Debtor/Creditor Relations, Agency and Employment Assignment

Debtor/Creditor Relations, Agency and Employment

From an employment law perspective, the best approach Stacy would need to take is buying directly from a local at a slightly higher price than recruiting new employees to pick from U-pick farms. This is because hiring employees and giving them the mandate of picking her blueberries at the U-Pick farm has excellent implications for Stacy. For instance, the decision can make her liable for any injuries that could happen to the employees when they are on the farm. Given that the farm has bushes picking blueberries could be hazardous, thus leading to high chances of injuries among the employees. Because the company will need more blueberries so that to maintain its supply to the consumer, it will need to hire multiple employees to work in the firm, which would raise the possibility of more injury occurrence. It is also clear that Stacy will have an issue with designing payment structure and hours of working among the employees by recruiting employees. According to law, various laws will need to come into play as the employees will need to be provided various benefits. As an employer, Stacy will need to provide a safe working environment to the employees, which will be liable to her. Apart from the injuries implication, Stacy will also need to review the terms of an agreement between her and the employees, which would affect Wood's previous agreement. Although the purchasing direct from other local farmers besides Wood looks to be a noble option to Stacy, it may lead her to an unintentional partner situation. Either choice that Stacy would take will still have implications for her, but from the employment perspective, the preferable decision is to purchase directly from the local farmers as that would establish a formal local relationship between the farmers and the company (DuBoff & Bryan, 2019). The decision to take blueberries from the farmers would need Stacy to have a formal contract as that will help prevent miscommunication regarding being a partner in the farm.

One significant step Stacy needs to take is coming up with a detailed financial statement that shows the bank her financial creditworthiness and prospects. The financial statement will help Stacy secure a loan from the bank because it provides important information on the financial and operational health of the firm and the individual. To add, Stacy should have a plan on how to repay the loan after hiring the staff she would like to hire. With evident information on the company's progress, she should address whether the loan she is going to take will be long-term or short-term and give detailed information on how she needs to borrow (Carbajo, 2019). Another essential thing Stacy should do to persuade the bank is to list the value of her assets in a more detailed way to act as collateral in securing the loan. Giving detailed information about herself will make the bank know that she was prepared and in need of a loan to boost her business. In addition, giving the bank details about herself and the need for the loan would paint her in a better light as someone who knows what she is doing and why she needs the loan. The importance of doing this is that it will help increase her chances of getting the loan from the bank as that will show that she is open and in need of the loan to improve her business performance in the market.

References

Carbajo, M. (2019, June 25). Seven steps to take when getting a business loan from a bank. Retrieved April 20, 2022, from https://www.thebalancesmb.com/business-loan-steps-3953768

DuBoff, L. D., & Bryan, A. (2019). The Law (in Plain English) for Small Business. Simon and Schuster.