Rocky Mountain Chocolate Factory Auditing - Case Study Example

Rocky Mountain Chocolate Factory Table of Contents 1.Introduction 2 2.Current Situation 3 3.Corporate Governance 5 4.External Environment: Opportunities and Threats 7 5.Internal Environment: Strengths and Weaknesses 10 6.Analysis of Strategic Factors 17 Strategic Alternatives and Recommended Strategy 17 II.Implementation: 18 III.Evaluation and Control: 19 7.Conclusion 19 References 21 1. Introduction “Based in the charming old-west town of Durango located on the western slope of the Rocky Mountains in southwestern Colorado”, the Rocky Mountain Chocolate Factory (RMCF) has modestly described itself as “an international franchisor, confectionery manufacturer and retail operator in the United States, Canada and the United Arab Emirates” (Rocky Mountain Chocolate Factory, Inc.-a, 2009, “About Us”). Its production facility is in the form of a “53,000 square foot factory” from where “the Company manufactures an extensive line of premium chocolate candies and other confectionery products to supply its many franchise locations, delivered fresh by its fleet of refrigerated trucks” (Rocky Mountain Chocolate Factory, Inc.-a, 2009, “About Us”). Furthermore, it has been reported that the company “offers chocolate goods including fudge, candy bars, and holiday goodie bags” and it has also “worked extremely hard since 1981 to create and improve upon the quality chocolate they produce” (Rifkin, 2009, “Rocky Mountain Chocolate Factory, A Strategic Analysis”). It has been observed that “the company's revenues are derived from three principal sources: sales to franchisees and others of chocolates and other confectionery products manufactured by the Company; the collection of initial franchise fees and royalties from franchisees' sales; and sales at Company-owned stores of chocolates and other confectionery products” (AnnualReports.com, 2010, “Rocky Mountain Chocolate Factory Inc.”). The current report will aim at analyzing the current business situation wherein the company is operating by evaluating its current performance as well as strategic posture. Following this, attempts will be made to touch upon the aspect of corporate governance while taking into consideration the Board of Directors (BoD) and the top management of RMCF. Subsequently, the external and internal environments will be evaluated. Coming to these sections, a SWOT analysis will be undertaken and the issues pertaining to sustainability, societal environment, task environment, corporate structure, corporate culture and corporate resources will be addressed. The various corporate resources that will be covered under the scope of this report are marketing, finance, human resource (HR), information technology (IT), research and development (R&D), and operations and logistics. Finally the various strategic factors will be analyzed to a significant extent. 2. Current Situation 1.1. Current Performance For the year 2008 Rocky Mountain Chocolate Factory Inc reported a net profit margin of 15.56%. This is fairly good and indicates that the management of the company has exercised good control over the administrative and operating expenses resulting in higher profitability margin. This is evident from the lower Retail operating expenses, Franchise costs, Sales & marketing expenses etc in 2008 as compared to the previous year. Based on better cost management the company has also been able to earn a higher return on investment. In 2008 the company reported Return on Investment of 49%. This is quite good as it signifies that the company is creating wealth for the shareholders. In 2007 RMCF ranked 60 as per the annual listing of Forbes of “200 Best Small Companies” of America. By the end of March 2008 the company owned five stores and had 329 franchised stores across 38 states and reported total revenues worth $31,878,183. 1.2. Strategic Posture The mission of RMCF is to be in the business of handmade chocolate manufacturing. When it started operations in 1981 this was the only industry other than car wash that had a significant demand which inspired Crail, the founder of RMCF to venture into this industry. The corporate objective of the company is to manufacture chocolates of high quality. The objective at the business level was to take care of the branding and marketing of the company and its products. Accordingly the business level took care of the marketing communication and came out with new product lines like sugar free and no-sugar-added candies which are in high demand in the market. The philosophy of the company is to produce high quality chocolates and related products. It uses only the finest, best quality raw materials without artificial preservatives to live up to its motto of “the Peak of Perfection in Handmade Chocolates”. The objective at the functional level was to ensure that the manufacturing of the products take place smoothly and that the products are transported at the right time at the right place. Since the product is a food item, high quality specifications in manufacturing and transporting the products in the right time so that they don’t become stale is extremely critical for success. The growth strategy adopted by RMCF was based on franchisee model. It pursued a unit growth opportunity in those locations which has been successful. It tried to tap emerging real estate properties for those franchisees which appeared promising. Finally it focused on retail store concept and tried to improve it so that it could tap the previously untapped market. A key tactic that was implemented by RMCF was the cooking area which was transparent so that customers could see their products being made in front of them and also taste a sample. The objectives, strategies and philosophy of the company are in line with the external market environment and the needs of the customer. There is a high demand for quality chocolates especially gourmet chocolates. Moreover customers have become highly health conscious and need chocolates which have less fat content. RMCF has started manufacturing chocolates keeping these needs of the customers in mind. 3. Corporate Governance 2.1. Board of Directors The board consists of various members having vast experience. The members are mostly selected from within the organization who has been serving at important positions. There are only two internal members Crail and Merryman in the board. The company went public in 1986 and is listed in NASDAQ under the name RMCF. The shares have been publicly traded since then. The total number of shares issued by the company till June, 2007 was 6,080,283. Directors of the company are entitled for stock option awards. For each share held by a shareholder, he is allowed to have one vote in the annual general meeting. However they do not have a right for election of directors. They have cumulative voting rights for electing a director. The board members have vast experience and have been selected from different domains like finance, marketing, operations, information technology, creative services etc. The kind of knowledge, background and skills of the board members are extremely valuable assets for the company. Most of the board members have an experience of more than ten years. The level of involvement is very high and each director is solely responsible for his respective departments like finance, franchisee development and operations, marketing and sales etc. 2.2. Top Management The company is headed by the founder Franklin E. Crail. He has served the company as the CEO, president and a director. Prior to RMCF, he was also the cofounder of a company named CNI Data Processing. He has immense experience since he has been part of a company from start to completion. Crail was also supported by two other partners who are not very active in the business. Lee N. Mortenson has been in the top management since 1987. He has also served at top positions in various companies like Telco Capital, Sunstates Corporation, etc. Fred M. Trainor is one of the cofounder of AVCOR Health Care Products Inc. and has been serving the organization since 1984. He has also served other organizations like Tecnol Inc and American Hospital Supply Corporation. Clyde W. Engle has huge experience in banking industry since he has been the chairman and CEO of Bank of Lincolnwood. However most of the directors and board members are from United States itself. There are no foreign directors which may be a negative factor for RMCF which has international operations. The top management has been very active in taking important strategic decisions. Crail himself has been on the board and has actively participated in all functions of the company. The top management is concerned about the various problems related to child labor and exploitation of workers in Africa which produces 40% of the world cocoa. The top management like all other top level managers is entitled to stock options. The top management communicates with the board of directors frequently because all the meetings are held jointly along with the board of directors. 4. External Environment: Opportunities and Threats 3.1. Natural Physical Environment: Sustainability Issues The prime ingredient of chocolate is cocoa. Cocoa cultivation is highly dependent on climatic conditions. Cocoa cultivation needs lot of rainfall hence chocolate production is highly affected by climatic conditions (Anim-Kwapong & Frimpong, n.d.). Adverse climatic conditions like flood, drought or storm will have a severe impact on cocoa cultivation. Moreover due to global warming, climate changes are taking place abruptly. 3.2. Societal Environment Societal environment considers factors like economic, socio cultural, technological, political and legal factors. Chocolate consumption depends on the economic parameters like employment level, per capita income, inflation, disposable income and spending levels. Recession has had a severe impact on employment and income level. However, the chocolate industry has been found to be unaffected by recession. Customers feel that due to recession they are not able to satisfy the higher needs due to lack of finances. However they could compensate it by buying chocolates which were relatively cheaper (Bachmann, 2009). In a nation where these factors are high, the consumption of chocolates would be more because they don’t have to think of basic needs of food. In a country like Africa where there is huge poverty, chocolate consumption is going to be low. Chocolate industry also depends on socio cultural environment. Some cultures have a high regard for chocolate sweets than others. In Western European countries and North America, the consumption of chocolate is high. High quality chocolates and gourmet are used as gifts in many societies. In many nations chocolate is consumed for health benefits. It is consumed to reduce the risk of diseases like dementia, heart attacks, diabetes, cholesterol levels and blood pressure. Political and legal factors affect the level of competition in a nation. In a nation where there are strong barriers of entry for foreign players, competition is going to be low and hence it would be a boost for the local players. 3.3. Task Environment The task environment consists of the following factors: Threat of New Entrants: Threat from new entrants is relatively low in the chocolate industry. Although the cost of setting up a manufacturing unit is not very high, yet it is extremely difficult to compete with existing players like Hershey’s, Mars, Nestle, Ferrero Rocher etc who have successfully created their brand name. Building a brand in this industry takes a lot of time. Bargaining Power of Buyers: The chocolate and confectionary industry is marked by high brand loyalty. A customer who likes a particular brand will keep coming back to the same brand. Moreover the prices of chocolates and confectionaries are usually fixed by the manufacturer; hence there is no question of bargaining. The number of well established brands is also few compared to other industries which reduce the bargaining power of buyers. Bargaining Power of Suppliers: Chocolate is produced from cocoa Most of the cocoa is grown in West Africa, particularly in Ivory Coast which produces 40% of the world’s cocoa. Africa is a poor country where laborers are exploited a lot. They work in the most unhygienic conditions and get a very low wage for their labor. The farms are mainly managed by big companies who pay extremely less to the workers. It was only recently that under pressure from US government, the cocoa industry in Africa has implemented fair price policies to improve the condition of the African workers. Hence bargaining power of suppliers is low (Global Exchange, 2005). Threat from Substitutes: Chocolate does not have many substitutes. Hence there is not much threat from substitutes. Industry Rivalry: The chocolate and confectionary industry is dominated by few big players. The main competitors of RMCF are Alpine Confectionaries, See’s Candies Inc., Godivia Choclatier Inc., Fannie May, Chocoladefabriken Lindt & Sprungli AG and Ethel M’s/Ethel’s. In addition to manufacturing chocolates, these companies also had their retail stores. It also faces competition from producers of organic chocolates which are few at the moment but are expected to grow rapidly in the coming years because of increased awareness regarding health. Among all the factors listed above, one of the most important factors is climatic conditions which affect the availability of cocoa. Global warming is a big threat for cultivation of cocoa which needs lot of rainfall. Hence this is a big factor that should be taken care by the chocolate industry. Secondly industry rivalry is also a big threat for RMCF. It faces competition from global conglomerates as well as from local businesses. The big players had greater brand recognition and awareness and are also financially stronger than RMCF. There is intense competition among retailers for purchasing the best real estate location. Another important area of threat is the demand for organic chocolates and gourmet varieties. People are becoming increasingly health conscious and they want low fat chocolates. Hence the company should try to manufacture organic chocolates and install new facilities since currently it does not produce organic chocolates. 5. Internal Environment: Strengths and Weaknesses 4.1. Corporate Structure The chairman is at the top level of the company. The company is headed by a board of directors who are entrusted with different responsibilities. There are separate directors for marketing, operations, finance, creative’s etc. The directors are assisted by vice president and CEO and there are managers under each one of them. 4.2. Corporate Culture The company’s practices a participatory management process with mutual love and respect for its employees. It maintained a high degree of professionalism and expected high performance from its employees. The working conditions are friendly and enriching. It maintained a good relation with its employees. 4.3. Corporate Resources 4.3.1. Marketing RMCF has always tried to generate high returns using low cost promotions and advertising like local and regional events, charitable causes and sponsorships. The company does not undertake national advertising which involve high investments. It usually focuses in local in store promotions by using tools like coupons, mail order catalogue, advertisements and point of purchase materials. The franchisees pay a monthly fee of 1% of its sales to enable the company to take care of its marketing spends. The marketing objectives of the company are in line with the mission, strategy and objectives of the company. The logo, slogan, design, symbols and service marks are designed in a way which reflects the company’s policies and mission like “the peak of perfection in handmade chocolates, America’s Choclatier and the world’s Choclatier”. The company has expanded through its franchisee model and the franchisee owners are given adequate training on company philosophy, store operation, design, merchandising, quality controls etc to make sure that the franchisees work in tandem with the company’s philosophy of producing the best quality chocolates. The packaging used by the company is such that it conveys a contemporary image filled with fun, freshness and excitement. The in store preparation and aroma of the products enhanced the ambience of the stores. Moreover the locations were chosen in a way that generated maximum traffic for the store. The marketing managers ensure that the product lines are such that it suits the needs of the customers. They have introduced fat free and sugar less varieties of chocolates which is in high demand because customers have become increasingly health conscious. The marketing managers undertake extensive analysis of franchisors before giving them the franchisee. They are also responsible for selecting the sites for store location which is an important part of the company’s strategy. Its stores are mainly located in tourist areas, outlet centers, regional centers, airports and other entertainment areas and street fronts. 4.3.2. Finance RMCF considers the choice of store sites as an important determinant of business success. For this the company took into consideration a host of factors like attractiveness, tenant mix, visibility, occupancy costs, accessibility etc. The final selection of the sites requires the approval of the senior management. RMCF lays special emphasis on product quality. Besides quality the key factors of the business strategy of the company include variety, value and taste. For the accomplishment of company objectives it believes in store ambience, manufacturing expertise, merchandising and commitment towards customers. As per the survey conducted in 2008 the company estimated its factory capacity to be 5.3 million pounds on annual basis. The company uses ‘kiosks’ as a vehicle for retail sales in the case of real estate unavailability or rent costs not meeting the financial criteria of the company. The policy of the company encompasses controlling the manufacturing of its products for maintaining high quality standard, making use of underutilized channels of distribution, control shipment and production schedules. The company is not involved in hedging or trading of commodity futures. For ensuring a constant supply of nuts and chocolate it bought purchase contracts varying between six to eighteen months; enabling it to buy the fixed amount of products at a specified price as per the requirement. These are implied from the performance of the company over the years. They are in conformance to the objectives, mission and policies of the corporation. The net income of the company has increased successively over the years. This indicates a rising trend in the profitability position. This has been achieved through a steady rise in the revenue over the years. The total costs and expenses for 2008 have reduced as compared to the previous year suggesting improved cost management. Over the years the corporation has shifted from long term debts to other sources of finance. In 2005 and 2004 the company had long term debt but in recent years there has been a rise in the stockholders’ equity and current liabilities. This has resulted in sharp reduction in the interest payments from $144787 in 2004 to $1566 in 2008. The tax burden of the corporation has increased over the years which can be due to a fall in the interest expense as interest is a tax deductible expense. Sales of RMCF reported a decline in the last quarter of fiscal year 2008. However, the financial position of the company is strong enough to withstand the effects of recession in the US economy. For improving the administrative and factory infrastructure the company plans to make a capital expenditure of $500000 in 2009. It is of the view that the “Cash flows from operations” is sufficient of meeting the requirement relating to working capital and capital spending. The share price of the company has remained above $8.90 over the last three months. In the month of June the share price of the company has mostly moved up thereby suggesting that the market is positive about the company’s stock (Reuters-a, “Charts”). There are significant differences when the calculations in the statements are done in constant versus reported dollars. The financial performance of the company is fairly good as compared to the industry average. The gross margin reported by the company is 42.29% as compared to 13.48% by the industry. Net profit margin of RMCF is 12.59% which is nearly six times the margin of the industry at 2.98% (Reuters-b, “Financials”). The financial managers are using the accepted financial techniques and concepts for evaluating performance. The basic premise of finance remains the same for all the companies in various countries. However there may be certain adjustments relating to the currency of the reporting country, rules relating to taxation, depreciation etc. Finance is upgraded to match with the global financial issues. Like to address the issue of transparency in financial information, continuous efforts are being made to upgrade the accounting process. The success of an organization depends on the strategic management process. Other than performing their respective roles the manager and the staff must decide about what is required to be done. The financial managers have to plan in advance about future business activities. An investment plan is selected after a thorough scrutiny of the anticipated cash flows. The resources of the business are limited; therefore it becomes necessary to employ the resources efficiently. This can be achieved by the design of financial budgets. Budget serves as an important way of control. The financial manager makes a plan of the desired outcome from the various business units. This is then compared with the actual outcome to identify the deviations. In the event of any adverse deviations corrective actions can be initiated. The financial managers thus form an integral part of the planning process. They are the ones who allocate the responsibility to the business sub-units. In devising the strategic plans the financial managers must be careful about the purpose and scope of the plan (Finkler, et al., pp.214). Special care must be taken about the plan design. Any over or underestimations must be avoided as this can adversely impact the employee morale. Besides the design of the budgets the financial manager has to evaluate the performance of the company over the past periods. In the event of any deterioration the business strategies are revamped. 4.3.3. Human Resource With reference to the question that asks “are the combined human resources at Rocky Mountain Chocolate Factory, Inc. productive?” Phillip M. Parker (n.d.) had opined that “there is no absolute answer” (Parker, n.d., “Rocky Mountain Chocolate Factory, Inc. Labor Productivity Benchmark: Methodology and Excerpt”). He has further propounded that “with the globalization of markets, greater foreign competition, and the reduction of barriers to entry, it becomes all the more important to benchmark a company’s financial indicators on a worldwide basis” while adding that “world stock markets have recently witnessed a return to fundamental financial analysis” (ICON Group Ltd., n.d., “Rocky Mountain Chocolate Factory, Inc. ICON Press Release”). Therefore it is quite understandable that the company should streamline its operations and recruit candidates judiciously in order to minimize the rate of turnover and maximize the output as well as profitability. Owing to its transnational operations the company should also have a centralized HR policy that can cater to the multifarious issues that may arise in any of its production facilities and/or within its supply chain. 4.3.4. Information Technology Information technology is an integral component of RMCF’s operations and this may be attributed to the fact that “prior to founding the company” Franklin E. Crail, its co-founder of “was co-founder and president of CNI Data Processing, Inc, a software firm which developed automated billing systems for the cable television industry” (Armitage, 2008, “How Rocky Mountain Chocolate Went From Family Business to Global Franchise”). 4.3.5. Operations and Logistics The manufacturing of the chocolates and confectionary items was carried out in a 53000 square feet manufacturing unit in Durango, Colorado. The objective of the manufacturing unit is to ensure that it manufactures the best quality chocolates at a low cost consistent with the company’s objectives. The manufacturing processes maintain very high standards and manufacture unique proprietary products, controls production and shipment manages costs and improves underutilized distribution channels. The manufacturing is done in controlled temperature conditions with stringent quality control measures at every manufacturing stage. The company uses both manual and automation systems which was previously done by hand. Automation has helped the company increase its speed. It has acquired new automated factories, implemented a highly advanced planning and scheduling system and installed point of sales systems. The efforts of the company have helped it to deliver the products quickly, safely and effectively. It has its own fleet of refrigerated trucks which were used to transport its products directly from the manufacturer to the stores. The company always tried to maintain the freshness of its products which is achieved because of its trucking operations. 6. Analysis of Strategic Factors It can be stated from the above mentioned facts that the most important external factor is industry rivalry. There are many players in the market and moreover they have strong financial power which RMCF doesn’t have. Hence RMCF is vulnerable in this area. The second important factor which is a threat for RMCF is that global warming has a negative impact on the amount of rainfall which may affect the production of cocoa in Africa. There is also an increasing awareness regarding exploitation of African workers and child labor issues in Africa. Finally there is an increasing demand for organic chocolates and gourmets where the company is lacking at the moment. Moreover there is an increasing demand for premium chocolates. The mission of the company is to manufacture high quality chocolates. The company should continue with its existing mission but should make sure that it adds new product lines like organic chocolates and gourmets. It should try to portray a premium brand image and should undertake suitable marketing communication campaign to reach to its target market. Strategic Alternatives and Recommended Strategy a. Strategic Alternatives: The current mission of the company is to produce chocolates of high quality at low cost and market them locally. The company now needs to adopt an aggressive growth strategy. It can do so either by market penetration which means it tries to enter the existing market with its current products or develop new markets which means it tries to enter new segments with its current products. Market development is a much recommended strategy because the company has presence in only US, Canada and UAE. b. Recommended Strategy: The existing strategies of the company can take care of its current objectives but minor changes might be required to boost its image. The company only advertises in local and regional channels which do not allow the company to make its brand known to customers outside its local area. In order to be successful in the long run and to compete with giant multi nationals, it needs to promote itself on a national scale. It should try and enter into developing markets like India, China, Brazil etc. The company should try to set up a new manufacturing unit in a developing nation which would help it reduce its cost of production and use it as a hub to target adjacent nations. It should maintain its core competency of producing high quality chocolates in order to tap new markets. II. Implementation: Implementation of the strategic recommendations is the most critical part. In order to implement these programs the top and the middle level managers need to work in tandem. Moreover since the company should try to set up a new manufacturing facility, it should first understand the policies of the government in terms of whether they would allow a foreign company to set up the facility in their country and if they do so what are the legal procedures. It must then prepare a budget for implementing the plan. Moreover since the manufacturing plant has to be set up in a different location the company should hire local consultants and managers who have a good experience of project management. After the plant is set and production starts, the company needs to launch aggressive marketing campaigns to make its presence felt. III. Evaluation and Control: Currently the company has a chief information officer who is the head of all information systems. He is the key person responsible for all information. The evaluation and control procedures have to be made more stringent in order to implement the changes. There will be suitable quality checks and total quality management should be practiced by the company to make sure that the quality of the products is maintained. In order to analyze the marketing campaign, the sales revenues would be measured. In order to measure revenues from internet marketing, the company should check the number of clicks. It should also take feedbacks regarding the performance of the employees and vice versa to ensure that the human resources are working efficiently 7. Conclusion It has been observed that RMCF is a chocolate company that has sprawled it operations in the USA, Canada and the UAE. Despite its considerable operations the company has been found to be quite modest in its demeanor. However, there is no reason to feel that RMCF is a weakling in the highly competitive sector that is dominated by the likes of Alpine Confectionaries, See’s Candies Inc., Godivia Choclatier Inc., Fannie May, Chocoladefabriken Lindt & Sprungli AG and Ethel M’s/Ethel’s. RMCF has successfully stamped its mark in the industry by virtue of its mainstay that is brand management. Apart from selling its core product, which is chocolate, in different clusters, the company has also diversified its product portfolio and has been found to sell accessories as well. Undoubtedly, the company has enough potential to carve a niche for itself in the lucrative sector as a global player; although it is worth observing whether, RMCF will brave the environmental uncertainties that are increasing by the day, and prove itself to be enough competent to outperform its rivals. The financial position of the company is quite favorable as compared to the industry standards. RMCF performed far better than the industry standards in terms of profitability. The net profit margin of the company is roughly four times as compared to the industry. The company focuses on delivering quality products to the customers that can be one of the forces driving the company’s revenues. It has set up “kiosks” for catering to the retail consumers. This has been done to avoid the extra costs relating to rent which the company feels is not in the financial interest of the company. References 1. AnnualReports.com. (2010). ROCKY MOUNTAIN CHOCOLATE FACTORY INC. Retrieved 15 June, 2010 from http://www.annualreports.com/Company/4274 2. Armitage, I. (2008). HOW ROCKY MOUNTAIN CHOCOLATE WENT FROM FAMILY BUSINESS TO GLOBAL FRANCHISE? Retrieved 15 June, 2010 from http://www.foodanddrinkdigital.com/How-Rocky-Mountain-Chocolate-went-family-business-global-franchise_4652 3. ICON Group Ltd. (No Date). ROCKY MOUNTAIN CHOCOLATE FACTORY, INC. ICON PRESS RELEASE. Retrieved 15 June, 2010 from http://www.icongrouponline.com/pr/Rocky_Mountain_Chocolate_Factory,_Inc_US/PR.html 4. Parker, M. P. (No Date). ROCKY MOUNTAIN CHOCOLATE FACTORY, INC. LABOR PRODUCTIVITY BENCHMARK: METHODOLOGY AND EXCERPT. Retrieved 15 June, 2010 from http://www.icongrouponline.com/PR/Rocky_Mountain_Chocolate_Factory,_Inc_US/Meth_HR.html 5. Rifkin, R. (December 1, 2009). ROCKY MOUNTAIN CHOCOLATE FACTORY, A STRATEGIC ANALYSIS. Retrieved 15 June, 2010 from http://scholar.simmons.edu/handle/10090/11524 6. Anim-Kwapong, G.J. & Frimpong, E.B. (No Date). Vulnerability of agriculture to climate change- impact of climate change on cocoa production. Executive Summary. Retrieved 15 June, 2010 from http://www.nlcap.net/fileadmin/NCAP/Countries/Ghana/COCOA_DRAFT_FINAL_REPORT.pdf 7. Globalexchange. (June, 2005). The news on chocolate is bittersweet. Introduction. Retrieved 15 June, 2010 from http://www.globalexchange.org/campaigns/fairtrade/cocoa/chocolatereport05.pdf 8. Bachmann, H. (April 11, 2009). Chocolate Sales: A Sweet Spot in the Recession Time. Retrieved 15 June, 2010 from http://www.time.com/time/business/article/0,8599,1890565,00.html 9. Rocky Mountain Chocolate Factory, Inc.-a. (2009). ABOUT US. Retrieved 15 June, 2010 from https://rockymountainchocolatefactory.com/rmcf/Documents/WebHelpingFiles/aboutUs.html 10. Finkler, A.S. Kovner, T.C. Jones, B.C. Financial management for nurse managers and executives. Elsevier Health Sciences. 2007 11. Reuters-a. Charts. 2010. Rocky Mountain Chocolate Factory Inc. June 15, 2010. 12. Reuters-b. Financials. 2010. Rocky Mountain Chocolate Factory Inc. June 15, 2010. Read More