Taking over and expanding an existing business as a new owner:a business plan proposal - Research Paper Example

? Taking Over and Expanding an Existing Business as a New Owner: A Business Plan Proposal Certification of Authorship I certify that the attached paper is my original work. I affirm that no section of this paper has been submitted previously and that all sources have been included for any material that was paraphrased, quoted, or used for this document and have been listed in the reference section. I have used quotations marks for any citations less than 40 words and referenced it in the text. All of the charts, graphs, tables, and images have been created by me using Excel and Word. No information included in this paper is copyrighted, trademarked, or intellectual property owned by a business or corporation. I am including my typed signature to this certificate, which will represent my personal signature and carry the same validity as if I had signed this document in person in front of witnesses. _______________________________________ ________ Author’s Signature (typed is equal to written) Date Table of Contents Table of Contents 3 Description of Organization 6 Environmental and Industry Analysis 7 Market Analysis and Marketing Plan 8 Competitor Assessment 11 Marketing Strategy 16 Organizational Plan 17 Franchise Buy-in 18 Franchise Affiliation 18 Owner-operator 19 Financial Plan 19 Assessment of Risk 23 Strategic Plan 26 References 28 Appendix 30 Executive Summary Expanding an Existing Business as an Owner (Highlight key points)Qwick Stop & Go convenience store has been offered to the current manager for purchase. The store is 20 years old and due for an upgrade. With the pending sale of the business, now seemed like the perfect time to make the changes that will propel the business into the future. The new owner does not want to close for remodeling, so precautionary measures need to be taken to ensure the safety of every individual associated with the convenience store; whether they are patrons inside the store or clients of other businesses in the immediate area. The expansion will incorporate the 750 square foot area next to the convenience store that recently became vacant by removing the wall that separates the adjoining area. The reason the decision to expand the Qwick Stop & Go convenience store was that an industry analysis concluded that the new trend for convenience stores is having two businesses within the same location to increase customer base. The area surrounding the store has been designated by the city council for new apartment complexes, condominiums, town homes, and single family dwellings over the next five years. Over the past 20 years the patronage of Qwick Stop & Go convenience store has grown to the point of needing more space to comply with current fire code regulations. The marketing plan that was created for this venture provided the necessary projected sales to undertake this endeavor. No other convenience store within a five-mile radius has two businesses at the same location, so Qwick Stop & Go would be the first to incorporate this innovation. Even though there are 12 other convenience stores within a two-mile radius, sales and continued to climb. The projected sales for the next three years include this increase in sales, but with the new idea of two businesses in one location, sales are expected to raise more than the projections. The decision to attempt the expansion came about by listening to customers suggestions and considering alternative methods to achieve their requests. The marketing strategy that will be used to implement this expansion contains three parts. The first is to keep customer base, while drawing in new patrons. The second is to remain competitive in pricing and product availability to the consumers. The third is to continue to increase revenue by 2% each month for a yearly increase of 24%. In order to achieve all three of these objectives, service to the customer must be exceptional, pricing must remain competitive with creative incentives to draw new clientele, and suggestion or comment by the customers needs to be considered. While not every request the customer makes is feasible, listening to what they want or need will benefit both the client and the business. The organizational plan for the Qwick Stop & Go convenience store is an owner/operator purchase that does not include franchise input or royalties being paid to a corporation. This was the only way that the expansion and deli service could take place and the financing could be acquired. The need for a small business loan in the amount of $1.4 million was retained by the new owner with a 3% interest over the next 20 years. The risk of this purchase was deemed acceptable by the new owner and the process for purchase of Qwick Stop & Go was started. The strategic plan for Qwick Stop & Go convenience store has four parts. The first part of the plan is to expand the square footage of the store, while it is open for business. The second part is to create a partnership with the deli service that is being implemented in the expansion. The third part is to sign contacts with local vendors who will provide the fresh produce to the convenience store on a regular basis. The final part of the plan is to reorganize the work schedule, so there is never the same time allotment of shift change from one day to the next. Description of Organization The mission statement of an organization is written to declare what the purpose of the business will be, how the business will provide their services, and the values and beliefs that guide the daily operations of the business (Radtke, 1998). A convenience store at the end of a small strip-mall, named Qwick Stop & Go is in an up and coming neighborhood that has experienced incredible growth. The store was opened 20 years ago with 1400 square feet of retail space, which was considered a large area for a convenience store at that time. As new houses, apartments, and other businesses were built around the strip-mall the number of customers increased. The store capacity according to fire code is 87-person occupancy. On certain occasions, a store employee has had to stand at the door and monitor the entering and exiting of patrons to ensure the fire code occupancy is maintained for everyone’s safety. The store is open seven days a week, but maintains shorter hours on Sunday. The coverage needed for the store when it opened was four employees and because of the growth, two more employees are needed to provide necessary coverage for busy shifts and the expected increase with the new expansion. The products sold at this location includes soft drinks, beer, wine coolers, juices, milk, water, chips, candy, selected grocery items, assorted sundries, some vehicle maintenance products, novelties, and souvenir items. A fountain drink dispenser, fresh coffee carafes, a hot dog and bun warmer, a nacho chip case with a cheese sauce warmer, and a smoothie machine are located on one side of the store. Tobacco products in a variety of forms are available for appropriate age customers. Money orders, pre-paid phone and visa cards, newspapers, copies, and DVD rentals are also available to those patrons in need of these items. The owner of the store approached the manager with an offer to sell because he would be relocating. The manager immediately started making necessary inquiry into the details surrounding ownership of a convenience store. Legal counsel was retained to work up an agreeable contract and transfer ownership of licenses. The financing for the venture ensured that the contracts could be signed and licenses transferred. The expected time for all the details to be finalized was three months and another three months was included to complete the renovations of the store, for a total of six months. In order to make the transition from the current owner to the new owner, it was decided that news of the business purchase would remain confidential until all transactions were complete. Business would proceed without the fear of any employee lay-offs and construction on the new expansion was blocked off according to city and fire code regulations to ensure safety of the customers during remodeling. Environmental and Industry Analysis Reports from the city council meetings over the past six months have included the approval of five more single-family housing subdivisions and 15 more apartment complexes with an average of 700 units in each. All of these housing developments have a completion timeline within the next 5 years. The completion of these projects would increase school enrollment, offer the opportunity for more businesses to move into the area, and increase patronage to all existing business. The amount of available land and the current housing trends may offer the ideal equation for the need to expand the size and scope of the convenience store. A small neighborhood store has an advantage over a large supermarket in that the customers who patronize the business can receive personal attention to their needs and employees can be trained and cross-trained to improve their skills (Levinson, Valas, & Wilson, 2004). Analysis of industry trends offered insight to the potential new owner that combining two businesses in one location has many benefits. Many of the newer convenience stores are providing enough space for a sandwich shop, taco bar, or other venture that can increase customer patronage and revenue. Current technology provides the resources to combine two businesses in one location, yet keep them separate for tax purposes and liability. The idea of combining two businesses changes the culture of the establishment. Customer base is shared and economic challenges may arise. The legal concerns of this venture will be discussed between all parties involved as need arises. This may include insurance obligations in the event of personal injury to an employee or patron at this location. Precautions can be taken, but unforeseeable situations may occur and proactive decisions may diminish the severity of uncontrolled factors. Market Analysis and Marketing Plan Convenience store products are items that are usually needed when regular businesses that sell those items are closed. Obtaining those items at a reasonable price that allows for profit margins requires the use of the same technology that the larger retail stores implement (Longnecker, Petty, Palich, & Hoy, 2011). The items range from car maintenance and personal sundries to select grocery items and grab-bag sizes of snacks for those people who are in a hurry. The size of the store limits the number of products available, but close inventory counts and customer requests allow for the most popular items to be in stock regularly. Some of the items in the store move more quickly than others, so the constant need to restock these items becomes essential to the daily business routine. A distributor furnishes some products sold in the store, while a local vendor assembles other products. The distributor supplying drinks will deliver on pre-arranged dates and leave requested inventory in large amounts. This applies to soft drinks, juices, and beer. Employees will stock the refrigerated shelves with the drinks for the customer’s convenience. Fountain drinks are set up in a self-serve fashion, which allows customers to choose the size and type of drink they want. Stocking for the fountain drinks is similar in that the distributor will bring the canisters or boxes that attach to the fountain, but different because the employee only changes out the stock when the canister is empty. Dairy products and items that have a short shelf life are monitored closely to ensure freshness. Items that carry a longer expiration date are rotated on the shelf, so the incoming products are always behind the ones that need to be sold first. Local vendors who supply doughnuts, sandwiches, and fresh fruits and vegetables are responsible for tagging each item with an expiration date and then removing the item on that date. Pricing for items sold in the convenience store is usually a few cents higher than in other retail stores or supermarkets. The reason for this includes the smaller square footage available to stock the popular items, and the convenience of being able to purchase an item when the other stores are closed or without having to bother with the larger retail stores. The quest of the customer to shop for the best price and value is not just a recessionary issue, but a combination of the public’s needs and a business’s ability to react (Lewis & Dart, 2010). Some of the items sold are compatible with similar products. The price of a fountain drink or a bottle of water may be the same at other locations around the neighborhood. Items that are sold as singles in the convenience store may not be offered as a single item in a regular retail store. This applies to hot dogs, single serve nachos, and some pastries. The promotion of products is often done by using a window banner, word of mouth, or some specific advertisements. Convenience stores do not usually have the three page color advertisements in the newspaper that larger retail chains can afford. Radio and television advertisements are more expensive than newspapers, so most convenience stores stick with window signs. Qwick Stop & Go is currently a self-sustaining market that can make enough revenue during the month to pay the business obligations and have some money left over. By increasing the square footage of the store to include more space for popular items and including a deli and fresh fruit and vegetables, the opportunity to increase the incoming revenue by more than 10% the first years is reasonable. Current calculation from a survey of customers shows that most patrons would welcome a variety in their shopping experience. Many individuals are continually asking when the remodeling will be complete, so they can make this a one-stop shopping event. The amount of investment being laid out for this venture is expected to see a high return over the next three years. With the contracts currently written for five and ten years, the return on the original investment should be exceptional. Most of the people who live in the neighborhood visit a convenience store at least twice a week. Some individuals patronize the store daily for drinks, snacks, and other needs. Younger individuals stop on their way to and from school to spend their allowance on candy and soda. With the proposal of more apartments being build in the community, the prospect of increased patronage is inevitable. The complex industry of convenience stores has experienced monumental growth because of their ability to embrace new ideas to promote products in their specific locations (Bainbridge, 2003). The Qwick Stop & Go is located on a corner lot, with easy access from all directions of traffic. There are five schools within walking distance of the store; two elementary schools, one middle school, and two high school. There are four entrances and exits into the parking lot to make access easier for customers. There is a park located across the street that has an aerated pond with ducks, an outdoor swimming facility, a skate park, a running or waking track, 15 picnic tables and grills, two playgrounds, and two baseball fields. On most weekends, the park is full of families enjoying the outdoors and many of them patronize the store. Competitor Assessment The popularity of convenience stores across the nation have provided an opportunity for many investors to opt into this type of business venture. Many cities and towns are finding the convenience stores appearing on every corner. Even when multiple stores are supplying the same neighborhood, the business is always a constant flow of revenue (Hawkins & Scott, 2010). The Qwick Stop & Go is located within six blocks of the nearest convenience store that offers similar products. There are 5 convenience stores located within a two-mile radius, and each one offers similar and different products to the community. All the white area around the objects shown on this neighborhood map consists of apartment complexes, condos, townhomes, and single family homes. The population of this neighborhood is estimated at around 10,000 people. Figure 1: Neighborhood Map The convenience store industry has grown from the small mom and pop general store in a small town to a name brand business on every corner. Some of the stores have attached gasoline pumps, while others have do not, but may have a shared space with another business, like a fast food restaurant or delicatessen under the same roof. Convenience stores have sprouted up along the highways to provide a fast, easy, and convenient service to travelers across the nation. Small convenience stores have had to incorporate technology into the location in order to contend with the larger stores or multiple-location stores (Hawkins & Scott, 2010). Large chain stores have stepped in to compete with the local business. Nationally recognized names that have multiple stores on the same street have boosted the popularity of the convenience store service. Advertising from these stores often flows over into the other convenience stores in the neighborhood, as competition grows. Corporations who made an offer to purchase the already existing business have even approached some smaller stores. In some cases, everyone wins in the deal. Price wars have also been instigated by the convenience stores as they vie for the patronage within a specific area. According to Longnecker et al. (2011) being able to start, manage, grow, and harvest the convenience store business takes time and dedication. Research indicates there are five competitive forces in convenience store success or failure (Porter, 2008). Existing competition is the main factor that continually evolves, depending on existing trends and population. The buying power of the owner and the selling power of the vendors increases or decreases total revenue. The threat of inferior products and services being substituted for superior items needs a vigilant watch to identify interlopers. Existing Competition Nationally renowned names have spread across the continent and even expanded into international venues. The 7-Eleven Japan Co. Ltd., Exxonmobile Corp, and Shell Oil Products US are leading names in the convenience store industry (Hague, 2006). Some of these companies own more than one store with different names. This strategy allows an owner to put several store in close proximity and monopolize the industry in a specific area (Laudon & Traver, 2012). Even though the companies are competing against each other, they are all collecting revenue for the same organization. Along with the existing competition is the threat of new stores opening within the vicinity of a current location. New entrants to the area offer more competition and depending on the strategy used by the new store, customers may choose to remain faithful patrons to the existing store, or direct their business to the new store. In some cases, the way the customer has been treated over the duration of patronage may determine the loyalty of the customer (Bainbridge, 2003). Buying Power Companies that own more than one store have the ability to purchase in large quantities at a higher discounted rate than store owners who only purchase for one store. This means that convenience store owners compete with pricing wars as they look for the best price on each product. This also means that distributors and vendors have the power to alter the price of a delivery, depending on the amount of items purchased. The buying power of the buyer and the seller is a continual tug-of-war as the price fluctuates and revenues are increased or decreased depending on who wins in the struggle. Most of the time, it is not the consumer who benefits from the buying power of either party (Laudon & Traver, 2012). Inferior Products Many companies have produced generic brands to capture the bulk of the market. While these generic brands are promoted as being equivalent to the name brands, some individuals refuse to purchase anything other than a name brand item. Some names have been altered slightly in spelling or logo affiliation to insinuate the product is the real thing. Consideration should be given to wants and needs of the customer, rather than smooth-talking sales pitches that encourage an owner to accept an alternative product. While each of these forces affects the bottom line of the convenience store, they also impact each other. Price wars between convenience stores have been started when a store owner is able to purchase a product at a discounted rate and can sell it for pennies cheaper than the competition. When the competition learns of the discounted items, the store owner may consider marking down current inventory to either match or under bid the other store in an attempt to draw customers into the store. A price war between rival competitors can extend for undefined amounts of time and even span over years. Figure 2 shows how the continual rotation of the competition alters the playing field of the stores on a daily basis and may even determine success or failure of the business. Figure 2: Five Competitive Forces Beshears and Kohler (2010) discussed the key driving forces of any retail business with emphasis on convenience stores with and without gasoline sales. By examining Figure 3 one can visualize any starting point and understand how each individual force impacts the other forces. The forces in this example are Ratio Analysis, Historical Trends Analysis, Judgmental Forecasting, and Cause and Effect Analysis. By creating a relationship between Ratio Analysis and Historical Trends Analysis a person can project future sales, which is Judgmental Forecasting. The problem with these projected sales are the missing link between the Cause and Effect Analysis. If Judgmental Forecasting only considered the Cause and Effect Analysis with the Ratio Analysis, leaving out Historical Trends Analysis, the projected sales may only be correct for an unspecified duration. To accurately project future sales, consideration to all the driving forces needs to be present. Figure 3: Key Driving Forces Marketing Strategy The owner of a convenience store trying to survive in a tough market needs to consider alternative methods of survival. Creating goals that are attainable and setting the marketing objectives early will allow immediate implementation (Lewis & Dart, 2010). Three objectives that the new owner of Qwick Stop & Go has stated are 1) keep customer base, while drawing in new patrons, 2) remain competitive in pricing and product availability to the consumers, 3) continue to increase revenue by 2% each month for a yearly increase of 24%. In order to achieve all three of these objectives, service to the customer must be exceptional, pricing must remain competitive with creative incentives to draw new clientele, and any suggestion or comment the customer makes needs to be considered for implementation. While not every request the customer makes is feasible, listening to what they want or need will benefit both the client and the business. The overall marketing strategy for Qwick Stop & Go has three parts. The first is to increase square footage of the store by 750 feet. The second is to provide a deli service that makes sandwiches, wraps, and salads upon request for consumption on the premises or to go. Finally, the extra space not being used by the deli will be stocked with fresh fruits and vegetables that are in season by local vendors. Word of mouth advertising will be essential to promote the sale of the fresh produce, as shelf life is limited with these items. The reason for this strategy is no other convenience store within a two-mile radius of Qwick Stop & Go offers these options of a deli and fresh produce. In fact, no other convenience store within a five-mile radius has more than one business under the same roof. Managers of stores that have two businesses at the same location have hinted to the increase in their revenue immediately, but have offered no proof of their claim by way of gross monthly income spreadsheet. Organizational Plan There are three types of ownership available for this organization. The first is the buy-in of a franchise. The second is to purchase the franchise affiliation outright and pay royalties to maintain the name and logo use on the established business. The third is the owner-operator purchase of the business without the franchise name or logo and have no connection to any giant corporation or nation-wide affiliation. While there are pros and cons to each of these types of business ownership, one should research each to see which will better fit the situation. Franchise Buy-in The details behind the scenes for buying into a franchise allow for the owner of the business to use the nationally recognized name and logo. It also mandates that the owner create the same atmosphere and products that are expected of the franchise name. The owner is expected to follow all the instructions, guidelines, and rules put forth by the deciding body of the franchise. This symbiotic relationship includes the expectations that if a promotion is being held, everyone in the franchise is included and no one has the choice to opt out. Vendors and suppliers for the franchise are already in place to provide the necessary services and products at a discounted rate because of the large quantity being ordered to supply all stores (Laudon & Traver, 2012). Accounts payable and receivable are taken care of by the franchise and the individual stores are responsible for depositing the daily revenue into the franchise general account. The price for owning a franchise can be very expensive as the royalties are paid first out of the incoming revenue. Franchise Affiliation The second type of ownership is franchise affiliation and has some similarities to the franchise buy-in, but also some differences. The first similarity is that royalties to the franchise must be made first out of incoming revenue in order to maintain the permission to use the name and logo. Secondly, the owner has the right to benefit from the discounted prices offered by the vendors that supply the franchise. Accounts receivable and payable are split, as some vendors are paid by the franchise and the owner pays the others. Finally, the benefits for having the backing and support of the franchise during large promotions and advertisements can entice more patronage. The differences between the two types are the ability for the owner to opt-out of a promotional deal, the ability to use other vendors and suppliers, and have a say in what the store hours will be and how the management of the store will be handled (Laudon & Traver, 2012). Owner-operator The third type of business ownership is the owner-operator purchase deal. This choice allows the business a free and clear name that is not connected to a franchise or nationally recognized name. The business my use the same vendors as the other stores, but the price may not be discounted as drastically as when the franchise negotiates the vendor contracts. Accounts receivable and payable are the sole responsibility of the owner and can be contracted out to a Certified Public Accountant (CPA). The owner-operator is not responsible for paying royalties to any chain and makes all the decisions regarding the store hours, promotions, advertisements, and other non-descript issues that may arise (Laudon & Traver, 2012). This option of ownership also allows the owner to sub-contract the space inside the establishment to other proprietors to do business or hang a business license. Financial Plan The initial investment to purchase the existing business with the inventory and expand the store by 750 square feet is estimated to cost $1.4 million. This estimate was reached by taking the total revenue from the past year and multiplying the amount by 3. The average monthly revenue for last year was $38,000. By multiplying 38,000 by 12 the yearly income of $456,000 is then multiplied by 3 to equal the amount the business should be valued on the open market. The price to purchase the business is estimated at $1,368,000 and the construction costs necessary to expand the square footage are estimated at $40,000 totaling around $1.4 million. An accurate evaluation of the worth of this business requires accurate projection of future sales at this location (Beshears & Kohler, 2010). The projected monthly repayment of a $1.4 million loan at a 3% interest rate is $29,081 for the duration of 20 years. This loan can be paid off early with no penalties attached if the owner of Qwick Stop & Go finds the revenues to be higher than projected and decides to eliminate the loan payment early (Bender, 2012). Even making over-payment of the loan by $100 a month can reduce the principle balance more quickly. While there is no demand that the loan be paid off early or extra money be included in the monthly payment, good business practice suggests that strategically eliminating the overhead of a business allows for higher profits. The option to save money during prosperous times to pay debts during a decline can also benefit the organization. In order to complete this venture, projected sales need to be documented to allow the new owner of Qwick Stop & Go to see where the store is headed in accordance with the monthly expenses. Table 1 offers a weekly projected income for the first year and Figure 4 compares the weekly amounts to each other on a graph. Table 1: Projected Revenue Year 1 Figure 4: Weekly Income – Year 1 The projected sales for year two and three are listed by the monthly revenue. The increase over the past projected year takes into account the expansion and inclusion of the deli services, which is expected to promote an increase. Table 2: Projected Revenue Year 2 & 3 Figure 5: Year 2 Income Figure 6: Year 3 Income Assessment of Risk Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis is essential for every business to determine the current standing and plan objectives for future projections and entail a variety of issues. The strengths of the Qwick Stop & Go convenience store are the opportunity to expand the square footage of the business, the incoming deli service that has not been present in any business within a five-mile radius, and the offering of fresh produce from local vendors. Other strengths are the connection that has been made by the current employees through communication and support and the development of the surrounding area, with a promise of new apartment complexes and homes. The weaknesses of Qwick Stop & Go convenience store entail the fact that a new owner has planned to implement change in the location that has not been proven in this location. The owner has had experience managing this convenience store, but has never owned a convenience store prior to this purchase. Some of the learning will come through trial and error, which can be very costly to an owner with only one store. As an owner/operator store, backing by the franchise will no longer support every decision made for the future. Qwick Stop & Go convenience store has the opportunity to benefit from the expansion and inclusion of the deli and fresh produce well beyond expectations. The excitement of these up and coming services have customers inquiring daily about the grand opening of the deli. The inclusion of local vendors providing the fresh produce is expected to increase the word-of-mouth advertisement, which will not cut into valuable revenue. While there are no immediate threats to the Qwick Stop & Go convenience store, once other store owners perceive that the inclusion of a deli is beneficial, they may want to copy this business plan. If any other convenience store owner within the two-mile radius decides to invite another business into its location, the revenue that is projected by Qwick Stop & Go’s owner may be in danger of a substantial decrease. Another threat that may arise is the flooding that seems to be rampant across the nation. No serious flooding has taken place at this location in the past, but last year the threat of flooding reached halfway into the parking lot. City crews were able to reverse the water quickly enough to prevent any damage, but the risk remains with unpredictable weather patterns being announced regularly. One other threat that needs consideration is the growing crime rate within the area (Levinson et al., 2004). Insurance can be purchased to compensate for any loss endured by crime, but taking precautionary measures like always having two employees in the store should discourage potential criminals. The potential risk involved in this expansion is the amount of money that is paid out to create a bigger store, hire more employees, and carry more inventory. The current revenue of the store is enough to cover monthly expenses. Expanding the store provides no guarantees that the revenue will increase to cover the increased costs. The ability to provide the current customers with quick and efficient service is no proof that they will continue to patronize this business or that new customers will give this business a try. Once the purchase of the Qwick Stop & Go convenience store is complete, every risk to the owner then becomes reality. In order to prevent or minimize each risk, the owner must remain vigilant and respond to every situation, as if it were a matter of life or death; to the owner it is. By considering every possible alternative and best practices from similar situations and other store owners, the new owner of Qwick Stop & Go will be able to ward off any serious danger to the store and the incoming revenue. Table 3 and 4 will itemize the projected expenses over the next three years. The reason for the increase of some items after June is the completion of the expansion and grand opening of the deli service and fresh produce will occur. Table 3: Projected Expenses Year 1 Table 4: Projected Expenses Year 2 & 3 Strategic Plan The strategic plan for Qwick Stop & Go convenience store has four parts that required careful decision making. The first part of the plan is to expand the square footage of the store, while it is open for business. In order to accomplish this, special precautions need to be taken to ensure the safety of all customers either entering the store or outside. The second part is to create a partnership with the deli service that is being implemented in the expansion. The deli will act as a separate business and be run by its own manager. Store hours need to be communicated between both businesses to ensure proper coverage of the location. The third part is to sign contacts with local vendors who will provide the fresh produce to the convenience store on a regular basis. The final part of the plan is to reorganize the work schedule, so there is never the same time allotment of shift change from one day to the next. The reason for the staggered shift changes is to discourage any criminal who may be casing the business and looking for vulnerable access and opportunity. In order to implement the strategic plan, the owner of Qwick Stop & Go will need the help and support of all employees. Current employees have already built a bond and new employees will need to be included in that bond for this implementation to work productively and efficiently. The owner of Qwick Stop & Go will continue to act as manager of the store to maintain minimal stress on the business plan. Employee schedules will be altered slightly to incorporate the staggered shift changes and two employees on location at all times. No other changes are foreseen to be needed at this time, but the owner will continually evaluate the business needs and beneficial remedies to upcoming situations that may arise in the future. In summary, the strategic plan evaluation may seem minimal at present, but the owner of Qwick Stop & Go will have the opportunity to assess the daily operations of the business and make necessary changes as time proceeds (Lewis & Dart, 2010). By keeping the sale of the business confidential for the time being, the employees will not be disrupted in their daily routines and business should flow regularly. References Bainbridge, R. E. (2003). Convenience stores and retail fuel properties: Essential appraisal issues. (2nd ed.). Seattle, WA: Publisher Bender, J. (2012). The average interest rates for small business loans. Small Business. Retrieved from http://smallbusiness.chron.com/average-interest-rate-small-business-loans-15342.html Beshears, D. W. & Kohler, C. J. (2010). What fuels the values of gas station/convenience store properties? Comercial Insights/Risk Management Insights. Retrieved from http://beshears.net/newsletters/GasStations/Gas_Station_September_2011.pdf Hague, L. (2006). U. S. Convenience Stores: A market analysis. RNCOS Online Business Research. Retrieved from http://www.just-drinks.com/store/samples/u.s.%20convenience%20stores%20-%20a%20market%20analysis.pdf Hawkins, J. A. & Scott, B. (2010). Turning convenience stores into cash generating monsters. (1st ed.). Newhebron, MS: NewHebron Publishing Company Laudon, K. C. & Traver, C. G. (2012). e-commerce: business, technology, society. (8th ed.). Upper Saddle River, NJ: Prentice Hall Levinson, J. C., Valas, Elly, & Wilson, O. R. (2004). Guerrilla retailing: Unconventional ways to make big profits from your retail business. Boulder, CO: The Guerrilla Group Press Lewis, R. & Dart, M. (2010). The new rules of retail: Competing in the world’s toughest marketplace. New York, NY: Palgrave Macmillan Longnecker, J. G., Petty, J. W., Palich, L. E., & Hoy, F. (2011). Small business management: launching and growing entrepreneurial ventures. (16th ed.). Cincinnati, OH: South-Western College Pub. Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review. Retrieved from http://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1 Radtke, J. M. (1998). How to write a mission statement. The Grantsmanship Center, Inc. Retrieved from http://www.tgci.com/magazine/How%20to%20Write%20a%20Mission%20Statement.pdf Appendix Appendix 1: List of Vendors Meadow Gold Dairy Mayfield Dairy Anderson Dairy Johnson’s Dairy Coco-Cola Peps Tropicana Ocean Spray Budweiser Miller Coors Smirnoff Seagram’s Mike’s Bob’s Spirts Showtime General Mills Post Granny’s Granola Sandusky Farms Lays Ruffles Snyder Lillian’s Snacks Mars Nestle Rosa’s Candy College Bakery Pennzoil Quaker State Ronnie’s Auto Parts Catt’s Automotive Proctor & Gambol Johnson & Johnson Bonita Rosa Morador’s Creations Hostess Dolly Madison Little Debbie’s Best’s Bakery Duracell Visa MasterCard American Express Huck’s General Emporium Style Totally Delphi Going Rouge Black: Existing Vendors – Red: New Vendors Appendix 2: New Vendor Letter To: Area Vendors Address Phone Date: January, 2, 2012 From: Md Hasan – Convenience Store Owner Address Phone To Whom it May Concern; My name is Md Hasan and I am the new owner of the Qwick Stop & Go. I am interested in setting up contractual deliveries with your company. With the new expansions that are taking place, I have room available to display your products. We would need to arrange a meeting to discuss the details of such a contract at your earliest convenience. I am going to work with the vendors in the area that are willing to enter into a contract with me for continual delivery of available products. Respectfully, Md Hasan Md Hasan Appendix 3: Survey Questionnaire This questionnaire was given out to 2000 Qwick Stop & Go convenience store customers to find out information that would benefit the new owner in the purchase of the business. Customers were asked to fill out the survey while being rung-up for purchases. Customers were asked if they had already filled out a survey before being given one to eliminate duplicates. Every customer who entered Qwick Stop & Go was offered the opportunity to take the survey to eliminate bias and receive random responses. Only willing adults were given the survey. Read More