Wednesday, October 10, 2012

Small business owner


4 comments:

  1. Hey Jess,
    Great job with the PowerPoint presentation! I'm glad to see Jay Is doing so well. That slide about the changes he has made since he bought the company are major accomplishments especially turning it from a mediocre summer restaurant to a full time restaurant that was awarded best seafood restaurant and best fish market in the metro south Boston area must have taken a lot of hard work and effort. My parent's business is also an S-Corp. My mom went to Nichols and has a degree in accounting and said she set up the business as an S-Corp for tax purposes as well because "it is a form of a cooperation that avoids double taxation by having its income taxed as if it were a partnership." (Text, 91) I personally like S-Corps and LLC’s because it separates the individual from the business which puts less of a strain on the business owner whereas if a sole proprietorship goes under, the business owner goes under as an individual. Again, how Jay turned around that restaurant was truly amazing. It sounds like he’s got a great restaurant and business going and I hope he continues to be very successful with the business!

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  2. Hey Jess! Wow I think it is so cool that your mom’s boyfriend owns a seafood restaurant. Seafood is so good, do you like it too? That really awesome that he has owned it for so long! Was it passed down by a family member, or did he buy it from someone? I think it is really good that there have been so many positive changed since 1989. Like the higher sale percentage, and more employees. Also it is awesome that the restaurant is so good that they cater! It seems that he went through a lot of challenges to get to where he is today. But that is what makes a great business. Trial and error truly is the best way to overcome challenges. So that you don’t make the same mistake twice! The marketing strategies that he uses are very cool as well. I like how he uses so many discount to the country club. I really enjoyed watching your slide and I hope one day I can go to his restaurant!

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  3. I think it is a great idea to have the company be an S-Corporation to reduce the tax rates. Clearly it is a successful business since it has been running since 1989. Jay Kimball's background in restaurants and bars has probably proved helpful in managing Wood's Seafood. It is great for Jay how much the company has expanded- six times more sales since 1989, 19 more employees, being open 7 days a week and having 55 more seats. Since Jay Kimball is the active owner and manager of the business, he must be making a large profit. It sounds like Jay deals with his competition very well having lower prices and fresh food. Customer-friendly employees helps a lot too. I enjoy seafood and if I am ever in the area I will definitely look for Wood's Seafood.

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  4. Hey Jess, I really enjoyed watching your Power Point and I thought it was very well done. I was drawn to watch your presentation because sea food happens to be my favorite food. The fact that your moms boyfriend owns a seafood restaurant is very cool. What I found to very interesting is how the business has been around for so long and how many changes the business had gone though since 1989. These changes have clearly worked because now it is a successful business and I am sure Jay is very happy with the way everything is going. The fact that they cater must be a huge help because this adds a totally different aspect of the business. What I learned form this presentation is that if something doesn't initially work then its ok to try something else. Trial and error is a great way to be successful, especially when it comes to the restaurant industry.

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