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Letter Of Undertanding

Letter Of Undertanding

This letter of understanding constitutes our entire agreement on this business plan development project as per the date it is signed and defines the deliverables, responsibilities, and timing of the project between Mr. Paul Kendall, a principal of First Class Models, anew business venture, and Frank Steensnaes of probusinessplans.com. First Class Models has prepared a draft business plan, and needs a complete business plan and presentation to be able to present to potential investors.

The business plan will be developed over a 90-day period. First Class Models will supply applicable verbiage regarding its planned business venture, and to be responsive to inquiries about its products and services, the industry in which it competes, and its organization.

Meetings will occur either in person or by phone and reviews of the drafts will be submitted via phone, fax, the Internet, or email as agreed upon prior to each meeting or review. Meeting dates will be agreed upon as required. First Class Models will receive drafts of each section of the plan, submit comments, and review the updated sections prior to next meeting.

The business plan sections listed are typical to a business plan, but may be modified as required.

The Company (Vision, Value propositions, History, Services and products, Product benefits, Business processes/workflow, Growth strategy, Legal entity, Intellectual property, Ownership)

Management Team and Organization Section (Management, Board of Directors, Professional service providers, Organization chart, Key alliance relationships)

Market Analysis (Driving forces, Current challenges, Market opportunities, Competition, Differentiation, Market barriers)

Market strategies (Positioning statement, Product strategies, Pricing strategies, Marketing and sales programs, Business models)

Critical Risks (People, Technology, Market, Financial, Execution)

Financial Projections (5-year Income Statements, Balance Sheets, Statements of Cash Flow)

„X Copies of all market research documents, competitor analysis and benchmarking research cited in the business plan

„X 10 bound color copies of the completed business plan.

„X A PowerPoint presentation of the business plan.

„X Provide feedback on the drafts of sections of the business plan as submitted via email or fax.

„X Provide the availability via phone of at least one of its principals throughout the business plan development process to offer input on the proposed business processes, marketing efforts, and strategies.

„X Provide general information about the nature of the company, its structure, and its services.

„X Provide access to operational and financial history.

„X Provide all market research used in the business plan and presentation

„X Graphics, if any, for the business plan

Payment of $2,000 is due 15 days after completion and delivery of the plan and the presentation, and satisfies all costs relating to the development of the business plan and related financials. Subsequent hourly rate for consulting work is $45 per hour.


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