Wednesday, February 26, 2020
Raymond Carver - Essay Example When the family moved to California, Carver became interested in writing and took a course from John Gardner, which had a profound effect on him. He continued his studies at Chico State University, Humboldt State College, and the University of Iowa. He earned a BA in 1963. He became a textbook editor at Science Research Associates, Palo Alto, but was fired in 1970. He went on to teach at universities throughout the United States and from 1980-1983 was a professor of English at Syracuse University. While Carver was at Humboldt, he wrote his first story, "Pastoral," as well as his first poem, "The Brass Ring." Although his biography states he started his writing career as a poet, he confessed he was never a "born" poet (Liukkonen) and although he eventually had his poetry published, it never received the acclaim of his short stories. His story "Will You Please Be Quiet, Please" was written in 1967 and with the editing expertise of Gordon Lish, he published a collection of stories of the same name set in Eureka, California in 1976 (Boddy). During the ensuing years, alcohol was a problem for him and drinking became a full-time pursuit. In fact, alcohol became a subject in several of his stories. On June 2, 1977, Carver stopped drinking and became active in Alcoholics Anonymous. He begin seeing poet Tess Gallagher and divorced his wife MaryAnn in 1982. He lived with Gallagher and married her two months before he died from lung cancer in 1988 (Liukkonen). Carver has said that everything we write is, in some way, autobiographical. In a New York Times article he said he considered the short story a vehicle for transforming the commonplace and said, "it is possible to write a line of seemingly innocuous dialogue and have it send a chill along the reader's spine" (Carver par. 9). His writing style is muted and anticlimactic but creates a tense atmosphere. His life is basically divided into two sections, one before he gave up drinking and met Tess and one after. "Cathedral," a short story contained in a collection by the same name, gives him the chance to write in retrospect, utilizing his life experiences in the first section of his life as part of his writing within the second part of his life. His father's alcoholism possibly led to Carver's addiction to alcohol since an addictive personality can be and often is passed down. "Cathedral" was published in 1983, after Carver had joined AA, but the characters in the story spend a great dea l of time in intervals of drinking and smoking marijuana. There are three characters in the story-the narrator, his wife, and a blind man. The narrator, who would appear to be based on Carver himself, distances himself from the story by being an observer rather than a participant-at least at first. As the story progresses, he unobtrusively fixes himself drinks, and although it is never evident or brought out, the excess drinking throughout the story labels him as an alcoholic, albeit a recovering alcoholic.. He refers to his wife's friend as "this blind man," and it is clear he is dismissing any personal interest in the man's forthcoming visit. "I wasn't enthusiastic about his visit. He was no one I knew" (Carver "Cathedral" 1). Even so, he offers the reader background on the
Monday, February 10, 2020
Benefits of Nuclear Energy - Essay Example This essay stresses that generation of nuclear power forms effective utilization of nuclear energy is the most environment friendly process. Nuclear is a clean form of energy that affects the environment the least as compared with all other energy resources. The nuclear power generation plants do not emit any harmful gases (Agency, 2007). Experts regard this form of energy as one of the free of emissions energy. The waste management of nuclear energy processes is also very effective and the water or other drainage is free from pollution and satisfies the health and safety standards. This paper makes a conclusion that one major drawback of establishing a nuclear power plant is the fact that the setting of nuclear plants requires huge investments and costs. This is the main reason why the nuclear plants are usually difficult to set up. The installation cost of nuclear power plants is far greater than to those of plants of other energy sources. Moreover, it is not only the installation cost of the power plant but also the huge costs involved in providing safeguard to humankind from processes that are most likely to induce harmful effects on human beings. In addition to that, installation of these plants in remote areas makes it uncomfortable to transmit energy to distant highly populated areas. There is always a probability of people getting affected by these harmful radiations and radioactive wastes.
Thursday, January 30, 2020
A Christmas Carol Essay I think that the Ghost of Christmas yet to come had the most powerful impact on Scrooge because it showed him his future that he didnÃ¢â¬â¢t want to see and how when he died, nobody cared about his death. Scrooge admitted how he feared this spirit the most, Ã¢â¬Å"I feared you moreÃ¢â¬ , because he was scared to see what his future had to hold after he was finally beginning to realise that his actions have consequences after being visited by the Ghost of Christmas Past and the Ghost of Christmas Present. Scrooge assumes that the last spirit is going to show him himself in the future which is why he is willing to learn all that he can and he is firstly eager to find out what the spirit has to show him. When the spirit takes Scrooge into the part of the town that he has never seen before and they listen to the two people who are selling ScroogeÃ¢â¬â¢s belongings talk so negatively of him, he is horrified but he doesnÃ¢â¬â¢t yet realise that they are speaking about him. The spirit takes Scrooge to the Cratchit house where he learns of the death of Tiny Tim and this has a huge impact on Scrooge because even though he is presented as a cold hearted, selfish character, he grew fond on Tiny Tim which is why it upset Scrooge so much. Scrooge sees how heartbroken the Cratchit family are about Tiny TimÃ¢â¬â¢s death which shows to him the importance of family and he realises that he should have spent more time with his family during his life. This could be a turning point for Scrooge and could be one of the main reasons why he decided to change his ways. Scrooge also knows that it is partly his own fault for the death of Tiny Tim because if he would have paid Bob Cratchit more, they would have had more money to treat Tim. This had a powerful impact on Scrooge because he realised that if he wouldnÃ¢â¬â¢t have been so selfish with his money and only cared about himself, the future could have been different. Scrooge begs to know the identity of the dead man that everyone has been talking about but is horrified when the spirit takes him to the graveyard where he sees his name on the gravestone. After this we see a totally different side to Scrooge that we havenÃ¢â¬â¢t yet seen as he is presented as a vulnerable, scared man when he is begging the spirit to change the future. Scrooge doesnÃ¢â¬â¢t like the idea that he is going to die a lonely man and vows that he is going to change how he is and he Ã¢â¬Å"will honour Christmas in his heartÃ¢â¬ . This has the most powerful impact of all on Scrooge because this is the main reason why he completely changes and learns to love Christmas. After seeing the Ghost of Christmas yet to come, Scrooge wakes upÃ as a new man after seeing what his future has to hold and believing that he has the chance to change it.
Wednesday, January 22, 2020
Narrators and Sympathy in Maupassant's Necklace and Chekov's VankaÃ Ã Ã Ã Ã In Guy de "The Necklace" and Anton Chekov's "Vanka," the narrators' attitudes are unsympathetic toward the protagonists Mathilde and Vanka. However, where the narrator of "The Necklace" feels outright hostility toward Mathilde, the narrator of "Vanka" voices his opinion more passively by pointing out the flaws in Vanka's wishful thinking. In "The Necklace," the narrator's unsympathetic feelings toward Mathilde are made evident in the first paragraph when he states, "she had no dowry, no expectations, no means of being known, understood, loved, wedded by an rich and distinguished man; and she let herself be married to a little clerk at the Ministry of Public Instruction" (66). The narrator portrays Mathilde as a selfish and haughty shrew whose only desire is to be admired and praised by everyone else. Mathilde defines her status by her good looks and thinks it degrading that she is the daughter of a lowly clerk. Also, the phrase "let herself be married" shows that she consider herself above the common person, and by marrying a clerk she lowered her standards (66). Conversely, in "Vanka", the narrator points out the flaws of Vanka's wishful thinking by showing the reality of his situation. Vanka writes to his grandfather as if to Santa Clause, but instead of asking for toys, he asks for freedom from his cruel life by as king his grandfather to "take [him] away from here, home to the village" (48). The narrator, though, shows how Vanka's grandfather drinks profusely although Vanka never truly realizes it except when he pictures him as a "lively little old man of sixty-five with an everlastingly laughing face and drunken eyes" (47). The narrator further p... ... (47) and in Vanka's dream he appears to laugh, as if reveling in the fact that he has been able to cause more mischief, this time in Vanka's life (49). Both "The Necklace" and "Vanka" portray characters that are treated unsympathetically by their narrators. At the end of both stories, too, the narrators appear to laugh at the characters because all of their hard work and troubles were for nothing; Mathilde lost her youth and beauty for a fake necklace; Vanka wasted his hopes on a letter that will never arrive at its destination. Ã Works Cited Chekov, Anton. "Vanka." Understanding Fiction. 3rd ed. Eds. Clanth Brooks and Robert Penn Warren. Englewood Cliffs, NJ: Prentice Hill, 1979. 46-49 de Maupassant, Guy. "The Necklace." Understanding Fiction. 3rd ed. Eds. Clanth Brooks and Robert Penn Warren. Englewood Cliffs, NJ: Prentice Hill, 1979. 66-72 Ã
Tuesday, January 14, 2020
Reliable, Planning and organizing, resourceful, capable of making sound decisions with her job, not widely affected by emotions Ã¢â¬ ¢How can understanding stages of group development and group properties help employees in a work group function more effectively? As a manager, how would you help employees come to that understanding? Understanding the stages of group development is very important to anyone involved in a group or organization. Understanding the stages can make for a healthy group because in order to perform well you need to have accomplished the prior stages before moving on. Understanding the stages of group development enables employees to work more effectively since results in a clear plan. The stages enable employees to work together as a group to finish the assignments that the company has. As a manager, I would sit down the employees and give them to bottom line. Typically when groups have an idea of the main goal or plan, the individuals come together to work towards that goal. Ã¢â¬ ¢Although the optimal level of conflict can be functional, no conflict or too much conflict can be dysfunctional. What steps would you as a manager take to stimulate some degree of conflict when appropriate and reduce conflict when it is excessive? I would ask tough hard questions to stimulate a degree of conflict when it is appropriate. I would also use conflict in problem solving type training just to see how the employees react. Knowing how your employees react during stressful times is a great thing for managers to know. Ã¢â¬ ¢What is the difference between a group and a team? Would your strategy be different for putting together a group than creating a team? Explain your answer. A group is a collection of individuals who coordinate their individual efforts. On the other hand, a team is a group of people who share a common team purpose and a number of challenging goals. Members of the team are mutually committed to the goals and to each other. This mutual commitment also creates joint accountability which creates a strong bond and a strong motivation to perform. Yes, my strategy would be different. I would have to try to get the group to work towards the same goal whereas a team is already doing just that. Ã¢â¬ ¢In the article, Ã¢â¬Å"Conflict in Work TeamsÃ¢â¬ , the author discusses several strategies for resolving group or team conflict. Which type of strategies seems to fit you best? Compromise is the type of strategy that best fits me. What criteria should you consider when determining the best conflict resolution strategy? I would get the employees to turn their anger around to interact peacefully and productively with their peers. Leaders learn how to conduct presentations, guide discussions, and help participants understand the purposes and pitfalls of anger and how to channel it into constructive and useful actions
Monday, January 6, 2020
Sample details Pages: 11 Words: 3296 Downloads: 6 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Halpern Engineering Ltd Introduction Halpern Engineering Ltd (HEL) is a highly successful engineering corporation, which has a significant share of the UK and global market, 70% and 6% respectively in the manufacturer of machines that produce biodegradable polythene bags. As a result of the business success and also to capture a greater share of the rising demand for the end product, John Helpern, CEO and major shareholder, is faced with a dilemma regarding whether the business should continue to expand, in which case there is the requirement for additional funding of approximately ÃâÃ £4 million. Alternatively, there are the options to sell the business of maintain business growth at a reduced level and therefore eliminate the need for addition help. DonÃ¢â¬â¢t waste time! Our writers will create an original "Case study: Expanding a business" essay for you Create order This paper sets out to analyse the four main options that are available to the business, these being venture capitalism, bank funding, business sale or business takeover. 1 Venture Capitalist Venture capital is medium to long term finance provided by an individual or corporation, usually Ã ¢Ã¢â ¬Ã âin return for an equity stake in potentially high growth unquoted companies.Ã ¢Ã¢â ¬Ã However, in the case of Helpern Engineering Ltd, a venture capitalist has agreed to provide the required ÃâÃ £4 million of funding in the form of a loan, which will be subject to the following conditions: Interest, payable half yearly in arrears, to be set at 10% Loan repayable in full in 2011 Alternative option for venture capitalist to purchase 50.1% of the company shares, these being newly issued shares, in 2011 in exchange for the capital repayment. However, it is anticipated that the VC will want to protect his investments by imposing certain covenants upon the business and its management, which will need to be carefully considered (Pearce and Barnes 2006). It is anticipated that these will consist of the following. DirectorÃ ¢Ã¢â ¬Ã¢â ¢s commitment and confidentiality The VC is likely to include a covenant that restricts the directors ability to change their employment contracts and also imposes certain other management confidentiality condition that prohibit directors from leaving the business and setting up in competition, or enticing away suppliers and customers. Shares and Memorandum of Articles It is normal for there to be a condition that forbids directors from issuing shares or making changes to the business Memorandum of Articles without the agreement of the VC Borrowings Borrowing limits are also likely to feature as a condition of the VC investment in order to ensure that investment is not di minished or threatened. Underperformance Often a VC will impose an underperformance condition upon the business directors. This will state that, in the event that the business does not perform to agreed and pre-determined financial and performance targets, the VC will have the right to force a business sale or, alternatively appoint additional directors to the board and dispense with the services of the current directors. 2011 option As noted, in 2011 the VC has the option of cash or shares. The basis for making this decision will depend upon the return on equity employed (Reuvid 2002). This would especially be the case if the performance of the business does not match those forecasted as can be demonstrated if the following example of actual against budget is used (figure 1). Figure 1 Budget against actual EBITDA ÃâÃ £,000Ã ¢Ã¢â ¬Ã¢â ¢s 2007 2008 2009 2010 2011 Forecast EBITDA 1,383 1,783 2,183 2,583 2,583 Actual EBITDA 1,383 1,700 2,030 2,340 2,380 Return on equity is calculated by using the following equation:- ROCE= Profit for the year Equity ShareholderÃ ¢Ã¢â ¬Ã¢â ¢s funds Bearing in mind that the VC share of the business is 50.1%, which will cost ÃâÃ £4 million, the total equity value of the business would be ÃâÃ £7.984 million. Therefore, using this figure as the basis for the equity shareholders funds, the return on capital employed would be as follows: ROCE = ÃâÃ £2.380= 29.81% ÃâÃ £7.984 Although the ROCE on the forecast would have been 32.35%, even with the slightly reduced return, it is recommended that the VC would should convert the ÃâÃ £4 million to shares rather than retrieve the cash. This is because a) the previously agreed return on investment was only 10% and b) although an actual has not matched the projections the business has still returned a year on year growth pattern. Assuming this growth continues, this means that the value of the shares should increase as well as the return on capital employed. 2Bank funding The second alternative for Halpern is to seek bank assistance, by way of an overdraft and/or loan arrangement, a method chosen by around 52% of SMEÃ ¢Ã¢â ¬Ã¢â ¢s (McLaney 2006, p.438). If this route is decided upon John Halpern will need to take into account the following issues. Maximum Funding Level With the funding being required for a project that is anticipated to require ÃâÃ £4 million of investment it is unlikely that the banks would advance the total amount, as they normally will require a commitment from the business and its owners (Watson and Head 2007). It is anticipated that, in this case the maximum the bank would be likely to advance is around 75% of the business requirement, this being ÃâÃ £3 million. Protective clauses To protect their funds the bank will attach some protective clauses to any funds that are advanced. In the case of an overdraft, by its very nature, this will always i nclude a repayment on demand condition (Watson and Head 2007, p.70). In the case of a loan an additional protective clause will be added in the form of a charge over any assets that the funds have been used to purchase. For example, if a property is purchased by the business the bank will require a charge over the property in return for the advance. In the past the banks use to require a fixed and floating charge over all of the assets of the business, which gave them a preferential position in the event of a business failure. However, this practice has been stopped in recent years as it disadvantaged other creditors (McLaney 2006). However, in a private limited company the bank will often insist upon additional protection in the form of a personal guarantee from the owners of the business (McLaney 2006), which in this case would be the Halpern family. It is important if this is the case that the person providing the guarantee ensures that it is limited to the extent of the de bt of the bank and, where possible attached to a specific asset. 3Business sale If John Halpern and his family decide to sell the business rather than seek to fund its expansion, a realistic value for the business will need to be decided. In this respect there are a number of valuation options. These include the Ã ¢Ã¢â ¬Ã ârule of thumbÃ ¢Ã¢â ¬Ã (Lipman 2005, p.12) and Ã ¢Ã¢â ¬Ã ânet assetsÃ ¢Ã¢â ¬Ã methods or, alternatively, one a method that is based upon expected future profits (Reuvid 2002, p.173). The rule of thumb method simply bases the valuation upon the number of locations and revenue sources available to the business and is determined by a multiple of gross revenue. The net asset valuation is based upon the balance sheet values of the business and is predominately used where the profitability of the business is volatile (Watson and Head 2007). However, as Lipman (2005) observes, neither of these methods take into account the future profitability of the business. It is considered that the most appropriate method for valuing Helpern Engineering would be the discounted cash flow. This method of calculation anticipates the future cash flow of the business based upon the profitability and then arrives at a valuation, which is discounted according to the risk attached. The value calculation is determined at what is known as a terminal period, which is usually five years (Lipman 2005, p.16). In applying this method, the following assumptions have been used: An tax rate of 30% is applicable throughout Working capital 2007500,000 2008400,000 2009300,000 2010200,000 2011100,000 Depreciation based upon 20% of cost. DepnCost 2007250,0001,250,000 2008360,0001,800,000 2009380,0001,900,000 2010380,0001,900,000 2011360,0001,800,000 Capital expenditure is as follows: 20070 2008550,000 2009100,000 20100 2011(100,000) A discount value of 12% has been assumed, as limited data is available for this calculation to be made. Market value of debt ÃâÃ £150,000 at terminal period. As can be seen from the following table, the sale value of the business based upon a five year discounted cash flow equation is ÃâÃ £3,089 million. DISCOUNTED CASH FLOW ÃâÃ £,000Ã ¢Ã¢â ¬Ã¢â ¢s Year 1 Year 2 Year 3 Year 4 Year 5 Terminal Value EBITDA 1,383 1,783 2,183 2,583 2,583 Income Tax 340 427 541 660 667 Net operating income 1,722 2,210 2,724 3,244 3,250 13,150 Plus Working capital (500) (400) (300) (200) (100) Capital expenditure 0 (550) (100) 0 100 Free cash flows 1,223 1,260 2,324 3,044 3,250 Net Present value at 12% 1,092 1,125 2,075 2,718 2,902 9,911 Corporate Value 3,239 Less: debt 150 Net value 3,089 4Business takeover In the event, John Halpern decided to continue to operate the business without taking advantage of external capital, a task which he successfully achieved until the beginning of 2008, although growth was limited and potentially the business was losing market share. However, in March 2008 an indirect industry supplier indicated an interest in acquiring HEL. However, before accepting this offer it is important for John to assess, based upon the financial results of the business, the anticipated price required for the acquisition to become acceptable to the board of Helpern Engineering Ltd. It is generally agreed that in an acquisition situation, one of the most used methods for valuing the target company, in this case HEL, is by using what is known as EBITDA multiplier method (Lipman 2005, p.12). To achieve a business valuation using this method one firstly has to look at any adjustments that might not be a cost for the new owners, such as ownersÃ ¢Ã¢â ¬Ã¢â ¢ dividends and remuneration. In addition, adjustment might be required if the business has long term debt (Lipman 2005, p.14). Once the net EBITDA has been calculated, the multiplier will need to be decided upon. Lipman (2005) suggests that the normal multiplier would be between 4 and 6 times. However, this can vary significantly depending upon the strategic value of the business to the future of the acquirer (McLaney 2006) and the target corporationÃ ¢Ã¢â ¬Ã¢â ¢s position within their particular market. In the case of Helpern it is known that the business enjoys a 70% share of the UK market and 6% of the world market for the machines that it manufactures. Therefore, based upon the above considerations, and using the financial information as attached in appendix 1, it is suggested that the following calculations could be deemed appropriate for determining an acquisition price for the business. In reaching this valuation the following assumptions have been incorpor ated into the calculations: EBITDA That the acquiring corporation would not require to replace the directors That the current business pays 10% interest on HP debt, valuing the HP capital at ten times the interest payment. That it is assumed the acquirer will take over the HP debt. Therefore the EBITDA for Halpern Engineering can be calculated as follows: Item ÃâÃ £,000Ã ¢Ã¢â ¬Ã¢â ¢s EBITDA (2008) 1,783 Add: Directors Remuneration 60 Revised EBITDA 1,843 MULTIPLIER Based upon the fact that the acquisition is a strategic move on the part of the acquirer and that Halpern Engineering Ltd has a dominant UK and market share and a significant world market presence, it is suggested that the multiplier to use in this case should be set at 6, thus producing a sale value of ÃâÃ £11.058 million. However this needs to be adjusted as follows to give the final net sale price. EBIDTA sale valueÃâÃ £11.058 million Adjust for HP debtÃâÃ £ 1,900 million Net sale valueÃâÃ £ 9.158 million Bibliography Berkery. D (2008). Raising Venture Capital for the Serious Entrepreneur, McGraw Hill, New York, US Business Link (2008). Loans and Overdrafts. Business Link. Available from: https://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073868460r.lc=en (Accessed 31 October 2008). BVCA (2004) A Guide to Private Equity. BVCA, London, UK Lipman, F.D (2005). Valuing Your Business: Strategies to Maximise the Sale Price . John Wiley Sons Inc, New York, US. McLaney, E (2006). Business Finance: Theory and Practice. Pearson Education, Harlow, UK Pearce, R and Barnes, S (2006). Raising Venture Capital. John Wiley Sons, Chichester, UK. Reuvid, J (2002). The Corporate Finance Handbook. 3rd edition, Kogan Page, London, UK Reuvid, J (2007). Start up and run your own business. 7th edition Kogan Page, London, UK Watson, D and Head, Anthony (2007). Corporate Finance: Principles and Practice. Pearson Education, Harlow, UK Appendix 1 Halpern Engineering Ltd financials Figure 2 Halpern Ltd Actual and Forecasts ÃâÃ £,000Ã ¢Ã¢â ¬Ã¢â ¢s 2007 2008 2009 2010 2011 Sales 10,000 12,000 14.000 16,000 16,000 EBITDA 1,383 1,783 2,183 2,583 2,583 Interest on HP 125 180 190 190 180 Other information Share ownership in Feb 2008 was: Charles Harpern (Dad) 25% Jane Halpern (Mum) 25% John Halpern 40% Tracey Smith (daughter) 5% Sharon Jones (daughter) 5% Charles, Jane and John are the three directors, with directors fees (each) of ÃâÃ £20,000 per year. Halpern Engineering Ltd Presentation Introduction Halpern Engineering Ltd (HEL) is a highly successful engineering corporation making special purpose polythene bag making machines. It has 70% of the UK market share and 6% of the global market share in this industry. However, the business has reached a crucial stage of development. To continue growth it required a ÃâÃ £4 million investment, which it could seek from a venture capitalist or through bank funding. Alternatively, the business could be sold or maintain current performance and risk losing market share or a sale of the business. This presentation discusses these options. 1 Venture Capitalist investment A venture capitalist ha s offered to advance the ÃâÃ £4 million in the form of a loan. However, this is subject to the following conditions Interest, payable half yearly in arrears, to be set at 10% Loan repayable in full in 2011 Alternative option for venture capitalist to purchase 50.1% of the company shares, these being newly issued shares, in 2011 in exchange for the capital repayment. It is also anticipated that the venture capitalist will impose covenants upon the business. These will include ensuring directorÃ ¢Ã¢â ¬Ã¢â ¢s commitment to the business by restricting their ability to change employment contracts or the Memorandum of Articles. Similarly, a clause preventing the directors from setting up in competition or enticing customers and suppliers away from the business will be included in the agreement. Limitations are also likely to be imposed regarding the level of external borrowings the business can secure. Finally, there is a possibility that an Ã ¢Ã¢â ¬Ã âunderperformanceÃ ¢Ã¢â ¬Ã clause might be included. This will give the VC the right to remove existing directors and appoint a new board should pre-agreed business targets not be achieved. 2011 option With regard to the 2011 option of shares or cash, this choice will be ultimately be decided by comparing the return on capital for the loan against the return on capital if in vested as equity in the business. Return on equity is calculated by dividing business annual profits by the shareholders equity. However, it should be noted that actual profits have underperformed forecasts but it is the actual profit results that need to be used in the calculations. Similarly, as the VC will only own 50.1% of the business, this means that the total shareholders funds will be ÃâÃ £7.984 million If we divide the 2011 profits of ÃâÃ £2.38 million by the share value of ÃâÃ £7.984 million, the return on capital equates to 29.81%. As this is considerably more than the 10% being returned on the loan, and the profit growth has been constant, it is suggested that the VC will opt for conversion of the loan to shares at the end of the agreement period. 2Bank funding Bank funding is the second alternative that is available for the business. This could be negotiated either in the format of an overdraft, loan, or a combination of the two. In essence, the dec ision will probably be based upon the level of capital expenditure required for the projects as overdrafts are usually chosen as a means of working capital. In either case there will be certain factors needed to be taken into account by the directors. Maximum Funding Level Banks are unlikely to offer the full funding requirements for a project of the type that Halpern Engineering is anticipating. It is normal for banks to seek an element of commitment from existing business owners before they consider a funding request. In this case it is anticipated that this commitment is likely to be around 25%. This means the bank would be advancing around ÃâÃ £3 million, leaving the owners to secure the remaining million from their own resources. Protective clauses However, these funds will not be granted without conditions. In terms of any overdraft facility provided this will automatically include a repayment on demand clause, which might be enforced in time of bank financi al crises such as is currently being experienced. In addition, the bank is likely to seek to take a charge over any capital item that the funds advanced are used to purchase. For example, it is used for property purchase they might require a legal mortgage over that asset. Furthermore, with private limited companies like Helpern Engineering Ltd, the banks will invariably ask for personal guarantees from the business owners, who are usually also the directors of the business. It is important to take legal advice about these personal guarantees as they effective put at risk all of the personal assets of the owners in the event of a business failure. 3Business sale John Helper, the CEO, has also considered the sale of the business as an alternative to seeking funds for further expansion purposes. If this option is pursued of course, there most important factor is to assess the value of the business and the price that might be achieved on the open market. There are a number of ways to calculate business value. Some, such as the Ã ¢Ã¢â ¬Ã ârule of thumb,Ã ¢Ã¢â ¬Ã method which simply uses a multiplier of gross revenue or a valuation based upon the net balance sheet assets. However, neither of these methods takes into account the current and future profitability of the business. It has therefore been decided to use the discounted cash flow method to arrive at an appropriate value for the business. This method works based on using projected profits, usually for a period that terminates after five years, for assessing the gross value of the business. This value is then discounted by a pre-determined percentage which has been calculated to take into account the level of risk that exists within the business. When applying this method the Helpern Engineering, because of the limitations in terms the amount of historical financial information available, as can be seen a number of assumptions have been used, such as working capital movement and d epreciation. However, it is considered that these assumptions have been based upon sound estimations. Nevertheless, the results of this calculation show that a realistic present value for the business if sold would be ÃâÃ £3.089 million. 4Business takeover In the event John Halpern decided against any of the options previously discussed and opted to continue to run the business as a going concern but with the knowledge that, without the funding this would curtail the rate of growth, although this would still be sufficient for the family needs. However, in March 2008, a supplier in a related industry approached John with a proposal to take over the business and asked what price Helpern would consider attractive for this event. From the target companyÃ ¢Ã¢â ¬Ã¢â ¢s viewpoint there are several factors to take into account in a takeover price. The most important of these is the position of the business in its marketplace and the strategic purpose of the acquirer. In this case Helpern has significant market shares and the acquisition would give the acquirer an immediate competitive advantage in a new market sector. These factors will influence the value of the target company Halpern. The most used method of valuing a target corporation is the EBITDA multiplier method. The calculation start with the business EBITDA results and then makes adjustments for costs that might not be incurred by the new owners, for example the need to retain the directors as management processes will be merged. Once the adjusted EBITA has been worked out the decision about the multiplier needs to be addressed. In most cases this would be defined between a band of 4 to 6, although it can go a lot higher dependent upon the strategic advantage of the target business and other considerations for the acquirer. Although it could be argued that Halpern deserves to be valued higher, for this calculation of 6 has been used. This takes into account the fact that the business growth and market share has reduced in recent years. The result of this calculation indicates that the takeover price should be ÃâÃ £9.158 million 1 Footnotes  Earnings before interest, taxes, depreciation and amortisation
Sunday, December 29, 2019
Haga American Literature 14 April 2015 Marxist Criticism of The Great Gatsby Society has evolved to the point where money is the biggest factor in our lives. People spend an incredible amount of time at their workplace for that miniscule pay raise. Money also plays a role in our relationships with the people around us, seen in the fact that people of similar economic status tend to congregate. This desire to gain more money causes conflict, mainly between people who have a great deal of money, and the people who struggle financially. There are many examples of conflict between the different economic classes. Class conflict in Russia led to the Russian Revolution, and class conflict in France led to the French Revolution. Economic status is also the cause behind many ordinary crimes. This conflict, both between and within classes, is exemplified in The Great Gatsby, which shows that conflict occurs because of the differences among the classes and the strive to rise to a new class, known as the American dream. In order to effectively reduce conflict in any form , something must be done to eliminate the distinction between the different economic classes. To many people, The Great Gatsby is a perfect example of the American Dream because of its positive portrayal of it. James Gatz was the product of unsuccessful farm people (Fitzgerald 98). From the text, one can also find out that in the year before James Gatz became Jay Gatsby, Jay had been beating his way along the southShow MoreRelated Criticism of Capitalism in The Great Gatsby by Fitzgerald Essay1520 Words Ã |Ã 7 PagesCriticism of Capitalism in The Great Gatsby by Fitzgerald Ã Ã Ã Ã In The Great Gatsby, Fitzgerald creates an artificial world where money is the object of everyones desire.Ã The characters, the setting, and the plot are very deeply submerged in a Capitalism that ends up destroying many of them.Ã Fitzgeralds criticism of Capitalism can be seen as a move to subtly promote Socialism, an ideology in which value is placed on the inherent value of an object rather than its market value.Ã InRead MoreA Marxist Critical Approach to FitzgeraldÃ¢â¬â¢s The Great Gatsby Essay example1597 Words Ã |Ã 7 Pagesconsciousness of men that determines their existence but their social existence that determines their consciousnessÃ¢â¬ . 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