The owners of the Dollar Store believe very strongly that relationships should be forthright, work should be structured with enough room for creativity, and pay should be fair and equitable in relation to what the industry is paying. With the right people in place the Dollar Store will have the incentives to encourage quality people to stay.
Ted Brinkman and Jim Spencer worked together as managers of a group of large regional retail operations (name omitted) before starting the Dollar Store. Over the past 10 years, under their direction, the organization became the largest and most well-known in their area. The owners of the company were looking to sell the company to a national organization and it was at that point that Jim and Ted decided to branch out on their own. Both bring extensive retail marketing and finance knowledge to the company. They have the knowledge, experience and contacts to make the company a success.
The personnel plan is included in the following table. It shows the owner's salary in which Mr. Brinkman only wants a small draw at the initial start of the store. There will be four full-time employees and four part-time employees. Mr Spencer will act as the full-time manager to oversee many of the day-to-day functions of the store. Store employees will start at an hourly rate and raises will come after the stores first year of operation. The manager will start at a monthly salary. Salaries and hourly rates are shown in the table below. Full-time employees will qualify for full benefits.