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Requirement
Marcus Lemonis is a successful businessman and as a result is now a multi-millionaire. He now stars in the reality show. Although this is a reality show, and undoubtedly the content is managed in a way to create an interesting show, it does present real life business situations. He specializes in going into businesses which are experiencing problems, normally buying a share of the business, and under his management, turning the business around. He has invested millions of dollars in such a way in many businesses. His philosophy is that a profitable business depends upon success in three areas: people, product and process.
REQUIRED: Choose any episode of the show which first screened between October 2, 2015 and February 2, 2016 and describe how he used concepts and principles contained in your textbook to turn the business around. If he eventually decided not to invest in a business, provide the same details of his analysis and recommendations for that business. You CANNOT use the Standard Burger episode because it is a follow up episode.
Solution
THE PROFIT
Wick’ed candle company Episode
Solution
INTRODUCTION
The profit is one of the famous reality shows of business which is hosted by Marcus Lemonis. The Marcus Lemonis always go to the small and medium organizations who are suffering from the problems such as inefficient profit and growth of an organization. The Marcus Lemonis analyze the situations of organizations and on the basis of his analysis he decides to provide the fund to the organizations or not (Restemis, 2013). The business reality show has featured some episodes in which Marcus Lemonis decided to provide funds to some organizations which help them to grow and increase their profit margin. The similar situation is featured in an episode of wicked candle company in which the host analyze a business on the basis of different aspects and accounts them to make a profitable deal. The episode shows the features of a manufacturing company of candles (CNBC, 2016). The Marcus Lemonis visits a manufacturing factory and analyzes that the situation of a factory is uncontrollable, and the formal business method is used from operating a business. After analyzing a situation, it features that a company is lacking at a stage of planning which leads to arising the issues such as financial growth, the inefficient profit which stops the growth of a company unsuccessful.
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The various issues are identified by Marcus Lemonis which is facing a business. The issues comprise of operating, accounting and finance issues. The company is not having any business plan, and there is no formal system used by an organization, and the recording keeping of any previous data is not maintained by a company. There is no financial strategy used by a company. In terms of managerial accounting, the condition of a company is very poor because there is no proper maintenance of billing records prepared by a company. The company is also facing problems of sundry debts and the repayment cycle of debtors is very large and complex.
Apart from all the business related problems, a company is also facing a problem of trust between the employer and employee. The employer is not having trust in their team which creates a big problem for a company. The employees are also not getting any benefits which motivate the employees to work for the growth and profitability of a company. The mismanagement in a company unable to handle feedback.
The space of a business location is also insufficient which unable to fulfill the demand of producing large quantities of candles, and it also restrains the growth of a company. The activation of a company with the current market situation is also disabled; no one is taking charge of activating business process with the current market demands. The cash reserves of a company are also very low, and the sundry debts of a company are very high. The company currently requires a formal system and investment of funds which helps a company to grow and increase a profit margin, and the stability will come both at financial and operational level.
Marcus Lemonis Analysis
The Marcus Lemonis analyze a profitability of a company so that the scope of money making can be created through restoring it formally. The analysis of the financial statement of a company has also shown that the company is not having many funds and currently the company is facing a high financial crisis. As an investor Marcus Lemonis has analyzed various aspects of a company in terms of financial and accounting to taking a decision. After the critical analysis, Marcus Lemonis decides to invest $200,000 with in return for 33% ownership in business (CNBC, 2016). Marcus Lemonis is hoping for good returns by an investment through the systematic setup of business in a formal way.
The Marcus Lemonis ensures for an implementation of systematic formal setup with the outsourced partners which helps to save 20-30% cost in an organization (MOYER, 2015). The cost saving will be referred as an opportunity cost for the operations in an organization, and it will help in increasing revenue. The profit margin of a company needs to be increased through improvement in a process of manufacturing and packaging.
Recommendations
The manufacturing company should set up a business plan firstly after that the financial strategy of a company should be made. The link up of a company with a current market demand should be met. The systematic recording of all the accounting and financial records should be maintained. The review of the business plan must be done after every six months. The feedbacks should be reviewed properly. The management of a company should be very efficient and effective which helps a company to grow and increase its profit margin.
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CNBC, T. (2016). The Profit. CNBC. Retrieved 1 August 2016, from http://www.cnbcprime.com/the-profit/
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CNBC, T. (2016). The Profit. CNBC. Retrieved 1 August 2016, from http://www.cnbcprime.com/the-profit/
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MOYER, S. G., & MARTIN, J. D. (2015). Distressed Debt Investments.Private Equity: Opportunities and Risks, 100.
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Restemis, A., & Okpor, L. (2013). ENTERPRISE RESOURCE PLANNING SYSTEMS, BUSINESS PERFORMANCE AND USERS COMPLAINTS.
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