Victorian Renovations will be wholly owned and managed by Doug Machen and Sarah Renner. Both have MBA degrees from the University of Portland and both are experienced home owners and renovators. Victorian Renovations will be a side business for them, since they currently work time. They will be working on renovating the building on Fifth and Pearl at night and on weekends.
Doug works for an accounting firm and deals with many real estate transactions for his clients. This experience makes him perfect to negotiate the sales price and mortgage on the house.
Sarah works as a marketing specialist for an interior design firm that focuses on high end reproductions of antique era household items, such a victorian style sinks, taps, wall paper, tiles, and furniture. Most of the products are sourced from overseas, so the company works on big margins. As a result, employees can get good discounts on products from the company. Sarah will be purchasing most products for the house renovation directly from her work.
6.1 Personnel Plan
The owners will be working on this project alone, though they will be bringing in contractors to do some of the heavier renovation work. For the first couple of years, neither will be taking a salary. Instead, they will be plowing profits back into the business, with the aim of buying other properties.