Mata Kuliah
: J0692 - Entrepreneurship
Revisi
: 2009
Dosen Pembuat : D3122 - Rudy Aryanto, SE., MM
Pertemuan ke-11
Mengelola, Mengembangkan, dan
Mengakhiri Suatu Perusahaan
AGENDA Pertemuan ke 11
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Menilai keuntungan dari suatu peluang usaha baru
Eksploitasi usaha baru
Pengurangan resiko
Strategi pertumbuhan
Kesempatan berkembang
Berbagai tekanan sumberdaya perusahaan
Menjaga perusahaan tetap berjalan
Realitas dari kegagalan usaha
Suksesi bisnis
Strategi keluar
Pilihan-pilihan untuk menjual perusahaan
Managing & Growing The New Venture
• 8S: kunci jatuh bangunnya sebuah bisnis
• 10C: Kiat praktis untuk membangun operational
exellence
• Legal
Bagaimana membuat sebuah perusahaan bisa
tumbuh dan bertahan dalam persaingan?
• 8-S
• 10-C
Ada 8-S faktor kunci untuk membangun sebuah bisnis
agar bisa berkelas serta berorientasi pada kualitas
yang prima, yaitu:
1. Bisnis Anda membutuhkan Strategic Concept,
baik untuk memulai, membangun, dan bersaing di
pasar.
2. Style of Leadership
Sebuah bisnis yang berkelas membutuhkan gaya
kepemimpinan yang baik, bukan bos yang baik
3. Structure
Untuk organisasi, keuangan, modal, dan
kepegawaian yang lebih baik.
4. System
Bisnis Anda memerlukan sistem yang baik untuk
membuat bisnis atau perusahaan tidak selalu
bergantung pada Anda.
5. Staffing
Penempatan SDM dan proses pemikiran harus
mengacu pada personality yang tepat, seperti
“the right man in the right place”.
6. Sources
Dari mana sumber-sumber yang bisa Anda
dapatkan untuk memenuhi hal di atas.
7. Skill
Tanpa faktor yang satu ini, operasional bisnis Anda akan
terseok-seok, rugi melulu, tidak ada omzet, dan lain-lain.
8. Satisfaction Circle
Kepuasan itu bukan milik pelanggan saja. Banyak yang
perlu Anda puaskan bila bisnis Anda ingin berkembang
dan dipercaya oleh semua pelaku bisnis.
10-C: Kiat PRAKTIS untuk
Membangun Operational
Excellence
1.
2.
3.
4.
5.
Corporate Culture (Budaya Perusahaan)
Concern (Peduli)
Care (Merawat dan Memperhatikan)
Character (Karakter)
Credibility (Kredibilitas)
10-C: Kiat PRAKTIS untuk
Membangun Operational
Excellence
6.
7.
8.
9.
10.
Control (Pengendalian)
Communication (Komunikasi)
Creative (Kreatif)
Comfort and Convenience (Kenyamanan Bekerja)
Cost (Biaya) vs Compensation (Kompensasi)
Ending The Venture
• Management of Succession
• Other Exit Barrier
Bankruptcy’s Lessons
A.
B.
C.
D.
E.
Overextension To Markets
Protects From Creditors Not
Competitors
Entrepreneur = Business
Recognize Failure Too Late
Emotionally Painful
Reorganization
• Least Severe Alternative- “Breathing Room”
• Cash Flow Problems Can Be Overcome
• Plan Prepared & Approved By Court
– Extension- Postpone Claims
– Substitution- Exchange Something For Debt
– Composition- Prorated Settlement
Bankruptcy Survival
Bargaining Chip- Restructure And Reorganize
File Before Failure Of Cash Or Revenue
Chapter 11- Only If Chance Of Recovery
Examination Of Transactions For Fraud
Maintain Good Records
Understand Completely
Transfer Litigation To Bankruptcy Court
Realistic Reorganization Plan
Extended Payment
• Budgets Future Income To Outstanding Debt
• Payment Of All Priority Claims
Priorities
• Secured Creditors
• Administrative
Expense
• Claims From
Operations
• Wage Claims
• Contributions To
Benefit Plans
• Claims Of Consumer
Creditors
• Taxes
• General Creditors
J0692 - Entrepreneurship
Liquidation
• Voluntary vs. Involuntary
• Involuntary Requirements
–Debts Not Being Paid When
Due (1 – 3 Creditors)
–Custodian Appointed
–Fair Value Of Assets < Debts
(Balance Sheet Test)
Bankruptcy Trustee
• Elected By Creditors- Interim Appointed By Court
• Becomes Owner Of All Nonexempt Property
• Can Set Aside Petitions
• Transfers Property To Creditor
Strategy During
Reorganization
• Prepare Plan
• Sell Plan
• Communicate
• No Checks That Can’t Be Covered
Reducing Risk Of Failure
Avoid Excess Optimism
Prepare Good Marketing Plan
Make Good Cash Projections
Keep Abreast Of Market
Identify Business Stress Points
Bankruptcy Warning Signs
Financial Management Lax
Inability To
Document/Explain
Transactions
Large Discounts To Speed
Up Cash Flow
Contracts Below Standard
Amounts
Bank Wants Subordination
Key Personnel Leave
Lack Of Materials
Unpaid Taxes
Demand For Cash
Payment
Customer Complaints
Increase
Failure Reality
• Consult with Family/Friends
• Seek Outside Assistance
• Drop Venture That Is
Draining Resources
Succession Planning Issues
• Senior Management Committed To Plan
• Well-Defined Job Descriptions
• Open Process
Harvesting
• Direct Sale
• Employee Stock Option
–2-3 Year Plan to Sell To Employees
–Create Trust Fund
• Management Buy-Out- Based On
Value Of Goodwill & Asset Appraisal
Discuss More About
Ending
the
Venture
Robert D. Hisrich, Michael P. Peters, Dean A. Sheperd (2008).
Entrepreneurship, 7th edition, McGraw-Hill. New York
McGraw-Hill/Irwin
Entrepreneurship, 7/e
Copyright © 2008 The McGraw-Hill Companies, Inc. All rights reserved.
Bankruptcy
• Bankruptcy act (1978; amendments added in 1984 and
2005) ensures:
– Fair distribution to creditors.
– Protect debtors: unfair depletion and demands.
• Most common types of bankruptcies:
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Chapter 7: liquidation (70%).
Chapter 13: installment payments (29%).
Chapter 11: reorganization (1%).
Prepackaged bankruptcy.
Business and Nonbusiness U.S.
Bankruptcy Filings, 1984–2004
• <<Insert Figure 17.1>>
Bankruptcy’s Lessons
• Too much time and effort spent on diversifying in markets
where entrepreneurs lack knowledge.
• Bankruptcy protects entrepreneurs from creditors, not from
competitors.
• Difficult to separate entrepreneurs from the business.
• Entrepreneurs recognize failure too late.
• Bankruptcy is emotionally painful.
Bankruptcy Act Provisions
• The Act provides three alternative provisions for a firm near
or at a position of insolvency:
– Reorganization, or Chapter 11 bankruptcy.
– Extended time payment, or Chapter 13 bankruptcy.
– Liquidation, or Chapter 7 bankruptcy.
Chapter 11: Reorganization
• Least severe alternative: “breathing room”.
• Cash flow problems can be overcome.
• Plan prepared and approved by court.
• Decisions made reflect one or a combination of the
following:
– Extension: postpone claims.
– Substitution: exchange something for debt.
– Composition: prorated settlement.
Surviving Bankruptcy
• Can be used as a bargaining chip to restructure and
reorganize.
• File before failure of cash or revenue.
• Chapter 11 should be files only if chance of recovery.
• Be prepared for examination of transactions for fraud.
• Maintain good records.
• Understand completely.
• Transfer litigation to bankruptcy court.
• Realistic reorganization plan.
Chapter 13: Extended Payment
• Individual creates a five-year repayment plan under court
supervision.
– A court appointed trustee receives money from debtor.
– He/ she is responsible for making scheduled payments to all
creditors.
• This budgets future income to outstanding debt.
• Requires payment of all priority claims.
Chapter 13: Priorities
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Secured creditors.
Administrative expense.
Claims from operations.
Wage claims.
 Contributions to benefit
plans.
 Claims of consumer
creditors.
 Taxes
 General creditors.
Chapter 7: Liquidation
• Voluntary vs. involuntary.
– Voluntary: entrepreneur’s decision to file for bankruptcy.
– Involuntary: Petition of bankruptcy filed by creditors without consent
of entrepreneur.
• Involuntary Requirements
– Debts not being paid when due (1 – 3 creditors).
– Custodian appointed.
– Fair value of assets < debts (balance sheet test).
Liquidation under Chapter 7
Involuntary Bankruptcy
• <<Insert Table 17.1>>
Strategy During Reorganization
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Prepare plan.
Sell plan.
Communicate.
No checks that can’t be covered.
Requirements of Keeping a Venture Afloat
• <<Insert Table 17.2>>
Bankruptcy Warning Signs
• Financial management
becomes lax.
• Inability to document/
explain transactions.
• Large discounts given to
speed up cash flow.
• Contracts are accepted
below standard amounts.
 Bank requests
subordination.
 Key personnel leave.
 Lack of materials.
 Unpaid taxes.
 Demand for cash
payment.
 Customer complaints
increase.
Failure Reality
• Entrepreneur should:
– Consult with family/friends.
– Seek outside assistance.
– Drop venture that is draining resources.
Business Turnaround
• Entrepreneur needs to recognize the warning signs of
bankruptcy.
• Consider following principles:
– Aggressive hands-on management.
– Management must have a plan.
– Action.
Succession Planning Issues
• Senior management committed to plan.
• Well-defined job descriptions.
• Open process.
Succession Planning Tips
• <<Insert Table 17.4>>
Succession Planning
• Transfer to family member
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Role of owner- full-time/ part-time/ retire.
Members able to work together?
Income.
Transition business environment.
Loyal employees.
Tax consequences.
• Transfer to non-family
– Train key employee: retain some equity.
– Retain control: hire manager.
– Sell.
Harvesting
• Direct sale.
• Employee stock option
– 2-3 year plan to sell to employees.
– Create trust fund.
• Management buy-out: based on value of goodwill & asset
appraisal.
Direct Sale
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Requires time and planning.
Buyer payment method.
Business broker.
Business plan.
Employment contract.
Covenant not to compete.