Discussion Questions assignment: a) How many of the criteria in the "Insider 's Guide" did Mr. Niemann follow in purchasing the business? What did Mr. Niemann do right? What did Mr. Niemann do wrong?” The only criteria suggested by “The Insider 's Guide” that I feel Mr. Niemann followed was to prepare to sell himself to the seller. He thought that purchasing a business would be better than establishing a new one and didn’t consider all the possibilities. He had absolutely no idea what he was looking for and was in the mindset of I 'll know it when I see it. He ended choosing to purchase the business because “there just wasn 't anything any better. And time was running out.” His research focused on financials and the word of current employees. …show more content…
Niemann operate the business? What did he do wrong? Mr. Niemann didn’t operate the business well at all. He basically was robbing Peter to pay Paul and it never panned out. He should have been actively seeking ways to cut costs from the beginning. When he finally decided to let employees go and/or cut wages it was already too late. c) What were the major mistakes that Mr. Niemann made during the search, purchase, and operation of this business? How many of these mistakes could he have avoided? Mr. Niemann could have avoided these mistakes by analyzing his desire for running a business, and gathering enough information on the business/industry to tell if he was going to like what he was doing. Another issue that Mr. Niemen mishandled was dealing with the employees, he spoke to the employees and took their complacency as the employees just not respecting old owner and that with him purchasing the company that would change. However, the bridges were already burned and the employees never quite worked well together. He should have assessed the employee situation more thoroughly, he purchased a disjointed group of employees instead of a well-oiled …show more content…
This is hurting workers because they are not getting as many hours. Comprehensive tax reform is another issue currently facing the franchise industry. Tax reform that addresses both the corporate and individual rates have continued to be a top legislative priority. IFA is continuing to work with policymakers to guarantee that the interests of both franchisees and franchisors are being represented in the new tax code. ("Government Relations & Public Policy - franchise.org", n.d) 4. Not all kinds of businesses and industries are well suited to establishing a franchise. What kind of business could not be expanded by developing a franchise system and selling it to others? Look through the many listings of different franchises and consider what businesses and industries do not appear to be represented. How do these industries and businesses seem to be different from industries and businesses with a high percentage of franchise
(He took over the lease of a building and wanted to transform it into a fully functional department store that offered a variety of products. He also believed in the importance of using new innovations.)
Regulators were believed to have detected problems as early as January 1999. These regulators should have been the ones to step in and notice that things weren't going the way they should have been. Instead Superior's management is bearing the brunt of the blame in this situation. Ellen Seidman states "responsibility for the success or failure of any depository institution rests with its management, directors, and owners." This may be true but if management and financial intermediaries had been performing their tasks properly they would have n...
...and his passion for the car industry to merge two car companies together in order for them to benefit from each other at a precise time in the market when he was able to be successful. He understood the problems the company faced, the demand in the market, and he had a clear vision on how to solve it. He gave himself timelines and goals and each were met with great success.
Buffet’s essay primarily discusses the declines his textile company had over the years due to lack of demand and how it eventually had to be closed down because of a drop in profits. He first supports his claim that lack of demand will cause failure when he argues that even when his company had well qualified and successful employees in management, it still was not enough to be successful in terms of economic revenue. He states, “When an industry’s underlying economics are crumbling, talented management may slow the rate of decline. Eventually, though, eroding fundamentals will overwhelm managerial brilliance” (56). Buffet argues that good management won’t save a company from going under, it can only slow the process of decline in that compan...
In John Kotter’s article, the first error mentioned I believe is one of the most important of all the steps. Not establishing a great enough sense of urgency is a very common error. Without this, a company usually has no idea how it has already started the failure process. In the reference to the NEWC, Gregory Peck’s character Andrew "Jorgy" Jorgenson is the benevolent and folksy leader who is very near and dear to the small Rhode Island company. He is in a sense the hometown hero. Even his nickname, Jorgy, shows the affection that the workers established and personal relationship they with their boss. From his speech, it is clear that he and everyone else knew NEWC was in trouble financially. During Jorgenson’s appeal to the shareholder, he spoke as a friend and not as the leader of the company.
Not all strategies “fit” within the companies activities, some are hit and misses such as when Stewart placed Charles Koppelman to the board, where “he became chairman of the board in 2005, where he negotiated a paid consulting arrangement for himself. He was viewed as enabling Stewart’s self-regard as much as tending to th...
The Body Shop International case is an interesting case study into the miscommunication of owners and stockholder interests with regard to financial conditions. Anita Roddick, the founder of The Body Shop had no financial experience and thought that all she needed to do was expand her business and the financing would take shape as she developed her business. While Anita’s product concept of a natural skin-care line was good; her lack of experience in financial matters took its toll on her business.
Mr. Olds had a management style of controlling and strategy. He knew what needed to be done and he did it. He knew when to start merger and acquiring early in the game he established General Motors (general Motors ,2014). His vision and management style gave him the outcome that he was seeking
As it is written in the text he is also a good leader and he knows what he wants for his business, how to keep his employees and how to run his business for high profit.
Franchises are very successful these days because they have a proven track record. According to document E “The rate for franchise owners are higher than independent business. Nine out of ten reported profit in 2002.” This shows that franchises are making more money in comparison with self-owned companies and that is one of the reasons why there are so many franchises. Also in the same document the author claims that “Approximately one out of every 12 U.S. retail business establishment is a franchise owned business.” This is an example of the popularity of franchises amongst businessmen. It points out that every day there are more people starting a franchise and making profit, which encourages others to start a franchise. Franchises are a good investment in which there is more money and it has more fame and reputation in th...
Nonetheless, his charismatic leadership style didn’t mean he avoided working towards the vision. He didn’t hesitate to cut costs, even if it meant laying off employees, because his ultimate vision was about creating a valuable and respectful business. He wanted to create an organisation that would beat its rivals and in order to do this, he had to weed out mediocrity from his company. While this meant certain people had to go, it also improved the company’s communication, its development and ultimately its bottom
An evaluation of the restaurant’s strengths, weaknesses, opportunities and threats served as the foundation for this marketing plan. The plan focuses on the restaurants marketing strategy, suggesting ways in which it can build on new customer relationships, and development of new food products and targeted to specific customer groups.
The first step in any business is to think of or create a business idea. Without an idea, one cannot launch their business off the ground. A right direction is needed to create a business with a unique idea. However, other options include franchising or buying an existing business (1). Franchising allows an individual to run stores such as Burger King or McDonalds under the corporate name. It involves taking training classes and a heap of money in order to start a franchise. A Franchisee will have to buy products and services from the corporate entity they are franchising from, which is often required. Buying a franchise is like taking a piece of the pie from the company that is franchising and sharing that pie with everybody else. In addition having a franchise allows one to communicate and in essence become a big part of an added business opportunity (4). Franchising is far from easy to start and maintain for that matter. Starting a franchise involves a l...
A franchise is simply investing money in a location or store, and then having the store become your own business after learning how to manage the entire business. You earn the majority of the profits, and you also don't have to worry about operations. You'll be taught by the company on how it run the entire business, and this is the reason why this is a huge and very easy way to become rich. Franchises require quite a hefty investment depending on the business you plan to buy. However, if the business is in high demand, there is profits to be made. Take for exMple the Cold Stone Creamery business. Countless people purchase one of their many franchises. The money is very good, the opportunities are endless, and the fact that there is no more need for advertising is what makes this more worth the investment in the long
In hindsight he thinks he would expand the business more than he did. In the grocery business, he regrets not opening more stores. In real estate, he thinks he would have purchased more properties and grown the management operations. “It is easy to become complacent once a business achieves a certain size”. I believe this is something only seen by entrepreneurs who honestly and critically analyze their business often. Lots of small businesses stick to what works and fail to innovate in their market to expand their footprint. Expansion drives innovation in markets, and is pivotal in deciding what business survive and prosper.