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BUSI603 CaseStudy12

BUSI603 CaseStudy12 - 1 Running head CASE STUDY TWELVE Case...

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Running head: CASE STUDY TWELVE Case Study Twelve Jeremy Dudley Liberty University 1
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Case Study Twelve Tires Plus, owned by Tom Gegax and Don Gullett, started as a startup business partnership that eventually became a major company with 150 stores and over $200 million in sales each year (Longenecker, Moore, Petty, & Palich, 2008). These two entrepreneurs were ready to sell their business, and needed to find the best option for themselves, the company, and the employees. Essentially, they had to plan their exit. “Exit planning describes the suite of tools and processes used to prepare a private company for sale” (Brown, Howes, & Short, 2008, p. 41). The tools include mental preparation for the selling process, reviewing tax situations, attracting potential buyers, maintaining records, and sealing the deal (p. 41). Strategy Considerations Gegax and Gullett considered passing the business to their children first. This harvest strategy would allow the company to stay in trusted hands and would also make for a smoother transition. However, neither Gegax’s nor Gullett’s children had a desire to take over the family business (Longenecker, Moore, Petty, & Palich, 2008). The fact that there was no heir apparent for the successful company left the business community in wonderment about the future of the company. Gegax and Gullett were approached with the idea of taking the company public, but this was not the best solution for Tires Plus.
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