1

Terpening Hay Sales

Business Plan

1300 N. Shaytown Rd.

Vermontville, MI 49096

Phone: (517)-231-6656

Contact: Marcum Terpening (Owner)

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Contents

1. Company Description………………………………………………3
2. Executive Summary………………………………………………...3
- Mission Statement………………………………………………...3
- Company Information…………………………………………….3
- Company Growth…………………………………………………4
- Future Plans……………………………………………………….4
3. Market Analysis……………………………………………………..5
- Industry Description………………………………………………5
- Target Market……………………………………………………..5
- Pricing & Structure……………………………………………….6
4. Organization & Management……………………………………...6
- Organizational Structure………………………………………….6
- Ownership Information…………………………………………..8
- Advisory Board/Board of Directors……………………………...8
5. Service or Product Line……………………………………………8
- Description……………………………………………………….9
- Life Cycle………………………………………………………...9
- Research & Development………………………………………..9
6. Marketing & Sales Management………………………………….9
- Marketing Strategy ………………………………………………9
- Sales Strategy…………………………………………………….10
7. Funding Request……………………………………………………10
- Current Funding Requirement……………………………………10
- Five Year Funding Requirement…………………………………10
- Use of Funding…………………………………………………...11
- Strategic Financing Situational Plans…………………………….11
8. Financial Documents……………………………………………….11
- Income Statement………………………………………………...11
- Balance Sheet…………………………………………………….12
- Cash Flow Statement…………………………………………….13
- List of Assets/Collateral…………………………………………14
- Family Living Expenses…………………………………………14
9. Appendix…………………………………………………………....16/17
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Company Description
Company Description

Terpening Hay Sales is a sole proprietorship business started by Marcum Terpening.

Marcum is a 2016 graduate of Maple Valley Jr./Sr. High School and is currently
attending Baker College of Owosso, pursuing an Associates Degree in Agriculture
Technology. The inspiration to start this business came to Marcum when he was young,
working in the hay fields with his uncle, Gordon Gardner. Working on his uncles farm
doing a variety of steps to the alfalfa business, he soon started a passion to start his own
hay production business.

As a sole proprietorship business, Marcum is the sole owner and main operator of the
business in its beginnings with hopes to make major expansions and changes as the
business profits. The goal of the business is to produce safe and high quality grass and
alfalfa hay bales at a fair price to its consumers.

Executive Summary

Mission Statement

“Terpening Hay sales is a family owned company. The company goal is to provide its
customers with a friendly atmosphere as well as quality hay bales. Terpening Hay Sales
will work to be consumer friendly and seek the needs of its customers to the best of its
ability.”

As the owner of Terpenig Hay Sales, Marcum will work to ensure that every action and
decision that the business makes will protect and be influenced by the mission statement
each and every day. The business’s mission statement will be on display on all business
offices and on all business cards to show our consumers what the business stands by and
what consumers can expect from Terpening Hay Sales.

Company Information

Terpening Hay Sales is strictly a grass/alfalfa bale crop business. As the owner and
operator, Marcum will ensure these are the only products available at the business.
Terpening Hay Sales will produce hay bales starting in the spring, until the fall. Hay will
be sold year round, or until supplies is run out. To be fair to consumers, Terpening Hay
Sales will do its best to ensure it has enough hay to sell to loyal customers and to not
oversell during the off-baling season.

Terpening Hay Sales looks to take every opportunity to make its business better when the
opportunities are there. With the company’s growth, Terpening Hay Sales hopes to fulfill
the needs of quality hay to the livestock consumers in which it targets to serve.
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Company Growth

Besides fulfilling the businesses mission statement, a goal of Terpening Hay Sales is to
be a competitive business in the hay industry and to expand its operations and consumer
outreach. Terpening Hay Sales hopes to expand in land, equipment, employment, custom
work, and consumers.

Land: When farm land in the Vermontville/Charlotte area becomes available, Terpening
Hay Sales hopes to make it a new branch of its business. To the business, the key to
becoming successful is having more and more land to increase the available stock of hay
for consumers.

Equipment: Terpening Hay Sales believes that to ovoid breakdowns and backups,
upgrading equipment whenever possible is the best way to avoid these setbacks. Hay
baling can be a difficult crop to get harvested. Waiting on mother nature to give
producers 4-5 days of sunshine and no rain can be difficult and challenging. With older
equipment, the company is at a larger risk of a breakdown that can set them back and not
be able to get the hay baled. By getting the best available possible, Terpening Hay Sales
is at a lower risk of breakdowns and able to get their hay baled faster.

Employment: Terpening Hay Sales looks to employ seasonal workers who are interested
in agriculture. Seasonal workers mainly include hay stackers to stack hay bales in the
businesses beginning years. The owner, Marcum, will do the main jobs such as field
work and working with customers. As the company grows and the business has more
funds, Terpening Hay Sales will look to hire more employees to fulfill the more work.

Custom Work: As Terpening Hay Sales looks to expand its operations, the business
looks to provide landowners with custom baling. Custom baling would be Terpening Hay
Sales providing the cutting, raking, and baling of hay for landowners who want to have
their fields baled but do not have the equipment to reach these needs. For a fee,
Terpening Hay Sales will use their equipment and laborers to achieve these goals for
consumers.

Consumers: As the business looks to expand in its assets, it also looks to reach out to as
many consumers as possible. Agriculture is one of the toughest industries in the world to
be successful in, and as a farmer, being able to purchase high priced items such as hay
can be difficult for a farmer looking to turn a profit. Terpening Hay Sales looks to help its
local farmers by providing quality hay at a fair price. By offering a fair price, Terpening
Hay Sales looks to build lifelong relationships with its consumers.

Future Plans

Looking to be a successful business, Terpening Hay Sales is constantly looking to be a

better business than what it was yesterday. Looking into the future, Terpening Hay Sales
sets goals to be the leader in hay production in its area as well as having several
employees. By being the leader in our product, we hope to be a consumer first choice
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when it comes to looking to purchase hay. Terpening Hay Sales hopes that its customer
relations and hard work ethics will give it a positive name with the communities and that
we will be a consumer first choice. To add to the Terpening Hay Sales positive
reputation, we will look to employ local. Terpening Hay Sales will look to hire local men
and women who are hardworking and are interested in getting to know how a hay
operation operates as a hay stacker and laborer. In the future, Terpening Hay sales will
look to hire a full-time foreman, sales associate, and a part time mechanic.

Market Analysis

Industry Description

Agriculture is the most important industry in the world, in which each and every person
relays on it to get the proper food and nutrition to survive. In agriculture, producers rely
on each other to provide certain products and services so that every agriculturalist can
fulfil their part. As a hay producing business, Terpening Hay Sales takes responsibility to
produce hay for livestock producers and pet owners in its area.

In the hay producing industry, Terpening Hay Sales must work to cut, rake, bale, and
store its products to be able to sell them to consumers. Working to provide quality in its
products and with its consumers is the key to becoming a successful business, as well as
being able to expand the operation.

Target Market

The target market that Terpening Hay Sales hopes to reach with its products are hobby
farmers, farmers who do not produce their own hay, and pet owners.

In most rural communities across the United States, you will be able to find a number of
small hobby farms. These hobby farms may be families who are raising a small herd of
beef cattle, or even raising a flock of breeding ewes. In most situations, these hobby
farms do not have the land or the equipment to raise the hay needed to feed their
livestock. As a hay producing business, we hope to fill these hobby farms needs of hay at
a reasonable price to ensure they can feed their livestock and make a profit as well.

In some cases, large production livestock operations such as beef or lamb productions
who raise meat on a larger scale than a hobby farm do not raise their own feeds. Instead,
these producers rely on business like Terpening Hay Sales to provide them with such
feeds. These producers are a great source of income for Terpening Hay Sales due to their
need for large amounts of hay to feed livestock. These consumers are the largest spenders
on hay in the area.

The final consumers Terpening Hay Sales looks to target are pet overs. Forage eating pets
such as horses are a great market to reach out to when looking for consumers to sell to in
the agriculture industry. Like hobby farmers, pet owners usually do not have the abilities
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to produce they hay needed to feed their animals. Terpening hay sales hopes to give the
best hay products to these pet owners to ensure the owners pets are happy and healthy.

Pricing and Structure

Just like any other crop in agriculture, pricing on hay can very year to year. Some of the
factors that can effect Terpening Hay Sales pricing on its products and services is the
weather and its sales. Below shows the average pricing on a variety of bales and sizes, as
well as custom baling work.

Hay: 1st Cutting Square…………..$3.00

1st Cutting Round…………..$40.00

1st Cutting Large Square…...$40.00

2nd Cutting Square…………$3.00

2nd Cutting Round…………$40.00

2nd Cutting Large Square….$40.00

3rd Cutting Square…………$3.50

3rd Cutting Round…………$55.00

3rd Cutting Large Square….$55.00

Custom Work:

Field Work………………..$30.00 per hour.

Fuel……………………….Price per gallon (Amount Used)

Twine…………………….$45.00 per role used.

Organization and Management

Organizational Structure

Having a good set of structure when it comes to who is in charge of what in a business is
important. Provided below is a chart of who is in charge of who in the business when it
expands to having a large set of employees as well as a description of each position.
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Owner/CEO

Business Foreman

Sales Associate Mechanic

Laborer’s

Owner/CEO: The owner of Terpening Hay Sales is the founder Marcum Terpening. As
owner/CEO, Marcum will make all major decisions in the business such as when to buy
land, replace equipment and when to hire laborers. Marcum will also assist in all parts of
the operation such as working in the field to ensure it is baled and stored in time as well
as talking with potential advertisement agencies and customers. Marcum has
management over all employees at Terpening Hay Sales.

Business Foreman: The Foreman of Terpening Hay Sales has to be able to be successful
in all areas of the business. The Foreman must be able to manage many employees at
once, work with customers, be able to fill orders, and help make repairs on the go. The
Foreman will be in charge of directing the laborers in which fields to do certain tasks, as
well as do these tasks at the same time. The Foreman will also have say in many business
decisions as the CEO does.

Sales Associate: The Sales Associate is a strict office worker/ consumer relations expert.
This position is in charge of all financing for the business such as handling bills and
paychecks. The Sales Associate is also in charge of working with consumers looking to
purchase hay. This may include talking on the phone when customers call, filling out
order papers, and keeping an accurate inventory of available hay. The Sales Associate
will also be in charge of marketing the products in different ways to help promote
Terpening Hay Sales.

Mechanic: The Mechanic is going to be a seasonal job at Terpening Hay Sales. The
mechanic will be employed during the months of April-October to ensure equipment is
ready for the baling season and that equipment is fixed before going into storage for the
winter. The mechanic must be able to work on a variety of equipment such as tractors and
wagons. The mechanic must also be able to work efficiently in short periods of time
during baling to keep production at a fast pace. The mechanic has no other
responsibilities except to work on equipment and maintain equipment.

Laborers: Laborers at Terpening Hay Sales are going to be young able bodied men and
women who have a passion for agriculture, hard work, and learning about an agriculture
industry. Laborers must be able to do many tasks such as work equipment, make small
repairs, stack hay, and much more. The Labor positions will be seasonal and will work
when the hay is ready to be prepped and baled.
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Ownership Information

Terpening Hay Sales is a sole proprietorship business started by Marcum Terpening.

Marcum is a 2016 graduate of Maple Valley Jr./Sr. High School and is currently
attending Baker College of Owosso, pursuing an Associates Degree in Agriculture
Technology. The inspiration to start this business came to Marcum when he was young,
working in the hay fields with his uncle, Gordon Gardner. Working on his uncles farm
doing a variety of steps to the alfalfa business, he soon started a passion to start his own
hay production business.

Marcum plans to stay the sole owner of Terpening Hay Sales with no plan of having
investors. Planning to stay a family operation, Marcum hopes to fill several of the
positions at Terpening Hay Sales with family members that want to work for the family
business and have a true calling to agriculture and who are willing to be dedicated and
work hard in the baling season.

In the future, Marcum hopes to pass the operation to his children in hopes that they can
be successful through Terpening Hay Sales and keep the family business in operation to
serve farmers and ranchers in the area for years to come.

Advisory Board

Since Terpening Hay Sales is a family owned business, there will be no advisory board.
Instead, there will be weekly meetings on Monday mornings at 8 a.m. to discuss what is
planned for the week and so every employee is on the same page and knows the schedule
of each other employee. Knowing what others have to get done allows the Foreman to
assign tasks evenly to ensure that work is done fairly and equally and that work is done
on time. These meets are great as well for any employees to come forward with any
issues they are having with the business and hopes that they can be accommodated.

Service & Product Line

Description

At Terpening Hay Sales, we offer 3 main services: variety of hay bales, custom baling,
and bale delivery. We believe these services are great ways to help local farmers and
ranchers with their productions at a fair price as well as being number 1 in customer
service. Below are the descriptions of the 3 services offered at Terpening Hay Sales.

Hay: A wide variety of hay types and sizes are the main products of Terpening Hay
Sales. Offering 3 cuttings and 3 different bale sizes give producers a variety of hay times
that fit their livestock’s nutritional needs and portion sizes.

Custom Baling: The custom baling portion of Terpening Hay Sales makes our business
unique. Terpening Hay Sales offers cutting, raking, and baling of your hay or straw fields
if you do not have the proper equipment or have a breakdown.
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Delivery: Delivery is another service at Terpening Hay Sales that makes this business
special. For a fee, Terpening Hay Sales will deliver and store your hay for you. This is a
great service for people who are not able to stack hay themselves or who do not have
time to pick up their orders.

Life Cycle

Hay bales, when baled and stored dry, last up to 2 years. At Terpening Hay Sales, every
bale will be baled and stored dry to avoid risk of moldy hay and the chance of fire. Doing
this allows our products to stay fresher longer in storage so that they can be sold
throughout the wintertime.

The time length that a bale will last a customer depends on the size of bale that is
purchases and what livestock and number of livestock that the consumer is feeding.
Depending on what the consumer is feeding, will determine how much hay they are
going to need. An example of this is an owner of a cattle herd of 20 cows is going to
purchase a large amount of bales in a larger size than a farmer with a flock of 20 sheep is
going to.

By offering a variety of bales, Terpening Hay Sales will be able to fit the needs of all
livestock raisers.

Research & Development

Research is a goal at Terpening Hay Sales to make sure we are doing everything to make
sure we are getting the most out of our land to get quantity and quality. To make this a
reality, soil samples will be done on each field every 3 years to ensure we as a business
are taking the proper steps for soil health and quality. Terpening Hay Sales will take all
results from soil samples and apply the appropriate fertilizers needed to keep the soil
healthy.

Marketing & Sales Strategy

Marketing Strategy

To get the word out there about Terpening Hay Sales, the business plans to attempt
several different ways to advertise and market their products and services. These include
newspaper adds, sponsoring local horse arenas, FFA, and an online website. Below is a
description of each marketing strategy.

Newspaper Adds: Putting a weekly add in the newspaper is a great way to get the
business name and phone number out for people to see. Newspapers allow consumers to
cut out the add and put on places like the refrigerator to keep our contact information.

Horse Arenas: In many cases, sponsoring local horse and livestock arenas are great ways
to get a billboard up at a place where many hay consumers gather. Having our business
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name and phone number right there for the consumers to see and showing that we support
other local businesses is a great way to draw in new customers.

FFA: Supporting local youth agriculturalist is a great way to not only show you support
local students, but investing in future hay consumers allows Terpening Hay Sales to help
students start their own farms and they may in turn purchase hay from Terpening Hay
Sales.

Website: Terpening Hay Sales also hopes to start its own website. Websites are a free
and easy way to advertise, as well as allow consumers to know what products and
services you have to offer.

Sales Strategy

To be a competitor in the marketplace, Terpening Hay Sales plans to be number 1 in

sales. To do this, the business plans to use competitive prices, offer discounts when
buying in bulk, and offering high quality customer service. These qualities will make
Terpening Hay Sales stand out from other competitors and our low prices on hay will
draw in customers in our area.

Funding Request

Current Funding

Since Terpening Hay Sales will be a new business, startup funding is going to be needed.
To achieve this funding, the owner Marcum Terpening plans to approach Greenstone
Farm Credit Services with this business plan and achieve a startup farm loan. This loan
will go towards the purchase of land, a tractor, a haybine, a rake, a baler, a several
wagons. Currently, the owner has a barn to store to hay properly from the weather to
ensure it stays dry and fresh.

To pay off the loan as fast as possible, Terpening Hay Sales plans to pay off the loan
within 5 years to pay the least in interest. This will allow for the business to be most
profitable and allow it to start to become self-funded.

Five Year Funding

Looking into the future, after five years, Terpening Hay Sales hopes to have its initial
startup loan payed off and starting to be self-funding. Becoming self-funded allows the
business to avoid loans which can lead to extra costs in interest payments and could be
dangerous to the success of Terpening Hay Sales. Once self-funded, the business plans to
only pay for things in cash when possible, or take out loans when there is a chance of a
large market growth and rapid expansion is needed.
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Use of Funding

When running a successful business, every dollar of revenue must have a name. By
having a name for every dollar, the business will avoid over spending in certain areas. To
do this, Terpening Hay Sales will do its best to be a cash only business. By this, we mean
we will be paying cash for expenses to the business such as parts, fuel, twine, and more.
To achieve this, the business plans to store 20% of all sales away in a savings account to
be used for emergencies, purchase new land, and replace old equipment. Savings are also
great ways to be prepared for emergencies such as a fire. When in times of larger
revenue, Terpening Hay Sales will save more than 20% if possible after all wages and
expenses have been paid.

Terpening Hay Sales believes that its fair prices for its products and services will be able
to pay for these funds. Having cheaper prices then the surrounding competition, we plan
to sell all of our stock, as well as have steady work during the baling season doing custom
baling. Over time, we project that this will allow us to build up a large savings, which
will allow Terpening Hay Sales to expand land and equipment, increasing stock and
keeping our prices low.

To also stay successful and avoid extra charges, Terpening Hay Sales plans to pay all
bills on time such as equipment payments and land rent fees. By doing this, we will build
strong relationships with other agriculture companies and avoid late fees.

Strategic Financial Situational Plan

As mentioned above in ‘Use of Funding’, Terpening Hay Sales plans to save at least 20%
of all sales into a saving account. This account can be used to replace broken equipment,
replace equipment in case of an accident, and more.

Insurance is also a plan for Terpening Hay Sales. Having insurance on the business will
make it safe for any large issues such as a fire or robbery. Insurance can also be good to
cover employees in the future in case they get hurt.

Financial Documents

Income Statement

Below is a income statement document of the owner Marcum Terpening for the month of
October in 2016. This document shows all sources of income from Marcum and what
days along with the amount of what was earned.
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Marcum Terpening

Cash Flow Statement

INCOME Oct. 1 Oct. 2 Oct. 3 Oct. 4 Oct. 5 Oct. 6 Oct. 7 Oct. 8 Oct. 9 Oct. 10 Oct. 11 Oct. 12 Oct. 13
Bullseye Pest Defence $ 350.00
Parents $ 50.00
Fair
Total $ 350.00 $ 50.00
Oct. 14 Oct. 15 Oct. 16 Oct. 17 Oct. 18 Oct. 19 Oct. 20 Oct. 21 Oct. 22 Oct. 23 Oct. 24 Oct. 25 Oct. 26 Oct. 27 Oct. 28 Monthly Total
$ 350.00
$ 30.00 $ 80.00
$ 950.00 $ 950.00
$ 30.00 $ 950.00 $ 1,380.00

Balance Sheet

Provided below is a list of income and expenses for the month of October 2016 form the
business owner. At the end of the chart, you can see the income provided over the month.

Marcum Terpening

Cash Flow Statement

INCOME Oct. 1 Oct. 2 Oct. 3 Oct. 4 Oct. 5 Oct. 6 Oct. 7 Oct. 8 Oct. 9 Oct. 10
Bullseye Pest Defence $ 350.00
Parents $ 50.00
Fair
Total $ 350.00 $ 50.00

EXPENCES
Gas $ 20.00 $ 20.00
Food $ 36.00
Phone $ 50.00
Fast Food $ 10.00 $ 12.00
Total $ 70.00 $ 10.00 $ 36.00 $ 12.00 $ 20.00

Oct. 11 Oct. 12 Oct. 13 Oct. 14 Oct. 15 Oct. 16 Oct. 17 Oct. 18 Oct. 19 Oct. 20

$ 20.00

$ 7.00 $ 5.00
$ 7.00 $ 20.00 $ 5.00
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Oct. 21 Oct. 22 Oct. 23 Oct. 24 Oct. 25 Oct. 26 Oct. 27 Oct. 28 Monthly Total
$ 350.00
$ 30.00 $ 80.00
$ 950.00 $ 950.00
$ 30.00 $ 950.00 $ 1,380.00

Monthly Total
$ 20.00 $ 25.00 $ 105.00
$ 41.00 $ 77.00
$ 50.00
$ 7.00 $ 12.00 $ 53.00
$ 20.00 $ 7.00 $ 41.00 $ 37.00 $ 285.00

Cash Flow Statement

Below is a projected income statement for the business for the year 2017. The business
projects to sell an average of 1,000 bales a month at $3.00 a bale. An average of $1,500
in expenses is projected during the baling months.

Terpening Hay Sales

Cash Flow Statement
Fiscal Year 2017 (Jan-Dec)
Month Income Expence Total
Jan. $3,000 $ - $ 3,000.00
Fed. $3,000 $ - $ 3,000.00
Mar. $3,000 $ - $ 3,000.00
Apr. $3,000 $ 1,500.00 $ 1,500.00
May $3,000 $ 1,500.00 $ 1,500.00
Jun. $3,000 $ 1,500.00 $ 1,500.00
Jul. $3,000 $ 1,500.00 $ 1,500.00
Aug. $3,000 $ 1,500.00 $ 1,500.00
Sep. $3,000 $ - $ 3,000.00
Oct. $3,000 $ - $ 3,000.00
Nov. $3,000 $ - $ 3,000.00
Dec. $3,000 $ - $ 3,000.00

Total $36,000 $ 7,500.00 $ 28,500.00

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List of Assets

Provided below is a list of startup assets and their price at Terpening Hay Sales.

Terpening Hay Sales

Assets

Item Quantity Price

Tractor 1 $ 6,000.00
Rake 1 $ 1,000.00
Haybine 1 $ 2,500.00
Baler 1 $ 3,000.00
Barn 1 $ 5,000.00
Twine 10000ft. $ 500.00
Fuel 700gal $ 1,500.00
Wagon 1 $ 1,500.00

Total $ 21,000.00

Family Living Expenses

The list below shows the income of the owners job outside of Terpening Hay sales and
the projected living expenses for the owner for 1 year.
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Marcum Terpening
Future Personal Budget
1/30/2017
Income Annual
Job $65,000.00
Total $65,000.00

Expences Annual
Insurance $ 1,800.00
Phone $ 540.00
Utilities $ 3,000.00
Gas $ 1,300.00
House Payment $ 9,600.00
Food $ 2,600.00
Internet $ 600.00
Taxes $ 5,000.00
Misc $ 5,000.00
Total $29,440.00
Total Saving $35,560.00
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Appendix

Resume

MARCUM W. TERPENING
1300 N. Shaytown Rd. Vermontville, MI 49096 | 517.231.6656 | marcumterpening@gmail.com

OBJECTIVE
To gain more experience and knowledge in the field of animal and pest control.

EDUCATION
Sep. 2012 – May 2016
High School Diploma received at Maple Valley Jr./Sr. High School.
Current overall GPA: 2.8 out of 4.0, Maple Valley Jr./Sr. High School, Vermontville, MI

WORK EXPERIENCE
Office Assistant, Earl M. Boehmer, CPA
Feb. 2016 – Apr. 2016
• Sort, alphabetize, file new and old tax returns.
• Check in clients and their tax returns for processing.
• Filed additional informative papers into clients’ individual records.

Hay Stacker, Hansbarger Farms, Vermontville, MI

June 2013- Present
• Effectively communicate with fellow workers.
• Processed information and instructions quickly. Responded efficiently to troubleshooting issues
and resolved concerns in a timely and satisfactory manner.
• Operated large farm equipment unsupervised in a safe and controlled manner.

Farm work, Maple Valley FFA, Vermontville, MI

Sept 2010-May 2016
• Administered medicine and vaccinations to swine and poultry.
• Advised younger students on how to properly care for animals.
• Monitored animals during and after school hours.
• Assembled records and updated computerized systems.

Leadership/ACTIVITIES
Sept. 2012 – May 2016
Vermontville Jr. Farmers 4-H Club Member
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Vermontville Jr. Farmers 4-H Club President

Maple Valley FFA President
Michigan FFA Region I Sentinel

References upon request.

Loan Amortization

The loan amortization below is the first purchase Terpening Hay Sales looks to make after
becoming self-sufficient in 5 years of operation.

Loan Amortization
Allis Chalmers 8030 8.3 Cummins
Rate Source: MSU Federal Credit Union
Marcum Terpening

Amount Borrowed $ 32,500.00

Period 18
Rate 0.00575
Payment $1,905.79

Month Beginning Payment Interest Principal Ending Balance

1 $ 32,500.00 $1,905.79 $ 186.88 $1,718.91 $ 30,781.09
2 $ 30,781.09 $1,905.79 $ 176.99 $1,728.79 $ 29,052.29
3 $ 29,052.29 $1,905.79 $ 167.05 $1,738.74 $ 27,313.56
4 $ 27,313.56 $1,905.79 $ 157.05 $1,748.73 $ 25,564.83
5 $ 25,564.83 $1,905.79 $ 147.00 $1,758.79 $ 23,806.04
6 $ 23,806.04 $1,905.79 $ 136.88 $1,768.90 $ 22,037.14
7 $ 22,037.14 $1,905.79 $ 126.71 $1,779.07 $ 20,258.06
8 $ 20,258.06 $1,905.79 $ 116.48 $1,789.30 $ 18,468.76
9 $ 18,468.76 $1,905.79 $ 106.20 $1,799.59 $ 16,669.17
10 $ 16,669.17 $1,905.79 $ 95.85 $1,809.94 $ 14,859.23
11 $ 14,859.23 $1,905.79 $ 85.44 $1,820.35 $ 13,038.89
12 $ 13,038.89 $1,905.79 $ 74.97 $1,830.81 $ 11,208.08
13 $ 11,208.08 $1,905.79 $ 64.45 $1,841.34 $ 9,366.74
14 $ 9,366.74 $1,905.79 $ 53.86 $1,851.93 $ 7,514.81
15 $ 7,514.81 $1,905.79 $ 43.21 $1,862.58 $ 5,652.23
16 $ 5,652.23 $1,905.79 $ 32.50 $1,873.29 $ 3,778.95
17 $ 3,778.95 $1,905.79 $ 21.73 $1,884.06 $ 1,894.89
18 $ 1,894.89 $1,905.79 $ 10.90 $1,894.89 $ (0.00)

Terpening Hay Sales

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1300 N. Shaytown Rd.

Vermontville, MI 49096

Contact: Marcum Terpening (Owner)

Phone: (517)-231-6656