Using the next situation and template, evaluate the three development strategies (company-owned, franchise, and joint venture). You need to identify within the scenario, from the course materials as well as your outdoors research the given information necessary to complete the template. Completed Once, you must analyze the findings to determine which strategy aligns best with the owner’s goals for succession planning and sustainability, and address the role of innovation in attaining the owner’s goals.
You will show your findings in a two- to three-page report, not including the cover, sources, or the template (which must be attached to the survey as an display). The ultimate paper must be in APA format. A template has been provided in the Assignments Folder for the Final Report that you can use or you can create your own. Three friends from high school with a common enthusiasm for cars decided to pursue their interest and shaped Three Guys Garage (TGG).
300,000 to open up their shop in 2008, and it has evolved into a successful business in a Philadelphia suburb. 2.of the calendar year 5M by the end. The business offers full-service auto repair as well as classic car restoration services and coordination. Karl, Ben and Rick have been so focused on establishing the business and growing it to a sustainable level that little though has been directed at a “go-forward” plan. Karl, who serves as company president commented, “We have to continue growing TGG knowing that each folks has different personal goals.” Karl would like to see the brand grow into a nationwide string.
Ben can be involved about lack of control on the quality of the operation from an aggressive development plan. Rick is not sure the business model is completely transferable and that they have to keep very tight controls on their costs to maintain a reasonable profit margin. The team began working with a business coach to begin focusing on an up to date business plan and a strategy for development.
From their analysis it was clear that the business model that they had built could achieve success in multiple locations. They have also been contacted by an trader who has wanted to fund their growth however the team didn’t learn how to respond, informing him they would keep his information in case it was appealing in the future. Also, each one of the partners has an income these are taking from the business but now addititionally there is some fascination with taking some of the retained earnings out as profit distributions. Karl and Ben want to reinvest those income into development but Rick wants to make some personal investments.
The team is also facing some necessary assets in new technology that’s needed is to service the newer cars that are needs to emerge from warranty. As the business can continue without those technology assets it could limit the growth potential and options. Finally, Karl’s son didn’t go to university but work in the business and has progressed to a senior mechanic. He has been indicating to the team that he could want to go back to university for a business degree to be better prepared to support the business. Ben’s wife is the company’s bookkeeper and Rick’s child grips the marketing. As the team proceeds their meetings with the business coach they have are struggling to reconcile these issues and develop a “go-forward” business plan they can all consent to.
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