Financial Management

Instructions are in the attached word document. Business Law and Finance

Competencies

• Evaluate the different types of business entities.
• Evaluate the necessary elements of a bona fide contract.
• Interpret relevant portions of the Uniform Commercial Code.
• Outline the key aspects of real, personal, and intellectual property from a financial manager’s perspective.
• Describe the estate system, and explain how it is relevant to determining ownership of real property.
• Identify appropriate management practices that enable an enterprise to demonstrate its superior commitment to exceptional standards.ScenarioYou are an employee of T&G consulting, with extensive experience in financial management and familiarity with the hospitality industry. A group of four investors has approached your firm with tentative plans to construct three hotels on the Gulf coast of Florida, and the matter has been referred to you. While the group intends to engage legal counsel, they are interested in your keen insight and business acumen before proceeding further.The hotels will be built one at a time, and it is expected that the entire project will take 6-8 years to complete. The group of investors/developers consists of two men and a woman, all in their 40s, and the woman’s father who is in his mid-70s.

Scenario
As a leader, you have been tasked with building a team whose purpose is to
recommend a new performance evaluation system. The current system is outdated
and greatly reduces employee morale each year. As the leader, your task is to build
the team, from recruitment of team members to rewarding teams.
Instructions
As the leader of this problem-solving team, you are tasked with recruiting
employees to be a part of this six-person team to recommend a new performance
evaluation system. You know part of the process includes building the team and
leading them through all the stages of team development; you need to be aware of
the roles and behaviors that occur. In addition, consider performance and
productivity for the team, rewarding and compensating teams, and communication
between the team members. Further, consider your role as the leader and the
challenges you may face. The company has asked you to create a slide presentation
of your team’s recommendation, including a voice recording. Remember your
audience when giving your presentation. You can use any Webware/software of
your choosing for the voice recording, and include the following slides: in lieu of the
voice recording you may use detailed notes in the notes section on each slide.
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Title slide
Explain the roles and behaviors of the team
Provide best practices for influencing the team for performance and
productivity
Describe the appropriate reward and compensation for your team
Explain interpersonal processes to influence the effectiveness of your team
Provide examples of effective team-member communication
Describe the most appropriate collaboration and strategy to develop team
intelligence
Provide challenges you may face as a leader
Conclusion slide that includes the main points of this team process
Any additional, relevant information
References
You are an employee of T&G consulting, with extensive experience in financial management
and familiarity with the hospitality industry. A group of four investors has approached your
firm with tentative plans to construct three hotels on the Gulf coast of Florida, and the
matter has been referred to you. While the group intends to engage legal counsel, they are
interested in your keen insight and business acumen before proceeding further.
The hotels will be built one at a time, and it is expected that the entire project will take 6-8
years to complete. The group of investors/developers consists of two men and a woman, all
in their 40s, and the woman’s father who is in his mid-70s.
Instructions
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During your first meeting with the group, you learn that the woman has much more
management experience than the men. In fact, she has indicated a desire to manage
the development group that the four will be forming. In that capacity, she would be
actively involved in day-to-day operations, while the three men function primarily
as sources of capital. You are asked by the group for your recommendation as to
what type of business entity they should create. What would you suggest, and why?
State the advantages and disadvantages. Please fully explain your answer.
Also during this initial meeting, you notice that the man in his 70s does not seem
particularly sharp. In fact, he appears to be confusing the planned hotel construction
with a strip mall that he helped develop twenty years earlier. He is sometimes nonresponsive when you ask a question, and some of his responses do not at all relate
to the questions that are posed. You know that, regardless of the type of business
entity that is formed, contracts will be involved, and the elderly man will be
expected to be a party to at least one. Is his mental decline a concern with respect to
contracts that he may be asked to sign and, if so, why? What would you recommend
to the clients? Please fully explain your answer.
Assume the group, in whole or in part, is able to proceed with the hotel development
project, and a possible site has been identified for the first hotel. You set up a
conference call with the group, and they have a series of questions about how they
will acquire the land (the “real property”), what they can expect to occur from the
time an agreement is reached until closing, and how ownership might be structured
if more than one member of the group becomes an owner of the land. Create a
memo that you would send to the group after the call. What information would you
provide to the group in response to their questions? Please fully explain your
answer. Here is a library resource for help writing a professional memo.
After the closing on the land for the first hotel, the client informs you that they have
arranged for the purchase of a relatively small office trailer, on wheels, that will be
delivered to the site by the seller. The purchase price is $4,000. However, nothing
related to this transaction has been reduced to writing. Your client wants to know if
the mobile office trailer is personal or real property, whether a valid contract for the
sale of goods has been formed, and what specific provision of the Uniform
Commercial Code would be applicable to the issue of whether or not this agreement
must be in writing to be enforceable. What would you tell the client? Please fully
explain your answer.
A written contract related to the purchase of the office trailer is subsequently
signed, and the terms of the contract reflect that the trailer will be equipped with an
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HVAC system. Â The contract also contains language that the terms set forth in the
agreement are the complete and exclusive terms of the agreement. Â Later, when
the trailer is delivered to the construction site, your client discovers that it is lacking
an HVAC system. When the client calls the seller to object, the seller advises the
client that the client’s administrative assistant advised, in an earlier telephone call,
that HVAC would not be necessary since the people who will be using the trailer are
“hardy” and “don’t need heat or air conditioning.” What provision of the Uniform
Commercial Code relates to situations such as this, where a party tries to introduce
extrinsic evidence (i.e. evidence that is outside the written contract) in connection
with the sale of goods, and what impact would that UCC provision have on the
outcome of this dispute? Please fully explain your answer.
At long last, construction of the first hotel begins. A large team of workers has been
assembled, and a female steel worker is part of the group. During her first week on
the job, she begins to hear sexually suggestive remarks that are clearly directed at
her. The situation escalates over the next several days, with some of the men
directly confronting her and asking why she’s doing “men’s work” instead of staying
home or working in an office. She becomes troubled by this behavior and
approaches her foreman, who tells her to “lighten up” and not take things so
seriously. However, the comments continue. Moreover, her foreman repeatedly
denies her overtime opportunities that are extended to the male workers, stating
that she “needs to be home for her husband.” While your client does not directly
employ these workers, the client has heard about these incidents and is concerned.
Your client asks what issues might be involved here, and if you know of any law that
might be applicable. What would you tell the client? Prepare a report outlining the
issues involved, fully explaining your answer.