Aussie Pies C

Aussie Pies, Inc. was established in Seattle, Washington in 2005 after Anna Amphlett and Andrew Ferris discovered Aussie meat pies on a vacation to Australia. The meat pie, a hand-sized pot pie made with pastry and filled with minced (ground) beef and gravy, is consumed as a takeaway food snack in Australia. To obtain financing from Bank of America, the company’s business plan initially forecasted sales of a little over one million dollars in 2006, the first year of operations. But with an aggressive sales and marketing campaign, sales reached $6 million in 2006. Although sales greatly exceeded their expectations, Amphlett and Ferris were disappointed that net income in the first year was only $786,000 and that the company had cash on hand of just $200,000 at the end of 2006.