Ownership & Structure
The company is a joint venture start-up company between the principals, Mr. Bean and his associates, and the management of Martin-Bower, one of the country’s largest and most successful food distributors. The company will be incorporated as a class C corporation in the state of Delaware with all shares held by private investors.
Martin-Bower will own 29% of MillenniumMart’s initial private shares with an option to acquire a further 11% shares based on growth and profitability after the first five years. MillenniumMart is expected to open its first store in downtown Manhattan in March of Year 1.
The company will be set up with a board of directors. Mr. James Bean, a former senior manager of Martin-Bower is slated for the position of CEO. Mrs. Linda Tuck has accepted the position of CFO.
As stated earlier, MillenniumMart will be a joint venture between Mr. Wallace Bean and his associates and the management of Martin-Bower, a large food distribution company. The company officers will include Mr. Bean as CEO, Mrs. Linda Tuck as CFO, plus Mr. Minoru Takeda, who will be operations manager. Since the firm is a start-up, there will be little in the way of formal structure at first. The company also plans to hire three technicians who will service the automated store and a office manager. Additional personnel will be added once more stores are set up.
Mr. Wallace Bean is a graduate of the University of Texas, Austin’s school of business. He has worked for more than twelve years in the food distribution and grocery store industry, including positions as vice president of marketing for Fry’s Food and Drug, director of special projects for Giant Foods and more recently, senior vice president for Martin-Bower.
Mrs. Linda Tuck has a graduate degree in finance from Kansas State University and has eight years experience working for various companies. Her last job was as a financial analyst for Circle K corporation.
Mr Minoru Takeda is an MBA graduate from the University of Osaka. He has been operational manager for Kiyama Inc. for the past six years which operates approximately six hundred automated convenience stores throughout Japan. Mr. Takeda has moved to the United States for the express purpose of bringing this new type of store to this country.