Writing a Winning Business Plan Part II

Presented by SCORE, Chapter One, Washington, DC washingtondc.score.org 202-619-1000 Session Objectives

• Develop an understanding of the three financial statements that accompany any business plan • Explore the financial planning process, its main components and related models • Learn how to perform a breakeven analysis and ratio analysis • Learn how to develop and read the basic financial statements Afternoon Agenda

• Financial Statements Overview – Balance Sheet – Income Statement – Cash Flow Statement • Financial Planning – Fundamental Concepts – Financial Plan Components – Breakeven & Ratio Analyses • Case Study Introduction

The Need for a Business Plan • Developing a comprehensive business plan forces you to: – Research and understand your industry, competition and customer – Evaluate your concept, ideas and assumptions before investing time and money – Address all of the dynamics of running the business – how will you execute across all parts over the long run – Communicate the business in clear terms to critical stakeholders (partners, investors, key personnel, etc.) • You must have an exit strategy (either for selling the business or moving to the next level of operation). It must be based on a number, not on time Bigger Picture – Financial Results FINANCIAL STATEMENTS OVERVIEW Financial Statements Overview

Balance Sheet • Snapshot of the business at a point in time • Shows what resources (assets) the firm owns and how it was financed either through liabilities or equity • Prepared on an accrual basis • Main Components – Assets (current and long term) – Liabilities (current and long term) – Owner’s Equity Financial Statements Overview cont.

Balance Sheet Accounts

• Current Assets • Current Liabilities – Cash – Accounts payable – Accounts receivable – Notes payable – Inventory – Accrued expenses • Long Term Assets • Long-Term Liabilities – Equipment • Owner’s Equity – Furniture and Fixtures – Owners Capital – Vehicles – Retained earnings – Intangibles Balance Sheet – Java Joe

Projected Balance Sheet - Year 1 for Java Joe

Opening Ending FN Balance Balance Footnotes to Balance Sheet Assets Cash (1) 3,000 111,492 (1): Large cash balance at year end is due to line of credit Accounts Receivable (2) - 38,513 to cover all expenses Inventory (3) 40,000 40,000 Prepaid Expenses (4) 53,475 35,650 (2): Accounts Receivable is associated with corporate Total Current Assets 96,475 225,655 clients that rented large meeting room Leasehold Improvements (5) 50,000 50,000 Equipment 30,000 30,000 (3): Inventory is valued at total cost to purchase food items Furniture and Fixtures 20,000 20,000 with 2% added for overhead (use of equipment) Less Accumulated Depreciation - (15,429) Total Fixed Assets 100,000 84,571 (4): Prepaid expenses consists of advanced rental payments TOTAL ASSETS 196,475 310,226 and insurance to take advantage of discounts Liabilities Accounts Payable - 2,782 (5): Leasehold improvements were made as part of the Notes Payable (6) 21,475 19,168 build out - upgraded wiring, outside patio, etc. Total Current Liabilities 21,475 21,950 Long Term Liabilities - - (6): Bank Note used to help cover equipment purchases

Total Liabilities 21,475 21,950 (7): Business was setup as a Corporation to ensure easy transfer of ownership to potential new owners Equity Common Stock (7) 175,000 175,000 Retained Earnings - 113,276 Total Equity 175,000 288,276 TOTAL LIAB / EQUITY 196,475 310,226 Financial Statements Overview cont.

Income Statement • Shows the profit or loss for a duration of time (month, quarter, year) • Prepared on an accrual basis • Main Components – Revenues – funds generated by the business – Cost of Goods – costs related to the sale of inventory – Operating expenses – overhead, labor, other – Depreciation – tax deduction for wear and tear – Interest expense – from short- and long-term debts – Taxes – income taxes

10 Financial Statements Overview cont.

Income Statement – Main Accounts

Revenues - Cost of Goods Gross Profits - Operating Expenses - Depreciation Operating Profits - Interests -Taxes Net Income Income Statement – Java Joes

Actual Income Statements for Java Joe

2018 2019 2020

Sales 390,500 675,200 876,220 Income - Other Sources 130,000 Cost of Goods Sold 167,300 309,700 348,356 Gross Margin 223,200 495,500 527,864 Try to remove Salaries and Wages 97,040 197,600 265,010 Non-Operating Rent Expense 67,500 69,525 71,611 Noise. Focus on Credit Card Processing 12,900 19,880 26,700 core operations Advertising 24,000 33,402 17,800 Utilities 17,500 20,400 22,300 Other Operating Expenses 17,400 26,500 26,780 2019 had a loss Other Expenses 39,000 84,848 29,700 of $ 36,655 if Profit or Loss (52,140) 43,345 67,963 you remove the noise Other Expenses in 2019 includes $ 50,000 in legal fees to defend an employee lawsuit Basis of Estimate – Java Joes

Try to do a bottoms up estimate from real observations and data from a similar type business if possible. Document your assumptions and calculations

Basis of Estimate - Sales Forecast (Year 1)

Counter Lunch Dinner Bar Service Service Service Service Totals Volume - Expected Orders 38,500 42,750 27,500 22,500 Average Ticket Sales Price $ 7.27 $ 8.76 $ 11.76 $ 6.20 Estimated Sales $ 279,895 $ 374,490 $ 323,400 $ 139,500 $ 1,117,285

Cost per Order (1) $ 1.77 $ 1.81 $ 1.94 $ 2.06 Est Cost of Goods Sold 68,237 77,292 53,323 46,395 245,247

(1): Consists of food / drink cost, labor time estimated to serve / process order + 2% overhead Financial Statements Overview cont.

Cash Flow Statement

• Shows receipts (sources) and payments (uses) of cash in a given period • Prepared on a cash basis • Main Components – Cash from operations (revenues less expenses) – Cash from investing activities (assets) – Cash from financing activities (equity & liabilities) Financial Statements Overview cont.

Cash Flow Statement (cont.) • Sources of cash occur when… – Selling products and services to customers (operating activity) – Selling off assets such as equipment (investment activity) – Owner puts money into the business (financing activity) • Uses of cash occur when… – Paying your operating expenses (operating activity) – Acquiring equipment (investment activity) – Paying off a long term bank loan (financing activity) Cash Flow Statement – Java Joe

Statement of Cash Flows Year 1 - Java Joe

Opening Cash Balance - Cash Flow - Operations Sales - Point of Sale (4 service lines) 367,800 Sales - Collections of Accts Rece 29,700 Inventory Purchases (137,800) Salaries and Wages Paid (118,960) Rent Expenses Paid (67,500) Credit Card Fees Paid (12,900) Advertising Expenses Paid (22,400) When you start your business, you will most Utitlities Paid (16,220) likely have negative operating cash flows until Other Expenses Paid (24,278) Total Change in Cash (2,558) you can grow sales Cash Flow - Investments Leasehold Improvements (50,000) When you start your business, you may have a Equipment Purchases (5,500) Furniture and Fixtures Purchased (20,000) lot of cash paid out for long term investments Total Change in Cash (75,500) Cash Flow - Financing When you start your business, most of the Owner Contribution of Funds 175,000 Line of Credit - Bank 6,700 positive cash flows come from you putting in Bank Note Payable 7,850 your own money Total Change in Cash 189,550 Ending Cash Balance 111,492 Financial Statements Overview cont.

BALANCE SHEET (on a given date) Assets Liabilities Current INCOME STATEMENT Current (for the period) Assets Liabilities Operating Revenues Fixed Long-term Assets Operating Liabilities Depreciation Expenses Equity Other Owner’s Assets Net Profit Equity

CASH FLOW STATEMENT (for the period) Investments Operations Financing FINANCIAL PLANNING Financial Planning

• Basic Steps 1. Determine how much you will sell: Units x Price = Sales Forecast 2. Determine what resources / assets are needed to support this Sales Forecast 3. Determine the on-going operating expenses to support the Sales Forecast 4. Determine how you will fund the Assets > Liabilities vs. Equity (Balance Sheet) 5. Go back to the Forecasted Incomes Statement and Balance Sheet – Determine your projected Cash Flows Financial Planning cont.

• Financial Models – Use a spreadsheet to organize and manage your financial plan – Document your assumptions – what is your basis of estimate? – Itemize the resources and funds needed to start the business – Project out what you think you can sell by months – Project out your expenses by months – Makes some growth assumptions beyond the base year 1 – project out for years 2 and 3 – Save the model as your best guess. Develop at least three scenarios (best guess, optimistic, pessimistic) Financial Planning cont.

• Accrual Accounting – Recognize revenues when earned (before you collect the cash) and recognize expenses when incurred (before you pay the cash) – Forward looking to economic transactions

• Cash Basis Accounting – Recognize revenues when you get paid and recognize expenses when you pay it – Reactionary to economic transactions Financial Planning cont.

Accrual Accounting uses two main accounts: Assets – Accounts receivable – monies due from customers Liabilities – Accounts payable – monies due to vendors

Other Accounts Prepaid Expense – Pay expense before it is incurred Deferred Revenue – Collect cash before you recognize revenues Financial Planning cont.

• Working Capital – Defined as current assets less current liabilities. It shows the company’s liquidity (ability to meet short-term debts) • Core W/C Accounts – Current Assets: cash, accounts receivable, inventory and pre-paid expenses – Current Liabilities: accounts/notes payable, short-term bank loans, accrued expenses Financial Planning cont.

• Fixed Expenses – Expenses that are predetermined and remain the same regardless of the sales volume such as salaries, insurance and rent • Variable Expenses – Expenses that change as the sales volume changes (usually calculated as a % of sales) Financial Planning cont.

Contents of Financial Plan • Balance Sheet – Opening day balances • Breakeven Analysis – Next three years projections • Ratio Analysis • Income Statement – First 12 months projections • Capital Equipment – Next two years projections • Cash Flows • List of Assumptions – First 12 months projections

All items are based on estimates, forecasts and assumptions made during the planning process Financial Planning cont.

Breakeven Analysis • An analysis to estimate sales volume that will recover all operating costs • The breakeven point is where the sales volume equals operating expenses (fixed and variable) • Calculated based on projected income

Breakeven Sales= Fixed Expenses ($) 1 - Variable Expenses (as a % of sales) Financial Planning cont.

Example - Breakeven Analysis • Assume the following: – Rent = $2,000 per month – Salaries = $8,000 per month – Unit Cost = $100 – Price per Unit = $300

Breakeven Sales= $10,000 =$15,000 1 – 0.33 Breakeven Units = $15,000 = 50 $300 Financial Planning cont.

Breakeven Analysis - Example (cont.)

($) Sales Profit

Loss Variable Costs $15,000

$10,000 Fixed Costs

50 (Units) Financial Planning cont.

Ratio Analysis • Find out whether the firm’s operating and financial status is improving over time • Compare the firm’s performance against the averages for its industry • For main types of ratios – Liquidity – ability to cover short-term obligations – Profitability – ability to generate profits – Activity – ability to use assets efficiently – Leverage – reliance on creditors to finance assets & operations Financial Planning cont.

Ratio Formulas • Liquidity – Current Ratio = Current Assets / Current Liabilities – Quick Ratio = (Current Assets – Inventory) /Current Liabilities

• Profitability – Gross Margin = Gross Profit / Total Sales Revenues – Operating Margin = Operating Profit / Total Sales Revenues – Profit Margin = Net Income / Total Sales Revenues – Return on Assets = Net Income / Total Assets – Return on Equity = Net Income / Total Equity Financial Planning cont.

Ratio Formulas (continued)

• Leverage – Total Liabilities / Total Assets – Total Liabilities / Total Equity – Interest Coverage = Earnings Before Interest Taxes / Interest Expense

• Activity – Receivables Turnover = Total Credit Sales / Average A/R – Inventory Turnover = Cost of Goods Sold / Average Inventory Benchmarking Resource

Available for Free at: Arlington County Library 1015 North Quincy Street Arlington, VA 22201 Business Research Librarian: Alexandra Fox ([email protected]) Useful Learning Links www.accountingcoach.com www.simplestudies.com http://www.almaris.com/fact/fact-contents.htm - Financial Accounting Tutor http://bizzer.com/images/Financial/index.html - Understanding Financial Statements http://www.mcisaac.co.uk/downloads/Web-Financial- Statements.pdf - Understanding Annual Reports BREAK Assumptions & Reading Income Statements JAVA JOE’S JOINT Java Joe’s Joint

Assumptions

Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 $35,380 $50,825 $67,015 $86,840 $102,285 $91,915

Year 1 Year 1 Year 2 Year 3 $1,117,285 $1,443,791 $1,588,170

Adding graphs to your financial plan can improve readability Java Joe’s Joint

Assumptions

• Te r m s o f S a l e – Customers pay 10% in cash, 90% is charged to credit cards – 2% fee for credit card transactions

• Inventory – Cost of goods varies by product line but is generally under 30% – Replacement inventory is bought on 30-day terms Java Joe’s Joint cont.

Assumptions (cont.) • Funding – Bank line of credit up to $80,000 at 9% has been arranged – Short Term Note from Bank to cover equipment purchases up to $ 30,000 at 9% • Personnel – Owner hired 21 employees @ a total salary of $47,054/month • Other – Fixed assets acquired have a 5 year life expectancy – Rent is $45 per square foot for 1,500 square feet of space Java Joe’s Joint cont.

Assumptions (cont.)

• Pre-Opening – Owner/Investors invest $175,000 – Fixed assets (Build out, equipment, furniture) cost $100,000 – Initial inventory is purchased for $40,000 – Salaries for pre-opening period amount to $22,000 – Opening advertising campaign is contracted for $4,000 – Deposits for utilities $3,000 – Office supplies $2,000 – Reserve for unforeseen contingencies $3,000 Java Joe’s Joint cont.

Income Statement (Year One) SCORE Template and Guide FINANCIAL PROJECTIONS Quick Tip - Unprotect

Click on the Cell you want to Unprotect, Select Review from the Main Menu and select Unprotect Sheet, Enter the Password 1234 Wrap-Up

• Business plan must include three main financial statements • These financial statements are interconnected • Financial planning is the process of forecasting resources – documented assumptions are key (be conservative) • Accrual accounting vs. cash accounting • Give proper consideration to working capital requirements • Finding breakeven point is critical • Use ratio analysis to analyze trends and compare the firm to its peers in the industry • Do not underestimate the possibility of cost overruns and delays (keep Murphy in mind) Key Questions

• What is the funding required to launch and operate the business and when these funds are needed? • When does the business achieve breakeven (quantity and dollars)? • Should I hire someone? What specific results and corresponding skills are needed from each person? • Does the business generate enough cash flow to pay expenses, salaries and repay debt? • As an investor, would I invest in this business? Why? Business Plan Resources

Business Plan Kits Useful Resources http://www.dummies.com/book- www.businessplans.org/ | extras/business-plans-kit-dummies-5th- https://planningshop.com/ | edition-resource-center/ https://planbuildr.com/ https://www.liveplan.com SBA Online Plan https://www.sba.gov/starting- Marketing Plans business/write-your-business-plan http://www.mplans.com/

One Page Canvas Business Policies https://strategyzer.com/canvas/business- www.bizmanualz.com model-canvas Research

Census Information Government Database Links https://factfinder.census.gov/faces/nav/jsf www.drewsullivan.com/database.html /pages/index.xhtml Industry Research Companies - Global http://valuationresources.com/IndustryRepo https://us.kompass.com/ rt.htm

Companies – USA Public Records http://www.akama.com/ http://publicrecords.searchsystems.net/

Competing Websites Salary Information www.ispionage.com/ www.salary.com | www.salaryexpert.com

Food Production Trade Publications www.marylandpackaging.com | www.tradepub.com/ www.snappyvalleyfood.com | Trade Shows www.foodtechconnect.com | www.eventsinamerica.com/ | 10times.com/ www.specialtyfoodcopackers.com | www.clocate.com/ Research - cont

Find a Manufacturer Online Library www.mfg.com | http://makersrow.com/ | https://www.questia.com/ | www.made-in-china.com/ www.worldcat.org/

Global Markets Patent Research https://www.export.gov/welcome www.freshpatents.com/ | www.google.com/?tbm=pts Magazine Research www.allyoucanread.com Polling Tools www.polldaddy.com | Newspaper Research www.surveygizmo.com/ www.highbeam.com www.surveymonkey.com/ www.zoomerang.com/ Miscellaneous Sources www.bmiresearch.com | Product Feedback www.virtuallibrarian.com/it/ | www.uservoice.com/ www.ispionage.com/ | General Resources

Accounting Idea Development / Presentation https://quickbooks.intuit.com/ curator.co | germ.io | popapp.in | www.freshbooks.com/ | www.haikudeck.com | ideascale.com www.accountedge.com/ | Government Lookup Branding www.statelocalgov.net www.brandbucket.com | frontify.com | http://www.brandery.org/ Legal Resources www.upcounsel.com | www.hg.org | Documents www.lawguru.com | www.lawcatalog.com www.startupdocuments.com | www.biztree.com Startup Resources http://www.choosewhat.com/ | Documents – Legal http://www.bizmove.com/ | www.megadox.com | www.docracy.com https://www.businessownersideacafe.com/ | www.urgentbusinessforms.com | https://www.startupnation.com/ www.legalzoom.com | http://curator.co/ www.getfreelegalforms.com Templates

SCORE Financial Spreadsheets Graphic Design https://www.score.org/resource/business- http://www.stocklayouts.com/ planning-financial-statements-template-gallery Microsoft Templates Customized Spreadsheets http://www.hloom.com/ http://www.modelsheetsoft.com/home.aspx Organizational Charts Video Clips www.cogmap.com/ https://www.pond5.com/ Legal Templates Video Templates https://termsfeed.com/ | https://videolean.com/ http://www.docracy.com/

Proposal Templates http://www.proposalsmartz.com/ DMV Resources

Maryland Startup Guide http://commerce.maryland.gov/Documents/BusinessResource/MarylandEntrepreneurGuid e.pdf

DC Startup Guide http://wdcep.com/resource/20162017-dc-doing-business-guide/

Register Your Business DC > http://otr.cfo.dc.gov/service/business-taxpayers MD > http://taxes.marylandtaxes.com/Business_Taxes/default.shtml VA > http://www.tax.virginia.gov/content/business-tax-information IRS > https://www.irs.gov/businesses/small-businesses-self-employed Montgomery County > https://www2.montgomerycountymd.gov/PersonalPropertyTax Arlington County > https://taxes.arlingtonva.us/business/new-businesses/ Fairfax County > http://www.fairfaxcounty.gov/dta/businesstax_home.htm Marketing Tools

Content Development Email Marketing http://buzzsumo.com/ www.getresponse.com/ | www.aweber.com/ | Customer Acquisition www.constantcontact.com/ | www.launchrock.com/ | mixrank.com/ https://mailchimp.com/ https://www.infusionsoft.com/ Customer Interaction www.olark.com/ | www.intercom.com/ Mailing List www.infousa.com/ Displays www.dgdisplays.com/ Miscellaneous Resources www.godfreygroup.com/ www.salesvantage.com/ www.tradeshowplus.com/ www.marketingsherpa.com/ Research www.justsell.com/ http://aytm.com/ www.adgooroo.com/ | mixrank.com/ Video Production www.convertro.com/ www.explainify.com underabuck.com/ www.ignitemotion.com/ Online Presence

Content Optimization Social Building Tools www.bkacontent.com/ | | www.socialgo.com | www.subhub.com www.textbroker.com/ | https://unmetric.com/ Social Media Management www.beevolve.com/ | www.cyfe.com | Messaging http://keyhole.co/ | https://audiense.com/ | www.whatsapp.com/ | https://sumall.com/ | www.quintly.com/ | www.messenger.com/ | www.tailwindapp.com/ | https://viralwoot.com/ www.sparkcentral.com/ | www.talkwalker.com/

Social Media Platforms Search Engine Optimization www.facebook.com/ | www.youtube.com www.backedlinks.com | https://ahrefs.com/ | | www.snapchat.com/ | https://getstat.com/ | www.jumpshot.com/ | https://twitter.com/ | www.pinterest.com/ www.link-assistant.com/ | | https://www.tumblr.com/ | www.buzzstream.com/ | https://majestic.com/ www.instagram.com | | www.pageonepower.com | https://moz.com/ | www.semrush.com/ | www.seoclarity.net/ | www.similarweb.com/ | http://www.yext.com/ Specialized Resources

Incorporation Crowdfunding https://www.maxfilings.com/in www.crowdrise.com | www.razoo.com | corporation-knowledge-center/ www.gofundme.com | www.indiegogo.com | www.kickstarter.com | www.youcaring.com | Name Generator www.kiva.org | www.causes.com | www.naminum.com www.firstgiving.com | www.namingforce.com Online Shopping Cart Pitch Recognition https://squareup.com/ | www.shopify.com/ | www.pitchmantra.com https://magento.com/ | www.3dcart.com/ | www.bigcommerce.com/ | www.ecwid.com/ Trademarks http://www.trademarkia.com/ Outsource https://www.uspto.gov/ www.fiverr.com | https://99designs.com/ | www.blurgroup.com | www.crowdspring.com | User Research www.logoarena.com | https://wooshii.com/ | https://validately.com/ www.zooppa.com/en/ https://www.designcrowd.com/ Specialized Resources - continued Certifications for Business Import / Export https://certify.sba.gov/ www.tradekey.com/ | www.madein.com/ | www.globalsources.com/ | Export License www.asianproducts.com/ | https://snapr.bis.doc.gov/snapr/exp/welco me Rent an Office www.launchworkplaces.com Fax Services |www.wework.com | liquidspace.com www.efax.com | www.regus.com | www.canvasco.work | www.sharedesk.net | www.pbcenters.com/ Funding www.f6s.com/ | www.symbid.com/ | Tax Help https://gust.com/ | https://angel.co/ | http://taxmama.com/ | www.taxsites.com/

Filings Web Site (Quick) www.bizfilings.com/ | www.weebly.com | www.wix.com | www.moonfruit.com | https://ukit.com/ www.ucoz.com Miscellaneous Resources

Benchmarking Startup Collaboration http://www.benchnet.com/ | https://mixergy.com/ | https://www.bizminer.com/ | https://www.younoodle.com/ | http://benchmarkingnetwork.com/ | https://www.eonetwork.org/ http://www.globalbenchmarking.org/hom e/ | http://kpilibrary.com/ | Tax Help http://www.taxtopics.net/ | Minimum Viable Product Tools http://www.taxsites.com/ | http://explainify.com/ | https://www.cchsfs.com/ https://www.fullstory.com/ | https://proto.io/ | Test Your Idea https://proved.co | https://quickmvp.com/ | New Product Development https://untorch.com/ https://www.edisonnation.com/ Track Customers Score Your Startup https://mixrank.com/ https://www.strategiccoach.com/ Miscellaneous Resources - cont

Collaboration Tools Non Profits – Fund Raising https://conceptboard.com/ | www.fundraisingideas.com | www.fund- https://freedcamp.com/ | raising.com | www.bigdatabase.com | www.glasscubes.com/ | www.ning.com/ | www.fundsnetservices.com | https://padlet.com/ | https://podio.com/ www.donorsnap.com | www.firstgiving.com | | www.proofhub.com/ | www.crowdrise.com | www.youcaring.com | https://redbooth.com/ | www.causes.com | https://fundrazr.com | https://redpen.io/ | https://slack.com/ | www.grantwatch.com | https://www.veeting.com/ | www.foundationsearch.com | https://realtimeboard.com/ | www.grantcraft.org https://www.yammer.com/ Non Profits – General Resources Food Production http://charitynetusa.com | www.guidestar.org www.marylandpackaging.com | | www.nptimes.com | www.snappyvalleyfood.com | https://allianceonline.org | www.foodtechconnect.com | www.boardsource.org | www.kehe.com | www.charitynavigator.org | www.specialtyfoodcopackers.com www.volunteermatch.org Score Mentoring Locations

MAIN SCORE OFFICE PRINCE GEORGE’S COUNTY ECONOMIC 409 3rd Street, SW, Suite 100A, Washington, DC DEVELOPMENT CORPORATION 20024 1801 McCormick Drive, Suite 350, Largo, MD 20774 (202) 619-1000 Appointment only - (301) 583-4650 Appointments - 9:00 am - 3:00 pm Weekdays ALVERTA LOPEZ - Tuesday CLEVELAND JULIAN - Wednesday THE ROCKVILLE LIBRARY BUSINESS CENTER 21 Maryland Avenue, Rockville, MD 20850 ALEXANDRIA ECONOMIC DEVELOPMENT Appointment - (240) 777-0001 PARTNERSHIP DAVID WESTREICH - Tuesday 625 North Washington Street, Suite 400, DAVE ROTHFELD - Wednesday ANNE-MARIE MEHRA - Thursday 4:30 pm - 8:30 pm Alexandria, VA 22315 LEONARD BRISKMAN - Saturday Appointment only - (703) 739-3820 LEN JOHNSON - Thursday GREATER RESTON CHAMBER OF COMMERCE FAIRFAX COUNTY ECONOMIC DEVELOPMENT 1886 Metro Center Drive, Suite 230, 8300 Boone Boulevard, Suite 450, Reston VA 20190 Vienna, VA 22182 Appointment only - (703) 707-9045 Appointment only - (703) 790-0600 ED SHANAHAN - Monday RON PAULSON - Wednesday FRED GLAVE and MARK SKOLNIK - Thursday Score Mentoring Locations - continued

ARLINGTON ECONOMIC DEVELOPMENT LEESBURG/LOUDON MASON ENTERPRISE CENTER 1100 North Glebe Road, Suite 1500, 202 Church Street SE, Suite 100, Arlington, VA 22201 Leesburg, VA 20175 Appointment only - (703) 228-0808 Appointment only - (571) 441-1826 ED COLEMAN - Monday ASHOK PRABU - Thursday JOE CLARKE - Tuesday FRANK GUNION - Wednesday (2nd and 4th Wednesday) TEMPORARY WHEATON LIBRARY GERRY SANZ - Thursday 2400 Arcola Avenue Silver Spring, MD 220906 EMAIL MENTOR Appointment only - (240) 777-0678 SOM KARAMCHETTY – GARY O’SHAUGHNESSY – Monday [email protected] ROGER SCHWARZ – Wednesday DIANE STARKEY - Saturday WARRENTON MASON ENTERPRISE CENTER 70 Main Street, Suite 23, SILVER SPRING LIBRARY Warrenton, VA 20186 900 Wayne Avenue Appointment only - (540) 261-7100 (ask for Alice Silver Spring, MD 20910 Felts) Appointment - http://score-silver-spring- DAVID ROTHFELD – VIDEO MENTORING ([email protected]) library.as.me/ XIOABAN XIN – Saturday 1:00 to 5:00 p.m. MATT EVANS – Tuesday 6:00 to 9:00 p.m. Thank You for Attending