Contract and Procurement Management

You Decide

February 5, 2012

You Decide

Chris and Pat Smith, two entrepreneurs, began a restaurant and catering business with two successful chefs, J.P. Martin and L.L. Miller. The restaurant and catering business was an informal arrangement between the entrepreneurs and the chefs in their responsibilities. The entrepreneurs invested 25,000 and the chefs invested 10,000 into the business. After the second year of losing money in the business, the entrepreneurs decided to close the business.

The entrepreneurs have some decisions on how to approach the chefs in how to hand the leasing agreements as well as how to split the remaining money left in the business. The entrepreneurs are already planning to open a floral business and some of the...