Aussie Pies (C)

Aussie Pies, Inc. was founded in Seattle, Washington in 2005 after Anna Amphlett and Andrew Ferris discovered Australian meat pies while on vacation in Australia. Meat Pie, a hand-sized pie with pies filled with minced meat and gravy, is eaten as a take-out snack in Australia. To obtain funding from Bank of America, the company’s business plan initially called for revenues of just over $ 1 million in its first year of operations in 2006. But with an aggressive sales and marketing campaign, sales reached 6 million. dollars in 2006. Although sales far exceeded their expectations, Amphlett and Ferris were disappointed to find that net income for the first year was just $ 786,000 and the company had cash on hand at the end of 2006 of just $ 200,000.

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