Over the weekend, you get a call from your brother. He is currently working for a large restaurant chain in their management training program.
"Hi, Lee," you say. "How's everything in the sandwich business?"
"Good," he says. "Great, really. I'm calling because I need your financial brain."
"Sure. What do you need?"
"Well, I think I found my niche with this job," he says. "I like the business model this company uses, and I have an opportunity now to buy a franchise. Isn't that great?!"
"Congratulations!" you say. "You've worked hard. You've earned it. So how can I help?"
"I want you to look at my personal finances and then help me to understand how to manage it all so I can be successful with this restaurant franchise."
"Okay. Sure. Let me think about this first, and I'll call you back after this next week is over. I'm working on some time-sensitive things at Apex and I want to be able to shift my focus."
"That's perfect," he says. "I'll clear my calendar for next weekend so we can get together—whatever is best for you."
"Okay! See you soon."
You hang up and think about how to apply all of the things you have learned over the past 5 weeks at Apex to help Lee manage his personal finances. Maybe a good place to start is to think about your own personal finances, and then translate that to your brother's situation. Discuss the following:
How can you apply financial analysis techniques to your own personal financial management?
What opportunities do you see?
Note: Write in general terms. Do not divulge personal information.
How can you apply financial analysis techniques to your own personal financial management? What opportunities do you see?
In this scenario, Lee has expressed to you his interest in purchasing and running his own sandwich business. As his financial advisor, you will be able to use many of the principles of financial management you have been working on for Apex to also help with your brother's business decision.
The key to being successful in business whether personal or professional or simply being financially secure in life takes knowledge, discipline, and application of specific tools. The more one understands their financial situation and manages it and nurtures it for growth, the better the results. It's similar to being a farmer who grows vegetables. If you use the right soil, plant seeds at the correct time, use the appropriate amount of care, not too much sun or water, ...
Apex Homework Example - how to help your brother with financial management in starting a sandwich franchise business.