Home | About Us | Careers | Products | Press | Seller Resources | Blogs | FAQ | Contact Us

Small business forecasting...like an investment banker

Posted on November 27, 2017 at 11:41am

Over 95% of small businesses and startups fail after 5 years. The majority of these have attributed lack of financial planning as the reason for their failure. As a former investment banker and current private equity fund manager, this statistic was very surprising to me, particularly because it is something that is preventable. When talking to small business owners across various industries, what continues to surprise and puzzle me is the lack of forward planning and in particular financial forecasting that is done before making the leap - taking out a business loan, quitting a job, entering into a lease. In mergers and acquisition transactions, as well as when institutional investors invest into businesses, there is generally a LOT of financial analysis that will be required, often run by teams of analysts, before an investor is comfortable to go ahead. Now I'm not saying you need to spend months running financial analysis, but some of that focus of big business, should certainly be brought into small business, and which should in the very least improve the probability of your success. So let's get into it:

 

Why do financial forecasting?

Despite what I've just said, financial forecasting is NEVER correct, things will never go exactly as you planned. So why do it? This is a question that often came up throughout my finance career. Financial forecasting is not meant to pin-point the outcome, it is meant to help you understand the your direction, but also where to go after that first step, and the second, third, fourth and so on. Financial forecasting is about understanding your business better. In a fast moving environment with a thousand possibilities, it helps you narrow down the key indicators to look for and how to react to each. In this sense it helps you become better prepared, more knowledgeable and more likely to succeed.

 

Practically, financial forecasting will help you answer questions like:

  • Will my business idea be profitable or am I wasting my time?
  • How much starting cash do I need?
  • How much more cash do I need to tip into my business over time?
  • When will I start making a profit?
  • What is my biggest risk financially that may sink my business and how do I reduce this risk?
  • What is the most profitable part of my business and how do I enhance that profit?
  • It's one year on, what should I look for to adjust my business plan?

 

 Small business owners are often too busy setting up or running their business to do adequate forecasting, often they do the minimum required for bank financing, which is more a check-the-box exercise rather than deeply thinking about and understanding the business. And while people seem to understand the importance of a business plan or strategy, without a financial forecasting to back it up, a business plan is just a bunch of words, with no way of knowing whether it stacks up.

 

What is financial forecasting?

Architects will build a miniaturised model of a building they are designing to better study the interaction of different aspects, viewpoints as well as communicate their ideas. A financial forecast can be thought of in the same way, it is a representation of the financial architecture of a business. One key difference is while an architectural model is generally static (does not move), a financial forecast should be flexible and dynamic, in that you can throw in changes to circumstances (economic downturn, a new competitor setting up shop) and look at how the financial forecast responds. This more advanced form of dynamic financial forecasting is often referred to as financial modelling, allows you to see how your forecast respond to changes and help you develop a plan for each circumstance. More on financial models later.

 

Financial forecasting is often confused with accounting, because both deals with cashflows, profit and sometimes balance sheets. The difference between the two is while accounting is recording what has happened in the past, financial forecasting is forward looking. "You don't do financials in a business plan the same way you calculate the details in your accounting reports," says Tim Berry, president and founder of Palo Alto Software, who wrote the book, The Plan-As-You-Go Business Plan. "It's not tax reporting. It's an elaborate educated guess."

 

To get to how much cash you expect your business to make (or you need to contribute in the early years) you will need to forecast each of the following things:

  • Revenue - money coming in
  • Expenses - both direct expense (e.g. cost of goods sold) and indirect expense (e.g. rent)
  • Capital expenditure - one off asset purchases (e.g. company car, equipment)
  • Financing costs - payments on any business loans or creditors

 

Before you start, you should do some research to see what is relevant for your industry. You should aim to start simple, adding more information or refinements over time as you have a better understanding of your business. You should try to come up with a monthly forecast to illustrate any potential month-to-month cashflow issues your business may have.

 

How to financial forecast?

Two words: Microsoft Excel. A common reaction to these two words is some form of dread. But as someone who has spent my entire working life around Excel (not uncommon amongst financial professionals), it is an extremely powerful tool that can be moulded into almost anything you can think of in the hands of an experienced  user. It is relatively easy to pick up and use, and widely accessible. If you are not familiar with excel I recommend you look at a few introductory YouTube videos on it. Excel can be useful not just in business but also in creating simple budgets or itineraries for your personal life.

 

I would also suggest following an established framework to ensure you have not missed anything in your forecasts. You can download simple spreadsheets online or request this from your bank manager.

 

Since a key benefit of financial forecasting is not just coming up with a single scenario, but understanding the outcomes for a range of scenarios, and how you should respond to each, your forecasting should be as flexible as possible. By this I mean, where possible, try to link items you're forecasting to each other or to the underlying drivers. Are certain costs linked to your sales? Is your financing costs linked to you asset acquisition? The linkages not only saves you time and avoid errors when you decide to change your assumptions, but formulating these linkages helps you think about and understand the key drivers of costs and profitability of your business. It also helps you think about how you would respond to these changes. If sales half, will you move to a smaller office or sell the company car?  If sales double, do you need to hire more staff or buy more equipment? What do either of these scenarios mean for your profitability?

 

Advanced forecasting: financial models

Big businesses typically employ teams of professionals to construct financial models to help with their forecasting. The difference between a financial model and a spreadsheet is the flexibility financial models provide over spreadsheets. Where a spreadsheet is basically a series of tables where your inputs are your final results, a financial model is a network of rules and calculations that will respond automatically to any changes to your inputs. Financial models can also generate more complex things like depreciation schedules and tax liabilities. Having a systems of rule-based calculations allows you to perform a deeper level of analysis and allow you to answer questions like:

  • Which line of products is the most profitable or add the most to my bottom line (and I should focus on growing)?
  • What should the ongoing cash reserve in the business be?
  • Can I use more debt in my business to boost shareholder returns?
  • Which expense item should I focus my attention on to manage / mitigate?

If you want the next level of analysis of your business, unfortunately there are limited products available online. Spark Financial Model is one that provides big-business-style financial models with an easy-to-use interface to help with your forecasting.

 

More tips:

  • Forecast at least three scenarios: a "most realistic" or base case; a negative or conservative case; and an positive or aggressive case. This will help you understand the range of possibilities your business face
  • Add contingencies if you are uncertain about something. The more uncertain you are the bigger the contingency
  • Break a monthly number into a daily number to help sense check your forecast. Having 3,000 sales per month may be meaningless to you, but you might be more comfortable when thinking of this as 100 sales a day
  • Think about underlying drivers and linkages. When you drill down to it, a lot of decisions a business case will be based on how much customers they expect. This drives how much goods to order or staff to employ or equipment to purchase. You should try to reflect this in your forecasts to make it as flexible as possible.
  • Don't obsess about the details. As mentioned before, you'll never get your forecasts right so don't sweat about whether its 3,010 or 3,050 sales a month. What is more important is what your cashflows look like at 3,000 versus 5,000 versus 1,000 sales a month, and how you might adjust your business plan for these scenarios.
  • Check out my Youtube channel on https://www.youtube.com/watch?v=soZWvDEsBPI&list=PL_l0rbmP9OPzMruXYMOW-BhVpSTzSR9tR for more tips

About the Author

SparkFinancialModel

Welcome to spark Financial Model. Your personalised, investment banking financial model, customised for small business. Follow our step by step tutorials, designed for people at all levels of financial knowledge, that guides you through the...

Industry: Financial Services
Area of Expertise:Financial Modelling
Service Region:Oceania



You must be logged in to comment on this blog post.


Comments

There are 101 comments posted on this article.

Avatar

Posted by rousejack on June 14, 2018 5:29pm

[b]påhitt för billiga","prefixWrap":0,"src":"ugg fopåhitt för billiga","prefixWrap":0,"src":"ugg for cheap","relation":[],"result":""},{
påhitt internetbutik.","prefixWrap":0,"src":"ugg online store.","relation":[],"result":""},{


Avatar

Posted by cialuopatri on April 15, 2018 10:50am

[b][url=http://www.outletmonclerjacket.top/pt/]MonclMoncler men jackets
Moncler jackets men


Avatar

Posted by cialuopatri on April 9, 2018 11:06pm

[b][url=http://www.blacktimberlandboots.top/es/]zapatos Tzapatos Timberland descuento
botas Timberland descuento


Avatar

Posted by cialuopatri on April 9, 2018 6:41pm

[b][url=http://www.monclerpolo.top/moncler-women-jackets-c-5.html]moncler outlet[/url][/b]
[b][url=http://www.monclerpolo.top/moncler-women-jackets-c-5.html]moncler jackets[/url][/b]
.Many neighborhoods mandate electric source be hooked-up only because of a licensed domestic electrician.
Aside from that, due to your heat in addition to depth of your water, youngsters have require to never be allowed close portable hottub spa without the premoncler outlet
moncler jackets
.Many neighborhoods mandate electric source be hooked-up only because of a licensed domestic electrician.

Aside from that, due to your heat in addition to depth of your water, youngsters have require to never be allowed close portable hottub spa without the presence of direct supervision connected with an adult.All the lockable covers, which comes equipped with almost everyone really should be in place you should definitely in employ.

Relating to customary, if for example the portable spa tub spa is normally fitted which includes a quality liquid filter product, the water probably should not are changed other than 3 to 5 times one year.Chemical testing equipment is relating to the average reliable and often will inform you if it is time to re-create as well as water and therefore the filters.

The sourcing cost of operating a depends largely about how frequently its used together with cost involving electricity while in the specific geographical area.Over, electrical costs would be between $15 and additionally $35 phone, depending for location.A portable spa tub spa applied indoors may perhaps cost not as much for once a month operation.


Avatar

Posted by cialuopatri on April 7, 2018 3:27am

[b][url=http://www.monclersale.co/es/]venventa moncler
outlet moncler


Avatar

Posted by cialuopatri on April 4, 2018 7:40am

[b][url=http://www.fauxmontres.cn/nl/]rolex Drolex Datejust
Rolex Submariner replica


Avatar

Posted by cialuopatri on April 4, 2018 7:28am

[b][url=http://www.hublotwatch.me/es/]Bublot relojes cBublot relojes cronógrafo
Los relojes de la obra maestra de Hublot


Avatar

Posted by cialuopatri on April 4, 2018 5:01am

probably work with possibilities, however , honestly, the greatest thing to implement is make the system alone.Maybe nice looking up by guaranteeing all typically the cables will be neatly within the box.This is it.
For anybody who is trying to manage the connections that cling down this wall from equipment on the surge protection in your electrical wall socket, nothing increases results than nasty zip connections.Once everyone used loaves of bread twist ties with this chore.Any plastic squat ties are generally inexpensive, convenient, and are not undone just by small, questioning children.Remember with all the plastic nothing ties that after they are wrapped round the cables and secured, you will additionally have towards cut the software off should you plan sprobably work with possibilities, however , honestly, the greatest thing to implement is make the system alone.Maybe nice looking up by guaranteeing all typically the cables will be neatly within the box.This is it.

For anybody who is trying to manage the connections that cling down this wall from equipment on the surge protection in your electrical wall socket, nothing increases results than nasty zip connections.Once everyone used loaves of bread twist ties with this chore.Any plastic squat ties are generally inexpensive, convenient, and are not undone just by small, questioning children.Remember with all the plastic nothing ties that after they are wrapped round the cables and secured, you will additionally have towards cut the software off should you plan so that you can rearrange this wires in the future.Make confident you leave enough spot to easily cut this zip wrap without cutting into the wires.

Similar rule pertaining to not throwing out cables pertains to small conductor boxes, overly.The system could serve as being an adapter for any unit a lot of day.

Despite the fact that indoor telephone cable can be relatively inexpensive, hang onto it as most certainly.Chances are actually that for people with had several phone in the home, dial up internet, and possess networked whatever home portable computers, you will quickly realize lots of old contact cable in the home.With so many individuals going wireless network or cable for his or her Internet provider nowadays, the utilization of so much phone conductor has turned down.However, it might are available in handy in a fax and / or other business enterprise or home business office item from now on.Since telephone cable is normally easily well-known, feel liberal to bundle the idea and place it away.It's possible you'll bundle this by period or by color, whichever is for the best for your current organizational options.

Keep in mind that, you would most likely need some of those cables once some time.Having a concept of where they are simply stored and that they are stored can help you get to them without delay.Label the actual boxes as you may store these products, even when the description is really as simple as "black cables" and additionally "phone lines." This can make acquiring wanted cables easier from now on.


Avatar

Posted by cialuopatri on April 4, 2018 4:48am

[b][url=http://www.pradamen.top/da/]praprada taske
prada - butik.


Avatar

Posted by ltrogdonmigue on April 1, 2018 10:49pm

[b][url=http://fr.watchesfakecheap.cn/]répliques de montresrépliques de montres de haute qualité
répliques de montres de haute qualité


Avatar

Posted by ltrogdonmigue on April 1, 2018 10:49pm

[b][url=http://www.menswatches.ac.cn/fr/]Répliques de mRépliques de montres suisses aaa +
répliques de montres suisses


Avatar

Posted by ltrogdonmigue on April 1, 2018 10:42pm

[b]swiss rswiss replica orologi aaa +
Orologi svizzeri replica


Avatar

Posted by ltrogdonmigue on April 1, 2018 10:30pm

[b][url=http://watch.michaelkorswalletstore.com/sv/]swiss reswiss replika klockor aaa +
schweiziska replika klockor


Avatar

Posted by ltrogdonmigue on April 1, 2018 10:30pm

[b][url=http://www.watchomega.top/sv/]swiss replikswiss replika klockor aaa +
schweiziska replika klockor


Avatar

Posted by ltrogdonmigue on April 1, 2018 10:00pm

[b][url=http://www.menswatches.ac.cn/no/]swiss kopswiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by cialuopatri on April 1, 2018 5:49am

[b][url=http://no.moncleroutelt.com/2014-moncler-c-1.html]Moncler 2014 MMoncler 2014 Menn: Moncler Outlet 2014
Moncler 2014 Menn: Moncler Outlet 2014


Avatar

Posted by cialuopatri on April 1, 2018 5:49am

[b][url=http://no.replicawatcheslove.com/]beste omegbeste omega klokker kopi
beste omega klokker kopi


Avatar

Posted by cialuopatri on April 1, 2018 5:35am

[b][url=http://de.breitlingbentley.me/]hochwertige Replik- Uhochwertige Replik- Uhren für Männer
hochwertige Replik- Uhren für Männer


Avatar

Posted by cialuopatri on April 1, 2018 5:31am

[b][url=http://www.breitlingbentley.co/es/]réplicas de réplicas de relojes suizos aaa +
réplicas de relojes suizos


Avatar

Posted by cialuopatri on April 1, 2018 5:04am

[b][url=http://www.breitlingbentley.co/]swiss repliswiss replica watches aaa+
swiss replica watches


Avatar

Posted by cialuopatri on April 1, 2018 4:56am

[b][url=http://www.besterwatch.co/it/]swiss repliswiss replica orologi aaa +
Orologi svizzeri replica


Avatar

Posted by cialuopatri on April 1, 2018 4:54am

[b][url=http://www.1luxurywatch.com.cn/sv/]swiss repliswiss replika klockor aaa +
schweiziska replika klockor


Avatar

Posted by cialuopatri on April 1, 2018 4:44am

[b][url=http://watchlove.emichaelkorssale.com/it/]swiss rswiss replica orologi aaa +
Orologi svizzeri replica


Avatar

Posted by cialuopatri on March 31, 2018 10:49pm

[b][url=http://www.b2watch.me/fr/]Répliques de monRépliques de montres suisses aaa +
répliques de montres suisses


Avatar

Posted by cialuopatri on March 31, 2018 10:49pm

[b][url=http://www.topwatchstore.top/]swiss repliswiss replica watches aaa+
swiss replica watches


Avatar

Posted by cialuopatri on March 31, 2018 10:41pm

[b][url=http://www.newbalance1012.top/it/]acquistare a buon macquistare a buon mercato scarpe nuove di equilibrio
scarpe nuove di equilibrio


Avatar

Posted by cialuopatri on March 31, 2018 10:38pm

[b][url=http://www.b2watch.me/sv/]swiss replika swiss replika klockor aaa +
schweiziska replika klockor


Avatar

Posted by cialuopatri on March 31, 2018 10:00pm

[b]ZwitserseZwitserse replica horloges aaa +
Zwitserse replica horloges


Avatar

Posted by cialuopatri on March 31, 2018 9:50pm

[b][url=http://www.emichaelkorssale.cn/da/]michael kors omichael kors outlet clearance
Rabat Michael Kors Håndtasker salg


Avatar

Posted by cialuopatri on March 31, 2018 9:50pm

[b]schweizschweiziske replika ure AAA +
schweiziske replika ure


Avatar

Posted by cialuopatri on March 31, 2018 7:10pm

[b]


Avatar

Posted by cialuopatri on March 31, 2018 7:09pm

[b][url=http://www.pens-rf.top/nl/]penpennen
mont blanc pennen


Avatar

Posted by cialuopatri on March 31, 2018 7:09pm

[b][url=http://www.pandoraforyou.cn/nl/]pandora sierpandora sieraden groothandel
pandora sieraden goedkope


Avatar

Posted by cialuopatri on March 31, 2018 7:09pm

[b][url=http://www.womenswatches.net.cn/nl/]Zwitserse reZwitserse replica horloges aaa +
Zwitserse replica horloges


Avatar

Posted by cialuopatri on March 31, 2018 7:08pm

[b][url=http://www.pens-rf.top/no/]penpenner
mont blanc penner


Avatar

Posted by cialuopatri on March 31, 2018 6:58pm

[b][url=http://www.rolexpresident.me/fr/]Répliques de moRépliques de montres suisses aaa +
répliques de montres suisses


Avatar

Posted by cialuopatri on March 26, 2018 2:10pm

[b]swiss replswiss replika klockor aaa +
schweiziska replika klockor


Avatar

Posted by cialuopatri on March 26, 2018 1:57pm

[b][url=http://www.top2moncler.me/no/]monclemoncler salg
moncler outlet butikk


Avatar

Posted by cialuopatri on March 26, 2018 1:56pm

[b][url=http://www.luxurywatchesbuy.top/no/]swiss koswiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by cialuopatri on March 26, 2018 1:50pm

[b][url=http://www.tiffanyoutlet.net.cn/de/]ttiffany Schmuck
Tiffany & Co


Avatar

Posted by cialuopatri on March 26, 2018 1:50pm

[b][url=http://www.rosegoldwatch.co/de/]beste Repbeste Replik Schweizer Uhren
besten Replik-Uhren


Avatar

Posted by cialuopatri on March 26, 2018 1:50pm

[b][url=http://www.rosegoldwatch.co/de/]beste Repbeste Replik Schweizer Uhren
besten Replik-Uhren


Avatar

Posted by cialuopatri on March 26, 2018 7:29am

[b]réplica rréplica relógios suíços aaa +
relógios suíços réplica


Avatar

Posted by cialuopatri on March 26, 2018 7:24am

[b][url=http://www.meisterstuckpen.me/dapenne
mont blanc


Avatar

Posted by cialuopatri on March 26, 2018 7:08am

[b][url=http://www.topcheapwatches.top/da/]schweiziskschweiziske replika ure AAA +
schweiziske replika ure


Avatar

Posted by cialuopatri on March 26, 2018 7:08am

[b][url=http://www.watchesdesign.top/da/]bedste scbedste schweiziske replika ure
bedste replika ure


Avatar

Posted by cialuopatri on March 26, 2018 6:54am

[b][url=http://watch.emichaelkorssale.com/de/]Replik SReplik Schweizer Uhren aaa +
Replik Schweizer Uhren


Avatar

Posted by cialuopatri on March 26, 2018 6:54am

[b][url=http://www.rogerviviershoes.me/]Roger ViviRoger Vivier Shoes Sale
Cheap Roger Vivier Outlet


Avatar

Posted by cialuopatri on March 26, 2018 6:47am

[b][url=http://www.replicawatches.cn/nl/]Zwitserse repZwitserse replica horloges aaa +
Zwitserse replica horloges


Avatar

Posted by ltrogdonmigue on March 25, 2018 9:06am

[b][url=http://es.omegaseamaster.co/]mejores relojes mejores relojes Omega réplica
mejores relojes Omega réplica


Avatar

Posted by ltrogdonmigue on March 25, 2018 8:52am

[b][url=http://www.watchesatoz.top/da/]schweiziske schweiziske replika ure AAA +
schweiziske replika ure


Avatar

Posted by ltrogdonmigue on March 25, 2018 8:17am

[b][url=http://www.menswatches.pro/no/]swiss kopiswiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by cialuopatri on March 23, 2018 2:13pm

[b]PandoPandora Schmuck Großhandel
Pandora Schmuck billig


Avatar

Posted by cialuopatri on March 23, 2018 2:12pm

[b]all'ingrosall'ingrosso di gioielli pandora
gioielli pandora a buon mercato


Avatar

Posted by cialuopatri on March 23, 2018 2:12pm

[b][url=http://www.replicawatchinfo.pro/it/]swiss repswiss replica orologi aaa +
Orologi svizzeri replica


Avatar

Posted by cialuopatri on March 23, 2018 1:26pm

[b][url=http://da.lxystables.com/]høj kvalitet høj kvalitet replika ure
høj kvalitet replika ure


Avatar

Posted by cialuopatri on March 23, 2018 1:16pm

[b][url=http://www.watchcheapprice.com/pt/]daytona
basileia rolex


Avatar

Posted by ltrogdonmigue on March 23, 2018 8:45am

[b][url=http://www.brandwatches.com.cn/da/]schweiziskschweiziske replika ure AAA +
schweiziske replika ure


Avatar

Posted by ltrogdonmigue on March 23, 2018 8:40am

[b]JJimmy Choo klaring
jimmy choo outlet store


Avatar

Posted by ltrogdonmigue on March 23, 2018 8:40am

[b][url=http://www.womenswatches.net.cn/nl/]Zwitserse reZwitserse replica horloges aaa +
Zwitserse replica horloges


Avatar

Posted by ltrogdonmigue on March 23, 2018 1:56am

[b][url=http://www.pandorabeads.cn/sv/]pandora smpandora smycken grossist
pandora smycken billigt


Avatar

Posted by ltrogdonmigue on March 23, 2018 1:56am

[b][url=http://www.jimmychooheelstop.com/sv/]jimmy cjimmy choo clearance
jimmy choo outletbutik


Avatar

Posted by ltrogdonmigue on March 23, 2018 1:56am

[b][url=http://www.watchesonline.org/sv/]swiss repliswiss replika klockor aaa +
schweiziska replika klockor


Avatar

Posted by cialuopatri on March 19, 2018 9:54pm

[b]swiss swiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by cialuopatri on March 19, 2018 9:33pm

[b][url=http://www.tiffanyrings.com.cn/nl/]GoedkopeGoedkope Tiffany & Co sieraden
tiffany sieraden


Avatar

Posted by cialuopatri on March 19, 2018 9:33pm

[b][url=http://www.imagewatches.org/nl/]Zwitserse repZwitserse replica horloges aaa +
Zwitserse replica horloges


Avatar

Posted by cialuopatri on March 19, 2018 9:14pm

[b][url=http://www.genevawatches.co/no/]swiss kopswiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by cialuopatri on March 19, 2018 9:09pm

[b]


Avatar

Posted by ltrogdonmigue on March 18, 2018 4:59am

[b]melhores relmelhores relógios suíços réplica
melhores relógios da réplica


Avatar

Posted by cialuopatri on March 17, 2018 4:27pm

[b]schweizisschweiziske replika ure AAA +
schweiziske replika ure


Avatar

Posted by cialuopatri on March 17, 2018 4:27pm

[b][url=http://watch.michaelkorsoutlet.cn/da/]schweizisschweiziske replika ure AAA +
schweiziske replika ure


Avatar

Posted by ltrogdonmigue on March 9, 2018 3:18am

[b][url=http://watchlove.michaelkorswalletstore.com/sv/]swiss swiss replika klockor aaa +
schweiziska replika klockor


Avatar

Posted by ltrogdonmigue on February 20, 2018 4:50pm

[b][url=http://www.rolexgmt.net.cn/de/]Replik SchwReplik Schweizer Uhren aaa +
Replik Schweizer Uhren


Avatar

Posted by ltrogdonmigue on February 20, 2018 4:50pm

[b][url=http://de.watcheslove.cn/]qualitativ hochwertigequalitativ hochwertigen Uhren Replika
qualitativ hochwertigen Uhren Replika


Avatar

Posted by cialuopatri on February 13, 2018 1:44am

[b]swiss kswiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by cialuopatri on February 13, 2018 1:44am

[b]besbeste sveitsiske kopi klokker
beste kopi klokker


Avatar

Posted by cialuopatri on February 13, 2018 1:27am

[b][url=http://watchlove.michaelkorsbuy.cn/fr/]oméga des oméga des montres à la vente
réplique oméga des montres


Avatar

Posted by cialuopatri on February 13, 2018 1:27am

[b]répliques de montrépliques de montres de haute qualité
répliques de montres de haute qualité


Avatar

Posted by cialuopatri on February 13, 2018 1:26am

[b][url=http://www.imagewatches.org/fr/]Répliques de mRépliques de montres suisses aaa +
répliques de montres suisses


Avatar

Posted by cialuopatri on February 12, 2018 12:56am

[b][url=http://www.goldwatchforwomen.com/de/]Replik SchReplik Schweizer Uhren aaa +
Replik Schweizer Uhren


Avatar

Posted by ltrogdonmigue on February 6, 2018 11:05am

[b][url=http://www.ippwatch.org/no/]swiss kopi swiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by ltrogdonmigue on February 5, 2018 7:22pm

[b][url=http://www.montblanc146.co/it/]ppenne
penne mont blanc


Avatar

Posted by ltrogdonmigue on February 5, 2018 7:22pm

[b][url=http://it.luxuryofwatches.me/]replica orologi dreplica orologi di alta qualità
replica orologi di alta qualità


Avatar

Posted by ltrogdonmigue on February 5, 2018 7:21pm

[b][url=http://www.watchesdesign.top/it/]migliori oromigliori orologi svizzeri replica
migliori orologi replica


Avatar

Posted by cialuopatri on February 4, 2018 4:59pm

[b][url=http://it.watchesreplica.net.ru/]Orologi HOrologi Hublot outlet
Orologi Hublot outlet


Avatar

Posted by cialuopatri on January 26, 2018 4:48pm

[b][url=http://www.replicawatchinfo.net/es/]réplicas deréplicas de relojes suizos aaa +
réplicas de relojes suizos


Avatar

Posted by cialuopatri on January 26, 2018 4:48pm

[b][url=http://www.wincollect.top/es/]mejores réplimejores réplicas de relojes suizos
mejor réplica de relojes


Avatar

Posted by ltrogdonmigue on January 25, 2018 2:39pm

[b][url=http://www.genevawatches.co/]swiss repliswiss replica watches aaa+
swiss replica watches


Avatar

Posted by cialuopatri on January 24, 2018 2:23pm

[b][url=http://www.luxurywatchlove.co/no/]swiss kopswiss kopi klokker aaa +
sveitsiske kopi klokker


Avatar

Posted by ltrogdonmigue on January 23, 2018 8:15am

[b][url=http://www.mensgoldwatches.co/fr/]Répliques de Répliques de montres suisses aaa +
répliques de montres suisses


Avatar

Posted by rousejack on January 23, 2018 12:47am

[b][url=http://www.bestwatchessale.top/es/mejor-relojes-para-hombre-patek-philippe-c-72Patek Philippe relojes
réplica de Patek Philippe


Avatar

Posted by cialuopatri on January 22, 2018 6:54pm

[b][url=http://www.jewelries-store.cn/de/]billig billig Tiffany & Co Schmuck
tiffany Schmuck


Avatar

Posted by cialuopatri on January 22, 2018 6:54pm

[b][url=http://www.buyrolex.net.cn/de/]RolexRolex Yacht-Master II
Replik-Uhren


Avatar

Posted by cialuopatri on January 22, 2018 6:53pm

[b][url=http://www.monclerjackeoutlet.com/de/moncler-frauen-c-14.html]MoMoncler Frauen Mantel
Moncler Damen Jacken vergleichen


Avatar

Posted by cialuopatri on January 21, 2018 1:43pm

[b][url=http://watchlove.emichaelkorssale.com/da/]schweizisschweiziske replika ure AAA +
schweiziske replika ure


Avatar

Posted by cialuopatri on January 19, 2018 10:49pm

[b][url=http://www.otwatches.co/fr/]Répliques de moRépliques de montres suisses aaa +
répliques de montres suisses


Avatar

Posted by cialuopatri on January 19, 2018 10:12pm

[b][url=http://www.tiffanybracelet.cc/fr/]tiffanytiffany pas cher et bijoux co
tiffany bijoux


Avatar

Posted by cialuopatri on January 19, 2018 10:12pm

[b]cclairance de jimmy choo
jimmy magasin d'choo


Avatar

Posted by cialuopatri on January 19, 2018 10:12pm

[b][url=http://www.rogervivierstore.cn/]Roger ViviRoger Vivier Shoes Sale
Cheap Roger Vivier Outlet


Avatar

Posted by cialuopatri on January 10, 2018 7:58am

[b][url=http://es.watchescopy.net/]réplicas de relojes réplicas de relojes de alta calidad
réplicas de relojes de alta calidad


Avatar

Posted by cialuopatri on January 10, 2018 7:19am

[b][url=http://nl.kaufenmonclerjacken.co/]moncmoncler jassen
moncler jassen




botChecker Link