Source: Contemporary Auditing: Issues & Cases - Michael Knapp
On May 19, 1987, a short article in The Wall Street daybook reported that ZZZZ Best Company, Inc., of Reseda, California, had signed a contract for a $13.8 million in¬surance restoration project. This project was just the to the highest degree recent of a series of large restoration jobs obtained by ZZZZ Best (pronounced zee best) Company. Located in the San Fernando vale of southern California, ZZZZ Best had begun operations in the fall of 1982 as a small, door-to-door carpet cleaning operation. Under the snap of Barry Minkow, the ambitious sixteen-year-old who founded the lodge and initially operated it out of his parents garage, ZZZZ Best go through explosive growth in both revenues and profits during the original several years of its existence. In the three-year period from 1984 to 1987, the com¬panys bread income surged from less than $200,000 to more than $5 million on reve-nues of $50 million.
When ZZZZ Best went public in 1986, Minkow and several of his close associ¬ates became multimillionaires overnight. By the late spring of 1987, Minkows stock in the company had a market value exceeding $100 million, and the perfect market value of ZZZZ Best surpassed $200 million.
The youngest chief executive officer in the nation enjoyed the good life, which included an reckon home in an exclusive suburb of Los Angeles and a fire-engine tearing Ferrari. Minkows charm and entrepreneurial genius made him a sought-after commodity on the television talk launch circuit and caused the print and visual media to tout him as an warning of what Americas youth could attain if they would only halt them¬selves. During an carriage on The Oprah Winfrey Show in April 1987, Minkow exhorted his peers with evangelistic vehemence to Think big, be big and encouraged them to adopt his individualised motto, The sky is the limit.
Less than two years after his appearance on The Oprah Winfrey Show, Barry Minkow...If you want to get a full essay, regulate it on our website: Orderessay
If you want to get a full essay, wisit our page: write my essay .
No comments:
Post a Comment