Published on March 2, 2009
Business Plan For The Devotional Chef Confidential Document Version 2.0 Devotional Chef Enterprises 4925 Houston Drive Baton Rouge LA 70809-2031 firstname.lastname@example.org 225-293-1998 Office
Executive Summary The Devotional Chef brand was created by Rev. Robert Officers Lacy in 2001. Its first product is the Devotional Chef’s Rev. Robert Lacy Cookbook. This cookbook sold 2000 copies in 2006, President/CEO mostly over the Internet and with little promotion. Dr. Ron Graham VP Business Development The success of the Cookbook has led Paula K. Lacy Rev. Lacy to develop new seasonings Comptroller/CFO Ingrid Stewart and sauces to complement his work VP Logistics/Fulfillment in the kitchen, and these items are nearing a spot on store shelves; he Members of Board of also has ideas for specialty Directors currently being sought. cookbooks and related items. He has potentially patentable cookware ideas Financing Sought for which patent searches and prototype development are underway. $398K In this first round of financing, the Devotional Chef is Expected Sales seeking investors willing to combine for $398K. This $10.5M/year by 2013 with influx of capital will enable the following: cookware; $3.5M/year by 2013 without cookware, based on Cookbook Republish the Cookbook • and seasonings alone; Create a Devotional Chef television pilot • Television should put sales somewhere between. Secure IP rights for all new patents and trademarks • Prototype the new cookware ideas • Multiple exit strategies for investors possible. ROI of up Place a selection of seasonings and sauces in • to 800% expected by 2013. regional stores, starting with Whole Foods Market in the southwest USA region Current Assets Package the Devotional Chef as a celebrity brand • • Existing Cookbook Fill staff and board openings • • Plans for more cookbooks and celebrity items • Expected purchase order for Early-stage marketing – until the Devotional Chef enters seasonings from Whole Foods a growth stage – will center on Market • Letter of interest for $100K in funding from National Angel The Devotional Chef Web site • Investor Lender Forum • Continued interest from LeSEA A book tour for the Cookbook • Television Network Television appearances for Rev. Lacy • IP rights being sought for new • cookware A series of Devotional Chef cooking tips on YouTube • • Contacts throughout southeast Other inexpensive techniques listed in this Plan USA, especially in evangelical • Christian circles We expect the Cookbook and seasonings to begin to Bank generate a profit before the end of 2009; investors will begin to recoup several times their original investment Capital One Baton Rouge, LA by the second quarter of 2013. Devotional Chef Enterprises www.thedevotionalchef.com 2/13 4925 Houston Drive email@example.com 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
Mission Statement The Devotional Chef brand celebrates the fact that Christian fellowship and food go hand-in-hand, and provides products and services for home cooks that demonstrate this relationship to society. This is captured in our slogan, “The Home of God and Good Food!” Goals of this Business Plan The goals of this business plan are as follows: Immediate ($8K) • Produce a Devotional Chef pilot suitable for television airplay and distribution. • Place a selection of spices in Whole Foods Market in Baton Rouge, LA, then continue throughout the chain in the southwest US • Identify and gather sources of revenue and consulting skills to further the brand. Early 2009 ($120K) • Secure sufficient marketing and promotional expertise to develop a celebrity business model similar to – if on a smaller scale – that of Martha Stewart. • Enable nationwide public appearances for the Devotional Chef. • Secure intellectual property rights for new inventions, trademarks, and copyrights. Mid- to Late 2009 ($270K) • Publish and distribute at least 20000 updated copies of the Devotional Chef’s Cookbook right away and a total of 100000 by mid-2010. • Make the brand nationally-known and profitable. • Extend financial perks to first equity partners. Total investment sought for 2008 and 2009: $398K Brief History The Devotional Chef brand was created by Rev. Robert Lacy on 01/10/2001 as the official for-profit entity of White Dove Ministries, a 501(c) (3) Non-Profit Federally Tax Exempt outreach Ministry, itself formed 10/16/1996. Its first product is the Devotional Chef’s Cookbook, shown here. The Cookbook contains devotional writings from some of the best-loved evangelical Christian figures in the USA, as well as some of their favorite recipes. Several recipes have Devotional Chef Enterprises www.thedevotionalchef.com 3/13 4925 Houston Drive firstname.lastname@example.org 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
also been contributed by Rev. Lacy and others who have helped in the preparation of the book. The book’s first printing, from White Dove Press LLC, has sold 2000 copies since 2006 essentially over the Internet alone, and with little active promotion; it has just been picked up by Morgan James Publishing, Garden City, NY, with the intent of having its audience extended nationally. Among its several hundred recipes are the following examples of chicken dishes: Cajun Fried Chicken 113 • Chicken Casserole 217 • Chicken Quick Oyster Gumbo 33 • DeDe's Chicken Salad 63 • Easy Chicken & Dumplings 147 • Jambalaya 227 • Oriental Chicken Rolls 132 • Quick Trash Can Pizza 201 • Southwestern Chicken 143 • According to the CBA, the trade association for Christian retail sales (www.cbaonline.org), $4.63 billion was spent in 2006 by Christians on books and music and related items in Christian stores. This suggests that there is a healthy ongoing market for useful books for Christian buyers. The Devotional Chef’s Cookbook will find an audience waiting, nationwide, based on its sales to date. News Release Ghost writers Rusty Fischer and Raoul Davis have been retained to submit the Devotional Chef’s Cookbook to print publishers. Though the stagnant US economy has caused many publishing houses to turn authors away or push their projects back, the Cookbook is a proven product, as Devotional Chef Enterprises has already sold several thousand copies with almost no budget. The retail food business in the USA takes in over 20 billion dollars annually. This suggests that well-prepared good food will find a market waiting. The Devotional Chef plans to enter this market, initially with seasonings, then with sauces and salad dressings. A limited run of seasonings was developed in December 2008 for sampling and marketing purposes, based on interest expressed by the Whole Foods Market of Baton Rouge, LA: News Release Rev. Lacy has been approved as a vendor for the Whole Foods Market in Baton Rouge, LA, as of December 2008. This location is currently making room for Devotional Chef Seasonings, with a launch anticipated in the late January to early February, 2009 time frame. The launch of Devotional Chef Seasonings, bottled by Vanns Spices of Baltimore, MD, will be accompanied by Rev. Lacy cooking in person at the Market, and Devotional Chef branded merchandise will be available for sale. Devotional Chef Enterprises www.thedevotionalchef.com 4/13 4925 Houston Drive email@example.com 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
According to allbusiness.com, American consumers spend in excess of 7.4% of their income annually on house wares, in a $301 billion market. Again, there is a healthy market, and the Devotional Chef plans to enter here as well. To raise money is essential: White Dove Press LLC, which is affiliated with the Devotional Chef, has minimal tangible assets. The entire value of the Devotional Chef is at this point based on the existing Cookbook and intellectual property for proposed future cookbooks, recipes, inventions and retail items. News Release Devotional Chef Enterprises has received a Letter of Interest from the National Angel Investor Lender Forum of Cincinnati, indicating an investment of up to $100K if Devotional Chef Enterprises is able to raise the remainder of its funding needs from other sources. This is a copy of part of that letter: Expansion Plans Recognizing the popularity of cookbooks in American society, and the buying power of the Christian market, the Devotional Chef intends to expand its business in the following ways: I. Develop a product line based on the Devotional Chef brand, listed as follows roughly in order of priority: (a) Republish the Devotional Chef’s Cookbook (currently available on CD- ROM and hardcopy) Devotional Chef Enterprises www.thedevotionalchef.com 5/13 4925 Houston Drive firstname.lastname@example.org 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
(b) Publish the Devotional Chef’s Country Club Cookbook (under development) (c) Publish the Devotional Chef’s Children’s Cookbook (under development) (d) Market the Devotional Chefs All Purpose Seasonings and Rubs (4 flavors, 4oz each, currently available) (e) Market a line of meat, vegetable, seafood, and herb salts (f) Market a line of American Comfort and Cajun Fusion ready-made and frozen food items (g) Create and syndicate the Devotional Chef Cooking Show (then make it available on DVD) (h) Market a line of Devotional Chef Bistro Ware (cooking set, under development) (i) Market a line of Devotional Chef Designer Hostess Sets (napkins, plates, and eating utensils, under development) (j) Market a line of Devotional Chef Wear (aprons, etc., under development) (k) Market a line of Devotions Perfumes and colognes (under development) (l) Market a line of Devotions Designer Logo Jewelry (under development) II. Secure a relationship for television production and distribution. Preliminary discussions with WHNO TV-20, New Orleans, an affiliate of LeSEA Broadcasting, have led to a proposal including the following: (a) Air the Devotional Chef Show in the “Women’s Block” (b) Provide a director & access to post-production & mobile production as needed (c) Provide streaming video for the Internet, including short portions for YouTube, and links to devotionalchef.com. (d) Provide network distribution opportunities. (e) Assist in securing intellectual property rights related to the show. (f) Provide an opportunity for Devotional Chef products to be sold during station telethons. (g) Provide information on program sponsors and sales staff to The Devotional Chef. (h) Both parties meet regularly to provide one other with updates. This would be accomplished under the White Dove Press, LLC DBA Devotional Chef Brand. There has been no agreement secured with WHNO at this time; we are using this proposal as a model for discussions with other similar entities. Our goal is to secure a TV partner without having to give up intellectual property rights or an excessive percentage of ownership of the Devotional Chef. III. Secure intellectual property rights for new inventions. Devotional Chef Enterprises www.thedevotionalchef.com 6/13 4925 Houston Drive email@example.com 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
The Devotional Chef has a concept for a new line of space-saving cookware, for which it is in the process of securing intellectual property rights, and is also entering discussions with a small manufacturer to develop a prototype for demonstration purposes. The cookware idea is not forming a significant part of the expected revenues for Devotional Chef products in the next few years, because the intellectual property must be cleared, and a manufacturing plan must be prepared. We do include the cookware as part of our expected expenses for the next year or two. A successful patent would give the Devotional Chef a new product, and potentially a new product line, thus opening a new revenue stream. We believe that with the right manufacturer, we will see revenues increase by between 30% and 100% immediately after the cookware is made available to the public. Management Rev. Robert Lacy (President/CEO) is a full-time evangelist and the Pastor/Founder of White Dove Ministries, headquartered in Baton Rouge, LA. The ministry is a 501C (3) outreach ministry; currently involved in child sponsorship and in assisting those who need aid. Rev. Lacy was born in Trenton, NJ, raised and educated in Philadelphia, PA and Trenton, NJ, where he attended high school; he then attended Mercer County Community College and Trenton State College. He served as past president of the Mercer County Young Democrats and as a former New Jersey Legislative Aid and Republican Congressional Staff Assistant and New Jersey Military Liaison. Moving south, Rev. Lacy attended World Evangelism Bible College and Seminary in Baton Rouge. He served as a deacon for a church in Trenton and as a youth pastor in Baton Rouge, and traveled to Europe and Nigeria on a mission team as an evangelist. His vision is to establish a local church, a state of the art medical health clinic, soup kitchen, food pantry outreach and child assistance foundation. Rev. Lacy also served formerly in the Kiwanis International, Red Stick Chapter and Kiros National Prison Ministries. He has spoken in churches, prisons, rehabs, service clubs, on radio and television as a minister and author of two books, The Devotional Chef’s Cookbook and Anointed to Prosper. He has produced a celebrity Christian cooking show based on The Devotional Chef’s Cookbook. Rev. Robert Lacy is married to Paula K. Lacy, Comptroller and CFO of the company. They have three adult children and two grandchildren. They are both Devotional Chef Enterprises www.thedevotionalchef.com 7/13 4925 Houston Drive firstname.lastname@example.org 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
ordained and licensed ministers of the Gospel, and serve as staff ministers at Grace and Compassion Church in Baton Rouge. Dr. Ron Graham (VP Business Development) has the following short list of job descriptions: aerospace engineer, working with control systems for rockets and • spacecraft teacher of writing and Rhetoric for college students • teacher of Algebra, Geometry, and computer literacy for high-school • students robotics engineer, performing design, analysis and testing for flexible • manipulators advisor for start-ups, writing business plans and making connections • blogger and archivist of info for young entrepreneurs; writer/editor of two • e-books, Rhetoric for Engineers and start me up! He is the Editor of the Engineer's Companion (http://www.tcnj.edu/~rgraham/), for more than 12 years one of the most well-respected engineering reference Web sites in the world. He has written or co-authored several technical papers and several business plans (each for a company that is still in business). He has studied at the University of Akron, Cleveland State University, and the College of New Jersey. He currently lives in Trenton, NJ. Ingrid Stewart (VP Logistics and Fulfillment) has over ten years’ retail experience in management, customer service, sales, inventory control, and accounting. In that time she has accomplished the following: supervised as many as 20 employees • trained floor sales and sales support staff • maintained regular operations and balancing of ready cash • successfully interacted with customers and co-workers on all levels • A graduate of Louisiana State University, Ms. Stewart now lives in Baton Rouge. Paula K. Lacy (Comptroller/CFO) has been with the US Postal Service for 39 years. She currently holds a Sr. Clerk position, providing support to a mail processing center, and assists corporate customers in accounts receivable and overall mail processing accounts, balancing hundreds of thousands of dollars of revenue in cash, checks, bank wire transfers and postage stamp inventory daily. She has acted as station manager in RFD areas when needed, and has operated the Louisiana State University on-site USPS facility. She serves as a trainer to new postal clerks in advanced technologies, including a revenue processing technology for which she is one of only three trainers in the USA. For her years of dedicated and successful service she has been awarded many commendations and citations. Devotional Chef Enterprises www.thedevotionalchef.com 8/13 4925 Houston Drive email@example.com 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
She is a licensed Minister of the Evangelical Christian Alliance, and can perform weddings and funerals, including providing appropriate credentials, in Louisiana and Florida. She co-founded White Dove Ministries, along with Rev. Robert Lacy, in 1996. Expected Growth As can be seen from the sales Sales Forecast forecast graph, we expect the for Devotional Chef's Cookbook national sales of the Devotional Chef’s Cookbook to begin to 600 generate a profit in the fourth Start-up thousands of dollars 500 Expenses quarter of 2009, perhaps sooner. Retail sales of 400 Cookbook The following assumptions are 300 made in the development of this 200 graph: 100 The start-up expenses given • 0 in red are expected for the 1 2 3 4 5 6 7 8 9 10 11 12 entire business, not merely months from December 2008 production of the Cookbook. Expenses follow a trend • leading to nearly $400K spent at the end of 2009, approximately equal to the amount of investment we hope to secure, as indicated above. The Cookbook sells at a retail price of approximately $23. • The Cookbook sells at a rate of about 3000/month. As we intend • ultimately to print 100000 copies, we believe this sales rate is conservative. Our view is based on 2006 sales mentioned above, along with a wider distribution and a systematic approach to marketing. Even if the book sells steadily at 2000/month, it will become profitable in the middle of 2010. We will see no measurable sales until the second quarter of 2009. • We believe that TV production of the Devotional Chef will initiate a second revenue stream in the second half of 2009. Our sales model for on-air sponsorships is as follows: Sponsor’s Responsibility Cost to Sponsor (thousands of $) Top Dish/main course 52 Appetizer 36 Dessert 26 Menu 156 Devotional Chef Enterprises www.thedevotionalchef.com 9/13 4925 Houston Drive firstname.lastname@example.org 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
Capital Expenses Source Cost (thousands of $) Production, distribution and marketing of 30000 copies of The 35 Devotional Chef’s Cookbook Production, distribution, and marketing of seasonings and rubs in 26 markets in the southwest region of the US Advertising in radio, TV, print media, live appearances 110 Administrative costs: 152 • Author/TV personality tour (35) • Operating funds (27) • Bookkeeping & administration (both part-time) (70) • Legal retainer (10) • Accountant retainer (10) TV production and airing (estimates vary; this is the largest) 55 Supplies 10 Intellectual property: patents, trademarks, copyrights 10 • Prototypes (for one cookware item at this point) TOTAL CAPITAL EXPENSES 398 Marketing Strategy The Devotional Chef believes that an integrated marketing strategy, in which all media sends the same message about our products. The keystone of our strategy is customer satisfaction. There are no unhappy customers: there are only happy customers, and someone else’s. Web Site. The Devotional Chef Web site (http://www.devotionalchef.com/) has been responsible for nearly all sales of the Devotional Chef’s Cookbook up to this point – as has been indicated above, it led to 2000 sales of the Cookbook since 2006. But the Web site is in need of a makeover, which will include • current search engine optimization practices • multimedia, including podcasts of recipes prepared by Rev. Lacy • new product announcements • testimonials from happy customers; perhaps a social network for their reactions • an affiliate program for online sales of Devotional Chef products could be up and running in the second half of 2009 Book Tour and live cooking shows. As the Cookbook is near re-release, it will soon be time to send Rev. Lacy out to the regional marketplace in support of the book. We anticipate a minimum of two regional tours, centered on New Orleans and Philadelphia. With those tours will come both print media and radio interviews. Each time we are approached by the media, there will be opportunity for Rev. Lacy to promote new products and channel potential customers to the Devotional Chef Enterprises www.thedevotionalchef.com 10/13 4925 Houston Drive email@example.com 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
Web site. Rev. Lacy will accompany the launch of his seasonings line at one branch of the Whole Foods Market, and we fully expect this launch to be successful and lead us into Whole Foods locations throughout the Southwest. Television Appearances. There is room in the Christian television market for cooking segments on existing shows such at the 700 Club, if not for a regular network cooking program. The ending of Christian cooking programs such as the Frugal Gourmet and the Galloping Gourmet has left a programming void. While the Devotional Chef fully intends to exploit the programming void with a regular show, there is perhaps a more immediate opportunity for Rev. Lacy to appear in guest spots. A chef with excellent skill and an engaging on-air personality, he could also find chances for guest spots on national network shows such as Today, Good Morning America, Oprah, Rachael Ray, etc. We intend to seek those opportunities diligently, starting with regional programming and spreading nationally. Inexpensive Options. Some of these strategies are already being employed by the Devotional Chef, but where they are not we are looking at them closely: • business cards • stationery • brochures • a customer database • local newspapers • trade magazines (several small ads in less expensive magazines would be more cost-effective than a single ad in a national publication) • professional and business organizations and business networking groups • joint ventures with vendors and resellers • hosting seminars and workshops Long-Term Plans The major thrust for each of the next five years is as follows: 2008 Launch core products in time for Christmas season (possibly one or two months behind schedule) 2009 Continue to build brand by adding new products 2010 Reach out to vendors and buyers at trade shows in Chicago and NYC (and perhaps others) 2011 Appear on QVC and Home Shopping Networks (and perhaps others) with Devotional Chef quality house wares, seasonings, appliances and cookware 2012 Use momentum from sales in excess of $2M to expand to global markets If growth continues at a steady pace between 2009 and 2012, estimated gross sales in 2013 will reach $11.5 million. Our strategic goals are ambitious; even if Devotional Chef Enterprises www.thedevotionalchef.com 11/13 4925 Houston Drive firstname.lastname@example.org 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
we release only one-third of our planned new products, which might be the case if we launch no cookware at all, we still expect 2013 sales to reach $3.5 million. Our sales forecast is Sales forecast for Devotional Chef based on the schedule above: if we hit our milestones, 15 Millions of US dollars Sales without one aspect of the cookware brand will carry 10 Sales with another. Cookware cookware will aid sales of 5 cookbooks and seasonings. New cookbooks currently 0 planned will begin to 2009 2010 2011 2012 increase in sales as Year the original Cookbook levels off. Exit Strategies Because the Devotional Chef is, as a business entity, involved in multiple potential income streams, there is a separate possibility for exit with each. Cookbooks. As long as Rev. Lacy remains a chef, he is very likely to come up with cookbooks and related items such as calendars and recipe files as long as there are home cooks interested in the recipes he works with. He expects to continue to publish these materials for the long term. Television appearances will maintain strong sales of these materials for several years beyond the predictions above. Investors will find their best possibility for exit based on the Devotional Chef buying back their shares at a substantial profit. Expected sales of these items alone make it possible for investors to recoup several times their original investment by the beginning of 2013. Celebrity Products. Lines of seasonings and sauces, driven by Rev. Lacy’s television appearances and by other products, will lead to a likely exit strategy of a larger company buying the rights to Devotional Chef celebrity products, as has been done with other similar product lines, such as Emeril. At that time, investors will share in the sale price, or have their shares bought out by the Devotional Chef. Cookware. Assuming our success in securing intellectual property rights for new cookware ideas, there are two major exit strategies for this line: either the Devotional Chef contracts manufacture of these items to a specialty manufacturer, or the line is sold to a larger company as is expected for celebrity products above. If the line is sold, investors will share in the sale price, or have their shares bought out by the Devotional Chef. Devotional Chef Enterprises www.thedevotionalchef.com 12/13 4925 Houston Drive email@example.com 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
Return on Investment In any of the cases above, we argue that investors will recoup several times their original investment by the second quarter of 2013; investors will see profits beginning in the second half of 2009. Our forecasts indicate that investments made now will increase in value as follows: End of 2009 – 120% of original investment End of 2010 – 300% End of 2011 – 600% End of 2012 – 800% These forecasts are based on assumptions of consistent growth of sales of cookbooks; the development of a regular televised presence for the Devotional Chef; seasonings and celebrity products appearing in two or three regional chains at minimum; and the launch of at least one cookware item. Devotional Chef Enterprises www.thedevotionalchef.com 13/13 4925 Houston Drive firstname.lastname@example.org 1/8/2009 Baton Rouge LA 70809-2031 225-293-1998 Office Confidential Version 2.0
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