Mata Kuliah : J0692 - Entrepreneurship Revisi : 2009 Dosen Pembuat : D3122 - Rudy Aryanto, SE., MM Pertemuan ke-11 Mengelola, Mengembangkan, dan Mengakhiri Suatu Perusahaan

AGENDA Pertemuan ke 11 Menilai keuntungan dari suatu peluang usaha baru Eksploitasi usaha baru Pengurangan resiko Strategi pertumbuhan Kesempatan berkembang Berbagai tekanan sumberdaya perusahaan Menjaga perusahaan tetap berjalan Realitas dari kegagalan usaha Suksesi bisnis Strategi keluar Pilihan-pilihan untuk menjual perusahaan

Managing & Growing The New Venture 8S: kunci jatuh bangunnya sebuah bisnis 10C: Kiat praktis untuk membangun operational exellence Legal

Bagaimana membuat sebuah perusahaan bisa tumbuh dan bertahan dalam persaingan? 10-C

Ada 8-S faktor kunci untuk membangun sebuah bisnis agar bisa berkelas serta berorientasi pada kualitas yang prima, yaitu: 1. Bisnis Anda membutuhkan Strategic Concept, baik untuk memulai, membangun, dan bersaing di pasar. 2. Style of Leadership Sebuah bisnis yang berkelas membutuhkan gaya kepemimpinan yang baik, bukan bos yang baik 3. Structure Untuk organisasi, keuangan, modal, dan kepegawaian yang lebih baik.

4. System Bisnis Anda memerlukan sistem yang baik untuk membuat bisnis atau perusahaan tidak selalu bergantung pada Anda. 5. Staffing Penempatan SDM dan proses pemikiran harus mengacu pada personality yang tepat, seperti “the right man in the right place”. 6. Sources Dari mana sumber-sumber yang bisa Anda dapatkan untuk memenuhi hal di atas.

7. Skill Tanpa faktor yang satu ini, operasional bisnis Anda akan terseok-seok, rugi melulu, tidak ada omzet, dan lain-lain. 8. Satisfaction Circle Kepuasan itu bukan milik pelanggan saja. Banyak yang perlu Anda puaskan bila bisnis Anda ingin berkembang dan dipercaya oleh semua pelaku bisnis.

10-C: Kiat PRAKTIS untuk Membangun Operational Excellence Corporate Culture (Budaya Perusahaan) Concern (Peduli) Care (Merawat dan Memperhatikan) Character (Karakter) Credibility (Kredibilitas)

10-C: Kiat PRAKTIS untuk Membangun Operational Excellence 6. Control (Pengendalian) 7. Communication (Komunikasi) 8. Creative (Kreatif) Comfort and Convenience (Kenyamanan Bekerja) Cost (Biaya) vs Compensation (Kompensasi)

Ending The Venture Management of Succession Other Exit Barrier

Bankruptcy’s Lessons Overextension To Markets Protects From Creditors Not Competitors Entrepreneur = Business Recognize Failure Too Late Emotionally Painful

Reorganization Least Severe Alternative- “Breathing Room” Cash Flow Problems Can Be Overcome Plan Prepared & Approved By Court Extension- Postpone Claims Substitution- Exchange Something For Debt Composition- Prorated Settlement

Bankruptcy Survival Bargaining Chip- Restructure And Reorganize File Before Failure Of Cash Or Revenue Chapter 11- Only If Chance Of Recovery Examination Of Transactions For Fraud Maintain Good Records Understand Completely Transfer Litigation To Bankruptcy Court Realistic Reorganization Plan

Extended Payment Budgets Future Income To Outstanding Debt Payment Of All Priority Claims

Administrative Expense Claims From Operations Wage Claims Priorities Secured Creditors Administrative Expense Claims From Operations Wage Claims Contributions To Benefit Plans Claims Of Consumer Creditors Taxes General Creditors J0692 - Entrepreneurship

Liquidation Voluntary vs. Involuntary Involuntary Requirements Debts Not Being Paid When Due (1 – 3 Creditors) Custodian Appointed Fair Value Of Assets < Debts (Balance Sheet Test)

Bankruptcy Trustee Elected By Creditors- Interim Appointed By Court Becomes Owner Of All Nonexempt Property Can Set Aside Petitions Transfers Property To Creditor

Strategy During Reorganization Prepare Plan Sell Plan Communicate No Checks That Can’t Be Covered

Reducing Risk Of Failure Avoid Excess Optimism Prepare Good Marketing Plan Make Good Cash Projections Keep Abreast Of Market Identify Business Stress Points

Bankruptcy Warning Signs Financial Management Lax Inability To Document/Explain Transactions Large Discounts To Speed Up Cash Flow Contracts Below Standard Amounts Bank Wants Subordination Key Personnel Leave Lack Of Materials Unpaid Taxes Demand For Cash Payment Customer Complaints Increase

Failure Reality Consult with Family/Friends Seek Outside Assistance Drop Venture That Is Draining Resources

Succession Planning Issues Senior Management Committed To Plan Well-Defined Job Descriptions Open Process

Harvesting Direct Sale Employee Stock Option 2-3 Year Plan to Sell To Employees Create Trust Fund Management Buy-Out- Based On Value Of Goodwill & Asset Appraisal

Ending the Venture Discuss More About Robert D. Hisrich, Michael P. Peters, Dean A. Sheperd (2008). Entrepreneurship, 7th edition, McGraw-Hill. New York McGraw-Hill/Irwin Entrepreneurship, 7/e Copyright © 2008 The McGraw-Hill Companies, Inc. All rights reserved.

Bankruptcy Bankruptcy act (1978; amendments added in 1984 and 2005) ensures: Fair distribution to creditors. Protect debtors: unfair depletion and demands. Most common types of bankruptcies: Chapter 7: liquidation (70%). Chapter 13: installment payments (29%). Chapter 11: reorganization (1%). Prepackaged bankruptcy.

Business and Nonbusiness U.S. Bankruptcy Filings, 1984–2004 <<Insert Figure 17.1>>

Bankruptcy’s Lessons Too much time and effort spent on diversifying in markets where entrepreneurs lack knowledge. Bankruptcy protects entrepreneurs from creditors, not from competitors. Difficult to separate entrepreneurs from the business. Entrepreneurs recognize failure too late. Bankruptcy is emotionally painful.

Bankruptcy Act Provisions The Act provides three alternative provisions for a firm near or at a position of insolvency: Reorganization, or Chapter 11 bankruptcy. Extended time payment, or Chapter 13 bankruptcy. Liquidation, or Chapter 7 bankruptcy.

Chapter 11: Reorganization Least severe alternative: “breathing room”. Cash flow problems can be overcome. Plan prepared and approved by court. Decisions made reflect one or a combination of the following: Extension: postpone claims. Substitution: exchange something for debt. Composition: prorated settlement.

Surviving Bankruptcy Can be used as a bargaining chip to restructure and reorganize. File before failure of cash or revenue. Chapter 11 should be files only if chance of recovery. Be prepared for examination of transactions for fraud. Maintain good records. Understand completely. Transfer litigation to bankruptcy court. Realistic reorganization plan.

Chapter 13: Extended Payment Individual creates a five-year repayment plan under court supervision. A court appointed trustee receives money from debtor. He/ she is responsible for making scheduled payments to all creditors. This budgets future income to outstanding debt. Requires payment of all priority claims.

Chapter 13: Priorities Contributions to benefit plans. Claims of consumer creditors. Taxes General creditors. Secured creditors. Administrative expense. Claims from operations. Wage claims.

Chapter 7: Liquidation Voluntary vs. involuntary. Voluntary: entrepreneur’s decision to file for bankruptcy. Involuntary: Petition of bankruptcy filed by creditors without consent of entrepreneur. Involuntary Requirements Debts not being paid when due (1 – 3 creditors). Custodian appointed. Fair value of assets < debts (balance sheet test).

Liquidation under Chapter 7 Involuntary Bankruptcy <<Insert Table 17.1>>

Strategy During Reorganization Prepare plan. Sell plan. Communicate. No checks that can’t be covered.

Requirements of Keeping a Venture Afloat <<Insert Table 17.2>>

Bankruptcy Warning Signs Financial management becomes lax. Inability to document/ explain transactions. Large discounts given to speed up cash flow. Contracts are accepted below standard amounts. Bank requests subordination. Key personnel leave. Lack of materials. Unpaid taxes. Demand for cash payment. Customer complaints increase.

Failure Reality Entrepreneur should: Consult with family/friends. Seek outside assistance. Drop venture that is draining resources.

Business Turnaround Entrepreneur needs to recognize the warning signs of bankruptcy. Consider following principles: Aggressive hands-on management. Management must have a plan. Action.

Succession Planning Issues Senior management committed to plan. Well-defined job descriptions. Open process.

Succession Planning Tips <<Insert Table 17.4>>

Succession Planning Transfer to family member Transfer to non-family Role of owner- full-time/ part-time/ retire. Members able to work together? Income. Transition business environment. Loyal employees. Tax consequences. Transfer to non-family Train key employee: retain some equity. Retain control: hire manager. Sell.

Harvesting Direct sale. Employee stock option 2-3 year plan to sell to employees. Create trust fund. Management buy-out: based on value of goodwill & asset appraisal.

Direct Sale Requires time and planning. Buyer payment method. Business broker. Business plan. Employment contract. Covenant not to compete.