SO1E02: Setting-Up the Company for the Companies (Continued)
**[Ongoing kick-off meeting held at one of the 5 star hotels in Lagos, Nigeria, of 6 professionals to set up a company of repute]**
Edward: Let’s have 5 minutes coffee brake before Vincent takes the next presentation.
Vincent: *[Just after the 5 minutes brake, with some humor]* If you want us to go for lunch right now, please raise up your hand.
Chinwe: *[Along with everyone laughing in the hall]* You better say you’re hungry.
Vincent: *[Still some humor]* We were giving 5 minutes coffee brake yet we all sat back as if we’ll prefer the call for lunch. *[Rubs palms against each other]* Now to the business on hand. We’ve all filled out the stakeholders and consent forms indicative of our collective involvement in seeing the company through its early stages to a full grown entity. These will be attached with the company registration form that will be submitted to the corporate affairs commission (CAC). *[Paces around the conference table]* Let me pace around like Busola. Although we’re all proprietors of the company, constituting the board of directors, we need to appoint a managing director for the company. In your files you’ll have noticed a card inscribed managing director. Look at the profile of all 6 of us as contained in the files and nominate a managing director of your choice. At the end of my delivery, I collect and Collate the 2 names of most choice.
Edward: *[Stands up]* Sorry to cut in Vincent. *[Glances at all as he speaks]* while we had the 5 minutes brake, I quickly logged into my account on the Corporate Affairs Commission (CAC) website to search and reserve the company name we’ve all agreed on. Although I did not indicate option 2 on the search, can we agree on an option in the event that the name, Strategy, is not available.
Bruce: Now that’s a clever proactive approach. I didn’t know one can do that. Even create an account on CAC website.
Edward: With the computer age, every organization or company has to be computer system smart. There is where the cutting edge lies. Thanks Vincent, please continue.
Vincent: Thanks to you too, Edward. We didn’t even consider availability of the company name, Strategy. Like Edward mentioned we’ll have to think up an optional company to be lodged in with CAC. *[Paces to stand at the back facing the screen.]* As you all maybe aware that it’s no longer a mandatory corporate requirement to have and submit a company secretary name along with registering a corporate company. However, I’m moving the motion that we retain Sophie Ifiaka, the learned friend in our midst, as the company secretary.
Duru: *[Applauding]* You have just spoken my mind. With such a motivational company name she came up with, she obviously has something to grow the company in its early stage. I support the motion.
Vincent: *[Paces to stand in front of the screen]* Ok let’s approach it this way. *[Raises his hand]* If you support the motion that we should have Miss Sophie Ifiaka as the company secretary, please raise up your hand. *[All raised up their hand]* Then we’re unanimous, thank you all. However, I’ll like to ask: Miss Ifiaka, is this an offer you’ll want to accept?
Sophie: It will be a great honor to be part of the success story of Strategy Nigeria Limited. I’m also honored that you all accord me such recognition. I accept the offer and I promise I won’t let you all down.
Chinwe: *[As all applaud]* I want to come over and give you a hug.
Bruce: Please go ahead. Give her a hug on our behalf. *[All laugh]*
Chinwe: *[As she hugs Sophie]* I’m so proud of you.
Vincent: Thanks Chinwe *[Chinwe returns to her sit]* I hope you’ve all studied carefully the memorandum of association added in your file. Does anyone have question or observation?
Bruce: Item 11 of the memorandum of association stipulated that the board of directors will start to have earnings from their share capital only after the company’s 5 productive years. On my mind I feel that will be to long a time period.
Vincent: Does anyone want to comment on that? *[Edward raises his hand]* Go ahead Edward.
Edward: Over the years of my working research, I have seen companies crumble under their weight because the proprietors started squandering the company income in luxury living instead of plowing it back to grow the company. I reckon that 5 years of plowing back the company’s profit after taxes, payments of employee salaries and, sundry expenses will take us 80% if not 100% to where we all want the company to be.
Bruce: What if we place it at 2 options before which the board of directors will start to get earnings from their share capital.
Edward: That is an excellent idea. Ok what do you think of this. It’s either the the company income at 35 million Naira after all commitments and expenses of 3 years productivity or after 5 years of successful operations.
Vincent: So can I suggest that item 11 of memorandum of association be amended to capture any of the two options that comes first. Do we all agree? *[Consultative side talks around the table]* We’re already having syndicate groups that we didn’t ask for. So who will speak for all?
Chinwe: *[Side talks end.]* From what I can hear on the side talks, we all agree.
Vincent: If you agree please raise up your hand. *[All raise up hands]* Again we are unanimous. Miss Ifiaka, please call up the ecopy of the memorandum of association and amend item 11 accordingly. Any other observation or question? *[No one indicated. Vincent walks to each on their sits]* So as mentioned earlier, please hand me your nomination for the post of managing director. *[Collect each ones nomination card]* Thanks to you all. We’ve 5 minutes before lunch so I’ll handle this just before the next presentation. Thank you all for your productive participation. *[All applauded]*
Edward: I must remark that Vincent’s presentation was as lively as Busola’s. Thanks Vincent. Let me inform you all that the company name ‘Strategy’ is reserved and approved by CAC. The reservation will be held for 60 days.
**[They get set for lunch. Sophie quickly effect the amendment to item 11 in the memorandum of association. Busola is getting set the display of the company logo she promised to put on display just before the end of lunch. All exit the conference room to the restaurant]**
**[Busola hurried up her lunch and retire to the conference room ahead of the others. She displace the company logo on the screen. Logo of 8 steps with the company name “Strategy” spelt letter by letter ascending the step while letters G and Y are both on the topmost step. The first 4 letters are colored bright red while the last 4 letters are colored deep navy blue.]**
Chinwe: *[Sophie and Chinwe walk in at the same time. Their attention captured by the company logo on the screen]* Wow! Busola this is awesome.
Sophie: What I see is that the right kind of people are coming together to form this company. I am so delighted to be a small part of it. This obviously adds to the motivation in the company name.
Duru: *[Edward, Duru, Vincent and, Bruce walk in at the same time.]* OMG! Busola, you’re a genius. How did you conjure up this appropriate logo for the company.
Edward: The ladies in our midst have a wild creative mind for excellence. *[Thumbs up]* Weldon Busola!
Bruce: With this logo no context.
To be continued………………