You Decide _
Contract and Procurement Management
February 5, 2012
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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