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You are the CEO of your new Bike Company. Jim, your business partner, your friend of 20 years, and the company’s Comptroller, has brought you the business financials for the 1st quarter. During the review, Jim lets you know $150,000 dollars is missing and has no idea why. This is 10% of the initial capital funding you invested to start the company.
You ask Jim a number of questions about the missing money, but Jim says, “I don’t know what happened to the money. It might just be a simple math error. I need to collect more information, but I am working on it. I just don’t know how long it will take to gather all of the information and figure out what happened. It could take up to month of research.”
You are close to Jim and own a lake cabin with him. The 4th of July celebrations at the cabin are legendary family affairs. Jim is a good business partner and, together, you have built 4 other profitable, international, manufacturing companies. The past three years have been professionally and personally tough on Jim. His father died without any life insurance and Jim, now, has become responsible for his mother’s 24-hour care. Professionally, one of his other business investments has filed bankruptcy and another is being investigated by the Security Exchange Commission.
You are concerned. Venture Capitalists are scheduled to visit in two weeks and discuss future funding. $150,000 dollars of corporate assets are unaccounted for, and Jim, your Comptroller, does not have a clue where the funds have gone.
Using the Franklin Covey’s Writing Advantage Four-Box Format, write a letter to the Mary Wilson, Chairwoman of the Board of Directors, and explains the situation, concerns you have, and a recommendation for how to proceed. Your letter should address the following:
State and describe the problem (provide the reasoning, deductive or inductive, you used to determine the problem).
Discuss the facts/data in the scenario and any assumptions you may be making about those facts.
Recommend a solution and plan to implement it that addresses the missing funds and any concerns about Jim (keep in mind that your recommendation is most likely your letter’s purpose).
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