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My wife is getting ready to buy a business and I am trying to do some financial projections using the SCORE model. Anyone else familiar with this ? I tried to google some explanations for the tabs, but could not find anything. I am looking for details on how to get tax breakdown on employee salary, projected sales forecast, etc. Any guidance would be really helpful. Thanks.

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I am not familiar with the SCORE model, but I am pretty conversant with working on business plans and specifically the financial analysis part. If you PM me and send me a spreadsheet with guesstimated numbers (i.e. don't give your actual numbers) I will take a look at it and see if I can help.

I'm not familiar with the SCORE model - is this a franchise by chance? Maybe it is their name of their financial projections?

OP is probably using the financial templates from the SCORE.org website.

Say "No" to Score. If your business plan makes sense you should be able to break out numbers in a regular Lines & Months spreadsheet and that breakdown would make sense to everyone who looks at it. Everything else is a hocus pocus.

Did you ask the business you're trying to buy provide this for you? That should help serve as a starting point and you can modify with your own assumptions. If they don't have one, then make them do it.

EvilCapitalist said:   Say "No" to Score. If your business plan makes sense you should be able to break out numbers in a regular Lines & Months spreadsheet and that breakdown would make sense to everyone who looks at it. Everything else is a hocus pocus. Can expand on your thoughts for SCORE? I've always toyed with the idea of seeking a SCORE mentor. I don't know anyone who has participated and I have no vested interest other than curiosity.

I did some more digging and SCORE provides free mentoring that I am going to make use of. My county has a local chapter and I have scheduled an appt. for tomorrow.

I thought that was the obvious route and was planning to suggest so until EC mentioned saying "no" to SCORE. I hope he is able to provide some more detail because few of us have any experience with SCORE. It seems like a good organization, so please keep us posted with your experience OP.

I will post a more detailed reply ( hell, i half-wrote an essay about that circle jerk a few months ago but it looks too yucky to post) by the end of the week.

In my absolutely not humble opinion they are a circle jerk feeder created to convince people trying to start businesses that There Are Unsurmountable Problems For Which They Would Need More Than Just Free Mentoring Services. Somewhat akin to the "Free Mentoring" from the Real Estate peddling seminars for the New Real Estate Investors.

If anyone has existing templates they have used, I am all ears and eyes at this point. I also started by doing a "regular lines and months" spreadsheet but it becomes the SCORE model very quickly.

EvilCapitalist said:   I will post a more detailed reply ( hell, i half-wrote an essay about that circle jerk a few months ago but it looks too yucky to post) by the end of the week.

In my absolutely not humble opinion they are a circle jerk feeder created to convince people trying to start businesses that There Are Unsurmountable Problems For Which They Would Need More Than Just Free Mentoring Services. Somewhat akin to the "Free Mentoring" from the Real Estate peddling seminars for the New Real Estate Investors.


I thought SCORE was almost like a charity service for entrepreneurs where knowledgeable people volunteer their time to help out new companies; kind of like a big brothers big sisters for start ups. Are you just saying that SCORE's volunteering regiments are being corrupted by those that would try to use 'the volunteering' to make an introduction so that they can eventually get more business out of them and refer the little start ups to their friends? Because if that is what you're saying that makes a ton of sense, and quite frankly that is a very brilliant way to market yourself and bring in additional client business to you and your friends.

That also would mean that if your smart you would have to be very wary of your mentor doing that while he is 'mentoring' you.

From Wikipedia:

SCORE or the SCORE Association was previously known as the Service Corps of Retired Executives, but is now recognized as SCORE, "Counselors to America's Small Business." It is a 501(c)(3) nonprofit organization that provides free business mentoring services to entrepreneurs in the United States. The organization also presents business workshops and seminars for a fee. Business mentoring services are provided by both active and retired business executives and entrepreneurs who donate their time and expertise as mentors to assist new and established small businesses. SCORE is a resource partner with the U.S. Small Business Administration.

More relevant question for me is what do you need a business plan for?

I need a business plan to do some financial projections for a business that we are about to buy.

tajar96 said:   I need a business plan to do some financial projections for a business that we are about to buy.How would the business plan help project financials?

I think we are not talking about the same thing here. Before I apply for a loan, I need to put on paper how money will flow in/out or how my expenses stack up agt income. These financial projections will be part of my business plan that will be submitted to the bank.

Do you have baseline financials for the existing business?

yes, I plan to grow the business + I need to make some investment so a month by month breakdown would help me see the numbers clearly.

Is it in excel? How detailed are the financials? PM me the link and I can take a quick look.



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