Part of Lesson Plan: Exploring Business Structures. Which one is right for you??
Activity Overview / Details
Depending on the time period – teacher may move into this activity or use it in the next class period.
Ask students to vote on what they view as the top three factors to consider when choosing the form for a new business. Remind them to take account of what they have learned as they vote on these factors. Discuss the reasons for their choices. Were there any other important factors that they think are missing from the list?
- The resources needed to start and expand the business
- Your level of expertise starting and managing a business
- Your willingness to share decisions and profits
- The level of liability you and any potential partners are willing to accept
- The tax implications of your choices
- Your willingness to re-invest earnings into the business
- How long you see yourself and any partners involved in the venture
- Whether this venture is something you want to live on after you and any partners are gone.
Teacher may distribute the “Sweet Success Recommendations” handout – students may take turns reading the recommendations or discuss as a group. Teacher may take a 2 nd vote on the forms of business. After the students have discussed the scenarios, teacher reveals the information about each business. Teacher may research further and lecture on the companies or have students research as suggested to extend the lesson.
Client 1: Elise MacMillan and her brother Evan co-founded
The Chocolate Farm in Englewood, Colorado, in the late 1990s.
Client 2: Milton Hershey broke ground for his chocolate factory near Lancaster, PA in 1903. It was the beginning of what would become Hershey Foods Corporation. http://www.hersheys.com/
Client 3: Forest Mars invited Bruce Murrie, an investment banker and son of the Hershey company president, to be his partner in M&M Ltd. The M&Ms we still eat today were first sold to the public in 1941. The letters in "M&M" stand for Mars & Murrie. Eventually, Murrie left the business but Forest Mars became the owner of Mars, Inc.
Client 4: Wally Amos launched the Famous Amos Cookie Company in a Hollywood, CA storefront on Sunset Boulevard in 1975.
Materials / Resource
- Sweet Opportunities Recommendations [ Download ] Recommendations for Business Forms/Structures for Sweet Opportunities