Section 1

Team 8
Fall 2014
Business Plan
Business Name: Yellowwood Hunting Preserve

Business Idea:
Yellowwood Hunting Preserve offers a unique hunting and service experience for the expert
hunter and non-hunting guest. The animals offered are White Tail Deer, Bull Elk, Red Stag Deer,
Wild Boar, and Fallow Deer. The preserve is located on private land in Clarke County, Kentucky
providing less-strict hunting laws and regulations.
Customers who are attracted to our service are actively involved in their work and personal
life. Hunters are equipped with Hunting Guides while on the preserve, which ensures better
customer service. Guests, who do not participate in hunting, work with our Excursion Manager to
plan individualized itineraries, increasing demand and satisfaction.
Yellowwood Hunting Preserve has a contract with Griffin Gate Marriott Resort in order to
provide luxury food and lodging for our customers. This allows us to become a non-native, luxury
hunting preserve during the hunting season (September 1st- April 30th).
Team Members:

Email Address:

Corrie Breshears ________________________

breshecc@dukes.jmu.edu

Trey Gregory

________________________

gregorge@dukes.jmu.edu

Zeyu Ju

________________________

juzx@dukes.jmu.edu

Brian Kim

________________________

kimbj@dukes.jmu.edu

Ian Kirner

________________________

kirnerit@dukes.jmu.edu

Julia Kon

________________________

konjh@dukes.jmu.edu

Lauren McParland ________________________

mcparllm@dukes.jmu.edu
1

Table of Contents
Cover Page----------------------------------------------------------------------------------------------

Table of Contents -------------------------------------------------------------------------------------

Executive Summary -----------------------------------------------------------------------------------

Experience the Hunt ------------------------------------------------------------------------------- 4

Market Segmentation ---------------------------------------------------------------------------------

4-5

Positioning Strategy -----------------------------------------------------------------------------------

5-6

Pricing Strategy ----------------------------------------------------------------------------------------

6-7

Market Potential ---------------------------------------------------------------------------------------

7-8

Break-Even Analysis ----------------------------------------------------------------------------------

Service and Branding Strategy ----------------------------------------------------------------------- 9-10

Promotional Strategy ---------------------------------------------------------------------------------

10-11

Locational Strategy ------------------------------------------------------------------------------------

11

Outsourcing Strategy ---------------------------------------------------------------------------------

11-12

Employee Involvement in Operational Strategy -------------------------------------------------

12-14

Proactive Quality Strategy ---------------------------------------------------------------------------

14-15

Reactive Quality Strategy ----------------------------------------------------------------------------

15-16

Competitive Advantage ------------------------------------------------------------------------------

16

Triple Bottom Line Analysis ------------------------------------------------------------------------

16

Financials -----------------------------------------------------------------------------------------------

17-19

Addendum ---------------------------------------------------------------------------------------------- 20-21

Bibliography--------------------------------------------------------------------------------------------- 22

Executive Summary
Business: Yellowwood Hunting Preserve
Name: Lauren McParland
Address: Lexington, Kentucky
Phone: (781) 964-4622
Fax: none
E-mail: mcparllm@dukes.jmu.edu
Web Address: http.www.yellowwoodhunt.com
Industry: (NAIC) 114210 Hunting and
Trapping

guides, and convenient lodging and food

provided by Griffin Gate Marriot Resort for
eight months out of the year.

Bank: Kentucky Bank

Products/Services: Yellowwood Hunting

Preserve obtains healthy, top-end White Tail
Deer, Red Stag Deer, Fallow Deer, Bull Elk,
and Wild Boars from local farms. We offer a
luxurious experience in Lexington with
housing and food for $5000 per hunter and
$1000 per non-hunter.

Future Auditor: Wheeler Financial Service

Company Background: Start-up business.

Law Firm(s): Stoll Keenon Ogden

Management: Hunting Preserve Manager

will need to have a Bachelors degree,
experience in management, and training in
companies with a focus on customer service
and quality assurance.

Number of Employees:
9 Full-Time Employees and 1 Part-Time
Employees from Year 1 to Year 3.
11 Full-Time Employees on Year 4.
Total of 12 Employees by Year 5.

Amount of Financing Sought:

$1,000,000
Current Investors:
Bank Loan $1,303,548 - 54.92%
Founders Equity - $70,000 - 2.95%
Outside Investors - $1,000,000 42.13%
Use of Funds: Land and property (purchase
cost), initial inventory, and initial equipment
Business Description: Yellowwood
Hunting Preserve offers a luxurious
experience of hunting non-native animals in
the Lexington, Kentucky area. The experience
includes, but is not limited to, a personalized
itinerary, chauffeured driving, small hunting
groups supervised by experienced hunting

Competitive Advantage: Providing a

luxurious, high quality service with non-native
animals to hunt is an experience other hunting
preserves do not offer. Having a nearby city,
Lexington, is also an advantage for our
customers who will be provided food and
lodging there with other activities they would
like to do.
Markets: Weekend Warriors are the target
market for the business which includes white
males between the ages of 35-54 who are avid
hunters. The market potential is $841,573,054
(Refer to Figure 4, Page __ ).

Distribution Channels: None

Competition: Yellowwood Hunting Preserve will be operating in a niche market due to the unique, nonnative hunting experience in Kentucky. The closest, direct competition is Primeland in Virginia and
Edenwood Ranch and Preserve in Wisconsin. Indirect competitions are other outdoor, recreational activities.
Financial Projections (Unaudited):
2015
2016
Revenue:
$3,672,000
$3,928,200

2017
$4,205,250

2018
$4,330,500

2019
$4,631,950

EBIT:

$1,218,320

$1,159,936

$1,280,214

$1,035,239

$1,122,545

Experience the Hunt:

Yellowwood Hunting Preserve is located between rolling hills, dense forests, and colonial
buildings in historic Clark County. During the day, customers will take in this breathtaking outdoor
scenery; and in late afternoon, travel back to The Griffin Gate Marriott Resort in Lexington, KY to
experience the citys night life. We promise to provide all customers with a luxurious hunting
experience through maintaining quality employees, non-native animals, and partnering with The
Griffin Gate Marriott Resort. Our employees are well trained in customer service (Refer to Quality
Points # 3,7,8,9,10, Page 20). Also, we have hired an Excursion Manager to provide resources to
help our non-hunting customers who may want to accompany their family, loved ones, or friends
with non-hunting events and excursions. We partnered with The Griffin Gate Marriott Resort
because of its prestigious accommodations, food, and aesthetic appeal (blending the historical,
colonial dcor with the citys night life).
We offer two pricing packages, $5,000 for hunters and $1,000 for non-hunters, this package
is discounted because the extra excursions they choose to do in and around Lexington are not
included (Refer to Figure 2, Page 6). The preserve will be open September 1st to April 30th; and
closed to the public the rest of the year due to federal and state hunting laws (Kentucky Department
of Fish and Wildlife Resources, 2014).
Market Segmentation:
Yellowwood Hunting Preserve plans on only targeting male hunters in the entire United
States, not just Kentucky. This was determined based on the uniqueness of our service. Our
expectation of targeting only one segment within the target market is to solely focus our efforts to
support our objective of increasing interest to our expected guaranteed customers (Refer to
Promotional Strategy, Page 10).
The Weekend Warriors is our target market. This segment includes males aged 35-54. This
segment has a strong family history in hunting; creating a personal and emotional connection to the
activity of hunting which enabling them to share this connection with their families. These married,
white men have high household incomes ($150,000 as received from United States Census Bureau)
with children and/or grandchildren of their own. The Weekend Warriors are wealthy; allowing
them to pay high prices to hunt and travel to private land in order to show off to their friends and
family. Weekend Warriors seek a high end, luxurious hunting experience to represent status in the
community.
4

As reported in Market research firm Mintel in 2012, one-third of all affluent men (income
equal to or greater than $100,000), have a regularly scheduled activity with family and friends at least
once a week. Therefore, it would be common for Weekend Warriors to come to Yellowwood
Hunting Preserve accompanied by their family or friends. This segment still wants to be viewed as
family-involved, manly, adventurous, and experienced in hunting many different kinds of game;
enabling them to come to Yellowwood Hunting Preserve prepared with their own hunting
equipment and gear. This is important because Yellowwood Hunting Preserve will not be providing
weapons to hunt. By knowing the family information, we will personalize our marketing efforts to
our target market by using an emotional appeal (Refer to Figure 6, Page 10).
We chose the Weekend Warriors as our target market because of the large market size
which is roughly168, 315 people (just above 1% of all hunters) (Refer to Figure 4, Page 7) In
addition, men who come to Yellowwood Hunting Preserve would benefit from an ease-free
weekend from their hectic lives, which usually involves constant planning and scheduling.
Positioning Strategy:
Yellowwood Hunting Preserve will serve as a niche market by providing a luxurious
experience of hunting to the Clarke County, Kentucky area and surrounding states. As reported in
2011 in the U.S. Fish and Wildlife Service and U.S. Census Bureau, there are 347,000 hunters in
Kentucky, with 315,000 people seeking big game (elk, deer, bear, etc.). This leaves roughly 9% or
32,000 other hunters to seek small game (turkey, coyote, wild boar), birds, and other animals. For
this, Yellowwood Hunting Preserve believes that we can penetrate the market and allow all hunters
(those hunting big game and small game) to hunt in one single place and trip. By competing in a
niche market we are forming a strategic alliance. We are achieving this through providing one
industry, hunting, and combining it with the service industry, by contracting with the Griffin Gate
Marriott Resort and providing quality customer service. This achieves our main goal of providing a
luxurious, hunting experience.
Competitors come in a variety of service experiences and pricing points that differs from
Yellowwood Hunting Preserve. Refer to Figure 1: Competition Analysis for further explanation and
breakdowns. We differ from our competitors by providing a matchless and irreplaceable hunting
and vacationing experience to all our customers through quality customer service.

Positioning is determined based on substitute service activities because there is a lack of

close competition that offers the same luxurious experience. Therefore, the next best alternative, or
Figure 1: Competition Analysis

opportunity cost, is another outside

service activity. With our ability to
contain many non-native animals in
the hunting preserve and the mild
climate, we are capable to operate a
nearly year-round hunting preserve
(laws prohibits hunting from May 1st
to August 30th). In addition,

Yellowwood Hunting Preserve requires reservations with a hunting guide that are based on capacity
(between 6 to 12 hunters for the first three years; increasing capacity limits for the following years).
Therefore, our positioning goal is to offer a semi year-round hunting preserve that acts as a
luxurious social event for all customers (Refer to Addenda #1, Page 20). Even though this will
reflect in the sales data, we are still expecting high sales in all years (Refer to Figure Addenda # 2,
Page 20). Therefore, we will be taking advantage of these off-season months by assessing business
needs and improvements (Refer to Proactive Quality Strategy, Page 14).
Pricing Strategy:
The pricing objective for Yellowwood Hunting Preserve is to increase sales revenue, which
Figure 2: Fixed Cost Break-Down

in return will increase market share and profit

(Refer to Figure 4, Page 7). We will take this
approach to offset the high initial start-up cost,
for further details on the fixed costs please
Refer to Figure 3, Page 7for further details. By
taking this approach, we will have the capability
to set target profit goals each year; allowing us to measure the overall annual performance of the
business. Factors that may impact pricing are demand for the product class (hunting) and product
group (hunting preserve with non-native animals). In addition, the stage in the product life cycle will
impact prices. Lastly, legal and ethical considerations may impact pricing. Yellowwood Hunting
Preserve will use the price skimming strategy; based on the psychographics of our target market
wanting to show status in the community (Refer to Market Segmentation, Page 4). Pricing of the
6

Figure 3: Fixed Cost Break-down

packages and animals are listed at above-market prices,

allowing for increased profit margin (Refer to Figure 2, Page
6).
Market Potential:
To find the market potential, we first found the number of men in the United States
(151,781,326) and the number of men aged 35-54 (42,578,358) as found in the Age and Sex
Composition: 2012 in the United States Census Bureau. In addition, in the 2011 National Survey of
Fishing, Hunting, and Wildlife-Associated Recreation,

Figure 4: Market Potential

created by the United States Census Bureau, we found the

number of male hunters in the United States to be
12,000,000 (87.6% of the 13,700,000 total hunters). Next,
also found in the survey, there are a total of 13,700,000 of
hunters in the U.S. and 685,000 men (5% multiplied by the
total number of hunters) with a household income of
$150,000 and over (future reference will be HHI for hunters with high income). So, to get the total
number of male hunters with the household income of $150,000+ (future reference will be MHHI)
we multiplied the 685,000 (HHI) by 87.6%, percentage of male hunters, to get 600,000 people. Next,
to get our target market segment, male hunters aged 35-54 with a household income of $150,000+
(future reference will be target market) statistics, we multiplied 42,578,358 (total number of men
aged 35-54) by 600,000 (MHHI) to get a total of 168,315 people. This means our target market is
.1% of all men in the U.S. and 1.2% of all hunters. Furthermore, the total cost for a package (for one
person) is $5,000. So to get the market potential, we multiplied 168,315 (target market) by $5,000 to
get a total market potential of $841,573,054 (Refer to Figure 4, Page 7).
Yellowwood Hunting Preserve believes in increasing market share. To get the monthly sales
forecast for year one, we first calculated the percent of market share for our industry. This was
determined by taking the average market share percentages for Vermejo Park Ranch (2%), White
Oak Exotic Hunting Preserve (2%), Beck Ridge Hunting Preserve (1%), and King Ranch (1%)
equally to 1.5% according to IBIS World: Major Companies website. We then took the average of
1.5% and 5% (maximum market share percentage per business in the industry as also stated in IBIS
World: Major Companies) to get 3.3% market share for Yellowwood Hunting Preserve year five
forecast. The second average was taken because we believe we are a more unique hunting preserve
7

compared to the businesses listed at the average of 1.5% market share. However, Yellowwood
Hunting Preserve is not as fully established and developed as the businesses at the 5% market share.
Next, we took the average growth percentage rate of the industry, found on IBIS World:
Industry Performance website, 0.4% growth rate. From there, we took the 3.3% market share, found
at year five, and worked backwards by subtracting 0.4% every year (Refer to Figure 4, Page 7).
We found the target market percentage expected by dividing the hunters expected for each
year (Refer to Assumption Number 1, Page 18) by the total hunters expected for all five years. For
example, we expected 357 hunters in year one and a total of 2,017 hunters for all five years and
divided those numbers to get 17.7% target market expected for year one.
The total amount of hunters in our target market and the total cost of the package are
determined in Figure 3: Market Potential. From this, we multiplied the percentage of market share of
each year, times the percentage of target market expected, times the total number of hunters in the
target market, times the hunting package price to get the sales forecast for each year (Refer to
Addenda #2, Page 20).
To get the monthly sales forecast for year one, it is important to keep in mind, hunting is
prohibited May through August due to the hunting laws in Kentucky. We first used the year ones
sales forecast of $2,532,299 and split the unique sales percentages among the eight opened months.
For September and October we expect sales to be the highest because that is the start of the hunting
season; enabling excitement among many hunters. By November, we expect the excitement of
hunters to lower, making sales decrease in that month. In December, many hunters have vacation
leave due to the holiday season, which allow for sales to increase again. However, in January and
February, the cold season will negatively affect the flow of hunters into Yellowwood Hunting
Preserve. As the weather gets warmer and the closing of the hunting season arrives during March
and April, more hunters will come to the preserve, which will increase sales for the two months
(Refer to Addenda #2, Page 20).

Break-Even Analysis:
Yellowwood Hunting Preserve expects to break-even in year 1. For further details about
solving for break-even Refer to Figure 5, for additional details about fixed costs Refer to Figure 3,
Page 7.
8

Figure 5: Break-Even Analysis

Service and Branding Strategy:

Yellowwood Hunting Preserves service strategy is based upon customer experience
management (CEM). Through managing and maintaining the entire customer service experience (by
cross-training employees and having frequent customer evaluations) we can ensure that the quality
of customer service provided by our employees is consistent throughout all trips, however, the
customer service experience by our customers is irreplaceable and matchless (Refer to Proactive
Quality Strategy, Page 14) . Providing a unique experience will ultimately set us apart from our
competitors and give us a competitive advantage (Refer to Page 1 for explanation of the experience).
In addition, CEM is relevant and valuable to our target market, Weekend Warriors, because they
seek a luxurious, ease-free trip (Refer to Market Segmentation, Page 4). Therefore, we will market to
our target market in a professional and refined manor; nonetheless still depicting Yellowwood
Hunting Preserve as a thrilling, incomparable, and stress-free environment.
Yellowwood Hunting Preserves brand promise is to have a matchless, irreplaceable, and
unique hunting and vacationing experience for both the hunter and non-hunter. Our branding
strategy for the preserve is to use family branding throughout the service experience. We will
show our logo (as seen on the first page) throughout the property and promotional strategies. To
implement the brand to the Weekend Warriors we will portray through the logo, as a sophisticated
and calming experience. Branding will be used throughout our promotional channels (Refer to
Figure 6, Page 10). In addition, the physical appearance of our preserve as well our employees will
depict a clean and refreshing experience.
Brand equity will first be developed by creating positive brand awareness and association
through relating Yellowwood Hunting Preserve with a unique and irreplaceable experience. The next
step is to create brand meaning through performance and imagery; achieving this through our
integrated marketing communications, as described in the Promotional Strategy section. The final
step is to connect the customer to our brand on an emotional level. Our target market, the
Weekend Warriors, already have an emotional appeal to hunting (Refer to Market Segmentation,
Page 4) allowing for personal identification through our brand, once interest is achieved. The service
9

mix for our preserve is the different service packages we offer. The packages include the Hunters
Package and the Non-Hunters Package (Refer to Figure 2, Page 6 for details of both packages).
Promotional Strategy:
Yellowwood Hunting Preserves promotional objective is determined by using the Hierarchy
Figure 6: Promotional Channel

of Effects.
The
objective is
to raise
interest,
through
awareness,
of our
over-all
experience
to 15% or
25,248
people
(168,315
people *
15%) of
the
Weekend
Warriors
within 3
months

(8,416 people per month) of the campaign launch. This is the best objective because we are a niche
market, focusing on our target market and raising interest in our business in order to be profitable.
Yellowwood Hunting Preserves campaign theme is centered on our slogan of Experience
the Hunt. In every promotional channel we intend to depict the uniqueness and the overall
experience offered. Our promotional strategy is inserting Yellowwood Hunting Preserve in many
10

different channels to reach our target market. The channels range from print and digital magazine
advertising to online advertising (Refer to Figure 6, Page 10 for further details). In addition, the
Marketing Coordinator will attend various fishing and hunting expos to promote our brand by
word-of-mouth and display boards. The cost of the promotional items bought will be covered by
having an additional advertising cost buffer of $5,000 in the budget. This will increase awareness
of our competitive advantages and potentially increase interest in those advantages. Customers will
be able to witness, in person, the interpersonal skills of our Marketing Coordinator, depicting the
customer service capabilities of the preserve.
The promotional budget will be determined by using the objective and task method (Refer
to Promotional Strategy, Page 10) for our promotional objective. Yellowwood Hunting Preserves
activities are seen in Figure 6, Page 10. Lastly, our

Figure 7: Promotional Budget

promotional budget is seen in Figure 7. Even though

we are having the Marketing Coordinator go to the
expos, we are not using personal selling directly.
Going to expos is based on the discretion of the
Marketing Coordinator and may not be used every year, and therefore, is not a guaranteed expense.
In year 3, we are adding the Field & Stream magazine, which increases our promotional budget by
$7,000 per year. In year 5, we are including Blue Line Media advertising; adding $12,000 to our
budget. Therefore, our budgeting is determined per activity per year (Refer to Figure 6, Page 10 for
further details).
Locational Strategy:
Yellowwood Hunting Preserve will be located about 30 minutes outside Lexington,
Kentucky in Clark County. This location was chosen because the mild climate allows easier care for
the animals. Kentucky is located in the south which has a culture of hunting, which is important to
our target market. Clarke County is a prime location for the Weekend Warriors travel convenience
because it is close to the Blue Grass Airport in Lexington; allowing us to serve local and regional
customers (Blue Grass Airport, 2014). Kentucky has less strict hunting laws and regulations and
cheaper prices for land (Kentucky Department of Fish & Wildlife Resources, 2014).
Outsourcing Strategy:
Yellowwood Hunting Preserve is outsourcing animals, website design, non-hunting activities,
fencing set-up, food and lodging, law firm, and accounting firm. For the first 8 years we will buy
11

White Tail Deer, Bull Elk, Red Stag Deer, Wild Boar, and Fallow Deer in order to maintain quality
hunting with a large number of game (Refer to Figure 2, Page 6). For the remaining years in
business, we will become self-sustainable and continue our preserve with natural breeding.
We will outsource our website design to a web development company, MentorMate
(MentorMate, 2014). The website will be information based (prices, packages, directions, hours,
seasonal calendars, services, and contact information) and will allow customers to book reservations
and pay for packages, through E-commerce. MentorMate will design the initial website at about
$4,000 which is the industry average (Stratton, 2013). We will pay $600 annually for the company to
continue to update it each year (Executionists, 2014).
Yellowwood Hunting Preserve will outsource the non-hunting activities. Our Excursion
Manager will help the customers plan their individualized itineraries; however, the customer is
responsible for paying the cost of the requested activities. This explains the $1,000 package cost. The
cost of our fencing includes the materials (fencing and gate) and labor. To ensure it is a quality and
efficient job we will outsource this task to an expert (Refer to Assumption Number 6, Page 19).
Yellowwood Hunting Preserve will have a contract with Griffin Gate Marriott Resort in order to
outsource food and lodging. Our start-up costs will be too high if we provide our own food and
lodging Also, we want to focus and put our resources into providing a quality hunting experience
and involve local business. Yellowwood Hunting Preserve will also contract with Stoll Keenon
Ogden Law Firm using a contingency planned payment (Stoll Keenan Ogden PLLC, 2014). This will
help us stay protected from any accidents that may occur on the preserve. Refer to Addenda 3, Page
20 (Failure Point #5) for further details about outsourcing accounting and additional driving
capacity requirements.
Employee Involvement in Operational Strategy:
Figure 8: Employee Descriptions

12

Although it is not required, we prefer all employees to have hunting experience or a

love for the outdoors. To maintain safety, all fulltime employees must have the Kentucky Fire Arms
Safety and the CPR/AED/First Aid American Red Cross Certifications. The Hunting Guides must
Figure 9: Organizational Chart

also earn the Wilderness and Remote First Aid Certification

through the Red Cross in case of emergencies while hunting.
The American Red Cross Certifications must be renewed
every 2 years. If employees do not have these certifications,
Yellowwood Hunting Preserve will pay for all 3 certifications
as well as the renewals every 2 years.

Yellowwood Hunting Preserve will only be open Wednesday through Sunday; on Mondays and
Tuesdays, we will ensure security with an eight foot, steel wired fencing, gate and lock (Mayer, 2011).
Employees will be asked to work the

Figure 10: Employee Wages/Salaries and Benefits

most celebrated holidays

(Thanksgiving, Easter Sunday,
Christmas, and New Years) because
our target will have time off work on
these federal holidays. In order to
offset the required hours they will
receive a $1,500 bonus. Employees will
not have to work all four of these
major holidays, the Hunting Preserve
Manager will work out a schedule with
employees through requests, capacity,
and available employees to work two
of the four major holidays.
When the preserve is closed on the hunting off-season, we will focus on maintaining the land
and transporting the outsourced animals to our preserve. With regards to employee training, we will
have an extensive cross-training program in May which will prepare employees for the months off in
June and July when half the employees will be working. In the month of August, employees will
focus on booking reservations, preparing the preserve, and helping the Marketing Coordinator by

13

attending hunting and fishing expos and social media to promote the preserve (Refer to Promotional
Strategy, Page 11)

Figure 11: Cross Trained Employees

Month 1:

All full time employees will receive an unpaid

Month 2:

Hunting Preserve Manager

Hunting Preserve Director

1 Hunting Guide

2 Hunting Guides

Receptionist

Excursion Manager

month off. In order to keep the employee responsibilities

balanced, only certain employees will work each month;

Refer to Figure 11 each row signifies the employees who have learned each others responsibilities
through cross training.
Proactive Quality Strategy:
Yellowwood Hunting Preserve will charge a higher price and therefore, must deliver quality,
meaningful customer relations. A customer expects above average service, facilities, and employees;
(Refer to Quality Points 3,7,8,9,10, Page 20). To ensure that we maintain the high-level quality
demanded by our customers, we will implement Total Quality Management (TQM) focusing on
assurance and courtesy. To prevent hiring a non-committed manager, we will be proactive by
ensuring that all candidates have experience in management and training in customer service and
quality assurance (TQM); this will ensure that the Hunting Preserve Manager is competent and
knows how to effectively manage a preserve and employees.
For employee involvement, we will pay the Hunting Guides about $14,500 above the
industry average salary (Bureau of Labor Statistics, 2013). This will create incentive for employees to
care about the degree of output. All employees will attend a weekly staff meeting where management
and employees will communicate concerns and successes of the past week. Also in the meeting the
Hunting Preserve Manager will present the tasks and goals of the upcoming week; this will create a
positive and transparent working environment.
Training and development will occur once a month during regular weekly staff meetings.
The Hunting Preserve Manager and Director will require employees to attend a 30 to 60 minute
training meeting to help improve a specific task of the preserve such as customer service, animal
welfare, or preserve maintenance. At the meetings, the Hunting Preserve Manager will partner
employees and facilitate cross training as well as an extensive cross training in May; therefore, when
employees have time off the preserve will continue to run smoothly (Refer to Figure 11). All full
time employees will be First Aid/CPR/AED and fire arm safety certified (American Red Cross,
Kentucky Hunters Ed Course, 2014). The Hunting Guides are required to earn a Wilderness and
Remote First Aid Certification in case of emergencies while hunting (Red Cross, 2014). Yellowwood
14

Hunting Preserve will pay for the course and all employees must be certified before working on the
preserve (Refer to Quality Point 1, Page 20).
For rewards and recognition, we will have customers (hunters and non-hunters) complete
surveys at the end of each trip to attain feedback about the overall customer service. The Hunting
Preserve Manager will keep track of the survey information. Our Hunting Guides will be the face
of the company and will have the most interaction with customers. The Hunting Guide that
receives the highest rating at the end of the year will receive two additional vacation days. In
addition, these Hunting Guides will be recognized semi-annually at weekly staff meetings. Also, we
will give an annual raise of 4.2% to reward employees and acquire employee retention; creating
strong employee and management relations (Society for Human Resource Management, 2014).
For measurement, the Hunting Preserve Manager will create monthly goals and annual goals,
and communicate them to the employees. The Hunting Preserve Manager will track the number of
each animal with tags; ensuring the ratio of hunter to animal is challenging enough to guarantee a
kill. We will also ensure a quality hunting experience by owning a large number of acres for animals
and hunters to roam. We will utilize the Boone and Crockett Club scoring system which is used
nationwide to score animals (Boone and Crockett Club, 2014). As stated previously, we will also ask
customers to complete surveys for feedback and will strive for 1/3 customers emailing and
completing their surveys.
Reactive Quality Assurance:
Yellowwood Hunting Preserve provides the highest quality service possible to the
customers. Griffon Gate Marriott Resort is constantly checked upon to guarantee vacancy for the
customer every week. If in any case customers are unable to book their requested dates or even a
room at the Griffon Gate Marriott Resort, the Receptionist will need to be contacted in order to
notify the Excursion Manager of the problem. If there is a problem with our website, then the
Excursion Manager will personally schedule reservations for the customer. If the problem is because
of full capacity for the trip, the Excursion Manager will need to offer the next available date for the
customer. We may be losing customers if they dont accept the offer, but having the trips fully
booked does not affect us negatively and still meet our business goals. The Griffon Gate Marriott
Resort will rarely be non-vacant for our customers because the partnership we created with them
establishes a deal to allow a maximum of twelve rooms to be available for our customers. This

15

connects to our policy of having a maximum of 12 people allowed to hunt at a time with a
maximum of 6 people per group.
If a situation occurs where the customer is not satisfied with the quality of the animal, the
Hunting Guide will be notified and the Excursion Manager will be contacted. As a recovery plan the
Hunting Guide will still continue with the procedure in skinning and cleaning the animal. We will
allow the customer to have the choice in taking the meat at a discount or not. If the customer does
not want the meat, we will give it away to local food kitchens or other food places with no charge.
Since the animals are naturally bred, it is said in the waiver, signed in the beginning before hunting,
that the quality of the animal is not guaranteed. We may have started out with top quality animals at
the opening of the business, but it is very difficult to keep consistency of all the animals to be at the
high quality the customers seek.
Competitive Advantage:
Our main competitive advantages are our unique, high quality, one-of-a-kind service and that
we are located on private hunting land not public land. We will have extensive customer service and
cross training in order to provide our hunters and non-hunters luxury, high quality weekends with
stress free planning. For example, on the first night, Hunting Guides will eat dinner and become
acquainted with the customers in order to build relationships, creating a friendly, exciting
atmosphere (Refer to quality points 3, 6, 7, and 10 on Page 20 for more specific details on customer
service).
Triple Bottom Line Analysis:
Our triple bottom line analysis is based on sustainability. For the social aspect, we will
outsource our food and lodging to support the local business at the Griffin Gate Resort. This will
provide our customers with the best dining and hotel options in the area (Mauer, 2014). Our hunting
guides will interact with the customers prior to the days activities to build a sense of community.
For the environmental portion we will help sustain over 1500 acres of forestry in Kentucky, utilizing
the local land for our hunting endeavors. Our business will release minimal greenhouse gas
emissions and leave a minimal carbon footprint; ensuring cleanliness and aesthetic appeal of our
hunting grounds. With regards to the profit segment, our sales growth over the past five years will
increase by 15.5%. In addition, our return on equity in the fifth year of operation is projected to be
80% with our target net income at $853,135 (Refer to Ratios Table, Page 18).

16

Yellowwood Hunting Preserve, LLC

Pro Forma Income Statement
As of December 31, 2015
Year 1
Revenues1 2
Cost of Service Animal 3
Cost of service Labor 9

Year 2

Year 3

Year 4

Year 5

$3,672,000

100.0%

$3,928,200

100.0%

$4,205,250

100.0%

$4,330,500

100.0%

$4,631,950

100%

(901,425)

-24.5%

(964,525)

-24.6%

(1,032,750)

-24.6%

(1,060,500)

-24.5%

(1,136,250)

-25%

0.0%

0.0%

0.0%

0.0%

0%

Cost of Hunting Package2

(184,800)

-5.0%

(197,560)

-5.0%

(211,200)

-5.0%

(217,800)

-5.0%

(232,760)

-5%

Cost of Non-Hunting Package 2

(756,000)

-20.6%

(808,200)

-20.6%

(864,000)

-20.5%

(891,000)

-20.6%

(952,200)

-21%

(100,980)
$1,728,795

-2.8%
47.1%

(108,026)
$1,849,890

-2.8%
47.1%

(115,644)
$1,981,656

-2.8%
47.1%

(119,089)
$2,042,111

-2.8%
47.2%

(127,379)
$2,183,361

-3%
47%

(209,193)

-5.7%

(200,793)

-5.1%

(218,967)

-5.2%

(231,472)

-5.3%

(227,501)

-5%

(468,140)

-12.7%

(510,329)

-13.0%

(528,146)

-12.6%

(630,780)

-14.6%

(655,723)

-14%

(3,205)

-0.1%

(3,205)

-0.1%

(3,205)

-0.1%

(3,205)

-0.1%

(3,205)

0%

(12,018)

-0.3%

(12,018)

-0.3%

(12,018)

-0.3%

(15,718)

-0.4%

(15,718)

0%

(1,000)
$1,035,239

0.0%
28.2%

(1,000)
$1,122,545

-0.03%
28.6%

(1,000)
$1,218,320

0.0%
29.0%

(1,000)
$1,159,936

0.0%
26.8%

(1,000)
0%
$1,280,214 28%

(78,213)
$957,026

-2.1%
26.1%

(42,213)
$1,080,332

-1.1%
27.5%

(213)
$1,218,107

0.0%
29.0%

(19,113)
$1,140,823

-0.4%
26.3%

0
0%
$1,280,214 28%

(319,264)
$637,762

-8.7%
17.4%

(360,399)
$719,933

-9.2%
18.3%

(406,360)
$811,746

-9.7%
19.3%

(380,579)
$760,245

-8.8%
17.6%

(427,080)
$853,135

0
$637,762

0.0%
17.4%

(143,987)
$575,946

-3.7%
14.7%

(162,349)
$649,397

-3.9%
15.4%

(152,049)
$608,196

-3.5%
14.0%

(341,254)
-7%
$511,881 11%

Cost of Credit Card Transactions 4

Gross Margin
SG&A Expenses

10

Salaries, Wages and Benefits 9

Depreciation Exp. (Building)

Depreciation Exp (Vehicles) 8

Depreciation Exp (office supplies) 8
EBIT
Interest 11
EBT
Taxes
EAT

12

Dividends 18
Change in Retained Earnings

-9%
18%

Yellowwood Hunting Preserve, LLC

Pro Forma Balance Sheet
For the Year Ending December 31, 2015
Cash 14 15 16 2 3

Year 1

Year 2

Year 3

Year 4

Year 5

Cash 14 15 16 2 3

131,403

4.3%

130,813

4.3%

238,746

8.0%

167,371

4.3%

725,569

17.5%

Accounts Receivable 17

306,000

10.0%

327,350

10.7%

350,438

11.7%

360,875

9.2%

333,431

8.1%

833,575
$1,270,978

27.2%
41.4%

807,800
$1,265,963

26.5%
41.6%

646,300
$1,235,483

21.5%
41.2%

852,050
$1,380,296

21.7%
35.1%

548,300
$1,607,299

13.2%
38.8%

1,796,777
$3,067,755

58.6%
100.0%

1,780,554
$3,046,517

58.4%
100.0%

1,764,331
$2,999,814

58.8%
100.0%

2,551,408
$3,931,704

64.9%
100.0%

2,531,485
$4,138,784

61.2%
100.0%

Inventory
Total Current Assets
Net Fixed Assets
Total Assets

5678

Accounts Payable 20

17,433

0.6%

16,733

0.0%

18,247

0.6%

19,289

0.5%

18,958

0.5%

Accruals 19
Current Liabilities

39,012
$56,444

1.3%
1.8%

42,527
$59,260

0.9%
0.9%

44,914
$63,161

1.5%
2.1%

52,565
$71,854

1.3%
1.8%

54,644
$73,602

1.3%
1.8%

1,303,548

42.5%

703,548

42.5%

3,548

0.1%

318,548

8.1%

0.0%

1,070,000
637,762
$3,067,755

34.9%
20.8%
100.0%

1,070,000
1,213,709
$3,046,517

76.1%
-19.5%
100.0%

1,070,000
1,863,106
$2,999,815

Long-term Debt

16 11

Common Stock 14 15
Retained Eanings
Total Liabilities & Equity

35.7%
62.1%
100.0%

1,070,000
2,471,301
$3,931,704

27.2%
62.9%
100.0%

1,070,000
2,995,182
$4,138,784

25.9%
72.4%
100.0%

Yellowwood hunting Preserve

Pro Forma Statement of Cash Flows
For the Year Ending December 31, 2015
Year 1

Year 2

Year 3

Year 4

Year 5

Cash flows from operating activities

Cash receipts from customers
Cash paid to suppliers
Cash paid to employees
Expenses (SGA, credit card, etc.)
Net cash flows from operating activities

3,366,000
(2,675,800)
(429,128)
(612,004)
($350,932)

3,906,850
(1,961,943)
(506,813)
(652,484)
$785,610

4,182,163
(1,963,183)
(525,760)
(722,725)
$970,495

4,320,063
(2,393,297)
(623,129)
(711,850)
$591,787

4,606,829
(2,036,749)
(601,079)
(751,001)
$1,218,000

Cash flow from investing activities

Capital expenditure
Proceeds from the sale of equipment
Net cash flows from investing activities

(1,813,000)
0
($1,813,000)

0
0
$0

0
0
$0

(807,000)
0
($807,000)

0
0
$0

Cash flow from financing

Equity investment
Increase (decrease) in debt
Dividends paid
Interest paid
Net cash flows from investing activities

1,070,000
1,303,548
0
(78,213)
$2,295,335

0
(600,000)
(143,987)
(42,213)
($786,199)

0
(700,000)
(162,349)
(213)
($862,562)

0
315,000
(152,049)
(19,113)
$143,838

0
(318,548)
(341,254)
0
($659,802)

$131,403

($590)

$107,933

($71,375)

$558,198

Adjustments
Net cash flow

17

Yellowwood Hunting Preserve

Pro Forma Statement of Retained Earnings
As of December 31, 2015
Beginning retained earnings
Dividends paid
Net income (EAT)
Ending retained earnings

Year 1
$0
0
637,762
$637,762

Year 2
$637,762
(143,987)
719,933
$1,213,709

Year 3
$1,213,709
(162,349)
811,746
$1,863,106

Year 4
$1,863,106
(152,049)
760,245
$2,471,301

Year 5
$2,471,301
(341,254)
853,135
$2,983,182

Yellowwood Hunting Preserve

Ratios Table
For the Year Ending December 31, 2015
Year 1

Year 2

Year 3

Year 4

Year 5

Industry Averages

Liquidity:
Current Ratio
Quick Ratio

22.5
7.7

21.36
7.73

19.56
9.33

19.21
7.35

21.84
14.39

1.55
0.89

Asset Management:
Total Asset Turnover
Inventory Turnover

1.2
4.41

1.3
4.86

1.4
6.51

1.1
5.08

1.12
8.45

2.5
30.78

Debt Management:
Debt Ratio
Times Interest Earned

0.42
13.24

0.23
26.59

0.00
5723.03

0.08
60.69

0.00
-

0.22
12.63

Profitability:
Profit Margin
Return on Equity

0.17
0.60

0.18
0.67

0.19
0.76

0.18
0.71

0.18
0.80

0.07
0.32

Notes to Financial Statements:

1.
Capacity is based on our availability for trips to be booked, Capacity limit is 35
weeks with 12 hunters each weekend based on our 1000 acre property and 2 hunting
guides. We plan to operate at 60% capacity; Full capacity will be a total of 700 hunters per
year (35 weeks x 20 hunters per week). Increasing by 4.2%, 4.3%, 2.2%, and 4.8% for years
2-5, respectively (ibisworld, 2014). We plan to sell 0.8 non-hunting packages for every
hunting package sold. We will charge an additional price if the customer kills an animal; the
costs will be $3500 for white tail deer, $5500 for elk, $4500 for red stag deer, $1250 boar,
and $1500 for fallow deer. Approximately 85% of hunters will kill an animal during their

trip.
The cost of the package we outsource will cost us $1800. This includes hotel (Griffin Gate Marriot, 2014), food (Griffin Gate Mansion, 2014), transportation, required
hunting licenses, and the right to hunt on our property. We will sell the hunting package for $5,000. The non-hunting package will cost us $550 and we will sell the nonhunting package for $1,000. This price is fixed for all 5 years.
3.
Inventory Costs for years 1-5
Animal
$ for Male
$ for Female
White Tail Deer
2500
1500
Elk
4000
2500
Red Stag Deer
3500
2500
Boar
750
500
Fallow Deer
1000
500
a.
Year 1 we will purchase 150 males and 85 females of white tail deer, 100 males and 60 females of elk, 100 males and 60 females of red stage deer, 50 male and 30
female boars, 100 males and 60 females of fallow deer. Total costs for year 1 inventory is $1,735,000
b.
Year 2 we will purchase (all males) 100 white tail deer, 75 elk, 75 red stag, 35 boar, and 75 fallow deer. Total cost is $938,750
c.
Year 3 we will purchase (all males) 100 white tail deer, 70 elk, 70 red stag, 35 boar, and 70 fallow deer. Total cost is $871,250
d.
Year 4 we will purchase (all males) 150 white tail deer, 100 elk, 100 red stag, 55 boar, and 100 fallow deer. Total cost is $1,266,250
e.
Year 5 we will purchase (all males) 100 white tail deer, 65 elk, 65 red stag, 40 boar, and 65 fallow deer. Total cost is $832,500
4.
Credit card transactions will be 2.75% of total revenue for each year.
5.
Vehicle purchases will include 2 Cadillac Escalades at $72,000 each, 1 Ford F-150 at $20,000, 2 ATVs at $9500 each, and 3 livestock trailers for $10,000 each. Total
vehicle costs for year 1 is $318,000.
a.
In year 4, we will purchase a new Cadillac Escalade for $72,000, this is to accommodate growth in demand in year 4.
6.
Yellowwood Hunting Preserve, LLC. (YHP) will need to purchase property and fencing around the property. Land costs $1404 per acre in Kentucky (AFPC, 2007). We
will purchase 1000 acres in the first year. Fencing in year 1 will cost $66,000($66 x 1000 acres) Total cost of land will be $1,404,000 (1000 x $1404).
a.
In year 4 YHP bought 500 additional acres and the fencing needed to accommodate for the additional property. Additional cost for the land will be
$702,000($1404 x 500 acres). The cost for the needed fencing will be $33,000 ($66 x 400 acres).
7.
YHP will purchase a 2,232 sq. ft. building for the hunting preserve, it will cost $125,000, costing $56 per sq. foot(cityfeet.com, 2014). We will purchase office supplies
for the building to support operational processes, this includes 2 desks at $250 each, 2 chairs at $100 each, 2 computers at $500 each, 2 telephones at $70 each and
butchering equipment, which will include a fridge and butcher knives totaling $2,550.Office supplies will cost $5,000 (staples.com)(homedepot.com).
8.
Depreciation of vehicles and buildings: Depreciation is calculated via straight-line.
Escalades
$3700 per year
10 year life
2 Escalades + 1 added in year 4
ATVs
$634 per year
15 year life
2 ATVs
Building
$3205 per year
39 year life
1 Building
Livestock Trailer
$400 per year
20 year life
3 Livestock Trailer
2.

18

9.
Trucks
$2150 per year
10 year life
1 Truck
Office Supplies
1,000 per year
5 year life
For employee information, refer to employment chart. Full time employees will work for 11 months and receive salary for those 11 months. They will have a one month
unpaid vacation.
10. Annual SG&A expenses includes advertising, utilities, insurance, phone & internet services, licenses to operate and to certify our employees, website fees,
transportation, and feed costs. Prices are subject to fluctuate. Insurance is equal to 2% of revenue (oigcorp.com, 2014). Website fee has an initial cost of $4000 and
reduces to $600 per year for years 2-5. Transportation will vary with amount of transportation expected to cover for new animals purchased for property. Feed costs will
increase as property and inventory i.e. animals on property increase. This also includes property tax incurred each year. YHP will outsource a book keeper costing $250
per month, this cost is included in SG&A
11. Interest Expenses for all years is equal to 6% of total LTD. YHP is taking out a small business association loan in year 1. An additional loan will be taken out in year 4
to cover expansion costs.
12. Federal and State income tax is 33.36% of EBT
13. Target ending cash is 2 months worth of SG&A and salaries, wages, & benefits.
14. The founder will contribute a total of $70,000 for equity in the company
15. Angel investors will contribute $1,000,000 for equity in the company
16. YHP will need to borrow $1,303,548 in year one to reach target ending cash balance. In year 5 YHP will take out a loan of $144,171
17. YHP will collect revenues from animal kills 1 month after the kill.
18. Dividends will paid out in years 2-5. Payments are equal to 20% of EAT for years 1-4. In year 5 we will increase dividends to 40% of EAT
19. Employees are paid bi-weekly, therefore 2 weeks of salary will be accrued.
All purchases for animals will be paid one month after the purchase. Therefore 1/12 of Accounts Payable will rollover into the following year.

Value Creation: Management: Yellowwood Hunting Preserve offers exceptional benefits to employees, which
includes being paid above the industry average for their respective positions and also given a full month of vacation
each year. There is overlapping expertise involved in each position, this allows us to lower costs by not having to
hire any unnecessary extra employees. YHP outsources its lodging and food for customers. This cuts costs for
YHP but does not hinder the customers experience. Marketing: We have purchased ads in the most relevant
magazines to penetrate our target market. This includes Field & Stream, and the American Hunter magazine. We
have also purchased ads that will posted on buses that run in up to 200 cities. We have hired a part time marketing
coordinator to oversee our entire marketing operation. Operations: YHP will be working towards sustainability as a
main component of behind the scenes operations. We are dealing with animals, which will reproduce on their own.
By the end of year 4, we will slow the purchasing of inventory from our suppliers and will be able to allow
customers to hunt animals born on our property. This will severely cut costs in future years. Finance: We offer a
lower price for the killing of our animals than the industry average. We will be paying favorable dividends to
investors starting in year 2, and they will continue to increase each year. Return on Investment: YHP is asking for
a $1,000,000 investment to help start our business. The forecasted dividends allow a payback period to investors of
5.58 years. We have an estimated NPV of 1,006,982 at the end of year 5. The Internal Rate of Return is 20.34% and
MIRR will be 4.9%. Capital Structure: In year one, we need $1,070,000 of equity financing. The founders of YHP
will contribute $70,000 and outside investors will invest a combined $1,070,000. YHP will also need $1,303,548
from creditors in year 1. YHP will borrow an additional $807,000 from creditors in year 4 to cover expected
expansion. Conclusion: Yellowwood Hunting Preserve will focus our marketing efforts on reaching the target
market by personalizing our advertisements through various promotional channels and our positioning strategy to
provide a social hunting experience that is only offered during certain parts of the year. Our financial plan also adds
to intrinsic shareholder value by paying favorable dividends. Yellowwood is centered on quality, including our
employees and their knowledge of excellent customer service and quality assurance. To ensure that we maintain a
high-level quality demanded by our customers, we will implement Total Quality Management (TQM) focusing on
assurance and courtesy, while also focusing on sustainability as described in our triple bottom line analysis.
19

Addenda:
Addenda #1: Perceptual Map Positioning

Addenda #2: Sales Forecasting

Figure 5: Sales Forecasting for Five Years

Figure 4: Year One Sales Forecasting

Addenda #3: Quality and Failure Points

20

Addenda #4: Process Flow Diagram

21

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