3920-c3 - New Venture and Small Business Management UNIT 3...

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Unformatted text preview: New Venture and Small Business Management UNIT 3 Introduction ASSESSING THE DEGREE AND ORIENTATION OF AN ENTREPRENEURIAL ACTIVITY PROVIDES INSIGHT INTO THE PERSONAL ATTRIBUTES AND SKILL SETS NEEDED OF POTENTIAL ENTREPRENEURS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved UNFORTUNATELY... DEFICIENCIES CAN BE OVERCOME THROUGH AN EFFECTIVE PERSONAL DEVELOPMENT PROGRAM A SIGNIFICANT NUMBER OF WOULD-BE ENTREPRENEURS DO NOT UNDERTAKE SUCH A RIGOROUS PROCESS OF SELF-EVALUATION AND PREPARATION Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved BUT... IS IT REASONABLE TO EXPECT ANY GIVEN ENTREPRENEUR TO BE ENDOWED WITH THE PRESCRIBED KNOWLEDGE, SKILLS, OUTLOOK AND PERSONALITY? Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved WHERE CAPABILITIES ARE LIMITED, THE RISK OF FAILURE MAY INCREASE Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management HOWEVER, CERTAIN RISKS CAN BE MANAGED BY... l seeking external support an appropriate entry strategy l selecting l understanding the implications of organizational form Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 New Venture and Small Business Management UNIT 3 MODULE 1 External Support Systems NEW VENTURE GROWTH AND SURVIVAL CAN BE SUPPORTED BY... l GOVERNMENT INITIATIVES PRIVATE SECTOR SPONSORSHIP PROFESSIONAL ADVISORS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved SPONSORSHIP... l increases the amount of resources available to the entrepreneur important in stimulating new venture creation and success Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved TO ACCESS THE SMALL BUSINESS SUPPORT SYSTEM, ENTREPRENEURS MUST... l realize what sponsorship programs exist and from what sources they are available recognize that some positive benefit may be derived from seeking external support Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l is l CATEGORIES OF SMALL-BUSINESS SUPPORT SYSTEMS CATEGORIES OF SMALL-BUSINESS SUPPORT SYSTEMS l INFORMATION Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management CATEGORIES OF SMALL-BUSINESS SUPPORT SYSTEMS l l CATEGORIES OF SMALL-BUSINESS SUPPORT SYSTEMS l l l INFORMATION TRAINING INFORMATION TRAINING TECHNOLOGICAL ASSISTANCE Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved CATEGORIES OF SMALL-BUSINESS SUPPORT SYSTEMS l l l l l UNFORTUNATELY... THE AVERAGE ENTREPRENEUR'S LEVEL OF AWARENESS OF SUPPORT PROGRAMS APPEARS QUITE LOW INFORMATION TRAINING TECHNOLOGICAL ASSISTANCE FINANCIAL ASSISTANCE COUNSELING Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved POTENTIAL SOURCES OF SUPPORT INCLUDE: l government INTERESTINGLY... LESS THAN 50% OF THOSE WHO RECEIVE ADVICE FROM GOVERNMENT SOURCES FIND IT HELPFUL Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved agencies (municipal, provincial, federal) l suppliers l customers l professional advisors Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 New Venture and Small Business Management BUT, ENTREPRENEURS FREQUENTLY TURN TO... l accountants l lawyers l management ACCOUNTANTS... l are engaged with the greatest regularity l have the highest rate of implementation of their recommendations consultants Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved LAWYERS ARE USED FOR... l incorporation l contracts l leases l lawsuits l etc... Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved CONSULTANTS ARE GENERALLY ENGAGED TO... l solve a problem a problem a solution a strategy l identify l confirm l implement Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved The determinants of a successful consultation are... l the l the l the ENTREPRENEURS... l are client accountant process cost sensitive l expect the consultant to be 100% knowledgeable Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 3 New Venture and Small Business Management MOST ENTREPRENEURS SUGGEST THAT THEY ARE SATISFIED WITH THE SERVICES PROVIDED BY CONSULTANTS THE CONSULTATION PROCESS PERCEPTION IMPLEMENT / REJECT RECOMMENDATION BUT... RATES OF IMPLEMENTING THEIR RECOMMENDATIONS ARE RELATIVELY LOW Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved OF PROBLEM THE KEY IS THE SELECTION OF A APPROPRIATE CONSULTANT Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved UNFORTUNATELY... ENTREPRENEURS TEND TO HAVE INSUFFICIENT KNOWLEDGE OF THE CONSULTING MARKET Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved In selecting advisors, entrepreneurs consider... l personal relationship Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved In selecting advisors, entrepreneurs consider... l personal l technical l proposed In selecting advisors, entrepreneurs consider... l personal l technical l proposed l range l third relationship / industry experience fee structure relationship / industry experience fee structure of services available party recommendations Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 4 New Venture and Small Business Management PROFESSIONAL ADVISORS SHOULD UNDERSTAND THESE SELECTION CRITERIA Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved A CLIENT'S SERVICE EXPECTATIONS ARE INFLUENCED BY... l specifications l his needs experience from others l past l input Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved The Roots of Dissatisfaction lie in... ADVISORS SHOULD PROVIDE ENTREPRENEURS WITH THE OPPORTUNITY TO VOICE THEIR CONCERNS... IT MAY ENHANCE LOYALTY ! Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved ENTREPRENEURS ALSO RELY ON THEIR INFORMAL NETWORK OF ... l family l friends l business OUTSIDERS l may have broader backgrounds and can provide independent assessments INSIDERS people l have a greater knowledge of the venture Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 5 New Venture and Small Business Management SPONSORSHIP... l has the ability to allow ventures to succeed where they otherwise might fail create dependency on the part of the entrepreneur Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l can 6 New Venture and Small Business Management ENTREPRENEURSHIP IS NOT FOR EVERYBODY UNIT 3 MODULE 2 Entrepreneurial Modes of Entry AN INDIVIDUAL'S SUITABILITY IS DETERMINED BY HIS... l l l l risk-taking propensity tolerance for ambiguity creativity etc... Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE CHANGING ROLE OF THE ENTREPRENEUR FORMATION EXPANSION STABILITY THE ANSWER IS NO ! FORTUNATELY... MARKET ASSESSMENT LOCATING FINANCING REFINEMENT OF THE BUSINESS CONCEPT CUSTOMER CONTACT MANAGING CASHFLOW PERSONNEL MANAGEMENT SHOULD WE EXPECT ALL ENTREPRENEURS HAVE THE REQUISITE SKILLS ? Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved CAPABILITY AND OPERATING RISK CAN BE REDUCED THROUGH ENTREPRENEURIAL MODE OF ENTRY SELECTION Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved MODES OF ENTRY l l l l l INTRAPRENEURSHIP START-UPS PART-TIME ENTREPRENEURSHIP BUYING AN EXISTING BUSINESS FRANCHISING Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved In selecting a Mode of Entry, consideration should be given to... l the entrepreneur's goals, motivation and personality the venture's skill and resource capabilities certain factors in the external environment l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management Intrapreneurship is entrepreneurial activity that occurs within or under the administration of a previously-established business, and involves the creation of new organizations or the conducting of entrepreneurial endeavors. Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved INTRAPRENEURIAL ACTIVITIES ARE DISTINGUISHED BY THEIR... l l l level of risk innovativeness "significance" AND ARE AN ESSENTIAL INGREDIENT IN LONG-TERM SUCCESS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved FIVE CLASSIFICATIONS OF INTRAPRENEURIAL ACTIVITY l l l l l INTRAPRENEURSHIP IS ADVANTAGEOUS IN THAT IT... l does not often threaten the overall success of the business ADMINISTRATIVE OPPORTUNISTIC IMITATIVE ACQUISITIVE INCUBATIVE l may present the opportunity for business and personnel development Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved INTRAPRENEURSHIP IS ADVANTAGEOUS IN THAT IT... l INTRAPRENEURSHIP IS ADVANTAGEOUS IN THAT IT... l does not often threaten the overall success of the business l l l l does not often threaten the overall success of the business may present the opportunity for business and personnel development allows existing know-how to be applied can lead to the leveraging of pre-established business relationships can serve as an entrepreneurial testing ground for the individual Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l may present the opportunity for business and personnel development allows existing know-how to be applied can lead to the leveraging of pre-established business relationships Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l l 2 New Venture and Small Business Management THE DISADVANTAGES OF INTRAPRENEURSHIP INCLUDE... l l THE DISADVANTAGES OF INTRAPRENEURSHIP INCLUDE... l l l large, industry-transforming gains are rare individual behaviour is infrequently rewarded large, industry-transforming gains are rare individual behaviour is infrequently rewarded the intrapreneur's image can be tarnished if the venture fails the intrapreneur may be regarded as an outsider Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved OBSTACLES TO INTRAPRENEURSHIP OBSTACLES TO INTRAPRENEURSHIP l the "Profitability Now" syndrome Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved OBSTACLES TO INTRAPRENEURSHIP l l OBSTACLES TO INTRAPRENEURSHIP l l the "Profitability Now" syndrome incentive programs that are based on monetary achievements and that focus on executives the "Profitability Now" syndrome incentive programs that are based on monetary achievements and that focus on executives excessively formal organizational structure l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 3 New Venture and Small Business Management OBSTACLES TO INTRAPRENEURSHIP l l OBSTACLES TO INTRAPRENEURSHIP l l the "Profitability Now" syndrome incentive programs that are based on monetary achievements and that focus on executives excessively formal organizational structure strict intra-organizational boundaries the "Profitability Now" syndrome incentive programs that are based on monetary achievements and that focus on executives excessively formal organizational structure strict intra-organizational boundaries resource allocation based on generation of revenues Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l l l l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved FORTUNATELY... MANY BUSINESSES DO SUPPORT INTRAPRENEURSHIP, AND HAVE SPECIFIC PROGRAMS THAT AIM AT PROMOTING SUCH INITIATIVES Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved INITIATIVES BELIEVED TO PROMOTE INTRAPRENEURIAL ENDEAVORS INCLUDE THE... l l l creation of intrapreneurial operational units setting of business goals that represent all employees establishment of programs that reward individual creativity and contribution training and retraining of all employees creation of an environment where employees can propose ideas freely Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l l Without these initiatives, management's abstract notion of intrapreneurship will not permeate down and be reflected in day-to-day decisions and activities. Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved AS THE MOST TRULY ENTREPRENEURIAL MODE OF ENTRY, START-UP INVOLVES... l l l l l recognizing the opportunity refining the business concept creating the organization implementing the plan managing through growth and stability Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 4 New Venture and Small Business Management OVER TWO THIRDS OF CANADIANS WHO DECIDE TO PURSUE ENTREPRENEURIAL ACTIVITIES ELECT TO DO SO BY ESTABLISHING THEIR OWN BUSINESSES START-UP IS FAVOURED BECAUSE... l l l it is a fresh start ! the entrepreneur has great personal freedom the entrepreneur controls all aspects of the venture the entrepreneur may have greater control over costs and resources Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved START-UPS CAN BE DISADVANTAGEOUS IN THAT... l START-UPS CAN BE DISADVANTAGEOUS IN THAT... l they entail the greatest amount of personal risk they entail the greatest amount of personal risk time budgeting can become an issue l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved START-UPS CAN BE DISADVANTAGEOUS IN THAT... l START-UPS REQUIRE... la risk-taking propensity for ambiguity they entail the greatest amount of personal risk time budgeting can become an issue large capital investments are often required l tolerance l an l an l l internal locus control expansive skill set Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 5 New Venture and Small Business Management INTERESTINGLY... 43% OF ENTREPRENEURS ONLY HAVE PART-TIME INVOLVEMENT WITH THEIR VENTURES Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE ADVANTAGES OF PART-TIME ENTREPRENEURSHIP INCLUDE... l lower l lower l ability capital risk career risk to test entrepreneurial inclination Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF PART-TIME ENTREPRENEURSHIP INCLUDE... l potentially l possibly insufficient commitment on the part of the entrepreneur inferior business image Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 6 New Venture and Small Business Management PURCHASING AN EXISTING BUSINESS CAN VARY IN ITS DEGREE OF ENTREPRENEURSHIP UNIT 3 MODULE 3 Purchasing a Business STRONG STATE OF THE ACQUIRED BUSINESS DEGREE OF ENTREPRENEURSHIP WEAK LOW HIGH Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved FINDING A BUSINESS AND NEGOTIATING ITS PURCHASE REQUIRES GREAT INITIATIVE Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved ALL ACQUISITIONS ARE MAJOR EVENTS AND CALL FOR SIGNIFICANT PLANNING AND FORESIGHT Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THINGS THE ENTREPRENEUR SHOULD CONSIDER BEFORE BUYING l the THINGS THE ENTREPRENEUR SHOULD CONSIDER BEFORE BUYING l the l the business business previous owner Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management THINGS THE ENTREPRENEUR SHOULD CONSIDER BEFORE BUYING l the l the l the THINGS THE ENTREPRENEUR SHOULD CONSIDER BEFORE BUYING l the l the l the l the business previous owner purchase price business previous owner purchase price acquisition deal Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THINGS THE ENTREPRENEUR SHOULD CONSIDER BEFORE BUYING l the l the l the l the THE ADVANTAGES OF ACQUISITION INCLUDE... l a relatively quick entrance into business the existence of essential business relationships the existence of an infrastructure and personnel the possibility of quick returns the frequent ease of obtaining financing the potential for low start-up costs Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved business previous owner purchase price acquisition deal l l l l l l himself Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF ACQUISITION MAY INCLUDE... l CONSIDERATION DURING THE DUE DILIGENCE PROCESS SHOULD BE GIVEN TO... l l l l l the inheritance of a potentially poor business image the high cost of maintenance and update complex and time-consuming financing the inability of the entrepreneur to foresee changes in the industry Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved general historic issues industry issues product / service issues competitor issues employee issues l l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 New Venture and Small Business Management PROMINENT BUSINESS VALUATION METHODS l l l PROMINENT BUSINESS VALUATION METHODS l l l DISCOUNTED CASH FLOW APPROACH EARNINGS MULTIPLE APPROACH NET ASSET APPROACH DISCOUNTED CASH FLOW APPROACH EARNINGS MULTIPLE APPROACH NET ASSET APPROACH OTHER BUSINESS VALUATION METHODS l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved COST OF REPLACEMENT APPROACH MARKET APPROACH Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved IN THE VALUATION OF A POTENTIAL ACQUISITION CONSIDERATION SHOULD BE GIVEN TO... l l l l l l l l A BUY-SELL CONTRACT SHOULD ADDRESS... l l l l l l l l l l l l accounts receivable fees of current customers contracts and financial agreements required licenses and leases employee wages and benefits value of inventory on-going expenses fixed or intangible assets cost of the sale and transfer of assets method of payment and payment plan assumption of the lease any necessary adjustments buyer protection seller obligations assumed risks settlement of grievances and losses closing conditions transfer of ownership seller deposit dispute arbitration Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 3 New Venture and Small Business Management UNIT 3 MODULE 4 Franchising WHILE FRANCHISING MAY NOT BE STRICTLY ENTREPRENEURIAL, ITS GROWING POPULARITY CANNOT BE DENIED Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Franchising is a method of distribution or marketing whereby a parent company grants to an individual or another company the legal right to sell its products or services. Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved FROM THE FRANCHISOR, THE FRANCHISEE MAY RECEIVE... l business l financial l training l an advice aid accounting system or national advertising l local l etc... Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE FRANCHISE CONTRACT THE FRANCHISE CONTRACT ADDRESSES THE... l obligations of the franchisor and franchisee l fees l cost or royalties due to the franchisor to the franchisee of construction or equipment restrictions or exclusivity l territorial Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management THE DISADVANTAGES OF FRANCHISING INCLUDE... l THE DISADVANTAGES OF FRANCHISING INCLUDE... l previously-established name and business image strict operating procedures loss of independence and personal identity previously-established name and business image strict operating procedures loss of independence and personal identity possibility of extensive and high costs l l l l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF FRANCHISING INCLUDE... l previously-established name and business image strict operating procedures loss of independence and personal identity possibility of extensive and high costs potentially negative effect of the parent company's actions Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved OTHER LEGAL ASPECTS ASSOCIATED WITH FRANCHISING ARE FEW l l l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved OTHER LEGAL ASPECTS ASSOCIATED WITH FRANCHISING ARE FEW, BUT IN CANADA INCLUDE... l PROVINCIALLY, FRANCHISING LAWS ADDRESS... l business and trade practices l corporate statutes l consumer protection l etc... Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE TRADE MARKS ACT l THE COMBINES INVESTIGATION ACT Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 New Venture and Small Business Management FRANCHISING DOES HAVE ITS ADVANTAGES FRANCHISING DOES HAVE ITS ADVANTAGES, INCLUDING... l l proven product / service well-established identity Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved FRANCHISING DOES HAVE ITS ADVANTAGES, INCLUDING... l l l l FRANCHISING DOES HAVE ITS ADVANTAGES INCLUDING... l l l l l proven product / service well-established identity professional assistance and training prescribed and proven operating procedures proven product / service well-established identity professional assistance and training prescribed and proven operating procedures relative ease of accessing capital Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved FRANCHISING DOES HAVE ITS ADVANTAGES INCLUDING... l l l l l l FRANCHISE TYPES l proven product / service well-established identity professional assistance and training prescribed and proven operating procedures relative ease of accessing capital wide range of franchise types Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved RETAILERS w fast food restaurants w convenience stores w food retailers w product retailers w automobile products and services Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 3 New Venture and Small Business Management FRANCHISE TYPES l l FRANCHISE TYPES l l l RETAILERS LEISURE AND TRAVEL SERVICES w hotels, motels and campgrounds w theatres w fitness clubs RETAILERS LEISURE AND TRAVEL SERVICES BUSINESS AND PERSONAL SERVICES w leasing and rental services w business aids and services w personal services w educational services Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved PROSPECTIVE FRANCHISEES SHOULD CONSIDER THE... l l l l l l l l l l l history of the franchise ownership structure of the franchise size and extent of franchise products / services offered by the franchise present financial status of the franchise pertinent legal documentation business controls exercised by the franchisor purchase fees, royalty payments and other costs location and layout of the franchise territory covered by the franchise availability and extent of assistance programs Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THERE IS AN 80% SUCCESS RATE FOR FRANCHISES OVER THE FIRST FIVE YEARS OF OPERATION OVER THE PAST TWENTY YEARS FRANCHISING HAS GROWN AT A RATE OF 20% PER YEAR FRANCHISE SALES CONTINUE TO GROW AT A RATE OF 10 TO 15% ANNUALLY 45% OF ALL RETAIL SALES ARE ACCOUNTED FOR BY FRANCHISES Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved RECENT FRANCHISING TRENDS 60 ANNUAL GROWTH RATE HOWEVER... NOT ALL FRANCHISE TYPES ARE EXPECTED TO OFFER CONTINUED GROWTH INTO THE NEXT CENTURY Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved non-food retail restaurants miscellaneous services lodging all categories 1990 1991 YEAR 50 40 30 20 10 0 1992 Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 4 New Venture and Small Business Management FRANCHISE TYPES THAT ARE EXPECTED TO FLOURISH INCLUDE... l business and personal service franchises l health and ethnic food franchises and dental franchises l medical l legal and accounting franchises entertainment franchises franchises l home BUSINESSES WHICH OFFER CONSULTING, ACCOUNTING AND FINANCING SERVICES TO BOTH FRANCHISORS AND FRANCHISEES WILL BECOME MORE PROMINENT Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l industrial Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved IN THE FUTURE, EXPECT TO SEE MORE... l women IN THE FUTURE, EXPECT TO SEE MORE... l women franchisees franchisees professional franchisees franchisees franchisees professional franchisees l minority l minority l corporate l corporate l franchises outside of Ontario and British Columbia Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved FRANCHISING INFORMATION SOURCES l Canadian Franchise Association 5045 Orbitor Road, Mississauga, Ontario, L4W 4Y4 905-625-2896 or 1-800-665-4232 provincial Ministries of Consumer and Commercial Relations provincial Ministries of Industry Trade and Technology Industry Canada Deputy Director of Franchising, Alberta Securities Commission 10th Floor - 10065 Jasper Avenue, Edmonton Alberta, T5J 3B1 local Better Business Bureaus local Chambers of Commerce Dun and Bradstreet the Internet Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l l l l l l l l 5 New Venture and Small Business Management UNIT 3 MODULE 5 Organizational Forms SELECTION OF AN ORGANIZATIONAL FORM CAN ULTIMATELY AFFECT THE FINANCIAL, MANAGEMENT AND RESOURCE CAPABILITIES OF THE BUSINESS, AS WELL AS RAISE SOME ISSUES THAT ARE OF A MORE PERSONAL NATURE Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved COMMON FORMS OF BUSINESS OWNERSHIP l l l COMMON FORMS OF BUSINESS OWNERSHIP l SOLE PROPRIETORSHIP GENERAL PARTNERSHIP CORPORATION SOLE PROPRIETORSHIP A business that is owned and often operated by a single individual who not only receives all of the profits from the business, but who is also personally responsible for all of its debts. Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved COMMON FORMS OF BUSINESS OWNERSHIP l l COMMON FORMS OF BUSINESS OWNERSHIP l l l SOLE PROPRIETORSHIP GENERAL PARTNERSHIP SOLE PROPRIETORSHIP GENERAL PARTNERSHIP A business business with two or more owners who share in both the operation of the business and in responsibility for its debts. CORPORATION A business that has a legal existence independent from its owners and whose owners are not liable for the debts of the corporation. Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management OTHER FORMS OF BUSINESS OWNERSHIP l OTHER FORMS OF BUSINESS OWNERSHIP l l LIMITED PARTNERSHIP LIMITED PARTNERSHIP COOPERATIVE A business that is formed by two or more individuals, some of whom are not legally entitled to participate in the management or control of the business, nor are they legally liable for its debts. l A business that is formed by a number of individuals who purchase shares in the business and have equal input into its operation. Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved COOPERATIVE Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved BUSINESS OWNERSHIP TRENDS IN CANADIAN MANUFACTURING 100 80 60 SOLE PROPRIETORSHIPS... Cooperatives Corporations Partnerships Sole Proprietorships % 40 20 0 1945 1955 1965 1975 1985 YEAR Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved SOLE PROPRIETORSHIPS... ARE GENERALLY THOUGHT TO REPRESENT THE MOST BASIC OF OWNERSHIP STRUCTURES Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved AT THE HEART OF A SOLE PROPRIETORSHIP IS A SINGLE INDIVIDUAL BUT... SOLE PROPRIETORSHIPS CAN, AND DO IN SOME CASES, EMPLOY HUNDREDS, EVEN THOUSANDS, OF INDIVIDUALS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 New Venture and Small Business Management SOLE PROPRIETORSHIPS ARE STILL THE MOST NUMEROUS OF ALL BUSINESS OWNERSHIP STRUCTURES IN CANADA IN DECIDING WHETHER OR NOT TO ENTER INTO BUSINESS AS A SOLE PROPRIETOR, THE ENTREPRENEUR SHOULD ASK HIMSELF... Is sole proprietorship the most appropriate form of ownership for the business I am proposing ? Does sole proprietorship best suit my tendencies and needs ? Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved SOLE PROPRIETORSHIPS ARE ADVANTAGEOUS IN THAT... l SOLE PROPRIETORSHIPS ARE ADVANTAGEOUS IN THAT... l l control is in the hands of a single individual control is in the hands of a single individual they are relatively easy of form Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved SOLE PROPRIETORSHIPS ARE ADVANTAGEOUS IN THAT... l l l l l SOLE PROPRIETORSHIPS ARE ADVANTAGEOUS IN THAT... l l l l l l l control is in the hands of a single individual they are relatively easy of form they tend to have low start-up costs there is little need for outside consultation registration fees are usually insignificant control is in the hands of a single individual they are relatively easy of form they tend to have low start-up costs there is little need for outside consultation registration fees are usually insignificant decision making is generally quick and easy the entrepreneur maintains close relations with all key individuals Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 3 New Venture and Small Business Management SOLE PROPRIETORSHIPS ARE ADVANTAGEOUS IN THAT... l l l l l l l l SOLE PROPRIETORSHIPS ARE ADVANTAGEOUS IN THAT... l l l l l l l l l control is in the hands of a single individual they are relatively easy of form they tend to have low start-up costs there is little need for outside consultation registration fees are usually insignificant decision making is quick and easy the entrepreneur maintains close relations with all key individuals there is a great amount of personal freedom Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved control is in the hands of a single individual they are relatively easy of form they tend to have low start-up costs there is little need for outside consultation registration fees are usually insignificant decision making is quick and easy the entrepreneur maintains close relations with all key individuals there is a great amount of personal freedom there are potential tax advantages Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF SOLE PROPRIETORSHIP INCLUDE THE... l THE DISADVANTAGES OF SOLE PROPRIETORSHIP INCLUDE THE... l unlimited liability faced by the entrepreneur unlimited liability faced by the entrepreneur dependence of the business upon the resources of a single individual reluctance of banks to supply capital l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF SOLE PROPRIETORSHIP INCLUDE THE... l THE DISADVANTAGES OF SOLE PROPRIETORSHIP INCLUDE THE... l unlimited liability faced by the entrepreneur dependence of the business upon the resources of a single individual reluctance of banks to supply capital uncertain lifespan unlimited liability faced by the entrepreneur dependence of the business upon the resources of a single individual reluctance of banks to supply capital uncertain lifespan taxation schedule l l l l l l l Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 4 New Venture and Small Business Management UNIT 3 MODULE 6 Partnerships THE GENERAL PARTNERSHIP REPRESENTS AN EXTENSION OF TWO OR MORE INDIVIDUALS WHO EACH HAVE THE LEGAL RIGHT TO ACT ON BEHALF OF ALL OF THE OTHER MEMBERS OF THE PARTNERSHIP, AND WHO EACH HAVE UNLIMITED LIABILITY FOR THE PARTNERSHIP'S DEBTS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE ADVANTAGES OF THE GENERAL PARTNERSHIP INCLUDE THE... l THE ADVANTAGES OF THE GENERAL PARTNERSHIP INCLUDE THE... l l relative ease of formation relative ease of formation generally low start-up costs Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE ADVANTAGES OF THE GENERAL PARTNERSHIP INCLUDE THE... l l l THE ADVANTAGES OF THE GENERAL PARTNERSHIP INCLUDE THE... l l l l relative ease of formation generally low start-up costs few legal requirements relative ease of formation generally low start-up costs few legal requirements taxation schedule Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management THE ADVANTAGES OF THE GENERAL PARTNERSHIP INCLUDE THE... l l l l l l l relative ease of formation generally low start-up costs few legal requirements taxation schedule pooling of skills and resources reduced personal risk ease of borrowing money DESPITE THE ADVANTAGES, PARTNERSHIPS ARE CONSIDERED THE "POOR COUSINS" OF ALL OF THE ORGANIZATIONAL FORMS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved GENERAL PARTNERSHIPS ARE DISADVANTAGEOUS IN THAT... l each GENERAL PARTNERSHIPS ARE DISADVANTAGEOUS IN THAT... l each l they partner has unlimited liability partner has unlimited liability have uncertain futures Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved GENERAL PARTNERSHIPS ARE DISADVANTAGEOUS IN THAT... l each l they l they GENERAL PARTNERSHIPS ARE DISADVANTAGEOUS IN THAT... l each l they l they partner has unlimited liability partner has unlimited liability have uncertain futures face higher tax rates have uncertain futures face higher tax rates l authority Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved is shared between two or more individuals Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 New Venture and Small Business Management PARTNERSHIP MEANS PARTNERS ! BEFORE ENTERING INTO A PARTNERSHIP, THE ENTREPRENEUR SHOULD ASK... l What skills and resources can the prospective partner bring to the venture ? all individuals involved be able to cooperate ? Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l Will Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved PROBLEMS IN PARTNERSHIPS TYPICALLY REVOLVE AROUND... l GAINING CONSENSUS SHARING CONTROL l PROBLEMS BETWEEN PARTNERS ARE A LEADING CAUSE OF DISCONTINUANCE IN PARTNERSHIP VENTURES Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved AVOIDING PROBLEMS BEGINS WITH THE CRITICAL TASK OF SELECTING AN APPROPRIATE PARTNER Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved PARTNER SELECTION CRITERIA INCLUDE THE INDIVIDUAL'S... l skills and resources Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 3 New Venture and Small Business Management PARTNER SELECTION CRITERIA INCLUDE THE INDIVIDUAL'S... l skills PARTNER SELECTION CRITERIA INCLUDE THE INDIVIDUAL'S... l skills and resources and resources l operating policies l personal, l operating policies l personal, l ability l level professional and business objectives professional and business objectives to communicate freely of commitment Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved A PARTNERSHIP AGREEMENT PROVIDES A SAFEGUARD AGAINST OPERATIONAL AND MANAGEMENT ISSUES THAT HAVE THE POTENTIAL TO CAUSE CONFLICT BETWEEN PARTNERS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE TYPICAL PARTNERSHIP AGREEMENT ADDRESSES... l the capital investment of each of the partners l the responsibilities of each of the partners l the division of profits and losses l the duration of the partnership l etc... Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved WOMEN ARE FAR MORE LIKELY THAN MEN TO OPERATE VENTURES IN PARTNERSHIP FORM ! CANADIAN SMALL BUSINESSES ARE INCREASINGLY TURNING TOWARDS LIMITED PARTNERSHIPS AS AN ALTERNATE FORM OF BUSINESS ORGANIZATION Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 4 New Venture and Small Business Management THE ADVANTAGES OF THE LIMITED PARTNERSHIP INCLUDE THE... l ease of formation l low start-up costs l limited THE ADVANTAGES OF THE LIMITED PARTNERSHIP INCLUDE THE... l ease of formation l low start-up costs l limited government regulation l tax benefits government regulation l tax benefits l limited liability of the limited partners l relative ability to attract investors Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE ADVANTAGES OF THE LIMITED PARTNERSHIP INCLUDE THE... l ease of formation l low start-up costs l limited government regulation l tax benefits l limited liability of the limited partners l relative ability to attract investors l autonomy of the general partner(s) Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF THE LIMITED PARTNERSHIP INCLUDE... l the unlimited liability of the general partner uncertainty of its future high tax rate l the l the l the potential for conflict amongst the owners Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 5 New Venture and Small Business Management WHICH IS THE CORPORATION ? UNIT 3 MODULE 7 Corporations and Cooperatives Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved CORPORATIONS ACCOUNT FOR THE MAJORITY OF THE BUSINESS REVENUES IN CANADA, AND THEIR NUMBERS ARE GROWING MORE RAPIDLY THAN ALL OTHER FORMS OF ORGANIZATION Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved AS INDEPENDENT LEGAL ENTITIES, CORPORATIONS CAN... l sue and be sued into contracts l enter l but, l not sell and hold property involve the owner(s) indefinitely l exist Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE CORPORATE STRUCTURE SHAREHOLDERS (owners) THE ADVANTAGES OF THE CORPORATION DIRECTORS (selected by shareholders) ADVISORS (lawyers, accountants, etc...) BOARD OFFICERS (selected by directors) TOP MANAGEMENT (selected by directors) OTHER EMPLOYEES Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved (hired by management) Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management THE ADVANTAGES OF THE CORPORATION INCLUDE THE... l limited THE ADVANTAGES OF THE CORPORATION INCLUDE THE... l limited liability of the owners liability of the owners ability to secure capital l relative Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE ADVANTAGES OF THE CORPORATION INCLUDE THE... l limited THE ADVANTAGES OF THE CORPORATION INCLUDE THE... l limited liability of the owners ability to secure capital liability of the owners ability to secure capital l relative l ease l relative l ease of transfer of ownership of transfer of ownership tax rate l preferred Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF THE CORPORATION INCLUDE THE... l extensive l many THE DISADVANTAGES OF THE CORPORATION INCLUDE THE... l extensive l many l many start-up costs start-up costs legal requirements legal requirements government regulations Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 New Venture and Small Business Management THE DISADVANTAGES OF THE CORPORATION INCLUDE THE... l extensive l many l many THE DISADVANTAGES OF THE CORPORATION INCLUDE THE... l extensive l many l many start-up costs start-up costs legal requirements government regulations record keeping disclosure of affairs legal requirements government regulations record keeping disclosure of affairs l extensive l complete l extensive l complete l "double taxation" Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF THE CORPORATION INCLUDE THE... l extensive l many l many start-up costs legal requirements government regulations record keeping disclosure of affairs of a takeover l extensive l complete l "double taxation" l possibility IT IS WELL ADVISED THAT THE OWNERS, OR SHAREHOLDERS, OF A CORPORATION ESTABLISH SOME FORM OF WRITTEN AGREEMENT Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved A SHAREHOLDER AGREEMENT TYPICALLY ADDRESSES THE... l financial investment of the shareholders l responsibilities of the shareholders l method for payment of dividends l method for dispute resolution l method for determining the market value of the shares l procedures for buying and selling shares l transfer of shares Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved COOPERATIVES FUNCTION MUCH LIKE CORPORATIONS, THE MAJOR DIFFERENCE BEING THAT ALL OF THE MEMBERS OF A COOPERATIVE HAVE EQUAL INPUT INTO ITS OPERATION Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 3 New Venture and Small Business Management COOPERATIVES ARE ADVANTAGEOUS IN THAT... l l l l l l l l l members have limited liability significant capital can be generated continuity is independent of the owners ownership is transferable professional managers can be employed there are certain tax benefits members receive specialized goods members receive preferred prices the possibility of a takeover is minimal Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved THE DISADVANTAGES OF THE COOPERATIVE INCLUDE THE... l relatively l legal high start-up costs requirements government regulations l various l limited l double freedom of the owners taxation Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved COMPARING THE COMMON FORMS OF BUSINESS OWNERSHIP SOLE CHARACTERISTIC PROPRIETORSHIP protection against liability ease of formation permanence ease of ownership transfer ease of raising capital freedom from regulation GENERAL PARTNERSHIP CORPORATION low high low low low high low high low low medium high high medium high high high low tax advantages high high low Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 4 New Venture and Small Business Management UNIT 3 MODULE 8 Business Registration in Ontario THE PARTICULAR REGISTRATION REQUIREMENTS THAT ACCOMPANY THE START-UP OF A BUSINESS DEPEND ENTIRELY ON THE TYPE AND NATURE OF THE BUSINESS Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved REGISTRATION OF A SOLE PROPRIETORSHIP l l Requirements of the Ontario Business Registration Application l l l l l l l l not required of all sole proprietors accomplished through the provincial Ministry of Consumer and Commercial Relations involves filing an Ontario Business Registration Application required of a business that uses a name that is not identical to that of the owner Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved l l individual information business name business location business activity retail sales information (if applicable) employee information (if applicable) Worker's Compensation information (if applicable) self-employment information Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved REGISTRATION OF A PARTNERSHIP... l l REGISTRATION OF A CORPORATION l l is a legal requirement is accomplished by filing a Business Registration Application with the Ministry of Consumer and Commercial Relations may include assigning "designated partners" to maintain business records must include the names and addresses of all partners Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved incorporation must precede registration incorporation: w provincially through the Ministry of Consumer and Commercial Relations w federally through the Corporations Directorate of Industry Canada l l l registration is through the provincial Ministries of Consumer and Corporate Relations Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 1 New Venture and Small Business Management ADDITIONAL REGISTRATION CONSIDERATIONS l l l provincial Sales Tax License/Vendor's Permit federal Goods and Services Tax federal employer deductions: w Unemployment Insurance w Canada Pension Plan w Personal Income Tax l provincial employer deductions: w Employer Health Tax w Worker's Compensation l municipal licenses and permits Copyright 1999 Jon Kerr and Captus Press Inc. All right reserved 2 ...
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