Considering also the apparent financial wherewithal of Barry and Ralph, what financing option(s) do you recommend that they pursue? This should be in letter format addressed to Barry and Ralph.
—————————————————————-Barry Allen and Ralph Dibney want to enter into a new business venture. The individuals are longtime friends and business associates who, armed only with minimal individual financial resources and a promising item of technology, have decided to pursue a business venture to market this technology. This item of technology was developed by Barry, whose background and training as an engineer is wholly technical. Ralphs background may be described accurately as more entrepreneurial than technical, and he has been involved in the past with numerous failed business pursuits. In fact, Ralph is currently laden with considerable personal debts which are directly attributable to these past business failures, including a sizeable debt for past due income and other taxes owed to the government. Currently, Ralph is devoting his full time and efforts to the pursuit of this business opportunity. Barry, on the other hand, is employed as a forensic examiner with a local company; thus, for the present and immediate future, it is anticipated that Barry will be able to devote only 10 to 15 hours per week to the development and pursuit of this venture. By all indications and preliminary testing, this item of technology has the potential to achieve dramatic energy-related cost savings when utilized in connection with existing energy and power sources. Moreover, the technology has application and utility for use in the industrial, commercial, and residential markets, locally, throughout the United States, and internationally, thereby suggesting the potential for rapid expansion of the business. As Ralph would later be quoted as saying in a local newspaper article about the business venture, this could be a billion dollar company. At this date, no decision has been made by these individuals as to which type of business organization they will form, i.e., partnership, corporation, etc. Ralph, however, has entered into contracts, in her individual name, for the rental of office space and a warehouse, and for the purchase of office furniture, equipment and supplies.
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