Q Case Scenario: Mr. Jimmy Smith is retiring early from his management job in publishing due to a business consolidation in his industry. Because readers are moving to online formats for purchasing books and magazines, Mr. Smith is not interested in staying in that industry. Since Jimmy is only 56 years old, he is not ready to retire. He and his brother, Bill, enjoy cycling, running and occasionally entering triathlons together and train together frequently. Jimmy has noted that it is difficult finding the affordable quality equipment for his hobbies and believes that if he opened a brick and mortar store, he could have a successful business. Bill has also expressed an interest in being a part of this new business, but he and Jimmy have not decided what role Bill will play. In addition, Jimmy isn't sure he wants to go back to work full-time and thinks he could run this business without it encroaching on his training time. Mr. Smith was given a severance package of $50,000 and other than a $1800 house payment, does not have any other personal financial obligations. He is single and his only child is grown and lives away from home. How to Set Up the Paper Create a Word or Rich Text Format (RTF) document that is single-spaced with a space between paragraphs, Times New Roman 12-point font. The final product will be in business memo format no longer than 2 pages in length. Essentially, use one paragraph per heading. Write clearly and concisely. Please review the attached link on how to write a memo. How to Write a Business Memo Use this Project Template to complete this project. Instructions: You are a consultant that Mr. Smith is considering hiring to guide him through the process of starting his business. Since you have a broad business background, you are going to write a business memo outlining the different areas of business that he would need to consider to successfully open the business. You will use the following headings as well as the course material to complete the project. Business Summary - This is a one paragraph overview of the current situation of the client as you see it. This is the foundation of the memo to make sure you and your client are both viewing the situation the same. Situation Analysis and Recommendations - This is where you address the following: 1- Discuss how Jimmy would determine if he is truly an entrepreneur. 2- Explain how Jimmy should decide how much capital is needed to start the business. Assuming he needs financing, discuss which financial statements are needed. 3- Based on the information in the case scenario, discuss the best form of business Jimmy should set up and why. Explain the legal benefits and disadvantages of the selected business form. 4- Discuss what roles Bill and Jimmy will assume in the business. Explain whether this decision affect the form of business Jimmy sets up and explain how so. 5- Explain the types of marketing the business should pursue. 6- Explain whether Jimmy should hire help. If so, who will manage them? Explain what type of management style should be used. 7- Explain the best ways for Jimmy to motivate his employees if he chooses to hire employees. ?