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Dear Bill I think that you have a lot of good traits of an entrepreneur to be successful One is that you already know the clients and the business You are respected by them and the employees You know the technical side of the operation and that is important I think your downfalls will be the financial or business side of the company Not knowing what to do with taxes investments payrolls advertisement and the general running of these funds could cause failure but you could sign up for some classes and begin to learn and understand what needs to be done and you would be just fine Some steps that you could take to avoid pitfalls would be to consult a financial planner to help with the strategic planning of your new business Then sit down and figure out your strategy maybe ideas that you have had for growth and build your own strategic plan Another good idea would be to ask Hugo if he could stay on with you to introduce you to the other aspect of the business If I were Hugo I would sell the business this way because he is giving bill the opportunity to own a business that he has put his hard work into to help Hugo maintain a Successful business It is only right to offer it to bill and under those terms Hugo will be getting a share of the profits for his retirement and invest properly he will be taken care of so yes I would sell under those terms The concept that I used is the Morality and prudence concept this concept teaches Wright and wrong This concept goes right inline with good ethics because it is in ones interest to act morally Beauchamp Bowie ethical theory and business References Effective small business management Scarborough Zimmerer Eighth edition Ethical theory and Business Beauchamp Bowie
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