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The decision to sell the business after so many years of hard work is not an easy one; however, it seems to me that it is the right thing to do. The reasons for this are several.
First off, taking into account the overall balance in the amount of money invested at the beginning and what is received in the end, one has to conclude that Bonneaus is to gain much. From the investment total of $6000, they receive $20 million in the end, not to mention how much money they probably earned throughout the period of thirty years which is how long they were running the business. Secondly, the maturing of the market that brought about significantly smaller profits is definitely a sign of not-so-great opportunities to prosper in the future because the buyers have found ways to consolidate and gain more power. For that reason, the only way to respond back is to join forces with other companies in the industry which is precisely what the prospective buyer intends to do. Finally, the fact that Ed no longer finds enjoyment in running the business and has developed some other interests is a clear sign that it is the right time to make a good harvest. The only thing that seems to cause worry is what is going to happen with the firm and the employees after it is bought by the financial buyer because Ed and Barbara have devoted 30 years of their lives to the business and it is evident that they cared much about the employees because they had a company chaplain who was there to help the employees in difficult situations.
As for Ed’s opportunity to remain involved in the company’s work as a consultant, it is probably a good thing for both him and the company. It seems that despite the fact that the buyer is a financial one, he does not have the intention to sell out the company because he stated that he intends to buy several other firms and establish a large-scale business. For that reason, if he is to make a good start, he needs someone who has a lot of experience in the field. Ed certainly has the necessary qualifications since he has run the firm for thirty years and managed to do so in a very successful way by increasing its value several times. In addition, his presence in the company would ensure a smooth transition rather than an abrupt change in the working environment which would be beneficial for the atmosphere in the firm. Such a proposal on the part of the buyer is definitely a sign of his serious intention to continue running the business successfully.
In that light, granting the position of Chief Operating Officer to Bonneaus’ son-in-law does not seem problematic at all. Given the fact that he was a part of the management team in the company he is certainly one of the people with the most knowledge about the firm’s daily practices and can serve as a good connection between the employees and the new management team, thereby also ensuring a smoother transition. furthermore, it represents an opportunity for Bonneaus to despite no longer being the owners continue to contribute to the growth of the business only without that much risk.
Small Business Management: Launching and Growing Entrepreneurial Ventures, 16th edition
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