Boston Chicken Case

Boston Chicken implemented a franchising strategy that differed from most other franchising companies at the time. Boston Chicken focused its expansion through franchising the company through large regional developers rather than selling store franchises to a large number of small franchisees. In that, an established network of 22 regional franchises that targeted their operations in the 60 largest U.S. metropolitan markets and in order to do so, the franchisee would have been an independent experienced businessman with vast financial resources and would be responsible for opening 50 – 100 stored in the region. Boston Chicken focused on widespread continuous expansion of its operations to become to developed across the board food chain. Scouting for real estate assured the highest standards for developing properties and was critical to the company’s future success. To assist in future growth of the franchises, Boston Chicken implemented a communications infrastructure, which provided a supporting link for communication between its networks of stores. In addition in efforts to improve operating efficiency, the company locked in low rates from its suppliers and developed flagship stores, which did most of the initial food preparation which inadvertently reduced employee training costs. Many of these regional developers were given a revolving credit line to help support expansion. This type of financing came with credit risk while the franchises average revenue from operations were not sufficient enough to cover the expenses which raises doubt for the repayment of such loans. 2. The accounting policy of reporting the franchise fees from Boston Chicken’s area developers as revenue seemed most controversial. These franchise fees, which accounted for more than 50% of total revenue, did not represent revenues from operations. Also, the source of most of the ranchise fees came from the financing provided by Boston Chicken, the franchiser, where the money coming in was the same money that was going out. This overstated earnings of the company. Since the debentures can be converted into shares of common stock, most of the revenue from franchise fees should have been deferred. Reporting revenues that included these franchise fees his the fact the most of the franchised stores were operating at a loss, which provided a false impression to investors. While Boston Chicken, the franchiser reported a net income from operations of $24,611 in 1994, if they excluded the income provided by franchise fees, they company-operated stores would have been operating at a loss, which would have been a more accurate picture for the company’s operations and its question of having a profitable future. 3. Boston Chicken, the franchiser, reports revenue based on franchise fees (includes royalties, initial franchise development costs, interest income from area developer financing, lease income, software fees, and other related franchise fees), and company operated stores. The revenue reported on the income statement does not reflect the operating income or losses generated by the area developers, with most of these area developers operating at a loss. Since the franchiser provides financing to the area developers, it seems that consolidation of the financial statements would provide vital information to the users of the financial statements especially since the repayment of loans relies heavily on the profitability of the franchisees. Basically, Boston Chicken was not reporting the results of operations from its area developers because Boston Chicken did not have an equity position in these firms; rather their stake in these franchises was reported as debt financing. In doing so, Boston Chicken did not have to report the losses that were incurred in these operations. By manipulating the financial statements, the company gave a false impression on its future prospects of the company, allowing them to more freely raise capital through the issuance of common stock, and inadvertently inflating tock prices. 4. The balance of notes receivable from area developers as of December 25, 1994 was at $201,266. Of this amount there was no allowance for loan loss and as a result, revenues would be overstated. With the high probability of uncollectibility on notes receivable due to the majority of operating losses of the area developers, creating an allowance for loan losses would more accurately reflect the financial position of Boston Chicken. Even with just a 25% allowance for uncollectibility the company would be operating at a loss of $25,714. 5 7. In the financial information provided in the case for 1994, Boston Chicken’s Operating profit for the year was $24,611, and net earnings $0. 38 per share. In 1995 Operating Profit for the year increased to $67,238 and net earnings to $0. 66 per share. Boston chicken continued to recognize profits in 1996, but was forced to amend its reported profits in May of 1997 due to improperly stating revenues. In 1998 the company files for Chapter 11 Bankruptcy and was subsequently purchased by McDonalds Corporation in 2000. As seen in Table 1 on the following page, it seems that since around the 2nd Quarter in 1997 to mid 2004 the stock price of the plummeted from around $50 per share to under $1 per share. At the time the stock price dropped drastically to $0. 00010 per share. In 2007, the company was sold to Sun Capital and went private. 6. After the company filed for bankruptcy, the stock price took a huge hit. In 1999 the company searched for a buyer as its stock price continued to steadily decline. As you can see in Table 1, trading volume drastically fell during the 1999 – 2000 period, and showed an increase in 2000 when McDonalds Corp purchased the company.

Law Relating to Payment and Trade Finance Essay

Law Relating to Payment and Trade Finance - Essay Example Hitherto, investors and other traders who wanted to do cross border or international trading (import and export) had to go through stringent bureaucracies and processes that killed the enthusiasm of most of such investors and traders. Today, the situation is quite different as a lot more people are gaining the interest to go into international trading. The need to make cross border trade and commerce as flexible as possible not withstanding, there are certain basic regulations that remain unchanged and would perhaps remain unchanged for a very long time. One of such regulations is the mode of international trade financing and payment. Though the processes are not as stressful as before, international traders are still required to follow basic international trade financing systems that are governed by law. This write-up therefore seeks to examine the role of some of the most common international trade financing and payment methods in addressing the currency global credit crisis. What is international trade finance and payment? Organisation such as the International Monetary Fund and World Trade Organisation have devised laid down procedures and structures that need to be followed whenever trade and business transactions have to take place across borders. Such trade that take place across borders are referred to as international trade whereas the funding or financing of all forms of products, good and services that are involved in such international trades are referred to as international trade finance or simply put, trade finance. According to the Business Money (2011), â€Å"Trade Finance is the science that describes the management of money, banking, credit, investments and assets for international trade transactions.† This means that the financing of trade across borders is just more than giving out monies for goods that one wants to buy. Rather it reaches an extent where the entire process is described as management. Instead of just giving out money t o pay for goods and products, one has to device means and follow processes that ensure that the money is managed by taking the payment process through a couple of processes, involving institutions such as banks and insurance. It is therefore in the right direction that the Investopedia (2009) notes that â€Å"trade finance looks at banks, credit agencies, insurers, forfaiters, and any other person or institution who enables importers and exporters to trade across borders.† Discussion on the present Global Credit Crisis Closely related to the issue of international trade finance is the availability and access to flexible credit. This is because as mentioned already, trade finance goes beyond paying money in hand to a company to including the involvement of institutions such as banks and insurances. This means that issues on credit plays an important role on the success of world trade finance. However, it is common knowledge that the world has in times past suffered and even to day suffers from credit crisis that is not limited to any one country but the world as a whole. Broadly speaking, when a particular nation suffers a breakdown with its credit system, we say credit crisis has hit that country but when the situation expands to include almost all nations of the world – especially the giants like America, China and Germany, we say that there is a global credit crisis. Greewood (2011) explains that global credit cri

Ethics in the 21st Century Research Paper Example | Topics and Well Written Essays - 1000 words

Ethics in the 21st Century - Research Paper Example ior shows ethics through the way a person performs in public, according to the Institute of Global Ethics in the article ‘Ethics and 21st century University’, it is stated that, ethical behavior requiresa person to be: Such are the basic ethics that each society teaches to every individual. Absence of such ethics and ethical behavior can result into problems. These ethics teaches an individual to behave in an appropriate way in the society. Ethics and its nature have been different in different time. Some of the basic social ethics have remained the same but with time as situations change the code of ethics also change. Ethics of 21st century is a result of such case. Ethics of 21st century has a lot of considerations. It is stated that in 21st century ethics is not an option but compulsion. Besides holding the characteristics of competence, experience and intelligence, people at every level need ethical values. Those values predict their future behavior and performance. Rushworth M. Kidder, (2001) states that the principle task of 21st century decade is the creation and nurturing of a value- based culture which means that the ethics of this century are morally strong and follow strict ethics, he was of the view that due to the large amount of time spends at work much of the nurturing takes place in the business environment. Today almost all the organizations are aware of the need for ethics. Organizations see ethics as a social responsibility which they follow as a social obligation. There is a need to follow ethics because it predicts their social and professional relations. In the article ‘Ethics for 21st century’ (UNESCO, 2001) this report is reported from the conference which was held in 2nd session discusses ethics and its role deeply. Ethics from different perspectives are discussed in the paper for example: These roles play a significant role for the analysis of ethics in different fields. It thus enhances the role of ethics in every field

Oppression in One Flew Over the Cuckoo’s Nest and I Know Why the Caged Bird Sings by Maya Angelou :: I Know Why the Caged Bird Sings

Oppression in One Flew Over the Cuckoo’s Nest and I Know Why the Caged Bird Sings by Maya Angelou In the process of compiling the literary works I intended to include in this project, I began to notice a common thread that connected the works of fiction, non-fiction and poetry that I generally choose to read. That common tie that binds these books together is that they all seem to center, in one form or another, around the theme of oppression. Perhaps this is because I have some deep psychological need to diffuse the power struggles I experience within myself by gleaning insight from the pages of someone else’s experience. Or, perhaps it is merely because I have a predisposition to â€Å"root for the underdog†. Regardless of the reason, be it simple or complex, almost everything I read seems to engage a â€Å"David and Goliath† scenario. Take for example, One Flew Over the Cuckoo’s Nest by Ken Kesey. There is no doubt in my mind that the mental institution that comprises the primary setting of the narrative is intended as a metaphor of societal oppression. This symbolic novel relays the story of an inmate standing up against the powerful forces that operate a psychiatric hospital, but it represents much more than just a classic case of â€Å"man versus the establishment†. The questions raised by Kesey are almost as chilling as his descriptive tales of inmate abuse. Kesey compelled me to ponder just how thin the line is that separates insanity from sanity, and treatment from control. Representing a heroic struggle of personality against an institution of mindless conformity, I found â€Å"One Flew Over the Cuckoo’s Nest† to be one powerful piece of literature. Similarly, I Know Why the Caged Bird Sings by Maya Angelou, which I first read the summer after I graduated high school, is a tale of oppression that translates into a deeply moving novel chronicling the ups and downs of a black family in the 1930’s and 1940’s. A myriad of historical and social issues are addressed, including race relations in the pre-civil rights south, segregated schools, sexual abuse, patriotism and religion. Autobiographical in nature, this tumultuous story centers around Marguerite Johnson, affectionately called "Maya", and her coast-to-coast life experiences. From the simple, backwards town of Stamps, Arkansas to the high-energy city life of San Francisco and St. Louis, Maya is assaulted by prejudice in almost every nook and cranny of society, until she finally learns to overcome her insecurities and be proud of who she is.

Psychoanalysis, Popular Culture and Media Essay

Psychoanalysis is the science of the unconscious functions of the mind and personality. The theories originate from Austrian neurologist, Sigmund Freud. He discovered these as a treatment for health problems and also as a way to understanding more about your mind. In this essay I am going to discuss how these theories discovered many years ago have contributed to popular culture and media. Sigmund Freud divided the soul into the conscious and the unconscious. The conscious is the part of which we are mentally aware and in contrast the unconscious is where all are restrained wishes are stored. Freud stated that: â€Å"Each individual who makes a fresh entry into human society repeats this sacrifice of instinctual satisfaction for the benefit of the whole community†(Storey 2001:91). He also added: â€Å"Society believes that no greater threat to its civilization could arise than if the sexual instincts were to be liberated and returned to their original aims†(Storey 2001:91). What Freud is saying here is that we are born imperfect with many instinctual drives. From social to sexual drives, basically anything that are ID desires. He believes that these instinctual desires, especially sexual have to be restrained in the unconscious as they would have a detrimental act on society if they were to be followed through and would cause us to act in inappropriate manner to the views of our cultural society. This is where psychoanalysis demonstrates to us how it contributes to media and popular culture. It does this by teaching us certain ways to behave in order to fit in. There are right and wrong ways and psychoanalysis gives us an explanation to how our soul teaches us the appropriate mannerisms. Freud continued on with his discoveries and further divided the psyche into the ego, the ID and the superego. The ID is something we are born with and is totally unconscious. It is driven by the pleasure principle which means that it wants instant satisfaction for all its desires. Freud described the ID as the: â€Å"dark, inaccessible part of our personality†(Storey 2001:92) It is impossible to change our ID and are instinctual desires. The ego is the reality part of personality. It tries to satisfy the ID and its desires after weighing up the pros and cons and waiting until an appropriate time to do so. It develops as in becomes more in touch with culture, furthermore creating the superego. The superego is where we adopt qualities from people who have learnt how to cope in society, mainly are parents and other important figures in our lives at the time. By learning from other people and from what we hear and see on television etc we determine a sense of right and wrong. As a result, our superego helps to restrain the unacceptable urges of the ID, and tries to make the ego act in an appropriate manner that society expects and requires. Furthermore this psychoanalysis theory and breakdown of the psyche demonstrates to us how culture and media play a fundamental role on how we act in society. Its like a big circle, we learn how to act from elders and society and then people learn from us and so on. John Storey describes the superego as â€Å"the voice of culture† as it is what we learn from and Freud says that â€Å"our nature is governed by culture†(Storey 2001:92). He believes that human nature is in fact something that is not natural and controlled by the ever changing culture and media at that particular time. In my opinion, the ego of a person depends on the era they live, who they are surrounded by, the media and many other social and cultural factors. We learn from our contact with society and culture and that includes who we are with or what we here on TV, or see in the newspapers. Whether it be intentional or not, we consume all of that information and that forms are opinions on what is right and wrong etc and makes us who we are. We are in fact controlled by culture and what is going on around us, as this is the make up of our personality and determines the way we act in society. Furthermore, the superego keeps everything in balance. Without it we would be driven by our pleasure principle (ID) and not know how to express are opinions correctly or behave, essentially causing havoc. This results in their being a constant, ongoing conflict between the pleasure and reality principle. In conclusion, Sigmund Freud and Jacques Lacan have been greatly influential when it comes to culture and media. In my opinion the theory of psychoanalysis can be seen in everyday life when it comes to watching films etc as everything can be interpreted and has an effect on us. It had a large impact on how sound work in early childhood development and also in cinema. Psychoanalysis can be used to interpret different meanings, and what you get from it can vary from observer to observer. The cinema is full of hidden meanings and tempting us with desires. Slavoj Zizek states that: â€Å"The cinema doesn’t give you what you desire, it tells you how to desire† (Zizek:2007). When we are watching a film our instinctual drives are not fulfilled but it tells us how we should desire, and can be seen as a form of release. Many would argue that not every human desire has to be taught such as sleeping or drinking but many would argue they are not desires just basic needs. For an actual fact the desire is in the quantity of how much we want. The media affects are desires greatly by large and effective ad campaigns. Take for example McDonalds, the ad campaigns, the way they make the food look and its popularity entices us to desire it. If there wasn’t thousands of them an it wasn’t that popular I doubt we would desire it as much, however, it’s a big part of our fast-food culture. Psychoanalysis is very effective and demonstrates to us how our psyche works.

Gym Layout Structure - 1001 Words

OPERATION MANAGEMENT Case Problem 7.1 WORKOUT PLUS Workout plus is a health club that offers a full range of services to its clients. Recently, two others fitness club have opened up in a town, threatening workout’s solvency. While Workout is tops among serious fitness buffs, it has not attracted a wide spectrum of members, Shannon Hiller, owner and manager, has decided it’s time to face lift. She started the process by sponsoring a week long â€Å"ideathon† among all club members. Nonmembers who frequented an adjacent grocery store were also canvassed for suggestions. Their comments are provided below, along with the current facility layout. Free Weights | Circuit Training | Aerobics Room | Cardio Machines |†¦show more content†¦Aerobic Room | Shower Rooms amp; Toilet | Circuit trainings | Power Yoga Room | Breathing Yoga Room | Free Weights | Cardio Machine(a) | Trampoline | Cardio Machine (b) | Light Machine Area | ENTRY AT GYM | Heavy Machine Area | SOLUTION I have prepared a new process lay out diagram for a face lift of Workout plus. This is an especially designed process layout for services. In which, I have tried to simplify the process for the different types of visitors visiting the gym, with some extra services and facilities added. Below you can see the diagram of new process layout: As you can see, in this new lay out plan for ‘workout plus’, I have introduced many new services and also changed into the new face of gym. In previous lay out plan it was bit mismanaged and I have never felt the need of change due to no competition in gym services around that area. This new lay out plan will not just improve the quality of its previous services but will also add many new extra customers in peak hours and off peak hours. How? At the entrance of Gym I have characterized that there are two types of customer which currently visiting our gym during peak hours, On one hand those who prefer Light machines (mostly females) and on the other hand those who prefer Heavy machines ( mostly males). During ourShow MoreRelatedEssay On Web Development Life Cycle1038 Words   |  5 Pagesas follows: Phase One: Information Gathering Phase Two: Planning Phase Three: Design Phase Four: Development Phase Five: Testing and Delivery Phase Six: Maintenance (Design Studios, 2017) Both web design companies follow the structure of logical programming. The structure describes the logical sequence of development. Each step/ phase builds on the previous one and leads to the deliverable, the client’s website. 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Essay about The Detriments of the Welfare System - 2478 Words

During the 1960’s when I was growing up, children always came after marriage. If a woman had a baby out-of-wedlock, her family would frequently be disgraced. More often then not she would marry the baby’s father, but somewhere between then and now, things changed. Today, having a baby out-of-wedlock has become very acceptable. As a matter of fact, being unemployed, unmarried, or poor is no longer a concern. That is to say, expectant mothers can depend on government support if they are income eligible. The first problem associated with these programs is that for a large number of these women and their families’ welfare has turned into a long-term dependency. The second dilemma is that their welfare lifestyle has created many of our nation’s†¦show more content†¦The problem is that this need has progressively developed into a chronic dependency, very similar to an addiction. While it arguably makes perfect sense for these women to use the system to their advantage, the real issue is that many of them are actually abusing it. For example mothers on welfare continue to have more children without any concern about taking financial responsibility for supporting them. Neither do they identify or marry the father. The truth is that welfare was not intended as a long term solution but as a temporary fix to help people during hard times. Regrettable women, in particular, become trapped within this system and here is where the system has failed. Hence, one of the intentions of the â€Å"family cap† is to discourage this obvious dependency on welfare. Historically, public assistance was created to help prevent many of our nation’s social problems. It started with the Social Security Act of 1935. This act included a comprehensive welfare system that according to Kelly J. 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