Letter Of Undertanding

2 Pages 434 Words

Letter of Understanding

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.

Logistics

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.

Business Plan Section
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)
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