You Decide
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When meeting with the chefs to negotiate the dissolution of the partnership there are a few things to keep in mind while negotiating. As mentioned in our text book there are important steps and considerations to make prior to negotiating. Prior to the meeting with the chefs it is important to take some time to prepare (Garret, 149). Understanding what strengths and weaknesses we bring to the table is essential to being prepared for whatever sort of objections the other party might throw at us. Although we stand very strong in our belief that the failure of the business was due to the incompetencies of the Chefs it is important to understand that they have a very different perspective on who is to blame for the current situation we find ourselves in. Taking a step back to understand their perspective will allow us to be better prepared for the negotiation. If we put ourselves in their shoes it will be easier to anticipate what sort of offer they might make. Having an idea of what they might bring to the table prior will allow us to be more effective in our negotiation and finding a solution where everyone “wins”. It is essential to look at the big picture and take into account both partys perspectives (Garret, 150).
Once both perspectives have been considered multiple solutions should be considered (Garret, 151). Under our current circumstances there are four separate components of the business that need to be divided and/or assigned to the different parties. As a result there are different scenarios that could be suggested by either party. We will define what those different options we can identify which options will more than likely be suggested by the chefs, which ones are in our own best interest and which options we are willing to accept and which ones we are not. Having arguments prepared to justify opinions is important as well. (Garret, 151)
Once we take a look at the different options and have an understanding of what the Chefs might come to the table suggesting we can create a strategy and plan so that we can ensure that while we are willing to compromise we also want to make sure that we come out winning as well.
When we entered into this unwritten contract with the chefs we expected them to be responsible for setting up the menus, cooking and hiring staff. We feel that they did not set up the menus in a way that allowed for the business to be profitable. The Chefs however feel that our management style caused the business to be unsuccessful and that we are to blame for its failure. Regardless of who is to blame for the situation we currently find ourselves in an unfortunate situation and we did not plan for anything but success. Our agreement was that all profits would be split 50/50 but we feel that because we provided more money upfront we should receive a higher percentage of what funds are left. However after giving it some thought we realize that the Chefs have also put forth effort and spent their time handling the day to day operations of the business. Overall we have come to the conclusion that we should also split assets 50/50.
Not only do we have cash to divide but also several leases for which we are responsible. Our understanding is that the Chefs want to continue to run the catering business on their own and therefore have continued need for the retail space, van and kitchen equipment. We would like to take the remaining money left from our failed investment and put it towards and flower delivery business. We have no use for the for the kitchen equipment that is currently being leased. We will need a retail space for our new business however we are not sure that we want to continue