Bonding & Insurance
Miller Construction is a corporation that has been in business for 50 years and enjoys a good reputation. The majority of the company's business is in road works, and Miller Construction has been steadily profitable. The company was built by the elder Miller, who passed away a few years ago. Since that time, the business has been run by his son, Jacob. In two weeks, Jacob's brother Kenneth will be returning from military duty with the intention of joining the family business.
Since taking over from his father two years ago, Jacob has come to the realization that he is not as savvy at running a business as his father was. In particular, Jacob is weak with financial management. Jacob had accumulated personal debt, and to manage this he borrowed against the company's payables. Jacob also has some personal issues. He once filed a false insurance claim on stolen company equipment for $350,000. This is in the final stages of investigation, and the outcome could affect the business, in particular its ability to acquire insurance in the future. Jacob is also known to have a drinking problem, and has been arrested for DUIs three times. Jacob's financial issues are partially the result of his drinking but also partially the result of him not having much business education -- he dropped out of community college in his freshman year.
Kenneth, the other Miller brother, is currently processing out of the military honorably. He has some cash and investments saved. Upon completion of his service, Kenneth intends to return home and join the family business. While he has no formal education, Kenneth has made some contacts through the military and these contacts are interested in doing business with Kenneth, to the point where Kenneth believes that he has lined up a few potential contracts for Miller Construction. For his current and future contributions to the business, Kenneth now has 51%, or controlling interest, in Miller Construction.
The current state of the business is challenging. While it is profitable and enjoys a good reputation, it also faces some issues. Safeway Milling Company did some...
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