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Bob's Closing Of The Westport Store

424 Words2 Pages

Bob‘s Supermarket owned by Bob and Sam Thompson. In 1988 the brothers established an S corporation a form of organization that meets a set of specified Internal Revenue Code requirements, giving a company with less than 100 shareholders the advantage of incorporation while being taxed as a partnership (IRS.GOV), to purchase a modern supermarket in Hanover, Indiana. Initially, there existed a third partner who provided the financing for the business, while Bob and Sam supplied the sweat equity. By the brothers putting in time and action, they were effectively able to enlarge store sales by 40% within the first year and triple profits. While trying to build on their success with the Hanover store, they added a second location. They purchased a second location in Westport, Indiana, about 50 miles away. However, the Westport store was a lot of work and was only proved limited profitability, after two years it closed. In 1994, they tried again to expand, purchasing an existing store in Hope, Indiana, near the larger city of Columbus, Indiana. Not being deterred by the closing of the Westport store the brothers tried for expansion again in 1994 by purchasing a location in Hope, Indiana near Columbus. …show more content…

Bob and Sam bought out their partner to gain more control over their business decisions. As Bob and Sam decided due to the retail market in the area, it was better to try a conservative approach to business. Despite their efforts in 2005, the Hanover location was at the edge of collapse; however, the brothers decided to invest in the appearance of the store and provided an upgraded technology system to help with keeping account of sales within the location, with these improvements the store profits rose

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