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Should I buy the jerry's famous frozen desserts chain?
Small Business Forum (1996)
  • Todd A Finkle, The University of Akron
As Phil Hogan lifted the final pages of his business plan out of his printer, he looked at the clock. It was almost midnight, which meant that he had about seven hours to get ready for another day at work. But the idea of going to his job was not what was keeping him awake at this hour. No, it was the idea of owning his own business that invigorated him this night, as it had many nights, for many years. It had started with a newspaper route—and the wish to be independent, make some money, and call the shots. At age 12, he had sketched out a time line that included business ownership at age 30. That didn’t happen, of course. But now, at age 36, he was a CPA with a lot of valuable experience behind him, and he was ready. For the last five years, he had been a senior financial analyst, and now, a marketing representative for Pfizer Laboratories. Before that he had been a senior internal auditor for McDonald’s, and had worked for an accounting firm. Lately, he had begun to think that if he was ever going to pull himself out of the corporate world, it would have to be now. Now, stepping over the stacks of Inc. and Entrepreneur magazines on the floor by his desk, Phil took a moment to think about how the last year had gone: January, 2000: Contacted friends, business associates and acquaintances to tell them he was interested in purchasing a small business that: • Had a net income of $50,000/year for the last five years, • Was located in the South, • Was a retail business, • Had an owner who was selling because of retirement, illness, or death. March, 2000: A former college roommate called to tell him about Jerry’s Famous Frozen Desserts, three upscale frozen dessert stores that meet his criteria. Called the owner, Robert Hicks, to request more information. Received a letter from Mr. Hicks’ accountant stating that before he shared this information, he wanted to see financial statements that verified Phil’s financial capacity to purchase the company. April, 2000: Contacted friends to ask if this was the proper procedure. They said it was. Began to look for a potential investor. Started to work on a business plan. June, 2000: A friend arranged a lunch with a potential investor, Terry Dunleavy, who currently owned 12 businesses, one of which invested in small businesses. After reading Phil’s (unfinished) business plan, Mr. Dunleavy expressed an interest in investing, and agreed to provide a copy of his financial statements to send to Robert Hicks. July, 2000: Received the past four years of Jerry’s financial statements. Now Phil picked up those statements to look at them again. Because they looked so good, Phil had visited the company and completed his research for his business plan. With the plan in hand, he knew his next step would be to ask some experts to read the plan, and tell him what they thought of this investment opportunity.
  • Entrepreneurship,
  • Contracts,
  • Small Business,
  • Negotiation,
  • Mergers and Acquisitions,
  • Entrepreneur,
  • Valuation,
  • Financial statements,
  • Ice Cream Industry,
  • Small Business Acquisition,
  • Financing a Small Business,
  • Valuing a Small Business,
  • Purchasing a Small Business,
  • Finance,
  • Financing,
  • Structuring a Deal,
  • Startups,
  • Startup
Publication Date
Citation Information
Todd A Finkle. "Should I buy the jerry's famous frozen desserts chain?" Small Business Forum Vol. 14 Iss. 1 (1996) p. 6 - 17
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