PHASE 5: ACHIEVE


Detailed Instructions

Overview

It’s time to begin the process of concluding company operations, liquidating assets, closing books and accounts and preparing and issuing final reports. 


Week 16

This is the final week to receive sales income and by the end of this meeting all books and records should be finalized and closed. 

Objectives

        • Understand the steps to close a business
        • Share learning outcomes and successes in a variety of formats.
        • Conduct a final shareholder meeting.
        • Reflect, appraise, and submit feedback to improve program experience.

Mentor Preparation


Note: All documents and videos referenced in the detailed instructions are available on the JA Canada Resource Portal.


Agenda 

  1. Company Meeting (15 minutes)
  2. Factors of Success (15 minutes)
  3. Review requirements described in the Final Report and Presentation Outline (10 min)
  4. Review Liquidating and Concluding Guidelines (75 min)
  5. Questions and wrap-up (5 min)


Activities

1. Company Meeting (15 min)

        • Allow the team to conduct their weekly team meeting and take attendance.

2. Factors of Success (15 minutes)

        • Let the students know that in the next few weeks they will be closing their Company. As part of that process, you will be reviewing several of the requirements to do this.
        • Ask the group if they feel they have been successful?
            • This may illicit many responses. In some cases, Companies may be able to celebrate having made a profit. In other cases, they may not be on track or have reached their break-even point.
            • The point of the conversation is to encourage the group to look at the positive things they have done and accomplished.
        • Use this opportunity to bring back the SMART goals the students created in the Week 1. Remind students of the individual goals they had written and ask if anyone would like to share. Also refer to the company goals and discuss what they have achieved and learned.
        • Refer back to the 5 Stages of Team development, ask students to reflect on how they managed to move from Forming, Storming, Norming, Performing to Adjourning together. How was the journey to this point of the Company?
        • Ask students, if following a Code of Ethics/Test of Disclosure created a Company with JA values.
        • Now that the Company is in its final weeks, take some time to circle back to the Key Performance Indicators they had created. Take the opportunity to celebrate successes and look at any items that have not been achieved to determine if it’s still possible.
        • This activity will help students prepare for writing their final report.

3. Review requirements described in the Final Report Outline (10 min)

        • Shareholders in JA Companies will want to know why their investment paid off or why the business failed to be profitable. Participants prepare a Final Report and Presentation to share their results with the people who made an investment.
        • Form a final report committee which will be chaired by either the VP HR or the VP Finance. 
        • Each VP will have components to provide for this report as outlined in the Final Report and Presentation Outline.
        • Begin work on this report early using placeholders for any data that might not be ready.
        • Direct students to the JA Canada Resource Portal for examples of final reports
        • You may wish to invite all shareholders to the meeting (usually this means the company members’ family and friends). 

4. Liquidating and Concluding Guidelines (75 min)

        • All JA Companies are liquidated and closed at the conclusion of the JA Company Program. During the liquidation phase companies should sell off all remaining inventory and materials on hand converting all assets to cash. 
        • Follow the Liquidating and Concluding Guidelines to complete all the necessary steps to liquidate the company, finalize all record-keeping, issue all final payments, share profits with shareholders, and report on the business.

5. Questions and wrap-up (5 min)

        • Check that all students know what must be completed for the Final Status meeting in a couple of weeks.


Next Steps

Students:

        • Complete any outstanding reports and prepare to respond to questions at the final meeting

Mentors:

        • Discuss the ways that the participants can be celebrated and prepare the Certificates of Achievement (optional)

Last modified: Saturday, 2 October 2021, 9:40 PM