As the JA students head into March, they've reached an important milestone in the Company Program – liquidation.
This is the thirteenth in a series on Comcast Business and its work with Junior Achievement. For a look at the previous article, click here.
I was traveling on business when our JA Company Program met this past week so my fellow mentor, Shari Rouleau-Hellhake, Senior Director of Service Marketing at Comcast, was kind enough to give this update.
With March upon us, we’ve reached an important milestone in the JA Company Program – liquidation. Per Junior Achievement guidelines, the OneLove Company must liquidate its assets and pay its shareholders.
To help prepare the students for the work ahead, we began the session by explaining the liquidation process in detail and giving students a framework by which they can assess profit against the cost of good and services, record final sales, reconcile inventory and record outstanding items as we look to close out financials. The goal is to have the students compile a final tracking sheet that can be used as the basis to develop an annual report that can be delivered to shareholders, along with their return.
Following that discussion, the students talked about whether or not to increase OneLove’s charitable contribution. The students are very interested in giving back to the community and for OneLove to behave as a good corporate citizen. Presently, OneLove donates one blanket to Project HOME for every five blankets sold. Assuming there is a profit after shareholders get their return, students are contemplating whether to also make a monetary contribution to the charity, or if they should simply contribute excess inventory, or both.
Students also had a rather excited discussed over whether or not they should pay themselves if profit margins allowed, but we tabled that discussion for another day as there is much that needs to be worked out for that to happen, and there is still product to sell and orders to deliver on!
To encourage additional sales, we announced a surprise bonus for this final push. The top two sales persons were already on track to each receive a set of Beats™ headphones, but we sweetened the deal by adding a cash prize of the top 3 sales persons: $100 for the top seller, $50 for the runner up and $25 for the third best sales person. The students were beyond excited.
I’ll close this out with a reminder. If you haven’t yet, please follow and like OneLove on Twitter and Facebook:
Facebook: Philly’s Favorite Blanket
Also, check out the www.onelovephilly.com website and buy yourself a blanket!
Read Week 14