Holiday Season

Calendars

  • Order calendars (magnetic, business card, and wall)
  • Give calendars out to Cancellation during month of December (one per family)

Give Aways

  • Candy
  • Gum
  • Jay Gripper
  • SF suckers
  • City Maps
  • ID Card Holders
  • SF Pens
  • SF Road Atlases
  • SF Rules of The Road

Large Clients

  • Gifts during holidays (blankets, umbrellas, chairs, gas cards)

Stark County Advertising

  • Participate in multi-agent advertising along with any Co-op campaigns

Yellow Page Advertising

MICOS Group Local Internet Traffic Advertising

  • Yahoo & Google Local Search listings
  • MANTA and Craig's Lists Advertising

Agency & Team Marketing Review Process

  • Use Microsoft Outlook Calendar and Task functions for entire team planning
  • Bi-weekly team meetings & Bi-weekly individual meetings
  • Full day planning sessions in October for strategic planning on following year's goals and training
  • All team members are expected to communicate openly and work together to achieve goal
  • Each team member will have their own State Farm Handbook, Procedure/Policies Manual and Company Mission Statement at their desk
5.3 Sales Strategy

State Farm/Sample Agency's sales strategy will be based on systematic person-to-person contacts through referrals, direct mail, telemarketing and the Internet. A list of potential prospects has already been compiled and will serve as a launching pad for marketing the products and services.

5.3.1 Sales Forecast

The important elements of the sales forecasts are summarized on two line items, Insurance Sales, and Miscellaneous Revenue. The summary of the initial sales forecast indicates a first year revenue of $193,996 increasing to $233,350
by the end of the second year, then $277,427 by the end of the third year. It should be noted that although sales increase each year, all revenue has been forecasted very conservatively for the three year forecast.  Actual sales growth for the second year is 20% due to adding a producer for continued sales growth and exponential growth of insurance renewals. The third year of sales reflects an actual growth of 19% due mostly to the increase in insurance renewals. Each element will be discussed separately and in its entirety below: 

 

Insurance Sales - are comprised of three categories, 1) insurance-produced sales, 2) insurance-assigned sales and 3) Insurance renewals.  The insurance products used to forecast new sales are, auto and high risk auto (renews every six months), property structures such as homes, over stated, condominiums, renters and landlord insurance, commercial, life and all other types of recreation vehicle insurance, (renews annually). 

What makes insurance sales different from other sales are the assigned sales and renewals. In most cases, without an increase in monthly production, the monthly income will almost double due to renewals. It has been determined by industry averages, State Farm customer loyalty in the first year is 80%, second year is 85% and third year is 89%. Other than auto, which renews every six months, all other insurance products renew on an annual basis. Because of renewals, it is possible to almost double sales revenue without increasing production costs. The following is the monthly forecast:


 

Sales Forecast                        
 

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Sales                        
                         
Assigned Auto $4,792 $4,792 $4,792 $4,792 $4,792 $4,792 $4,792 $4,792 $4,792 $4,792 $4,792 $4,792
Assigned Fire $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750
Produced Auto $348 $348 $522 $522 $870 $870 $1,740 $1,740 $2,609 $2,609 $2,609 $2,609
Produced Fire $162 $162 $243 $243 $405 $405 $810 $810 $1,215 $1,215 $1,215 $1,215
Produced Life $376 $376 $563 $563 $939 $939 $1,878 $1,878 $2,817 $2,817 $2,817 $2,817
Produced Health $56 $56 $84 $84 $141 $141 $281 $281 $422 $422 $422 $422
Produced Bank Loans & CC $100 $100 $150 $150 $250 $250 $500 $500 $750 $750 $750 $750
Produced Bank Deposits $20 $20 $30 $30 $50 $50 $100 $100 $150 $150 $150 $150
Mutual Funds $56 $56 $84 $84 $140 $140 $280 $280 $420 $420 $420 $420
Semi-Monthly Auto $982 $982 $982 $982 $982 $982 $982 $982 $982 $982 $982 $982
Semi-Monthly Fire $328 $328 $328 $328 $328 $328 $328 $328 $328 $328 $328 $328
Semi-Monthly Life & BD $783 $783 $783 $783 $783 $783 $783 $783 $783 $783 $783 $783
Total Agent Scorecard Bonus                       $34,500
Totals $9,752 $9,752 $10,311 $10,311 $11,428 $11,428 $14,223 $14,223 $17,017 $17,017 $17,017 $17,017

 

The following is the yearly forecast:

Sales Forecast
 

FY 2009

FY 2010

FY 2011

Sales      
       
Assigned Auto $57,501 $74,896 $94,379
Assigned Fire $21,000 $29,100 $38,172
Produced Auto $17,395 $19,483 $21,821
Produced Fire $8,100 $9,072 $10,161
Produced Life $18,780 $21,034 $23,558
Produced Health $2,814 $3,152 $3,530
Produced Bank Loans & CC $5,000 $5,600 $6,272
Produced Bank Deposits $1,000 $1,120 $1,254
Mutual Funds $2,800 $3,136 $3,512
Semi-Monthly Auto $11,778 $13,191 $14,774
Semi-Monthly Fire $3,938 $4,410 $4,939
Semi-Monthly Life & BD $9,390 $10,517 $11,779
Total Agent Scorecard Bonus

$34,500

$38,640

$43,277

Totals $193,996 $233,350 $277,427
     

Sales Forecast
 FY 2009FY 2010FY 2011
Sales   
Assigned Auto$57,501$74,896$94,379
Assigned Fire$21,000$29,100$38,172
Produced Auto$17,396$19,483$21,821
Produced Fire$8,100$9,072$10,161
Produced Life$18,780$21,034$23,558
Produced Health$2,814$3,152$3,530
Produced Bank Loans & Credit Cards$5,000$5,600$6,272
Produced Bank Deposits$1,000$1,120$1,254
Mutual Funds$2,800$3,136$3,512
Semi-Monthly Auto$11,778$13,191$14,774
Semi-Monthly Fire$3,938$4,410$4,939
Semi-Monthly Life & Business Development$9,390$10,517$11,779
Agent Scorecard Bonus$34,500$38,640$43,277
Total Sales$193,997$233,351$277,428
    
Direct Cost of SalesFY 2009FY 2010FY 2011
Sales Agent Assistant Salary (Full-time)$16,640$17,140$17,655
Sales Agent Assistant (Commission)$3,360$3,700$4,070
Office Manager/Marketing (Full-time)$35,360$36,420$37,500
Subtotal Direct Cost of Sales$55,360$57,260$59,225

Sales Monthly

Sales by Year
5.4 Business Goals & Milestones

6 Months prior to Grand Opening

60 days after Grand Opening

1 year after Grand Opening

 

    • A wide variety of business services and insurance products those are affordable, available and understandable.
    • Personal contact and service that meets or exceeds the expectations of our clients.
    • Services and products that are delivered with accuracy and timeliness.
    • Relationships with our clients that fosters renewal business.
    • A reputation in the community for its honesty and integrity.

 

The table below lists important program milestones, with dates and managers in charge. The milestone schedule indicates State Farm/Sample Agency's emphasis on planning for implementation and the measurement of these activities. In addition, each milestone is important to achieving the financial forecast used in this business plan. The following is a brief description of each milestone:

 

  • 12/2/2007- Agency position accepted. Compensation proposal accepted & resignation of current employment with minimum 2 weeks notice.

 

  • December 2007- Official training begins in Murfreesboro, TN.

 

  • 12/01/07-4/30/08- Ongoing training begins.... IE: Agency visits and any other applicable training

 

  • 05/01/08- Official Sample State Farm Agency Grande opening.

 

  • 05/01/08- $18,000 Signing Bonus paid.

 

  • 5/01/08-5/31/08- Hire Sales Agent Asst - hire and train new agent for a start date of 6/01/08.

 

  • 07/01/08 - Staffing in place. Production goals in place. Marketing strategy in place. Full implementation of all Marketing & Sales Strategies.

 

  • 05/01/08-04/30/09- State Farm Career Agent (12 months) - the next milestone in the State Farm Career Agent Program. At the end of twelve months, a State Farm independent contractor's production is checked for the number of policies issued-and-paid to determine State Farm Agency Contract.

 

Milestones
      
MilestoneStart DateEnd DateBudgetManagerDepartment
Business Financing9/1/20074/30/2008$0OwnerFinance
Career Agent1/1/200812/31/2009$0OwnerMarketing
Career Agent (6 mos)5/1/200810/31/2008$0OwnerMarketing
Business Financing5/1/20056/30/2008$0OwnerFinance
Hire Agent7/1/200812/31/2008$0OwnerAdministrative
Career Agent (12 mos)5/1/20084/30/2009$0OwnerMarketing
Totals  $0  

Milestones & Business Goals
6.0 Management Summary

The management philosophy of State Farm/Sample Agency is based on respect for every client, and individual responsibility. For the first year the employee base will be the agent, Cindy Scott plus an office manager and sales agent assistant.  In May of 2007 the financial forecast supports the hiring of an insurance agent assistant to help increase the growth of the business. 

State Farm/Sample Agency's intention is to hire only those who demonstrate the qualities necessary for working in a professional environment, and the willingness to move forward in continuing education. We will be hiring the ultimate "people persons" to provide world class service.

6.1 Personnel Plan

The Personnel Plan reflects the staffing levels required to create, and establish the customer base needed to achieve the revenues projected and reach profitability.

All insurance sales and business service personnel salaries are considered a direct cost of sales.

  • Office Manager (Full-time) paid $17 an hour.
  • Sales Agent Assistant (Full-time) paid $8 an hour plus commissions.

 

Personnel Hiring Process

Recruiting

  • Actively seek new team members at every opportunity so as to have qualified candidates on hand at all times
  • Hand out "I liked your service cards"
  • Analyze and review strengths & weaknesses of current team members periodically

Locating Candidates

  • Centers of Influence
  • Job Fairs
  • Advertise in newspapers & internet
  • Career Placement Centers

Telephone Screening

  • Narrow down pool of candidates
  • Consider phone skills, articulation, rapport, personality and job related experience
  • Consider sales and technical skills

Preliminary Interview

  • Complete Application
  • Administer testing
  • Explain the position and licensing requirements
  • Inform each candidate of mandatory background check
  • Send declination letters to those not invited back for structured interview

Structured Interview

  • Sample questions available in Structured Interview Guide
  • Ask the same questions to each candidate

Job Offer

  • After offer acceptance, send declination letters to other candidates
  • Notify ASR for the following information:
    • New team member alias
    • Federal Crime Bill Staff of Certificate Form
    • Request to License Agent Staff/Background Check Form

Education & Development

  • Every Team member will obtain and maintain P&C and L/H licenses.
  • Every team member will draft an individual development plan. Progress will be reviewed and monitored on a quarterly basis.
  • Every team member is expected to attend AFO/State Farm sponsored training and other learning opportunities with the agent's approval.
  • Specialists will be on a 3 month trainee status
    • Will need to obtain and exceed all production goals.
Personnel Plan
 FY 2009FY 2010FY 2011
Agent$0$0$0
Sales Agent Assistant$0$0$0
Office Manager$0$0$0
Total People333
    
Total Payroll$0$0$0
7.0 Financial Plan

State Farm/Sample Agency financial plan is based on obtaining a signing bonus by May of 2008 of $18,000 to cover the start-up expenses. In May of 2008 an additional $3,500 in financing will be required to ensure business operations, marketing and stability during the first year of operation. For financial forecasting the $7,000 in additional financing will be acquired by the personal savings account of Cindy Scott.  State Farm/Sample Agency will achieve 28.2% profitability in second year and a 46.7% profitability in the third year.

The fiscal year is a calendar year, January through December.

7.1 Start-up Funding

Start-up costs come to $21,600 of which $18,000 is being financed by State Farm's signing bonus. Before the first six months of operation, $10,600 financing is being sought for the start-up costs. In May of 2008 an additional $11,000 in financing will be required to ensure business operations, marketing and stability during the first year of operation.

 

Start-up Funding
Start-up Expenses to Fund$10,600
Start-up Assets to Fund$11,000
Total Funding Required$21,600
  
Assets  
Non-cash Assets from Start-up$0
Cash Requirements from Start-up$11,000
Additional Cash Raised$0
Cash Balance on Starting Date$11,000
Total Assets$11,000
  
  
Liabilities and Capital 
  
Liabilities 
Current Borrowing$0
Long-term Liabilities$0
Accounts Payable (Outstanding Bills)$0
Other Current Liabilities (interest-free)$0
Total Liabilities$0
  
Capital 
  
Planned Investment 
Owner$3,600
State Farm Signing Bonus$18,000
Additional Investment Requirement$0
Total Planned Investment$21,600
  
Loss at Start-up (Start-up Expenses)($10,600)
Total Capital$11,000
  
  
Total Capital and Liabilities$11,000
  
Total Funding $21,600
7.2 Important Assumptions

The key underlying assumptions of State Farm/Sample Agency financial plan shown in the following general assumption table are:

  1. We assume access to financing of $21,600 to support our financial plan.
  2. We assume our financial progress is based on a very conservative sales forecast supported by data received and reviewed by State Farm Insurance.
  3. We assume that all sales milestones have been achieved.
General Assumptions
 FY 2009FY 2010FY 2011
Plan Month123
Current Interest Rate8.25%8.32%8.32%
Long-term Interest Rate8.25%8.32%8.32%
Tax Rate25.00%25.00%25.00%
Other000
7.3 Break-even Analysis

The first year due to start-up costs and expenses will not be included in the break-even analysis.

For determining the average cost of sales for this break-even analysis the last two years are used, 2008 and 2009,  yielding a 59.54% variable cost rate. Cost of sales is the direct labor and payroll taxes of those individuals responsible for producing sales and services.

Fixed costs for this break-even analysis is an average of the two year operating costs resulting in a monthly cost of $4600. Not included in this number is interest and income tax expense.

In order for State Farm/Sample Agency to break-even on a monthly basis, it must produce $11,370 in sales resulting in a cost of sales of $4,600 and 59.54% variable costs. 

Break-even Analysis
  
Monthly Revenue Break-even$11,370
  
Assumptions: 
Average Percent Variable Cost59.54%
Estimated Monthly Fixed Cost$4,600

Break-even Analysis
7.4 Projected Profit and Loss

Based on the realistic sales projections and efficient cost control measures in place, State Farm/Sample Agency will achieve minimal profitability in the first year of operation. Monthly profitability is first achieved in November 2009, but due to developing a customer base, the first months of operations reflect a loss. The total net profit for the first year operations, (after interest & taxes) is $44,368 or 23%.

In the second year of operation, sales increased $39,355 or 20.3%, resulting in a net profit, (after tax and interest), of $71,464. This is an increase on the bottom line of $27,096 or 61% over the prior year.

In the third year of operation, sales increased $44,077 or 19%, resulting in a net profit, (after tax and interest), of $101,229 or 37%. This yields an increase on the bottom line of $56,861 or 128% increase in profits over the first year of operations.  There are no significant changes in the third year of operations.

Pro Forma Profit and Loss
 FY 2009FY 2010FY 2011
Sales$193,997$233,351$277,428
Direct Cost of Sales$55,360$57,260$59,225
Other Costs of Sales$0$0$0
 ------------------------------------
Total Cost of Sales$55,360$57,260$59,225
    
Gross Margin$138,637$176,091$218,203
Gross Margin %71.46%75.46%78.65%
    
    
Expenses   
Payroll$0$0$0
Marketing/Promotion$20,000$20,600$21,218
Depreciation$0$0$0
Employee Benefits$5,500$5,665$5,835
Payroll Taxes$6,500$6,695$6,896
Rent$21,600$22,248$22,915
Utilities$3,000$3,090$3,183
Office Supplies$3,000$3,090$3,183
Professional Services$600$618$637
Insurance$1,700$1,751$1,804
Education/Training$720$742$764
Telephone/DSL/Cell$2,500$2,575$2,652
Cell Phone$720$742$764
Office Furniture$2,000$1,000$1,030
Postage$3,000$3,090$3,183
Auto$5,000$5,150$5,305
Travel$1,000$1,030$1,061
Meals/Entertainment$1,200$1,236$1,273
Office Cleaning$720$742$764
Office Maintenance & Repairs$720$742$764
 ------------------------------------
Total Operating Expenses$79,480$80,806$83,231
    
Profit Before Interest and Taxes$59,157$95,285$134,972
EBITDA$59,157$95,285$134,972
Interest Expense$0$0$0
Taxes Incurred$14,789$23,821$33,743
    
Net Profit$44,368$71,464$101,229
Net Profit/Sales22.87%30.63%36.49%

Profit Monthly

Profit Yearly

Gross Margin Monthly

Gross Margin Yearly
7.5 Projected Cash Flow

Due the fact that State Farm/Sample Agency is a new independent contractor agency of State Farm for the first 12 months, the cash flow for FY2009 is somewhat exaggerated by the instant influx of new capital. Subsequent years however show a healthy growth in cash flow, mainly due to the 20% projected annual increase of insurance, banking and mutual fund products sold. 


Cash
Pro Forma Cash Flow
 FY 2009FY 2010FY 2011
Cash Received   
    
Cash from Operations   
Cash Sales$193,997$233,351$277,428
Subtotal Cash from Operations$193,997$233,351$277,428
    
Additional Cash Received   
Sales Tax, VAT, HST/GST Received$0$0$0
New Current Borrowing$0$0$0
New Other Liabilities (interest-free)$0$0$0
New Long-term Liabilities$0$0$0
Sales of Other Current Assets$0$0$0
Sales of Long-term Assets$0$0$0
New Investment Received$0$0$0
Subtotal Cash Received$193,997$233,351$277,428
    
ExpendituresFY 2009FY 2010FY 2011
    
Expenditures from Operations   
Cash Spending$0$0$0
Bill Payments$129,033$169,178$175,023
Subtotal Spent on Operations$129,033$169,178$175,023
    
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$0$0
Purchase Other Current Assets$0$0$0
Purchase Long-term Assets$0$0$0
Dividends$0$0$0
Subtotal Cash Spent$129,033$169,178$175,023
    
Net Cash Flow$64,964$64,173$102,405
Cash Balance$75,964$140,137$242,543
7.6 Projected Balance Sheet

The table below presents the balance sheet for State Farm/Sample Agency. This table reflects a positive cash position throughout the period of this financial plan. The minimal net worth is created in the first year due to the start-up costs showing as a small retained earnings. As the balance sheet shows, State Farm/Sample Agency will not have any difficulty meeting their debt obligations as long as the conservative revenue projections are met.

Pro Forma Balance Sheet
 FY 2009FY 2010FY 2011
Assets   
    
Current Assets   
Cash$75,964$140,137$242,543
Other Current Assets$0$0$0
Total Current Assets$75,964$140,137$242,543
    
Long-term Assets   
Long-term Assets$0$0$0
Accumulated Depreciation$0$0$0
Total Long-term Assets$0$0$0
Total Assets$75,964$140,137$242,543
    
Liabilities and CapitalFY 2009FY 2010FY 2011
    
Current Liabilities   
Accounts Payable$20,597$13,306$14,482
Current Borrowing$0$0$0
Other Current Liabilities$0$0$0
Subtotal Current Liabilities$20,597$13,306$14,482
    
Long-term Liabilities$0$0$0
Total Liabilities$20,597$13,306$14,482
    
Paid-in Capital$21,600$21,600$21,600
Retained Earnings($10,600)$33,768$105,232
Earnings$44,368$71,464$101,229
Total Capital$55,368$126,832$228,061
Total Liabilities and Capital$75,964$140,137$242,543
    
Net Worth$55,368$126,832$228,061
7.7 Business Ratios

The table below presents common business ratios as a reference. Industry Profile comparisons are for Standard Industrial Classification code 6411.0000, Insurance Agents, Brokers and Service as the majority of our revenue comes from insurance sales.

Ratio Analysis
 FY 2009FY 2010FY 2011Industry Profile
Sales Growth0.00%20.29%18.89%8.23%
     
Percent of Total Assets    
Other Current Assets0.00%0.00%0.00%69.87%
Total Current Assets100.00%100.00%100.00%94.00%
Long-term Assets0.00%0.00%0.00%6.00%
Total Assets100.00%100.00%100.00%100.00%
     
Current Liabilities27.11%9.49%5.97%36.78%
Long-term Liabilities0.00%0.00%0.00%9.58%
Total Liabilities27.11%9.49%5.97%46.36%
Net Worth72.89%90.51%94.03%53.64%
     
Percent of Sales    
Sales100.00%100.00%100.00%100.00%
Gross Margin71.46%75.46%78.65%100.00%
Selling, General & Administrative Expenses48.59%44.84%42.16%74.71%
Advertising Expenses0.00%0.00%0.00%0.48%
Profit Before Interest and Taxes30.49%40.83%48.65%5.37%
     
Main Ratios    
Current3.6910.5316.751.82
Quick3.6910.5316.751.62
Total Debt to Total Assets27.11%9.49%5.97%51.49%
Pre-tax Return on Net Worth106.84%75.13%59.18%7.25%
Pre-tax Return on Assets77.87%67.99%55.65%14.94%
     
Additional RatiosFY 2009FY 2010FY 2011 
Net Profit Margin22.87%30.63%36.49%n.a
Return on Equity80.13%56.35%44.39%n.a
     
Activity Ratios    
Accounts Payable Turnover7.2612.1712.17n.a
Payment Days273829n.a
Total Asset Turnover2.551.671.14n.a
     
Debt Ratios    
Debt to Net Worth0.370.100.06n.a
Current Liab. to Liab.1.001.001.00n.a
     
Liquidity Ratios    
Net Working Capital$55,368$126,832$228,061n.a
Interest Coverage0.000.000.00n.a
     
Additional Ratios    
Assets to Sales0.390.600.87n.a
Current Debt/Total Assets27%9%6%n.a
Acid Test 3.6910.5316.75n.a
Sales/Net Worth3.501.841.22n.a
Dividend Payout0.000.000.00n.a
Appendix
Sales Forecast
  May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
Sales             
Assigned Auto0%$4,792$4,792$4,792$4,792$4,792$4,792$4,792$4,792$4,792$4,792$4,792$4,792
Assigned Fire0%$1,750$1,750$1,750$1,750$1,750$1,750$1,750$1,750$1,750$1,750$1,750$1,750
Produced Auto0%$348$348$522$522$870$870$1,740$1,740$2,609$2,609$2,609$2,609
Produced Fire0%$162$162$243$243$405$405$810$810$1,215$1,215$1,215$1,215
Produced Life0%$376$376$563$563$939$939$1,878$1,878$2,817$2,817$2,817$2,817
Produced Health0%$56$56$84$84$141$141$282$282$422$422$422$422
Produced Bank Loans & Credit Cards0%$100$100$150$150$250$250$500$500$750$750$750$750
Produced Bank Deposits0%$20$20$30$30$50$50$100$100$150$150$150$150
Mutual Funds0%$56$56$84$84$140$140$280$280$420$420$420$420
Semi-Monthly Auto0%$982$982$982$982$982$982$982$982$982$982$982$982
Semi-Monthly Fire0%$328$328$328$328$328$328$328$328$328$328$328$328
Semi-Monthly Life & Business Development0%$783$783$783$783$783$783$783$783$783$783$783$783
Agent Scorecard Bonus0%$0$0$0$0$0$0$0$0$0$0$0$34,500
Total Sales $9,752$9,752$10,310$10,310$11,429$11,429$14,224$14,224$17,017$17,017$17,017$51,517
              
Direct Cost of Sales May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
Sales Agent Assistant Salary (Full-time) $1,387$1,387$1,387$1,387$1,387$1,387$1,387$1,387$1,387$1,387$1,387$1,387
Sales Agent Assistant (Commission) $280$280$280$280$280$280$280$280$280$280$280$280
Office Manager/Marketing (Full-time) $2,947$2,947$2,947$2,947$2,947$2,947$2,947$2,947$2,947$2,947$2,947$2,947
Subtotal Direct Cost of Sales $4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613
Personnel Plan
  May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
Agent0%$0$0$0$0$0$0$0$0$0$0$0$0
Sales Agent Assistant0%$0$0$0$0$0$0$0$0$0$0$0$0
Office Manager0%$0$0$0$0$0$0$0$0$0$0$0$0
Total People 333333333333
              
Total Payroll $0$0$0$0$0$0$0$0$0$0$0$0
Pro Forma Profit and Loss
  May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
Sales $9,752$9,752$10,310$10,310$11,429$11,429$14,224$14,224$17,017$17,017$17,017$51,517
Direct Cost of Sales $4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613
Other Costs of Sales $0$0$0$0$0$0$0$0$0$0$0$0
  ------------------------------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales $4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613$4,613
              
Gross Margin $5,139$5,139$5,697$5,697$6,816$6,816$9,611$9,611$12,404$12,404$12,404$46,904
Gross Margin % 52.69%52.69%55.25%55.25%59.63%59.63%67.57%67.57%72.89%72.89%72.89%91.05%
              
              
Expenses             
Payroll $0$0$0$0$0$0$0$0$0$0$0$0
Marketing/Promotion $1,667$1,667$1,667$1,667$1,667$1,667$1,667$1,667$1,667$1,667$1,667$1,667
Depreciation $0$0$0$0$0$0$0$0$0$0$0$0
Employee Benefits $458$458$458$458$458$458$458$458$458$458$458$458
Payroll Taxes $542$542$542$542$542$542$542$542$542$542$542$542
Rent $1,800$1,800$1,800$1,800$1,800$1,800$1,800$1,800$1,800$1,800$1,800$1,800
Utilities $250$250$250$250$250$250$250$250$250$250$250$250
Office Supplies $250$250$250$250$250$250$250$250$250$250$250$250
Professional Services $50$50$50$50$50$50$50$50$50$50$50$50
Insurance $142$142$142$142$142$142$142$142$142$142$142$142
Education/Training15%$60$60$60$60$60$60$60$60$60$60$60$60
Telephone/DSL/Cell $208$208$208$208$208$208$208$208$208$208$208$208
Cell Phone $60$60$60$60$60$60$60$60$60$60$60$60
Office Furniture $167$167$167$167$167$167$167$167$167$167$167$167
Postage $250$250$250$250$250$250$250$250$250$250$250$250
Auto $417$417$417$417$417$417$417$417$417$417$417$417
Travel $83$83$83$83$83$83$83$83$83$83$83$83
Meals/Entertainment $100$100$100$100$100$100$100$100$100$100$100$100
Office Cleaning $60$60$60$60$60$60$60$60$60$60$60$60
Office Maintenance & Repairs $60$60$60$60$60$60$60$60$60$60$60$60
  ------------------------------------------------------------------------------------------------------------------------------------------------
Total Operating Expenses $6,623$6,623$6,623$6,623$6,623$6,623$6,623$6,623$6,623$6,623$6,623$6,623
              
Profit Before Interest and Taxes ($1,485)($1,485)($927)($927)$192$192$2,987$2,987$5,780$5,780$5,780$40,280
EBITDA ($1,485)($1,485)($927)($927)$192$192$2,987$2,987$5,780$5,780$5,780$40,280
Interest Expense $0$0$0$0$0$0$0$0$0$0$0$0
Taxes Incurred ($371)($371)($232)($232)$48$48$747$747$1,445$1,445$1,445$10,070
              
Net Profit ($1,114)($1,114)($695)($695)$144$144$2,240$2,240$4,335$4,335$4,335$30,210
Net Profit/Sales -11.42%-11.42%-6.74%-6.74%1.26%1.26%15.75%15.75%25.48%25.48%25.48%58.64%
Pro Forma Cash Flow
  May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
Cash Received             
              
Cash from Operations             
Cash Sales $9,752$9,752$10,310$10,310$11,429$11,429$14,224$14,224$17,017$17,017$17,017$51,517
Subtotal Cash from Operations $9,752$9,752$10,310$10,310$11,429$11,429$14,224$14,224$17,017$17,017$17,017$51,517
              
Additional Cash Received             
Sales Tax, VAT, HST/GST Received0.00%$0$0$0$0$0$0$0$0$0$0$0$0
New Current Borrowing $0$0$0$0$0$0$0$0$0$0$0$0
New Other Liabilities (interest-free) $0$0$0$0$0$0$0$0$0$0$0$0
New Long-term Liabilities $0$0$0$0$0$0$0$0$0$0$0$0
Sales of Other Current Assets $0$0$0$0$0$0$0$0$0$0$0$0
Sales of Long-term Assets $0$0$0$0$0$0$0$0$0$0$0$0
New Investment Received $0$0$0$0$0$0$0$0$0$0$0$0
Subtotal Cash Received $9,752$9,752$10,310$10,310$11,429$11,429$14,224$14,224$17,017$17,017$17,017$51,517
              
Expenditures May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
              
Expenditures from Operations             
Cash Spending $0$0$0$0$0$0$0$0$0$0$0$0
Bill Payments $362$10,865$10,870$11,005$11,014$11,285$11,308$11,983$12,007$12,682$12,682$12,969
Subtotal Spent on Operations $362$10,865$10,870$11,005$11,014$11,285$11,308$11,983$12,007$12,682$12,682$12,969
              
Additional Cash Spent             
Sales Tax, VAT, HST/GST Paid Out $0$0$0$0$0$0$0$0$0$0$0$0
Principal Repayment of Current Borrowing $0$0$0$0$0$0$0$0$0$0$0$0
Other Liabilities Principal Repayment $0$0$0$0$0$0$0$0$0$0$0$0
Long-term Liabilities Principal Repayment $0$0$0$0$0$0$0$0$0$0$0$0
Purchase Other Current Assets $0$0$0$0$0$0$0$0$0$0$0$0
Purchase Long-term Assets $0$0$0$0$0$0$0$0$0$0$0$0
Dividends $0$0$0$0$0$0$0$0$0$0$0$0
Subtotal Cash Spent $362$10,865$10,870$11,005$11,014$11,285$11,308$11,983$12,007$12,682$12,682$12,969
              
Net Cash Flow $9,390($1,114)($560)($695)$415$144$2,916$2,240$5,010$4,335$4,335$38,548
Cash Balance $20,390$19,276$18,716$18,021$18,436$18,580$21,496$23,736$28,746$33,081$37,417$75,964
Pro Forma Balance Sheet
  May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
AssetsStarting Balances            
              
Current Assets             
Cash$11,000$20,390$19,276$18,716$18,021$18,436$18,580$21,496$23,736$28,746$33,081$37,417$75,964
Other Current Assets$0$0$0$0$0$0$0$0$0$0$0$0$0
Total Current Assets$11,000$20,390$19,276$18,716$18,021$18,436$18,580$21,496$23,736$28,746$33,081$37,417$75,964
              
Long-term Assets             
Long-term Assets$0$0$0$0$0$0$0$0$0$0$0$0$0
Accumulated Depreciation$0$0$0$0$0$0$0$0$0$0$0$0$0
Total Long-term Assets$0$0$0$0$0$0$0$0$0$0$0$0$0
Total Assets$11,000$20,390$19,276$18,716$18,021$18,436$18,580$21,496$23,736$28,746$33,081$37,417$75,964
              
Liabilities and Capital May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
              
Current Liabilities             
Accounts Payable$0$10,503$10,503$10,638$10,638$10,909$10,909$11,584$11,584$12,259$12,259$12,259$20,597
Current Borrowing$0$0$0$0$0$0$0$0$0$0$0$0$0
Other Current Liabilities$0$0$0$0$0$0$0$0$0$0$0$0$0
Subtotal Current Liabilities$0$10,503$10,503$10,638$10,638$10,909$10,909$11,584$11,584$12,259$12,259$12,259$20,597
              
Long-term Liabilities$0$0$0$0$0$0$0$0$0$0$0$0$0
Total Liabilities$0$10,503$10,503$10,638$10,638$10,909$10,909$11,584$11,584$12,259$12,259$12,259$20,597
              
Paid-in Capital$21,600$21,600$21,600$21,600$21,600$21,600$21,600$21,600$21,600$21,600$21,600$21,600$21,600
Retained Earnings($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)($10,600)
Earnings$0($1,114)($2,227)($2,922)($3,617)($3,473)($3,329)($1,088)$1,152$5,487$9,822$14,158$44,368
Total Capital$11,000$9,886$8,773$8,078$7,383$7,527$7,671$9,912$12,152$16,487$20,822$25,158$55,368
Total Liabilities and Capital$11,000$20,390$19,276$18,716$18,021$18,436$18,580$21,496$23,736$28,746$33,081$37,417$75,964
              
Net Worth$11,000$9,886$8,773$8,078$7,383$7,527$7,671$9,912$12,152$16,487$20,822$25,158$55,368
General Assumptions
  May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09
Plan Month 123456789101112
Current Interest Rate 8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%
Long-term Interest Rate 8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%8.25%
Tax Rate 25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%
Other 000000000000

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