Week 5 Project
PM598 – May/June 2012 Session
It is always difficult to terminate a business, especially after you have invested so much time, effort and money in the company. What makes it even more complex is going into business with others whom you expected to help the business succeed, yet it does not end up that way. For this case scenario, Chris and Pat Smith, and the two chefs, J. P. Martin and L. L. Miller, need to get together to make some tough decisions on potentially dissolving the business At Your Service.
Chris and Pat Smith want to dissolve the business, but Miller is asking to have the business transferred to her and Martin. Assuming Chris and Pat Smith agree to transfer At Your Service to Martin and…show more content… It was decided that the termination would take place within 5 business days of signing the agreement. This would give all partakers a sufficient amount of time to gather necessary materials for separation. In addition, Chris and Pat agreed to allow Martin and Miller to store their leased kitchen equipment in rented space kitchen area for up to 4 weeks after termination giving them sufficient time to find a permanent location to move At Your Service to.
It was difficult to conclude to the above decisions; however, the Smith’s, Martin, and Miller all felt it was best to listen to each others reasoning’s while in the negotiation process. The termination contract was a success. Both parties looked for positives that benefit themselves and each other in every area; leading to a fair and equitable deal to be achieved. This termination contract will benefit both parties to provide a firm foundation for their future.
Proper termination planning and contracting is critical to ensuring a successful process transition for all parties involved. The partnership does not necessarily terminate when the business dissolves. If the business still requires winding up, it is the responsibility of Chris and Pat to assist with this until At Your Service is directly under the names of Martin and Miller. Regardless of how ugly the relationship between all partakers got, the Smith’s,