You Decide _ Contract and Procurement Management You Decide February 5, 2012
You Decide Chris and Pat Smith, two entrepreneurs, began a restaurant and catering business with two successful chefs, J.P. Martin and L.L. Miller. The restaurant and catering business was an informal arrangement between the entrepreneurs and the chefs in their responsibilities. The entrepreneurs invested $25,000 and the chefs invested $10,000 into the business. After the second year of losing money in the business, the entrepreneurs decided to close the business. The entrepreneurs have some decisions on how to approach the chefs in how to hand the leasing agreements as well as how to split the remaining money left in the business. The entrepreneurs are already planning to open a floral business and some of the existing equipment can be used in their next business venture. The equipment that can be used in the next business venture is the van for floral deliveries and the storefront for the floral shop. The entrepreneurs also need to recoup as much of the left over investment to start their floral business. The entrepreneurs will be meeting with the
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