Build success from start-up to expansion with a solid foundation of finance principles geared specifically toward small beverage producers. Learn how to interpret financial reports and create basic pro-forma statements for launching a brewery, purchasing equipment, or determining new locations. Discover pricing models that maximize profits. Learn how to build budgets and use them to hold staff accountable. This book will provide insights and results-oriented data to help you run a more successful brewery.
Build success from start-up to expansion with a solid foundation of finance principles geared specifically toward small beverage producers. Learn how to interpret financial reports and create basic pro-forma statements for launching a brewery, purchasing equipment, or determining new locations. Discover pricing models that maximize profits. Learn how to build budgets and use them to hold staff accountable. This book will provide insights and results-oriented data to help you run a more successful brewery.
TABLE OF CONTENTS Foreword Acknowledgments Preface 1. From Dream to Reality: A Craft Beer Business Journey 2. Introduction to Financial Management Basic Financial Statement Introduction Accounting: General Structure of Transactions Accrual Accounting versus Cash Basis Accounting Chart of Accounts Internal Controls 3. Balance Sheet and Income Statement Balance Sheet Assets Inventory Fixed Assets (Capital Expenses) Liabilities EquityKey Ratios: Balance Sheet Current Ratio Quick Ratio Accounts Receivable Days Accounts Payable Days Inventory Turnover Industry Benchmarks for Key Ratios Income Statement (Profit and Loss) Cost of Goods Sold (COGS) Accounting for Inventory and COGS Gross Profit Operating Expenses Interest Expense Depreciation Net Income versus EBITDA Key Ratios: Income Statement Gross Profit EBITDA Net Income 4. Cash is King! Cash Reserves Statement of Cash Flows Format of Statement of Cash Flows Steps to Calculate the Statement of Cash Flow Cash Flow Forecasting 5. Interpreting Financial Statements Chart of Accounts Every Statement Tells a Story What the Balance Sheet Shows What the Income Statement Shows Generating Relevant Reports Monthly Financial Review Interpreting Financial Statements Period-over-Period Growth COGS Gross Profit % Payroll % NOI % EXERCISE 6. Finding Breakeven and Costing Beer Breakeven Finding the Accurate Cost of Beer Brewpubs and Taprooms Labor Taproom COGS Tools for Costing Planning and Start-Up Phase Adolescence Maturity 7. Options for Growth Self-Distribution versus Third-Party Distribution Retail versus Wholesale 8. Operating Budget Types of Budgets Sales Budget Production Budget Administrative Budgets Other Budgeting Approaches Conclusion 9. Sources of Capital Debt versus Equity Who Should Invest Four Must-Have Documents When Working with Investors Term Sheet Pro Forma Financials Operating Agreement Subscription Agreement How to Manage Investor Expectations Annual Investor Meetings Quarterly Updates Investor Distributions How to Prepare Pro Forma Financial Reports EXERCISE 10. Business Life Cycle Start-Up Early Stage Adolescence Maturity Exit Employee Stock Ownership Plan (ESOP) Appendix A. What to Include in Your Business Plan Executive Summary Company Description Products and Services Market Analysis Strategy and Implementation Organization and Management Financial Plan and Projections Conclusion Appendix B. Sample Chart of Accounts Brewery Brewery with Restaurant Appendix C. Sample Full Budget Spreadsheet Appendix D. Ten-Week Budget Calendar Appendix E. Sample Term Sheet for XYZ Brewing Company, LLC Appendix F. Choice of Entity/Significant Tax and Other Considerations Glossary Index
TABLE OF CONTENTS Foreword Acknowledgments Preface 1. From Dream to Reality: A Craft Beer Business Journey 2. Introduction to Financial Management Basic Financial Statement Introduction Accounting: General Structure of Transactions Accrual Accounting versus Cash Basis Accounting Chart of Accounts Internal Controls 3. Balance Sheet and Income Statement Balance Sheet Assets Inventory Fixed Assets (Capital Expenses) Liabilities EquityKey Ratios: Balance Sheet Current Ratio Quick Ratio Accounts Receivable Days Accounts Payable Days Inventory Turnover Industry Benchmarks for Key Ratios Income Statement (Profit and Loss) Cost of Goods Sold (COGS) Accounting for Inventory and COGS Gross Profit Operating Expenses Interest Expense Depreciation Net Income versus EBITDA Key Ratios: Income Statement Gross Profit EBITDA Net Income 4. Cash is King! Cash Reserves Statement of Cash Flows Format of Statement of Cash Flows Steps to Calculate the Statement of Cash Flow Cash Flow Forecasting 5. Interpreting Financial Statements Chart of Accounts Every Statement Tells a Story What the Balance Sheet Shows What the Income Statement Shows Generating Relevant Reports Monthly Financial Review Interpreting Financial Statements Period-over-Period Growth COGS Gross Profit % Payroll % NOI % EXERCISE 6. Finding Breakeven and Costing Beer Breakeven Finding the Accurate Cost of Beer Brewpubs and Taprooms Labor Taproom COGS Tools for Costing Planning and Start-Up Phase Adolescence Maturity 7. Options for Growth Self-Distribution versus Third-Party Distribution Retail versus Wholesale 8. Operating Budget Types of Budgets Sales Budget Production Budget Administrative Budgets Other Budgeting Approaches Conclusion 9. Sources of Capital Debt versus Equity Who Should Invest Four Must-Have Documents When Working with Investors Term Sheet Pro Forma Financials Operating Agreement Subscription Agreement How to Manage Investor Expectations Annual Investor Meetings Quarterly Updates Investor Distributions How to Prepare Pro Forma Financial Reports EXERCISE 10. Business Life Cycle Start-Up Early Stage Adolescence Maturity Exit Employee Stock Ownership Plan (ESOP) Appendix A. What to Include in Your Business Plan Executive Summary Company Description Products and Services Market Analysis Strategy and Implementation Organization and Management Financial Plan and Projections Conclusion Appendix B. Sample Chart of Accounts Brewery Brewery with Restaurant Appendix C. Sample Full Budget Spreadsheet Appendix D. Ten-Week Budget Calendar Appendix E. Sample Term Sheet for XYZ Brewing Company, LLC Appendix F. Choice of Entity/Significant Tax and Other Considerations Glossary Index
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