Following is a real situation that a CEO of an entrepreneurial company and BVR guest experienced. Take a look and let us know what you would do.
The founder and CEO of a 19-year old, $5 million engineering firm headquartered in New York was reviewing his books, when he made a startling discovery. His partner (50% owner) ,whom the CEO had brought on four years ago, had used $17,000 in company funds to buy season tickets at a professional sporting match for his personal use.
What would you do in this situation and why?
1. Dissolve the partnership?
2. Ask the partner to pay back the company, and keep the partnership whole?
3. Turn the tickets into a company asset for client entertainment?
4. Call the police and press charges?
5. Something else?
What would you do and why? Next month, I'll tell you how the CEO handled the situation.
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