TEAM 9The Student-run Business Model              Tom Fetsick          Tf150006@ohio.edu              Gordy Jones         ...
iExecutive SummaryThe OUr Oasis proposal blends the long-standing Ohio University tradition, The Oasis, with theinnovation...
iiand faculty. Incorporating made-to-order smoothies with a variety of options gives students amenu option that is not cur...
iiiTable of ContentsExecutive Summary........................................................................................
ivAppendix F – Implementation Timeline and Meeting Schedule.................................................xxxAppendix G ...
vRun for Students”. Second, the product, a smoothie and fruit juice bar, gives students a healthyoption while providing so...
viItems on the menu will be priced between 3 to 6 dollars depending on size and the item. Drinkcustomization will also be ...
viimost interesting result of our survey was that 92 percent of our sample consumer population saidthat they try to eat he...
viiiIndustry InformationThe smoothie market has a special niche in the food and beverage industry, much like the marketfor...
ixtreat. Also, the brand recognition associated with Cold Stone will create a disadvantage for OUrOasis. However, smoothie...
xare walking, and walk directly by the business. These people are obviously health consciousindividuals and will contribut...
xiprofits from family and friends that may be on the tour with them, it will help increase cash flowin summer months.In or...
xiiutilizing different methods; therefore through extensive research we took their strengths andweaknesses and developed a...
xiiisection of the business, managing directors and producing maximum efficiency. The CFO willwork directly with all finan...
xivOrganizational Implementation and OperationWhen speaking to many different organizations on campus, they each reiterate...
xvInitial RecruitmentIt is so important to get an early start and be fully prepared to enter the fall ready for recruitmen...
xviElections will be held during week one of winter quarter, and voting will be done by the Boardof Directors. This will a...
xviiConstruction and RenovationThe architectural styling will consist of simple modern design with the theme centralized a...
xviiidesign and by adding small tables and seating. This will create an area for the customers duringour peak warmer month...
xixitems within the costs of renovations are broken down into a priority system (see Appendix H).The total cost of first p...
xxdollars for the worst case data. When taking the approach that revenue could be much higher, weestimated it at 450,000 d...
xxiconsider worst case, we still feel the revenue can be larger in the first year and years following ifthe marketing and ...
xxiiThe figure for rent is estimated at 4 percent of sales revenue. Being a student-run organization,operating as the same...
xxiiiWinter break and spring break are other issues that concerned us. The manager said that based onpast experiences, the...
xxivConclusionThe marriage of these two ideas could lead to a symbiotic relationship that benefits students,faculty, alumn...
xxvAppendix A – MenuHere is a sample menu we put together in order to give an idea of the feel of the restaurant.
xxviAppendix B – Survey ResultsGender:       __57__ Female                 __43__ MaleRank:         _54_ Freshman         ...
xxviiAppendix C – Marketing TechniquesThe Campus Specials booklet is an easy way to reach a many of students at a cost eff...
xxviiiAppendix D – Organization ChartOUr Oasis Upper Management
xxixAppendix E – Officer RolesBoard of Directors                           Director of ITTime Commitment: 2-3 hours a week...
xxxAppendix F – Implementation Timeline and Meeting ScheduleImplementation TimelineMeeting Schedule
xxxiAppendix G – Daily ActivitiesTypical weekday during Spring Quarter9:15-Employee #1 arrives   •   Reconciles previous d...
xxxii   •   Employee #7 and #8 arrive relieving employee #5 and #6   •   Night rush begins   •   Outside lights are turned...
xxxiiiAppendix H – Construction and Renovation Costs                  Construction Costs                                  ...
xxxivTaken from: (Braun, 2010), (Dalvit, 2009), (Saylor Construction, 2007)Appendix I – Financial Statements  OUr Oasis  S...
xxxv  OUr Oasis  Balance Sheet  As of June 30th 2011, 2012, 2013                                                          ...
xxxvi                        OUr Oasis                        Statement of Income                        For the years end...
xxxviiJuice Bar Solutions. (2008). J&SBC Consulting. Retrieved April 20, 2010, from Smoothie Facts       & Trends: http://...
Oasis Student Run Business Model Final Paper
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Participated in a campus wide competition that challenged students to create a unique business plan for a vacant university owned property. Developed a business strategy of a student run business, reflecting a new style of education emphasizing hands on learning experiences. Advanced through 3 rounds of judging, including this 30-page business report, a question and answer session with the deans of various colleges, and a presentation to the Ohio University Board of Trustees. Awarded 2nd place.

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Oasis Student Run Business Model Final Paper

  1. 1. TEAM 9The Student-run Business Model Tom Fetsick Tf150006@ohio.edu Gordy Jones Gj291906@ohio.edu Conor Larkin Cl609607@ohio.edu Andrew Urban Au323806@ohio.edu May 19, 2010
  2. 2. iExecutive SummaryThe OUr Oasis proposal blends the long-standing Ohio University tradition, The Oasis, with theinnovation of a student-centered and student-run enterprise. This proposal creates a student-runbusiness in order to develop students’ practical business experience, cultivate students’entrepreneurial spirit and utilize our students’ talent to create a sustainable business whilecapitalizing on an untapped market on campus. This reciprocal relationship, which is rooted inuniversity tradition, promotes healthy food options for students in an accessible social-settingthat is alcohol-free.The vision is to create a student-centered and student-run organization throughout the entirebusiness operation. This model has been a successful endeavor on other campuses such asGeorgetown, Cornell, and the University of Dayton. Through contact with these organizations,insight into the function of the operation that has successfully prospered at their respectiveuniversities. This insight provided the framework onto which the creation of the model structureand plan for implementation for Ohio University’s campus.Primary research indicates that healthy eating options are both limited and desired by the studentbody. This is an opportunity to provide a healthy food-focused option for the entire campuscommunity. This creates a market that has no distinct competitors, thereby presenting a new andprofitable opportunity for the university, responding to campus needs. Our concept is aspecialized restaurant based completely in smoothies and fruit juice, with ancillary snack itemsto supplement the main offering.OUr Oasis will provide students with health conscious alternatives to their current foodselections. The use of fresh fruit and healthy items will add diversity to the diet of the students
  3. 3. iiand faculty. Incorporating made-to-order smoothies with a variety of options gives students amenu option that is not currently available on-campus, or in the Athens area.The invaluable wealth of knowledge that can be acquired through the participation and operationof this endeavor will impact students across all disciplines for the duration of their careers. It isimportant to recognize the difference between learning in a classroom and learning in action.Working in the capacity that will be required of our officers will, add experience, knowledge,and entrepreneurial insight to their academic experience.The location of the Oasis is positioned in way that naturally attracts students, especially thoseliving in the dormitories located at the bottom of Morton Hill. It is the estimate of Residence Lifethat 6,000 students live on South and East Green. Also, it is located in the middle of six differentacademic buildings. This will attract faculty, students not living in the dorms, and other foottraffic, establishing a solid target market that can easily be capitalized upon.Renovation to the building is necessary. Our estimate of the capital improvements is realistic, butconservative. The renovation costs are broken into first and second priority levels. This includeschanges to the outside of the building to conform to campus architecture, as well as interioralterations to fit the operational needs of the venture and to create a desirable look and feel.Extensive background research was conducted in order to substantiate the representation of ourfinancial statements. Our figures were, again, conservative, as we see it more damaging tooverstate income and understate expenses than the opposite. Using true financial statements fromcompanies and organizations of similar size and capacity, we developed realistic financials forour business venture that have potential to be significantly higher than stated.
  4. 4. iiiTable of ContentsExecutive Summary..........................................................................................................................iIntroduction.....................................................................................................................................ivMission Statement...........................................................................................................................iv General Description.....................................................................................................................v Feasibility....................................................................................................................................vi Goals..........................................................................................................................................vii Industry Information.................................................................................................................viiiMarket Diagnostics.......................................................................................................................viii Competition..............................................................................................................................viii Target Market.............................................................................................................................ix Marketing Tactics........................................................................................................................xManagement & Organization..........................................................................................................xi Management Team....................................................................................................................xii Organizational Implementation and Operation.........................................................................xiv Board of Directors....................................................................................................................xiv Initial Recruitment.....................................................................................................................xv Risk Management & Operational Requirements......................................................................xviConstruction and Renovation......................................................................................................xvii Necessary Improvements.........................................................................................................xvii Style Improvements.................................................................................................................xvii Cost Analysis..........................................................................................................................xviiiFinancial Predictions.....................................................................................................................xix Revenue....................................................................................................................................xix Other Financial Data.................................................................................................................xxi Breakeven Analysis.................................................................................................................xxii Combating Seasonality............................................................................................................xxii Net Income vs. Net Income before Distributions...................................................................xxiiiConclusion..................................................................................................................................xxivAppendix A – Menu.....................................................................................................................xxvAppendix B – Survey Results.....................................................................................................xxviAppendix C – Marketing Techniques........................................................................................xxviiAppendix D – Organization Chart............................................................................................xxviiiAppendix E – Officer Roles........................................................................................................xxix
  5. 5. ivAppendix F – Implementation Timeline and Meeting Schedule.................................................xxxAppendix G – Daily Activities...................................................................................................xxxiAppendix H – Construction and Renovation Costs..................................................................xxxiiiAppendix I – Financial Statements...........................................................................................xxxivReferences.................................................................................................................................xxxviIntroductionWhen looking at this project, and considering our best options, our research group wanted todevelop an idea that gave back to the students, the university, and the community. From thatvision, we spawned the idea of a student-run business, with top-to-bottom operations solely runby students at Ohio University. Our preliminary research suggested that, not only was this ideapossible, but a prosperous concept used on many campuses across the country.Once settled that a student-run business would be most beneficial to both students and theUniversity, we set out to establish a sustainable business that could function at the location of 70University Terrace. After additional research, we decided that an unexploited market in Athenswas that of a smoothie and juice bar. This would give students a different and unique new option,allowing for a stable revenue stream, and continuing success. We hope that the long tradition ofthe Oasis can return to Ohio University, renaming it OUr Oasis.Mission Statement “OUr Oasis is built on the principle of creating a thriving student-run business, which will offer a unique entrepreneurial experience benefiting both the university and student body.”Our mission does not take shape until looking at both halves of it, the product and themanagement concept. First, the management concept embodies a business “Run by Students,
  6. 6. vRun for Students”. Second, the product, a smoothie and fruit juice bar, gives students a healthyoption while providing something they enjoy at a reasonable price. Our goal is to have studentstake a vested interest in this business because it is run entirely by their peers.In order for this idea to succeed, it must be built upon the foundation of a solid business plan.Running a company that is sustainable will ensure that the organization itself will continue toflourish for years to come, thus enabling many generations of students to experience theacademic benefit of running their own business. Schools such as Dayton, Georgetown, andCornell have put together organizations that allow students to run businesses from top-to-bottom,making all the daily decisions. More importantly, all of these schools have received nationalrecognition for the programs they run. We see Ohio University as a progressive institution, andan organization such as OUr Oasis would contribute invaluable experiences to students acrosscampus.General DescriptionOUr Oasis will be centered around the idea of creating a more healthy uptown eating option forstudents. There has been a national push for a healthier America, and Ohio University studentshave paralleled that motion. Based on survey results, there are limited healthy options forstudents in the Athens area. Our concept of a Smoothie and Fruit Juice bar will satisfy that need.The main scope of OUr Oasis menu will have a focus on fresh ingredients prepared each day,focused on health and nutrition. The fruit juices will be pre-blended, per the demand forecasteach day, as will the salads, sandwiches, and wraps. The menu’s feature item, smoothies, will bemade to order on a customer by customer basis.
  7. 7. viItems on the menu will be priced between 3 to 6 dollars depending on size and the item. Drinkcustomization will also be available to add variety and personal touch to the menu so thatcustomers can “create their own smoothie,” by having the option to mix healthy add-ins likeprotein shots, wheat grass, Red Bull energy shot, and green tea extract. A sample menu can beseen in Appendix A. The overall focus is on healthy wholesome eating options based aroundwellness and nutrition. These are obvious concerns for the Ohio University student body,therefore the demand is present.FeasibilityIn an attempt to decide if this option could be a feasible and a positive asset to our campus, ourresearch group conducted a survey at the location, during what we observed as a peak time forbusiness, between 2 pm and 4 pm. We asked 100 random Ohio University students what theythought about our concept of offering a way to easily obtain natural juice, smoothies, yogurt,healthy sandwiches and snack foods. The results we found were overwhelmingly in favor ofexecuting our idea in the Oasis. The complete survey and results can be found in Appendix B.The response that we received regarding healthy options in Athens was as expected; the studentsfeel that Athens, including the dining halls, does not provide sufficient opportunities forconsumers to easily obtain and maintain a healthy lifestyle. We asked the random sample ofstudents to rank, on a scale of one to five, one being unsatisfied, five being very satisfied, if theywere happy with their healthy eating options. The average response was tallied at 2.35, with onlyone response as saying they were “very satisfied”. In response to being health conscious, 93percent said they considered themselves to be healthy. Additionally, 90 percent said they workedout frequently (three or more times per week) or occasionally (one to two times a week). The
  8. 8. viimost interesting result of our survey was that 92 percent of our sample consumer population saidthat they try to eat healthy usually, 26 percent of which said that they always try to eat healthy.We concluded, based on the results of our survey, that it is necessary for our campus to make aproactive move in a more healthy direction for students. We asked the same sample populationof students if they would take advantage of our proposed business. Over 90 percent said thatwould be interested in having this option on campus. This brings us to our mission statement.GoalsThe goals for our business plan are different for each half of the proposal. For the organization,our short term goal is to have enough students join the organization to do more than justfunction, but to grow and cultivate new ideas. Our projection is that 25 students would be a largeenough number to accomplish controlled sustainable growth. Long term goals for theorganization are to streamline the meeting and operation processes to increase efficiency andhelp students to be as inventive as possible. An ever-expanding Alumni base would facilitateequitable technological expansion and student-alumni networking opportunities.The goal for the business itself in the short run would be to turn a profit and see progressive salesfigures as the year moves on. One realistic long term goal would be to turn a strong enoughprofit to continue to operate while contributing a significant amount of money back to theuniversity in the form of distributions. Also, we want to see OUr Oasis established as a campuslandmark, having it mentioned during student tours, student and faculty presentations, andregular conversations.
  9. 9. viiiIndustry InformationThe smoothie market has a special niche in the food and beverage industry, much like the marketfor ice cream and other snack type niches. It is not limited to set meal times, allowing for aconsistent flow of customers throughout the day.According to market and industry research, this industry is growing at one of the most vibrantrates of any food or beverage industry. Smoothie sales have increased over 207 percent since2002. In 2007, the “Functional Beverage Market”, which encompasses the smoothie market, hadrevenue of $9.8 billion (Juice Bar Solutions, 2008). Clearly, this is a market that is gainingpopularity, on a national level, but remains virtually untapped here in Athens, Ohio.We see this industry continuing to grow over the next decade due to the push for healthylifestyles. The goal for a smoothie bar using fresh, natural ingredients directly compliments thistrend. This is incredibly important when considering our target market of college students, asthey tend to be early trend adaptors.Market DiagnosticsStudying the market demand as well as the competition is a crucial part of maintaining aprofitable business. There is very little direct competition for our business plan. The followingparagraphs analyze competition, the Athens market, the marketability of our product, and ourcompetitive advantage.CompetitionCold Stone Creamery is the only establishment that has a smoothie offering on the menu, andthus the only one that poses any kind of threat. Cold Stone has the advantage of capturing moreof the local market, as Court Street is a more appealing place for local people to go for a frozen
  10. 10. ixtreat. Also, the brand recognition associated with Cold Stone will create a disadvantage for OUrOasis. However, smoothies are a secondary item on the Cold Stone menu, and according to theGeneral Manager there, he thinks that ice cream products and cakes make up about 95 percent ofsales (Boch, 2010).Our competitive advantage rests in the location, the product, and the unique ability to beassociated with the school. The location of the Oasis has almost 6,000 students walking by fromthe dorms to class every day (Ohio University, 2010). Cold Stone cannot make that claim.Although it offers smoothies, Cold Stone does not specialize in them, which creates acompetitive advantage for our company. Also, using the university’s flex point system willcreate more sales from students who are more likely to use flex points instead of their ownmoney.Target MarketWhile defining a market with a demographic skewed toward students, the primary customers ofOUr Oasis will consist of the student body. The residence halls require every student housedwithin them to have a meal plan, meaning that over 9,000 students have flex points to use at theOur Oasis location. Close to 6,000 of those students live on south and east green (OhioUniversity, 2010). This situates over 75 percent of them within a 5 minute walk to OUr Oasis.There are also six academic buildings that are within a short walk to the location, includingGordy Hall, Morton Hall, Ellis Hall, Clippinger Labs, Alden Library, and Baker Center. Thiswill bring a significant number of students and faculty close to the location and draw morecustomers. Outside of the academic buildings, the Ping Center attracts on average 3,800 studentsdaily during the academic year and 500,000 to 600,000 annually (Benhadj, 2010). Many of them
  11. 11. xare walking, and walk directly by the business. These people are obviously health consciousindividuals and will contribute substantially to the target market.Marketing TacticsHaving a target market that consists of students, our strategic marketing approach will be to getconsumer awareness to a level, advertising that customers not only enjoy the product, but alsorespect the concept of their fellow students running the business. The advantage of the student-run portion is that it will work concurrently with the business to help market the product. Thoseinterested in the organization will be attracted to the product, while those who enjoy the productwill be interested in the organization.Promotions will be held offering free smoothies and shirts, at both our on site location and areasthat are predominately occupied by our sub-target markets such as South Green, Ping, and atvarious sporting events. We will also utilize the campus special coupon books that are givenaway to all students at the beginning of the year. An example of the proposed coupon that will begiven away and the T-Shirts can be seen in Appendix C.Another key tactic will include the tour guide service here on campus. Paul Kolbe, the Directorof Campus Tours, told us that 99 percent of tours pass by the Oasis building and that he isconstantly asked about the building (Kolbe, 2010). If tour guides were to mention theorganization/business while passing by it, it would significantly increase consumer awareness toincoming students. One possible marketing technique could involve giving each prospectivestudent a coupon for a free smoothie. This will cultivate interest in the establishment andorganization for students who are not even part of the student body yet. In addition to drawing
  12. 12. xiprofits from family and friends that may be on the tour with them, it will help increase cash flowin summer months.In order to take advantage of technological marketing, the business will have a website that isrun by the students, increasing visibility for OUr Oasis. We also will set up a CustomerRelationship Management system (CRM) that will help gain in depth information of ourcustomer base. By offering a 50 cent promotional deal if a student swipes their OAK ID, we gaininstant information regarding all the demographical figures that are supplied by the ID card. Thisinformation can then be formatted to help determine trends, forecast demand, and offerpromotional incentives to repeat customers.Our data clearly shows that a smoothie bar would not only be sustainable, but highly profitable.This business venture is even more of a positive benefit to the University because this will notcompete with dining hall attendance, or with revenue received from sales at Baker Center’s West82 food court. The proposed business plan shall ultimately provide a positive workingrelationship with the school, through the implementation of the student-run business aspect.Management & OrganizationIn order to create a model structure for a student-run business that would insure maximizedlearning opportunities as well as stable profits, we studied two already successful student-runbusinesses. These companies are Flyer Enterprises located in the University of Dayton, and TheCorp. which is run by the University of Georgetown. Both schools have gained nationalrecognition and have seen growth from what was a startup company to multiple-store operationswith over a million dollars in revenue (Flyer Enterprises, 2009). Each organization has thrived by
  13. 13. xiiutilizing different methods; therefore through extensive research we took their strengths andweaknesses and developed a workable concept that can realize great success.Both organizations agreed that the key to success is a positive working relationship with theschool. Our goal is to work hand-in-hand with the institution, in order to capitalize on the strongresources that it has to offer. The top of our organization, known as the Board of Directors, willbe comprised of a diverse group of faculty. Brad Glasser, the current CEO of The Corp.,acknowledged that the biggest shortcoming of their organization was the lack of facultyinvolvement (Glasser, 2010). In essence, it is an essential goal to have professors take a vestedinterest in this organization and tap into their insight, knowledge and experience.Management TeamThe organizational structure, which can beseen to the right, will consist primarily ofstudents using real-life skills to operate asuccessful business. A full organization chartcan be found in Appendix D. The top tier ofthe organization will be the only non-student-run portion of the organization, made up of faculty members. Their job will be to oversee thebusiness and provide an advisory role towards any challenges the students would come acrossthemselves. The next tier will initially be made up of 3 positions, led by the Chief ExecutiveOfficer (CEO). The CEO will be in charge of leading both the organization and the business.Additional roles include handling all major problems and being the main contact to the board ofdirectors. Directly under this position will be the two other executives, the Chief OperatingOfficer (COO), and the Chief Financial Officer (CFO). The COO will work with the operational
  14. 14. xiiisection of the business, managing directors and producing maximum efficiency. The CFO willwork directly with all financial data produced, maintaining budgets and ensuring profitability.This will complete the upper tier level of the organization that if properly managed, will createthe strong structure needed to run a business effectively.In an attempt to reduce wages, Joe Guy, CEO of Flyer Enterprises, suggested we offer some typeof internship credit to upper management (Guy, 2010). We exchanged emails with Dr. HughSherman, Dean of the College of Business, and he gave us some direction that we see as supportto our organization. When we asked how hard it is to be approved for internship credit, heassured us that it would not be overly difficult, especially in the next year or so. In his email hesaid that he is “promoting a new certificate in entrepreneurship”, which he thinks could “includean experience like this as internship credit”. Also, a strategic leadership certificate is in the worksthat could use this opportunity to offer internship credit (Sherman, 2010).Below the upper tier will be the directors, who will take on a specialized section of the businessand develop it through applying their area of expertise. This group will be made up of threedirectors and one general manager, and each director will have a committee of students workingwith them to achieve set goals. The Director of IT and Director of Marketing will workcongruently to promote and advertise through the use of the web site and CRM systemmentioned earlier. The final director, the Director of Human Resources, will handle all personnelmanagement issues. They will also work with the General Manager to avoid any employeeproblems. The General Manager will be on the forefront of the business and therefore will beable to identify issues and pass along that information to the proper personnel. Each director willhave an experienced adviser on the Board of Directors. A more in depth breakdown of eachposition’s tasks, and time commitment can be seen in Appendix E.
  15. 15. xivOrganizational Implementation and OperationWhen speaking to many different organizations on campus, they each reiterated the emphasisthat needs to be placed on meeting frequently. Our organization will meet weekly, avoiding allmishaps that can be caused through lack of communication. Each position will be equallytransparent, so their objectives are clear and defined. A detailed schedule of the meetings can beseen in Appendix F. The meeting structure we have devised reflects what most businesses strivefor in effective communication.The most foreseeable problem in the creation of a student-run business/organization involvesimplementation. Building something from scratch presents many challenges, which if notprepared for, will cause many nuisances. In order to avoid this, we have laid out a timeline thatcan be viewed in graphical form in Appendix F.Board of DirectorsIf our recommendation is selected, the implementation process will start immediately. First, theBoard of Directors must be established. Faculty and staff will be notified about the availableopportunity. Our preliminary research shows that faculty and staff will be receptive to this idea.Once the Board is established, they will make recommendations of capable students to lead thenew organization.Addressing the need for teachers to get involved was an initial concern. Our concerns werequickly neutralized after presenting the idea to some faculty and staff. Dean Sherman said that hewas interested in getting involved as part of the Board of Directors (Sherman, 2010), as did JaneSojka and Kate Keifer (Sojka, 2010). The quick reaction from the few professors we did talk toconfirmed that we will have plenty of advisory backing from faculty and staff.
  16. 16. xvInitial RecruitmentIt is so important to get an early start and be fully prepared to enter the fall ready for recruitment.This will be the most important recruiting period the organization will face, since this class willbe charged with the difficult initial development of the business. Information sessions will beheld in weeks two, three, and five, which will finalize the fall quarter recruitment class. It is ourrealistic goal that 25 students can be recruited during this period.During the recruitment process, it is important to stress that students from all different areas ofconcentration are involved in this endeavor, not just College of Business students. Majors fromthe College of Engineering and Technology, such as Industrial Technology majors, could workas the Director of IT and on that committee. Students from College Health and Human Services,such as those from the Restaurant, Hotel, and Tourism major, could be some of the mostprepared to run the organization at every level. Many different creative majors like InteriorArchitecture students and Graphic Design majors could also help with the design of therestaurant and the designing of the marketing materials and campaigns. We see the possibility formany different colleges and students with different educational backgrounds to come togetherand accomplish this project.Weekly presentations will be made by the board of directors on the skills and mindset needed torun a business. Along with this there will be three training sessions from the Innovation center,which specializes in helping entrepreneurs get their businesses off the ground. These sessionswill build team unity and solidify the structure that is essential to the realization of ourambitions. The daily activities that employees would plan on doing can be found in Appendix G.
  17. 17. xviElections will be held during week one of winter quarter, and voting will be done by the Boardof Directors. This will allow each position the proper time needed to settle in before businessopens. It will also provide the organization the structure needed to recruit during the winter.The structure has been simplified to avoid implementation problems. However, over timepositions will be created and adapted to better suit the business. This is the greatest strength ofthe organization, the ability to constantly evolve. As the business grows so will the opportunities,and with more opportunities, involvement will also increase. Looking at the history of The Corp.and Flyer Enterprises, this venture, like the aforementioned, could very feasibly grow to anorganization overseeing and operating multiple storefronts.Risk Management & Operational RequirementsEvery establishment serving food in the state of Ohio needs a license to do so. Because ourbusiness will be operating through Ohio University, the fees and inspections will be minimal toadd a new license to account for OUr Oasis. According to the Ohio Administrative Code section3701-21-02(F), because Ohio University already has the appropriate license, it will only cost $48to add additional licenses for each establishment under 25,000 square feet (Ohio AdminstrativeCode, 2010).Insurance is another cost that can be carried over from the University. The increase in premiumsto add additional locations is very small and generally covers a significant amount of liability.The large policies that the University is required to hold can easily cover and mishap ormalfunction involved with running OUr Oasis.
  18. 18. xviiConstruction and RenovationThe architectural styling will consist of simple modern design with the theme centralized aroundclean, simple lines and design elements. The architectural elements above play a significant rolein the development of the product, and the fostering of an atmosphere in which our target marketwill feel both attracted to, and comfortable in. The simple modern design is traditionally costeffective while also being transitional to design adjustments.Necessary ImprovementsCertain improvements are necessary not only for the structural integrity of the building, but alsoimportant for the style to fall into the Ohio University landscape. Due to the current condition onthe roof and back deck area, complete renovation must occur. Furthermore, due to vandalism andthe elements, the windows and doors will also need to be replaced. The building has sufferedobvious signs of weathering and, without these changes; a direct threat to the existence of theproperty is present (Braun, 2010).Externally, the Ohio University Georgian style architecture should be incorporated into thedesign in an attempt to signify it as an Ohio University landmark. The external portion of thebuilding will remain similar to its current styling, with several necessary modifications. The frontentrance will remain similar to its current style. The siding around the majority of the buildingwill need to be repainted, including the window sills andframes on the second floor.Style ImprovementsAn important element that will need to be restored will be theback deck area. It will be important to restore the current First Floor Design
  19. 19. xviiidesign and by adding small tables and seating. This will create an area for the customers duringour peak warmer months to sit and enjoy their beverages. Seating in the back patio will be forapproximately 20 to 25 customers; this will create an inviting, comfortable atmosphere for thecustomers. The tables and chairs will be stainless steel and be able to be moved and tied downupon the closing each day of the store.Internally, the main layout of the restaurant will need to change in order to accommodate thenew product. The entrance and kitchen area will remain the same; however, stainless steelcounter tops and a glass front cooler will separate the preparation area from the dining area.Furthermore, a stainless steel bar top will outline the front of the store and customers will be ableto sit on circular attached bar stools to enjoy their beverages while looking out the front window(see Appendix H). Within the restaurant, seating will be in the range of 20 to 25 people. Byhaving the central part of the restaurant open this will allow for more people to stand in line, thusbeing able to handle the large quantity of customers throughout the day.The second floor of the 70 University Terrace property will be turned into a small office area as amain headquarters for the student managers and the executives. It will be a simple office withmultiple desk areas containing computers and phones. This area will be connected to therestaurant through the internal staircase, and its rear door staircase. It will be important todevelop this space into a professional area in order to foster the student organization’s functions.Cost AnalysisCosts of the renovations are estimated to be a total of approximately $1.05 million with externalcosts comprising 32.8 percent, internal 40.2 percent, kitchen infrastructure 15.1 percent, andgutting costs of the property 11.8 percent respectively (Braun, 2010). Additionally, different
  20. 20. xixitems within the costs of renovations are broken down into a priority system (see Appendix H).The total cost of first priority items is $827 thousand while the total of the second priority itemsis $230 thousand; therefore the brunt of the cost is centered on making the property usable again.Financial PredictionsOur group considers the financial status of the proposed venture to have a direct correlation withthe success of the organization. Accordingly, we have spent a significant portion of timeresearching, estimating, and checking our financial data. A copy of Pro Forma financialstatements, including a “worst case” and “cautiously optimistic” balance sheet, incomestatement, and cash flow statement for the first three years of operation is attached in Appendix I,as well as a “break even” income statement.RevenueBased on the research conducted, our group is presenting the financial data that is a “worst case”scenario and a “cautiously optimistic” scenario. The first year revenue is projected at 325,000 "Worst Case" "Cautiously Optimistic" 2011 2012 2013 2011 2012 2013Revenue Sales Revenue $ 325,000 $ 344,500 $ 351,390 $ 450,000 $ 477,000 $ 486,540 Cost of Goods Sold (130,000) (137,800) (140,556) (180,000) (190,800) (194,616) Gross Profit $ 195,000 $ 206,700 $ 210,834 $ 270,000 $ 286,200 $ 291,924Operating Expenses Wages $ (70,000) $ (70,700) $ (71,407) $ (96,000) $ (96,960) $ (97,930) Utilities, Dues, & Memberships (2,438) (2,584) (2,635) (3,375) (3,578) (3,649) Repairs & Maintenance (9,750) (10,335) (10,542) (13,500) (14,310) (14,596) Rent Expense (13,000) (13,780) (14,056) (18,000) (19,080) (19,462) Interest Expense (1,250) (1,250) (1,250) (1,248) (1,246) (1,244) Supplies (13,000) (13,780) (14,056) (18,000) (19,080) (19,462) Selling & Administrative (6,500) (6,890) (7,028) (9,000) (9,540) (9,731) Depreciation (7,143) (7,143) (10,143) (7,143) (7,143) (10,143)Total Operating Expenses $ (123,080) $ (126,462) $ (131,116) $ (166,266) $ (170,936) $ (176,216)Net Income Before Distributions $ 71,920 $ 80,238 $ 79,718 $ 103,734 $ 115,264 $ 115,708LESS: Distributions (41,920) (70,238) (73,750) (73,743) (105,264) (109,600)NET INCOME $ 30,000 $ 10,000 $ 5,968 $ 29,991 $ 10,000 $ 6,108
  21. 21. xxdollars for the worst case data. When taking the approach that revenue could be much higher, weestimated it at 450,000 dollars. Based on the results of our survey, in which students said theywould pay four to six dollars for a smoothie, and considering the prices on alternative items, weestimate the average sale will be approximately four dollars. In order to achieve our projectedrevenue numbers, it would take about 80,000 and 112,000 sales annually in the first year for the“worst case” and “cautiously optimistic” numbers respectively. This works out to roughly 220and 330 sales per day.These numbers seem daunting, but data from Residence Life suggests otherwise. According tothe Residence Life website, there are 2,500 students that reside on East Green and 3,200 studentsthat reside on South Green. In essence, the number of residents in the immediate surroundingdormitories suggests that almost 6,000 students walk past OUr Oasis on their way up and downMorton Hill every day (Ohio University, 2010). Our financial model indicates that if just 4percent of those students made a purchase every day, our revenue number of 325,000 would bemet. More importantly, as mentioned in our target market analysis above, the traffic that we cancapitalize on from other students, faculty, and staff could easily create a revenue stream that willmeet or exceed our projected optimistic figures.Our rationalization for the larger revenue data is easily validated. If you account for the 6,000students living on the adjacent greens, the 3,800 people that go to Ping Center daily, and thecountless classrooms, offices, and labs in the surrounding buildings, a significant number ofpotential customers are readily available. If the average daily sales needed to achieve the higherrevenue is 330, and there are close to, if not more than, 10,000 people within a close proximity,only 3.3 percent need to make a purchase. Again, even though this number is above what we
  22. 22. xxiconsider worst case, we still feel the revenue can be larger in the first year and years following ifthe marketing and management of the organization situates itself to do so.Other Financial DataThe other data included in our financial statements was gathered by reviewing statementsavailable for public use from other similar businesses and organizations (Flyer Enterprises,2009). By examining the available data with respect to revenue, location and size of thebusinesses, we were able to determine utilities, repairs and maintenance, and supplies, amongother expenditures, directly related as a similar proportion of revenue. Wages were calculatedbased on the number of employee hours necessary and factoring the typical wage rate for thesurrounding area. Depreciation was calculated following the Generally Accepted AccountingPrinciples.As our group extended our financial projections on the income statement, we incorporated asmall annual percentage increase on items that tend to be variable costs (such as cost of goodssold, supplies, and utilities). In addition, by utilizing knowledge we acquired through ouracademic backgrounds, we were able to estimate changes in interest expense, rent expense, andthe distributions.Georgetown’s student-run organization, The Corp, appears to have similar looking financialprojections (The Corp, 2009). Georgetown also charges their student organization rent for thelocation of the various business entities; however, the rental income is then given back tostudents within the organization in the form of scholarships (Glasser, 2010). This concept ofreturning rental fees back to the students is another potential benefit to be examined to supportthe students even more after the business has established its sustainability.
  23. 23. xxiiThe figure for rent is estimated at 4 percent of sales revenue. Being a student-run organization,operating as the same taxable entity as the University, and giving back all income aboveoperating cash flow in the form of distributions, we felt that rent is really an arbitrary number.The combination of rent and distributions will create a situation in which the University isreceiving a significant amount of funds from our operation regardless of the price of rent.Breakeven AnalysisGiven that we are representing a “worst case” financial scenario, it is also important to look at abreakeven number of sales. In order to see how significantly below our projections the salesfigures could fall, we recalculated our income statement so that our Net Income beforeDistributions is equal to zero.Continuing the assumption that the average sale is 4 dollars, we would need to make 42,500 salesannually. This is only about one half of the sales we have projected. This is a very low number,considering the in-depth research we did to arrive at our “worst case” scenario.Combating SeasonalityIn order to get a better picture of the problems associated with seasonality and the change incustomer volume during breaks, we met with the General Manager at Cold Stone Creamery.According to him, the summer months are a slower time for the store. However slow it is, heclaims that the heavy volume in spring quarter sales makes up for it, “we just plan to keep extracash reserves on hand to cover utilities and other expenses” (Boch, 2010). As long as the CFOand Director of HR plan accordingly, the summer months will not be a problem for thesustainability.
  24. 24. xxiiiWinter break and spring break are other issues that concerned us. The manager said that based onpast experiences, the best option is to close. Cold Stone’s market classification will be similar tothat of a smoothie bar. Based on the cold winter months and lack of student presence, herecommends closing down for those portions of the year, and our financials reflect this opinion.Net Income vs. Net Income before DistributionsIt is important to recognize the difference the “Net Income before Distributions” (NIBD) and“Net Income” figures. The NIBD figure truly represents the income that will be realized by theorganization, as the rest represents distributions to the University. The goal of our financialstatements is to present data that is conservative, yet realistic. As mentioned above, if thisbusiness plan is executed properly, the financial yield could exceed even our optimistic figures,benefiting the University, student body, and Ohio University Foundation, alike.The reason for the distributions stems from tax laws. Being that this is a student-runorganization, and will be taxed in the same way that Ohio University is, as a 501(c)-3. Accordingto the rules for operating as a Not-For-Profit entity per the 2009 US Master Tax Guide, ¶602, itsnet earnings must not “inure in whole or in part to the benefit of private shareholders orindividuals” (CCH Tax and Accounting Publishing, 2008). Therefore, any remaining income notnecessary for operation must be transferred to the University as distributions, to then be furtherused to benefit the interests of the University and its students. When looking at the cash flow, weallotted proper distributions to retain enough cash to remain functional while maintaining a tax-exempt status.
  25. 25. xxivConclusionThe marriage of these two ideas could lead to a symbiotic relationship that benefits students,faculty, alumni, and the community for many years to come. The business itself, an alcohol-freesmoothie, sandwich and salad bar, is highly sustainable. The financial data shows, coupled withthe survey results that this business will be profitable now and in the future.Creating a sustainable business concept is critical and achievable as outlined throughout theproposal. However, the intangibles that arise from a student-run business are much moreimportant. It will foster entrepreneurial spirit and enhance educational experiences for studentsbeyond the classroom. Students that participate in this program will leave our University moreprepared to tackle real world problems, promoting the school’s name and reputation, andimproving the quality of graduates that Ohio University proudly calls ‘Alumni’.
  26. 26. xxvAppendix A – MenuHere is a sample menu we put together in order to give an idea of the feel of the restaurant.
  27. 27. xxviAppendix B – Survey ResultsGender: __57__ Female __43__ MaleRank: _54_ Freshman _21_ Sophomore _11_ Junior _10_ SeniorDo you consider yourself a healthy person?_93_ yes _7_ NoI work out: _45_ Frequently _45_ Occasionally _10_ RarelyI try to eat healthy: _26_ Always _66_ Usually _8_ NeverWould you go to a healthy alternative snack bar if it was in the former Oasis?_90_ yes _6_ no _4_ maybeIf yes, what would your price range be?Majority of students said between $3-$7Are you satisfied with the healthy eating options in Athens? (1= not satisfied, 5=verysatisfied)Average of 2.35
  28. 28. xxviiAppendix C – Marketing TechniquesThe Campus Specials booklet is an easy way to reach a many of students at a cost effective rate.Employee shirts will be available for sale that will literally be a walking marketing campaign.
  29. 29. xxviiiAppendix D – Organization ChartOUr Oasis Upper Management
  30. 30. xxixAppendix E – Officer RolesBoard of Directors Director of ITTime Commitment: 2-3 hours a week Time Commitment: 4-6 hours a week • -Meet Monthly (With CEO) • -Meet weekly (organization meeting) • -Initial recruitment • -Create Customer relationship • -Handle difficult decisions management system and find trends • -Approve major purchases • -Develop and maintain website • -Advisory role Director of MarketingChief Executive Officer Time Commitment: 4-6 hours a weekTime Commitment: 10-12 hours a week • -Meet weekly (organization meeting) • -Meet bi-weekly (With organization, • -Promote Business and with other chiefs) • -Develop strategy to enhance • -Vital in managing strategic vision consumer awareness and direction Director of Human Resources • -Creates goals of business Time Commitment: 4-6 hours a week • -Oversees company • -Meet weekly (organization meeting) • -Develops term end Review Report • -Handle Personnel managementChief Financial Officer • -Recruitment to organizationTime Commitment: 8-10 hours a week General Manager • -Meet bi-weekly (With organization, Time Commitment: 6-10 hours a week with other chiefs) • -Meet weekly (organization meeting) • -Oversees budget and purchases • -Inventory control • -Creates financial statements and • -Scheduling quarterly/financial year end report • -Identify potential issues • -Determines profitable marginsChief Operating OfficerTime Commitment: 8-10 hours a week • -Meet bi-weekly (With organization, with other chiefs) • -Manages directors • -Oversees operating activities
  31. 31. xxxAppendix F – Implementation Timeline and Meeting ScheduleImplementation TimelineMeeting Schedule
  32. 32. xxxiAppendix G – Daily ActivitiesTypical weekday during Spring Quarter9:15-Employee #1 arrives • Reconciles previous days register • Balances current days register • Prepares fruit for forecasted morning rush10:00 Open store • Initial morning crowd of customers begin • Employee continues prep for afternoon12:00 Lunch Rush • Employee #2 and #3 arrive relieving employee #1 • Steady flow of students • Students begin to congregate both indoors and outdoors to socialize and work on projects • Outdoors furniture is taken out/music is turned on2:00 Afternoon Rush • Employee #4, and #5 arrives to handle 2-4 rush relieving employee #2 • Major rush of the day • Large crowds gather outside on back deck3:00 Mid Afternoon rush • Employee #6 arrives relieving employee #3 • Rush continues4:00 Rush ends • Employee #4 leaves • Average crowd continues • Crew begins preparation for night rush6:00 Night Rush
  33. 33. xxxii • Employee #7 and #8 arrive relieving employee #5 and #6 • Night rush begins • Outside lights are turned on, setting the atmosphere9:00 Closing • Count out drawer for the day • Clean restaurant and equipment • Bring in deck furniture • Lock up
  34. 34. xxxiiiAppendix H – Construction and Renovation Costs Construction Costs Priority Gutting Costs 125,000 1 External Improvements Deck and back area 15,000 1 Stairway up to 2nd floor 7,000 1 Windows 70,000 1 Paint 35,000 1 Awning and canopy 40,000 1 Roof Improvements 150,000 1 Gutters/water drainage system 30,000 1 Total External 347,000 Internal Imporvements Flooring 30,000 1 Walls 30,000 1 Ceiling 20,000 1 Structural 75,000 1 Lighting 25,000 2 Electrical 100,000 1 Plumbing 100,000 1 Paint 20,000 2 Seating 25,000 2 Total Internal 425,000 Infastructure for Restaurant Counters 55,000 2 Kitchen Infastructure 55,000 2 Equipment 50,000 2 Total Infastructure 160,000 Total Cost 1,057,000 1 2 3 4 5 6 7 8 9 10 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 Second Floor 1 2 3 4 5 6 7 8 9 10 First Floor Scale: 1 square = 25 sq. ft.
  35. 35. xxxivTaken from: (Braun, 2010), (Dalvit, 2009), (Saylor Construction, 2007)Appendix I – Financial Statements OUr Oasis Statement of Income For the years ending June 30th 2011, 2012, 2013 "Worst Case" "Cautiously Optimistic" 2011 2012 2013 2011 2012 2013 Revenue Sales Revenue $ 325,000 $ 344,500 $ 351,390 $ 450,000 $ 477,000 $ 486,540 Cost of Goods Sold (130,000) (137,800) (140,556) (180,000) (190,800) (194,616) Gross Profit $ 195,000 $ 206,700 $ 210,834 $ 270,000 $ 286,200 $ 291,924 Operating Expenses Wages $ (70,000) $ (70,700) $ (71,407) $ (96,000) $ (96,960) $ (97,930) Utilities, Dues, & Memberships (2,438) (2,584) (2,635) (3,375) (3,578) (3,649) Repairs & Maintenance (9,750) (10,335) (10,542) (13,500) (14,310) (14,596) Rent Expense (13,000) (13,780) (14,056) (18,000) (19,080) (19,462) Interest Expense (1,250) (1,250) (1,250) (1,248) (1,246) (1,244) Supplies (13,000) (13,780) (14,056) (18,000) (19,080) (19,462) Selling & Administrative (6,500) (6,890) (7,028) (9,000) (9,540) (9,731) Depreciation (7,143) (7,143) (10,143) (7,143) (7,143) (10,143) Total Operating Expenses $ (123,080) $ (126,462) $ (131,116) $ (166,266) $ (170,936) $ (176,216) Net Income Before Distributions $ 71,920 $ 80,238 $ 79,718 $ 103,734 $ 115,264 $ 115,708 LESS: Distributions (41,920) (70,238) (73,750) (73,734) (105,264) (109,600) NET INCOME $ 30,000 $ 10,000 $ 5,968 $ 30,000 $ 10,000 $ 6,108
  36. 36. xxxv OUr Oasis Balance Sheet As of June 30th 2011, 2012, 2013 "Worst Case" "Cautiously Optimistic" 2011 2012 2013 2011 2012 2013 Assets Current Assets Cash $ 14,100 $ 21,967 $ 12,897 $ 14,100 $ 21,967 $ 13,037 Inventory 9,793 9,989 10,189 9,793 9,989 10,189 Supplies on Hand 1,500 1,530 1,561 1,500 1,530 1,561 Total Current Assets 25,393 33,486 24,646 25,393 33,485 24,787 Plant Property and Equipment Equipment 50,000 50,000 65,000 50,000 50,000 65,000 Accumulated Depreciation (7,143) (14,286) (24,429) (7,143) (14,286) (24,429) Total Plant Property/Equipment 42,857 35,714 40,571 42,857 35,714 40,571 Total Assets $ 68,250 $ 69,200 $ 65,218 $ 68,250 $ 69,200 $ 65,358 Liabilities and Shareholders Equity Interest Payable $ 1,250 $ 2,000 $ 1,250 $ 1,250 $ 2,000 $ 1,250 Wages Payable 2,000 2,500 2,000 2,000 2,500 2,000 Accounts Payable 5,000 4,700 4,000 5,000 4,700 4,000 Debt to University (Equipment) 30,000 20,000 12,000 30,000 20,000 12,000 Total Liabilities 38,250 29,200 19,250 38,250 29,200 19,250 Shareholders Equity Fund Equity 30,000 40,000 45,968 30,000 40,000 46,108 Total Shareholders Equity 30,000 40,000 45,968 30,000 40,000 46,108 Total Liabilities and shareholders equity $ 68,250 $ 69,200 $ 65,218 $ 68,250 $ 69,200 $ 65,358Appendix I – Financial Statements (Continued) OUr Oasis Statement of Cash Flows For the years ending June 30th 2011, 2012, 2013 "Worst Case" "Cautiously Optimistic" 2011 2012 2013 2011 2012 2013 Net Income $ 30,000 $ 10,000 $ 5,968 $ 30,000 $ 10,000 $ 6,108 Adjustments made to reconcile net Income to income provided by operations Depreciation 7,143 7,143 10,143 7,143 7,143 10,143 Increase in Supplies (1,500) (30) (31) (1,500) (30) (31) Increase in Inventory (9,793) (196) (200) (9,793) (196) (200) Increase/Decrease in Interest Payable 1,250 750 (750) 1,250 750 (750) Increase/Decrease in Wages Payable 2,000 500 (500) 2,000 500 (500) Increase/Decrease in Accounts Payable 5,000 (300) (700) 5,000 (300) (700) Net cash produced by Operations $ 34,100 $ 17,867 $ 13,930 $ 34,100 $ 17,867 $ 14,070 Cash Flows-Investing Activity Increase in Equipment (50,000) - (15,000) (50,000) - (15,000) Net cash used by Operations (50,000) - (15,000) (50,000) - (15,000) Cash Flows-Financing Activities Issued Debt 50,000 - - 50,000 - - Repayment of Debt (20,000) (10,000) (8,000) (20,000) (10,000) (8,000) Net cash produced by Operations 30,000 (10,000) (8,000) 30,000 (10,000) (8,000) Net Cash $ 14,100 $ 7,867 $ (9,070) $ 14,100 $ 7,867 $ (8,930) Previous Year Ending Cash - 14,100 21,967 - 14,100 21,967 Net Cash at Year End $ 14,100 $ 21,967 $ 12,897 $ 14,100 $ 21,967 $ 13,037
  37. 37. xxxvi OUr Oasis Statement of Income For the years ending June 30th 2011, 2012, 2013 "Break Even" 2011 2012 2013 Revenue Sales Revenue $ 170,000 $ 180,200 $ 183,804 Cost of Goods Sold (68,000) (72,080) (73,522) Gross Profit $ 102,000 $ 108,120 $ 110,282 Operating Expenses Wages $ (70,000) $ (70,700) $ (71,407) Utilities, Dues, & Memberships (1,275) (1,352) (1,379) Repairs & Maintenance (5,100) (5,406) (5,514) Rent Expense (6,800) (7,208) (7,352) Interest Expense (1,250) (1,250) (1,250) Supplies (6,800) (7,208) (7,352) Selling & Administrative (3,400) (3,604) (3,676) Depreciation (7,143) (7,143) (10,143) Total Operating Expenses $ (101,768) $ (103,870) $ (108,073) Net Income Before Distributions $ 232 $ 4,250 $ 2,209 LESS: Distributions - - - NET INCOME $ 232 $ 4,250 $ 2,209Above is an income statement that shows what is necessary to stay operable and we expect to bewell above these figures.ReferencesAnnabi, H. (2010, April 14). MIS Professor. (C. Larkin, & A. Urban, Interviewers)Benhadj, H. (2010, May 10). Ping Cent Director. (A. Urban, Interviewer)Boch, T. (2010, May 10). General Manager, Cold Stone. (G. Jones, & A. Urban, Interviewers)Braun, F. (2010, May 7). General Contractor - Braun Custom Builders. (A. Urban, Interviewer)CCH Tax and Accounting Publishing. (2008). 2009 Master Tax Guide. Chicago: CCH Group.Dalvit, D. (2009, August 9). Cost per Square Foot of Commercial Construction by Region. Retrieved May 7, 2010, from EV Studio: Architecture, Engineering, Planning: http://evstudio.info/2009/08/06/cost-per-square-foot-of-commercial-construction-by- region/Flyer Enterprises. (2009). Annual Report 2007-08. Dayton, OH: Flyer Enterprises.Flyer Enterprises. (2009). Annual Report 2008-09. Dayton, OH: Flyer Enterprises.Glasser, B. (2010, April 18). CEO Georgetown Corp. (C. Larkin, Interviewer)Guy, J. (2010, April 20). CEO, Flyer Enterprises. (C. Larking, Interviewer)
  38. 38. xxxviiJuice Bar Solutions. (2008). J&SBC Consulting. Retrieved April 20, 2010, from Smoothie Facts & Trends: http://www.juiceconsult.com/index-5.htmlKeifer, K. (2010, April 15). Finance Professor. (T. Fetsick, & C. Larkin, Interviewers)Kolbe, P. (2010, May 6). Director of Campus Tours. (C. Larkin, Interviewer)Ohio Adminstrative Code. (2010). 3701-21 Food Service Operations. Retrieved April 30, 2010, from OAC Ohio Laws and Rules: http://codes.ohio.gov/oac/3701-21Ohio University. (2010). About Us: Residential Housing at Ohio University. Retrieved April 30, 2010, from Ohio University Residential Housing: http://www.ohio.edu/housing/about/greenstaff.cfmSaylor Construction. (2007). Square Foot Building Costs (Replacement Costs). Retrieved May 8, 2010, from Saylor Construction: http://www.saylor.com/lacosts/Sherman, H. (2010, May 18). Dean, College of Business. (G. Jones, Interviewer)Sojka, J. (2010, April 26). Marketing Professor. (T. Fetsick, & C. Larkin, Interviewers)The Corp. (2009). Annual Report 2007-08. Washington, DC: Students of Georgetown Inc.The Corp. (2008). Annual Report 2006-07. Washington, D.C.: Students of Georgetown Inc.

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