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Assignment Details:

  • Words: 3000


Part A


Enchantment Bakery


Enchantment Bakery Pty Ltd, trading as Enchantment Bakery, is a business that was started nearly 40 years ago by Mr. Kuan Chan.


Mr. Chan arrived in Australia in 1980 as a refugee from Cambodia. He quickly found work in a bakery and learned the techniques of bread and pastry making. At some stage, early in this employment, he tasted a doughnut made in the Australian style, and immediately he remembered the doughnuts he had eaten in Cambodia. Whilst he enjoyed the Australian doughnuts, he began to research how to make these doughnuts of his childhood, known as Nuom Kong[1]. His idea was that these doughnuts might be the nucleus of a business venture he could take on.


By 1984, Mr. Chan had started his own bakery in a small suburban shopping strip, selling Cambodian doughnuts as well as the usual products such as bread, pies, cakes, and pastries. His business was very successful, and he thought about setting up a chain of shops, but eventually decided the way to go was to set up a small wholesale business selling his goods to retail outlets such as small supermarkets. His business, Enchantment Bakery, started slowly with the range of goods being small, but the items produced were seen as of excellent quality and good value for money. In particular, there was a great demand for Cambodian doughnuts. By 1993, Enchantment Bakery was successful, with a wide variety of goods being sold to major supermarket chains and other participants in the Australian food services industry.


Now in 2022, Enchantment Bakery is very successful. In 2021, its revenue was in excess of $66 million, and its net profit was just under $8 million. Its baked goods can be found in supermarkets, retail stores, and coffee shops all over Australia.


Enchantment Bakery remains a family company. Mr. Chan has retired from active participation in the business, but his four children are all directors of the company. There are only six shareholders, being the four siblings Mr. Chan himself and Mrs. Chan, his wife. There are no other shareholders. For Enchantment Bakery, its board has six directors with the other two directors having been appointed for their expertise. The CEO and CFO of the company also attend Board meetings but are not directors of the company.


In 2016, after much planning, Enchantment Bakery set up a state-of-the-art factory in an industrial area in outer suburban Melbourne. Some of the factory space was set up as a coffee shop, selling beverages and snacks from the Enchantment Bakery range of products.


This coffee shop, known as Nuom Kong Café, has proved to be popular with workers on the industrial estate.


Enchantment Bakery’s management and administration offices are located within the factory complex and Enchantment Bakery’s Board holds its meetings in this location. The philosophy of the company is that it is important for the success of the company that the decision-makers are close to all aspects of the business, especially its bakery operations.


In 2017, Enchantment Bakery tendered for and won a contract with Flyaway Airlines.  The company now provides ‘snack boxes’ for morning and afternoon services on Flyaway flights around Australia. The contract with the airline is very demanding regarding the quality of goods and their presentation. The financial arrangements with Flyaway Airlines are quite different from the arrangements with their other customers.


It is March 2022, and Ms. Kim Long, the chief financial officer for Enchantment Bakery, is in the early stages of developing the master budget for Enchantment Bakery for the financial year 1 July 2022 to 30 June 2023.


At the same time, Mr. Simon Gill, the manager of Nuom Kong Café, is analysing actual and projected sales data for the café.


Projected operating income for Enchantment Bakery


The sales manager has provided the following projected sales information for Enchantment Bakery for the 4th quarter of the 2021/22 financial year and for the 2022/23 financial year. These figures have been reviewed by operational and marketing staff and are seen as realistic.


Enchantment Bakery derives its operating income from three sources. Firstly, it sells its bakery goods to retail food stores. Secondly, it sells snack packs to Flyaway Airlines, and finally, it obtains a small amount of income from a variety of other sales.


Projected sales to retail food stores


Enchantment Bakery sells only five product lines. The price for each product has just been reviewed and it is expected that these prices will not rise until after July 2023.


These product lines, the mode of selling, and the associated prices are:


Table 1: Product line and Selling Price

Product line Mode of selling Selling price
Bread Individual loaf $2.25
Pies Pack of 5 $10
Cakes Pack of 20 $40
Pastries Pack of 20 $35
Doughnuts Pack of 10 $12.50



Thus, for example, pies are sold to retail food stores in packs of 5.  Each pack of 5 pies sells for $10.


There is consistency in the mix of products that are sold to retail food stores. For every 100 loaves of bread that are sold, 4 packs of pies, 1 pack of cakes, 2 packs of pastries, and 2 packs of doughnuts are sold.


For Enchantment Bakery, there is consistency in the mix of products that are sold to retail stores. Of course, each retail store buys from Enchantment Bakery an assorted mix of products that it needs. However overall, Enchantment Bakery has observed a very close relationship between the mix of products sold. Taking all its sales into account, Enchantment Bakery has observed that for every 100 loaves of bread that its sells, it sells 4 packs of pies, 1 pack of cakes, 2 packs of pastries, and 2 packs of doughnuts.[1]


The sales manager has provided the following estimates of the number of units that will be sold to retail food stores for the next 15 months.


Table 2: No of units for Retail Sales

2021/2022 Financial Year Total no. of units
Apr                  1,250,000
May                  1,950,000
Jun                  2,050,000
2022/2023 Financial Year
Jul                  2,100,000
Aug                  2,100,000
Sep                  1,600,000
Oct                  2,000,000
Nov                  3,300,000
Dec                  2,850,000
Jan                  1,750,000
Feb                  1,300,000
Mar                  1,300,000
Apr                  1,300,000
May                  2,000,000
Jun                  2,100,000


Projected sales to Flyaway Airlines


Enchantment Bakery has a contract with Flyaway Airlines to supply snack packs. Each pack contains some food items suitable for eating on a plane. Depending on the flight, the pack contains some food items suitable for eating on a plane. Depending on the flight, the pack supplied to the airline customer will either be a ‘basic’ snack pack or a ‘deluxe’ snack pack. Enchantment Bakery supplies the snack packs in cartons, with each carton holding 100 snack packs. Each carton contains only one type of snack pack i.e., there are cartons that hold 100 basic snack packs and there are cartons that hold 100 deluxe snack packs.


The sales price of the basic snack pack carton is presently $75, whilst the sales price of the deluxe snack pack carton is presently $105. However, the contract in place with Flyaway Airlines allows for price increases and as of 1 July 2022, these prices will rise to $80 and $110 respectively. There will be no further price rises until July 2023.


Flyaway purchases of snack packs have consistently been such that 30% of the purchases are for the basic snack packs and 70% are for the deluxe packs, The COO believes that this situation will continue.


The total number of cartons of snack packs that are expected to be sold per month to Flyway airlines in the time span April 2022 to June 2023 is set out below:


Table 3: No of Cartons for Airlines

2021/2022 Financial Year Total no. of cartons
Apr 14,500
May 12,000
Jun 14,500
2022/2023 Financial Year
Jul 14,750
Aug 12,400
Sep 15,000
Oct 15,250
Nov 12,750
Dec 30,500
Jan 24,750
Feb 12,250
Mar 20,000
Apr 15,000
May 12,250
Jun 15,000


Other operating income


Apart from income received from sales to retail food stores and from Flyaway Airlines, it is expected that $15,000 cash will be received each month in the 2022-2023 financial year from other operating income.


Revenue Collection


With regard to sales revenue from trade with retail food stores, it is expected that 30% will be collected one month after the sales are made, 50% will be collected in the second month, 18% in the third month and there will be 2% bad debts.


For Flyaway Airlines sales, it is expected that 100% of revenue will be collected but with a schedule. Flyaway Airlines makes payments to Enchantment Bakery according to the following schedule:


Table 4: Cash Collection from the Airlines

Month of sales Payment received from Flyaway Airlines
Jan – Mar Jun
Apr-Jun Sep
Jul-Sep Dec
Oct-Dec Mar



Projected operating expenses for Enchantment Bakery


A major expense for Enchantment Bakery is supplies. Based on the projected number of bakery units to be sold to retail food stores and the projected number of cartons of snack boxes to be sold to Flyaway Airlines and the previous history of any other sales, the cost accountant has provided the following projected figures.


Table 5: Payment to Suppliers

2021/2022 Financial Year $
Apr 2,900,000
May 3,000,000
Jun 3,000,000
2022/2023 Financial Year $
Jul 3,000,000
Aug 2,600,000
Sep 3,100,000
Oct 4,400,000
Nov 4,900,000
Dec 3,400,000
Jan 2,100,000
Feb 2,600,000
Mar 2,300,000
Apr 3,000,000
May 3,200,000
Jun 3,200,000


Enchantment Bakery pays for supplies according to the following schedule: 10% is paid in the month of purchase, 50% is paid in the month after purchase, and 40% in the second month after purchase.


Another major expense is that of staff wages and associated staffing costs. These costs are expected to amount to $11,960,000 for the 2022/23 year. There are 26 fortnightly pay periods, with these costs being apportioned evenly per pay period.  There will be 2 pay periods in each of the following months: July 2022, August 2022, October 2022, November 2022, December 2022, January 2023, February 2023, April 2023, May 2023, and June 2023, and 3 pay periods in September 2022 and March 2023.

Local Council rates of $500,000 will be paid in August 2022.


Given the nature of Enchantment Bakery, a major expense is insurance. The cost for this insurance is $720,000 for 2022/23, to be paid monthly, in advance. It is expected that the cost of this insurance will rise by 2.5% for the 23/24 financial year.


Utilities (gas, electricity, water, and communications) are also major expenses. These expenses are all paid in a regular pattern. Details are set out below.


Payments for gas need to be paid in August, November February, and May.  For this financial year the following payments are projected:


Table 6: Gas Bills

Month of payment Gas


Aug 2022 175,000
Nov 2022 160,000
Feb 2023 240,000
May 2023 125,000


For electricity, payments are due in July, October, January, and April.  The amounts expected to be paid are:


Table 7: Electricity Bills

Month of payment Electricity


Jul 2022 250,000
Oct 2022 240,000
Jan 2023 340,000
Apr 2023 200000


Payment for water is made six monthly with a payment of $110,000 expected in September 2022 and the next payment due in March 2023. This payment is expected to be for $115,000.


Communications costs are $25,000 per quarter. Enchantment Bakery has a fixed-price contract until December 2023 with BigT Comms. Payments are due in August, November, February, and May.


Taxation: Based on previous income taxation assessments, Enchantment Bakery will pay the Australia Taxation Office $650,000 in each of the months of September 2022, December 2022, March 2023, and June 2023


Other operational expenses such as those related to cold storage warehouses, packaging material, and fuel and maintenance for delivery vehicles are estimated to be $40,000 per month.


Governance expenses relating to directors’ fees and compliance costs are estimated to be $15,000 per month.


Enchantment Bakery – financial situation


As noted above, Enchantment Bakery has been a most successful organization, and one of the reasons for this success has been its prudent financial management. At present, i.e., March 2022, to provide for appropriate liquidity, its aim is to consistently hold between $5 million and $6 million as cash and cash equivalents. Its projected amount for cash and cash equivalents as of 30 June 2022 is $5.14 million.


With respect to debt carried by Enchantment Bakery, its capital structure is presently 67% equity and 33% debt, and its interest coverage ratio is 16.0. Comparable figures for similar businesses are a capital structure of 50% debt and 50% equity, and an interest coverage ratio of 3.5.


Each month in the 2022/2023 financial year Enchantment Bakery will pay $275,000 to service its debt. These payments cover both interest expenses and payment of borrowed funds.


Projected capital expenses for 2022/23 for Enchantment Bakery


As stated earlier, Enchantment Bakery set up a state-of-the-art factory in 2016.  There is now a need for an update of the communications facilities both in the factory and in the co-located office areas. This activity can be done in stages to ensure the availability of key staff.  It is planned that the work will take place in September and October 2022 and February and May 2023.  The capital expenditure for each of these months is projected to be $250,000


Enchantment Bakery plans to diversify the business and intends to launch new products like health food, antioxidant candies, and many more.  Some of the items are in the trial stage and Enchantment Bakery intends to launch them sometime in the financial year 2023-24. IF possible, Enchantment Bakery intends to install the necessary setup this year for the launch of these new products. While doing so, Enchantment Bakery plans to refurbish the existing setup at the same time.


It is planned that these capital works will take place in the months judged by the Chief Operating Officer to provide for the lowest disruption to operations, judged to be August, January, and April. The capital expenditure for each of these months is projected to be $600,000.


As well as the above capital expenditure, a budget of $125,000 per month will be provided for minor capital works.


Nuom Kong Café – business management


As mentioned earlier, in the thirty-eight years of its existence, Enchantment Bakery has shown itself to be a most successful business. One of the reasons for this success is that there has been excellent financial management of all aspects of its business. This exacting financial management has been applied to the Nuom Kong Café. Tight controls are in place regarding all financial aspects of the café. As part of this control, the manager of the café operates the café as though it is a separate business itself. The café has its own bank account. As part of annual budgeting for the café, projected financial statements for the café are prepared.


As part of its operating expenses, the Nuom Kong Café pays rent to Enchantment Bakery Pty Ltd for the use of the space within the factory.


In 2021, the café décor was updated. Enchantment Bakery Pty Ltd provided a loan for this work. The café pays interest on this loan. However, at this stage, there is no requirement to pay back any of the capital borrowed.


Nuom Kong Café – actuals and projections


The Nuom Kong Café is open for business five days per week for 50 weeks of the year i.e. 250 days of the year. On each day of business, it is open from 7 am to 3 pm i.e. 8 hours. All sales are cash sales.


Sales can be divided into three types:

  • A snack with a beverage – 70% of all customers
  • A beverage only – 25% of all customers
  • A snack only – 5% of all customers


The following revenue and cost information for the 2022/23 financial year has been developed (assume each customer makes only one purchase at each visit to the Nuom Kong Café).


Table 8: Selling Price and Cost Breakdown

Type of purchase Selling price Cost of sale (all COS are variable costs) Other variable costs per customer purchase
Snack and Beverage $10.00 $4.60 $0.05
Beverage only $4.20 $2.10 $0.05
Snack only $5.80 $2.20 $0.05


The manager of the café has developed a projected income statement for the café., based on the expectation of 90,000 customers for the years. It is set out below.


Table 9: Projected Income Statement

Nuom Kong Café
Projected Income statement for 1/7/2022 to 30/06/2023
based on 90,000 customers for the year for the year
Sales $750,600
less: Variable Costs -$351,450
less: Fixed costs
Staffing costs -$310,000
Cleaning costs -$25,000
Marketing costs -$3,600
Rental cost -$18,000
Depreciation expense -$2,400
Interest expense -$1,050
Other fixed costs -$2,400
Total fixed costs  -$362,450
Profit $36,700


Three questions (with subparts) to be answered:


(While these questions are solved using MS-Excel, they must also be presented properly in a Word/Pdf document)




  1. Prepare a monthly cash budget for Enchantment Bakery for the financial year 2022/23, based on the information provided above. You may use the layout presented in Table 10 (next page) to prepare the Cash Budget. Please note that you must add more entries and the necessary details needed to complete the Cash Budget.


  1. Cost-Volume-Profit Analysis


  • Determine the breakeven point for both customers per year and for sales dollars per year for Nuom Kong Café.
  • Calculate the margin of safety in the number of customers per year.
  • What number of customers per year would be needed to achieve a profit of $50,000 (ignore any taxation)?


  1. The last hour of trading for Nuom Kong Café is often quite slow and the café manager has been developing a plan where a special deal would be offered to customers between 2 pm and 3 pm. The plan being considered at present is that a customer would be able to purchase a beverage and snack for just $7.00 during these hours. Market research has provided the following information:


Present situation:


The average number per day of customers for this hour i.e., 2 pm – 3 pm is 15. Of these customers 11 purchase a snack and beverage, and 4 purchase a beverage only.


Special deal situation:


The average number per day of customers for this hour i.e., 2 pm – 3 pm would be 25. Of these customers, 20 would purchase a snack and beverage, and 5 purchase a beverage only. Sales during the other hours of the café’s opening would not be impacted.


If the Café decides to pursue the proposal, what will be the impact on the yearly profit with Special Deal?


Note: for calculations, please show workings in your answer.


Table 10: Partially filled Cash Budget. You may use this format to complete the Cash Budget for Enchantment Bakery for the 12-month period Jul – 22 to Jun-23


Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Total
Cash Inflows
Retail Stores
Other Income
Total Cash Inflow                        
Cash Outflows
Staff Wages
Council Rates


Part B


Oz Transport Limited (OTL)


Oz Transport Ltd (OTL)is a listed company that specializes in providing “trucks for hire” services to small retailers, large commercial houses, and households. The CEO of OTL, John Smith, is a good friend of some of the children of Mr. Chan. As set out earlier, Mr. Chan’s four children are all directors of Enchantment Bakery. John is highly regarded by the management at Enchantment Bakery for his business acumen and quite often, the directors and John socialize and of course, discuss business plans. Both John Smith and the Chan family are visionary and hold a strong sense of what they deem appropriate development in both the business environment and life in general. They are aware of the rising importance of Environmental, Social, and Governance (ESG) factors in the modern world and how they have become the basis for identifying material risks and growth opportunities for businesses in the long run. Both John Smith and the Chan family are conscious of the fact that the investors these days place a heavy emphasis on socially responsible, ethical, and sustainable investing. These principles also resonate well with both companies’ strong history of appropriate corporate governance. Hence, going forward, both the business houses plan to steer their businesses in this direction to maintain the interests of the current investors, and stimulate future potential investment.


In this spirit, the Enchantment Bakery already has several projects in the pipeline including but not limited to introducing organic ready-to-eat food for weight loss, and antioxidants-based sweets for children. Currently, it is developing and perfecting these products.


In the most recent meeting with John, the directors at Enchantment Bakery identified a business opportunity where they share synergies and could work collaboratively.


The recent pandemic has made Enchantment Bakery aware of the importance of an online presence and the home delivery model as another dimension to extend the existing business. As well, they are essential arms for all new upcoming projects. While the bakery is developing the product lines for other new consumables stated above, it must also find options to be able to deliver goods to the customers. As food products cannot be shipped by regular post, it needs a fleet of refrigerated vehicles in each state of Australia. However, investing in such vehicles is not a good strategic fit for Enchantment Bakery.


When the directors at Enchantment Bakery discussed the dilemma with John, it piqued his interest as another business opportunity of developing a fleet of modified refrigerated pickup trucks. He could already foresee the rising opportunities from Enchantment Bakery as a large potential client immediately and in the future when it introduces its newer product ranges.


While the Enchantment Bakery develops new products, John’s new delivery fleet business would have excess capacity in the initial years, and this delivery service could be offered to various other small retailers to cover costs. Though there are other vendors purely in this business, these services offered by OTL would be unique, as John plans to employ the trucks with the latest technology with very low operating costs. It is expected that once the new business is launched, OTL’s low cost-efficient technology will be a game-changer and will allow offering delivery services to other food vendors at a very competitive rate. The expectation is that many small retailers of consumables will prefer OTL’s fleet over existing competition.


As John is a champion of ESG factors, these trucks will either be Plug-In-Hybrid-Vehicles (PHEV) or alternatively Electric Vehicles (EV). Both types have pros and cons. EV produces zero emissions while driving, no noise pollution, low service costs, and more volume to carry the load.  However, the necessary infrastructure for charging stations is still underdeveloped across Australia. This situation poses driving range issues with such vehicles. PHEV is a good compromise between fossil fuel and electric combinations, especially in the current times when fuel prices are on the rise.


As OTL will invest in a large fleet of such vehicles to cover the major cities in Australia and also country regions, this decision needs serious deliberation as the investment required for these vehicles is relatively high and they will be part of the business for a few years going forward.


OTL has already hired the services of AutoExperts, a firm of professionals who guide businesses in the market for light to heavy-duty commercial vehicles to identify the most suitable options for their particular situation. Not only will AutoExperts identify the appropriate type of vehicles, but it will also assist in designing the modifications necessary for the clients and in negotiating with the manufacturers. AutoExperts have charged $75,000 for their research and for other services they have already provided.

AutoExperts have carefully studied the PHEVs and EVs that are in the market for pickup trucks and have identified two models from two reputed automobile manufacturers. The manufacturers have also agreed to build the vehicles as designed by the AutoExperts to suit OTL’s requirements.


The two models are:


  • ecoPick (PHEV)
  • eTrans (EV)


After the necessary modifications, the two models will have varying capacities to carry the load. Based on the existing sales volume across each of the states and the potential to find small retailers interested in such services, the marketing manager at OTL has projected the following requirements for the number of trucks for each model.


Table 11– Number of Trucks required

Cities ecoPick (PHEV) eTrans (EV)
Adelaide 12 9
Brisbane 10 8
Canberra 5 5
Darwin 7 6
Hobart 8 7
Melbourne 15 12
Perth 10 8
Sydney 18 15


In addition, Table – 2 sets out the relevant data for the two options.


Table 12 – Relevant Data

Data – Per Truck ecoPick (PHEV) eTrans (EV)
Purchase price $80,000 $110,000
Cost of necessary modifications including refrigeration $9,000 $11,000
Signage/Branding $800 $850
Government Subsidy $4,500
Initial monthly revenue from Enchantment Bakery $2,700 $2,800
Initial monthly revenue from other small retailers $3,300 $3,600
Initial annual registration cost $850 $850
Initial annual insurance cost $2,000 $2,500
Annual Servicing Cost $800
Annual Fuel and Electricity usage $5,000 $1,200
Driver’s Weekly Salary $800 $800
Life in (years) 10 8
Expected Salvage Value $20,000 $25,000


You must also take into account the following points:


  • The straight-line depreciation method applies, and the trucks must be depreciated to zero in their lifetime.
  • The applicable Corporate Tax rate is 30%
  • The inflation rate can be assumed to be 2% per annum and each of the operating expenses is expected to increase at this rate each year.
  • As Enchantment Bakery gets ready for more deliveries, the yearly revenue from it would increase by 10% each year. This rise includes the inflation effect.
  • As Enchantment Bakery will use more of the delivery services from OTL in the future, the expected revenue from other small retailers is expected to decrease by 20% each year. This decrease includes the impact of inflation.
  • OTL believes EVs are still evolving and will be much more advanced in the future and so these vehicles will be superseded. Thus, the assumed life is 8 years for this fleet of trucks.
  • OTL believes the fossil fuel-based vehicles will become obsolete, and after 10 years, they will have to be replaced by EVs.
  • The cash received from the subsidy reduces the acquisition cost of the assets.
  • For EVs, the servicing will occur in Year 3 and Year 6 and the estimated cost per truck in Year 3 is $1,000 and in Year 6 is 1,060.


As of today, the snapshot of the OTL’s capital structure is as follows:


  • 2,000,000 6% Preference Shares outstanding issued at $5 and currently trading at $4.45.
  • 100,000,000 Ordinary shares outstanding currently trading at $0.65 The company has just issued a dividend of $0.05 with this dividend having a constant growth rate of 1%.
  • A Bank Loan of $10 million outstanding with an interest rate of 3.5% per annum with monthly compounding.
  • 20,000 units of 5 years, 3% coupon semi-annual Bond with a face value of $1,000 each, trading at $950.


Two questions to be answered:


(While these questions are solved in Excel, they must also be presented properly in a Word/Pdf document)




  1. With the given information about Oz Transport Ltd (OTL), estimate the suitable Weighted Average Cost of Capital (WACC) to evaluate the options.
  2. Using the WACC you have established, (round it to the nearest whole number), undertake an NPV analysis of the two alternatives OTL has regarding the truck models.



Two categories of questions to be answered:


Questions for analysing Part A


Consider the analysis you have done in Part A, questions 1 and 2, use your video to:


Discuss both the concept behind and the process of developing the Cash Budget and the CVP analysis using your work on the Case Study on Enchantment Bakery and Nuom Kong Café, as examples to illustrate these ideas. Ensure that you summarise the key aspects/ findings in your analyses.


Based on your findings, make recommendations to both Ms. Kim Long, CFO of Enchantment Bakery Pty Ltd, and Mr. Simon Gill, manager of the Nuom Kong Cafe. These recommendations need to include:


  • any improvements to the business plan based on the proposed Cash Budget and
  • should the Café undertake the Special deal? Explain why.


Questions for analysing Part B


Consider the analysis you have done in Part B, questions 1 and 2, and use your POWERPOINT PRESENTATION to


Discuss both the concept behind and the process of NPV analysis using your work in the Case Study on OTL as an example to illustrate these ideas. Ensure that you summarise the key assumptions/aspects/ findings in your analyses.


Provide a recommendation to John Smith as to which of the two truck models should be bought. Briefly explain your reasons for this recommendation.


What are your thoughts about John’s motivation for undertaking this new delivery business?


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