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Millennials Preparedness to Real-World Environment (2)
Millennials Preparedness to Real-World Environment
Student’s Name
Institution
Millennials Preparedness to Real-World Environment
Graduate unpreparedness to the real world has become the primary growing concern in a career that significantly develops anxiety and culture of uncertainty among the millennials. Should more education courses attempt to create real-world environments to better prepare students or should colleges streamline coursework in favor of more classes devoted to a career as well as significant preparedness? It is an inquisitive question as both are to some extent solutions to student unpreparedness in college. However, I support the act of colleges streamlining the coursework in favor of more class devoted to significant preparedness and career as it works out better in curbing the problem. The necessity of getting a tertiary level education is acquiring the knowledge as well as the skills essential in performing practical work in the job field. Therefore, the reality of student graduating while not contented regarding career preparedness is a great catastrophe that requires immediate action at the college level. Restructuring of the college’s coursework in favor of more classes being dedicated toward a career is discussed into an in-depth extent as a valid measure of curbing student anxiety as well as enhancing major preparedness to the real world environment.
A high percentage of the graduates from the universities as well as other advanced level learning institution is not satisfied with what they are taught. It significantly means that the professors as wells other staff are not doing their work correctly or the students do not play their part well. These are alarming questions but essential in elaborating the cause of the growing concerns of anxiety and uncertainty towards career preparedness. According to the researchers’ reports, it is right that the tutors are delivering their services of feeding the students with all the knowledge required in consideration to the education curriculum. However, they forget the bit of teaching the same scholars the practical technicalities that are efficient in the field. “55 percent of students felt they were well prepared to work but only 18 percent of employers felt the same.” (Wurdinger & Qureshi 2015). Apart from the substantial general coursework, the students are also subjected to the co-curriculum activities which are mandatory to miss as well as a standardized test that they are supposed to acquire more than the recommended pass mark or retake the same course. Also, the same students have to be active in the school clubs and other non-curriculum activities vital for the social-being such as participating in religious activities. It is written to be evaluated through the continuous assessments and take part in co-curriculum events, but the practical skills part in the coursework should also be given the same weight. When all these things are put together, it becomes tiresome, and the students will have limited time dedicated to the practical work that prepares them to survive in the real world environment.
It is essential to restructure the tertiary level education coursework as the vital thing of students being in that institution is being capable of living well after the course which involves financial stability, helping the family and giving back to the community. The act of developing self-dependency at the millennial age is vital in preparing the students to face the real world, and the course framework should be structured in a sound way that considers knowledge instigation as well as work preparedness. All these elements regarded as “well-being” in the real world refers to the act of being capable of working or investing as well as inventing a viable business that is worth and paying (Ravitch 2016). Education sharpens peoples’ mind, and that is the reason behind an individual specifying to a particular discipline at the advanced level that one has the potentiality and willingness to work at after the completion of the course. It is healthy and right for the students to participate in the co-curriculum activities as it dramatically plays a significant role in mind refreshment but they are supposed to manage their time well not to spend all of it out there in the field and end up having problems in other parts of education. Some have the talents that are worth as well as paying even more than the other careers in the world, hence the co-curriculums cannot be ignored as well. Streamlining the coursework is vital to make sure that every essential element based on class, extra-curriculum and career preparedness are adequately granted enough time to prevent dragging behind one side.
For instance, consider the case of these graduate that move out to the career environment and cannot stand in one job even for a year. It is an excellent example of college-level unpreparedness, and it depicts the importance of rectifying the coursework. This postgraduate realizes that the career that they have secured does not fit their requirements, or they are not capable of giving out what is recommended in the field. All this involves career unpreparedness at the college level education. In the university, the professors are keen in ensuring that students are fit in the class work that they teach and prove it by testing them through the standardized test. “…the schools’ inability to show them applicable skills as one of the leading ways schools failed to help them,” (Irvine et al. 2015). It is right that they have acquired the knowledge, but they should also gain the skills fundamental to their work through practical experience in the career environment. The tutors at the college level have to put up a strategy that equips the students with the appropriate expertise in the real world in such a way that they will be able to work and secure a place after the course.
In the world today job opportunities are limited, and only a few, as well as the sharpest out, compete others in securing the available chances. It has reached an extent that in acquiring a career one have to be experienced and capable of putting the skills in practice efficiently or having a connection with a person who can persevere in training you how to do the job. Hence, making it very rare for the university graduate securing good careers immediately after their course completion. Therefore, in the college students are supposed to be depicted in a program that will to a profound extent train them how to plan and come up with new viable ideas that will effectively open broad ways at the real world. For instance, it is evident in real life situations that among the most prominent and wealthy people in the world are the businessmen. They spend adequate time and energy investing and inventing new ideas that fill the gap in the society earning those lots of capital. In reality, people in business do not make a living through working by themselves, but they employ others, people, to work for them in the ventures they have invested enhancing diversity. Teachers are supposed to align the curriculum in such a way that the learners have adequate time to develop the skills of planning and coming up with new opportunities by the utilization of the available resources (Hew 2016).
In colleges and other tertiary level learning institutions, practical techniques of rectifying the coursework in a manner that will depict enough time to career preparedness are supposed to be adopted. Some of these measures include introducing and reorganizing internships into a more efficient way, increasing the number of projects done throughout the course as well as encouraging students to get involved in activities that can earn them income during their holidays and other free time. To start with is the rescheduling the methodologies of offering internships and others related attachments. Some colleges are never serious about this activity, and it becomes an option regarding the individual student’s interest. Others provide the internship opportunity but once in the whole time course duration. It is traumatizing to the extent of taking learning institutions as business-oriented ventures whose aim is just earning the capital and have no concern of where the graduates will end up to in future. Internships are among the best techniques of introducing students to the real world as they will have the time to get experience and interact with professionals in that particular field who will significantly share their skills.
Therefore, colleges are supposed to put implement them as part of the coursework in such a way that it will be inevitable for a student to skip. Also, it is crucial for the students to attend various internships up to three of them or more if possible depending on the duration of the course. The more they get exposed to the working environment to more they master the skills and techniques required in the field, and this will be essential when it comes to securing a career (Fincher et al. 2017). During the internships, there is a capability of the students identifying a particular gap in the society that they will utilize as opportunities to start inventions through the experience gained. It sharpens their brains as well as technical skills that make them innovative, and they will not undergo too much struggle when they get out to the real world which favors the productive people. Nowadays during the interview sessions, the interviewer’s panels are not much concerned with the papers and grade point aggregates that one get on course completion but the kind of skills and experience the one has. In the end, those graduates with positive recommendations and experience after undergoing to various internships are favored and first secure the job opportunities.
The second issue regards increasing the number of projects partaken by the students throughout the coursework. The higher the number of these projects the well-equipped the student will be. Many institutions only put in consideration one general project at a particular phase of the course, but that is not right. Projects make students to think critically, carry out significant research, analyze the issue, come up with a plan and finally present it to a panel of professors who either certifies it or insist that more should be done. Projects cannot be ignored as partaking them make students have practical experience of how the real world is and develop the cognitive of being active in identifying a problem in the society as well as being fast to generate a valid solution (Entwistle & Ramsden 2015). Students with adequate skills will not depend on employment but will be there to study the environment and come up with their innovations that will be productive to the community.
Projects have an unusual approach that is unique in such a way that skipping one step leads to significant failure as it will interfere with rest of the work. The same case happens in the real world, especially in the workplace. Therefore, projects will equip the students with the smartness and be used to correctly doing things following all the required steps as well as avoiding the alluring shortcuts. Furthermore, these projects will boost the students’ courage as they make a presentation and this will be applicable in the career field during the interviews as well as when presenting other constructive ideas. Thus, the learning institutions should make the significant rectification of giving students adequate time to carry out projects as well as other practical experiments as they play an essential role when it comes to career preparedness. The professors should also not ignore any of these projects, and they have also to ensure credibility in testing the students’ capabilities.
The other solution to graduate career unpreparedness and anxiety is encouraging students to get involved in part-time activities that will significantly earn them income. The fact of their presence in school sharpens the mind and gains skills that enable them to work and be financially stable for their sustenance as well as that of their families. Talents work out well as part-time work for the students, but they can also be significantly be involved in all the other fields such as business as long as it is not interfering with their studying program (Dunn 2016). Therefore, having the potentiality of being productive and earning while still partaking their course is significant as it will ease the parents’ burden as well as developing a sense of responsibility. Students who are used to work even when at school have an easy time when they graduate as they are used to the real world and knows which fields they fit better hence secure the best careers. Also, it is essential as they develop the sense of belonging and impendence as they will not all the time rely on their parents to cater for their expenses as well as school fees.
For instance, take an example of a student who at the other side is a musician and spends his free time composing songs and attending other relevant occasions to entertain the audience. At long last, he knows his career field and will significantly take a course related to music ending up improving his skills that are effective in facing the real world after course completion. The anxiety of unpreparedness will not affect him, and he will be longing when that time comes to complete his studies and get in the field on a full-time basis. He will not be part of the growing concern culture of unpreparedness to career “…21 percent of students said there are not enough internship opportunities,” (Dondlinger & McLeod 2015).
Today many learning institutions have adopted new technology as a way of equipping students with practical skills necessary at the workplace as a way of preparing them to face the real world. Although, it seems that either one of the party the students or the tertiary level tutors have failed to do their work correctly. All the blame cannot be subjected to the college level schools as even students have to play their part well. At the tertiary level, the professor expects to deal with mature people who should not be pushed all the minute to do the right thing at the right time. It is evident that the practical lessons are framed as part of the coursework in various institutions, but some students end up not attending the sessions that particular moment is hence missing the practical based context of the entire course. The issue of work unpreparedness has emerged to be a devastating menace in the community where the students’ tamarack and waste lots of their time trying to find fitting job opportunities. Some even end up losing hope living a frustrated life where it is challenging to have a good livelihood. Therefore, it is a task of all the affected party whether the students, professors, and the tertiary learning institutions to reschedule the coursework appropriately and enhance proper management of time and available resources towards students’ job preparedness.
From the above discussion, it is true that there are anxieties and growing concerns regarding graduate unpreparedness towards the real world, but restructuring the tertiary level coursework schedules will be a sound solution to the problem. Taking the mentioned above measure will significantly enable psychological and physiological preparedness of the students to join the career fields as they will be adequately trained and experienced. It is not the learning institutions and tutors duty to make the sound changes but also government’s responsibility to appropriately intervene with the education system in such a way that it will improve students’ preparedness to join the real world. Also, students at the individual level should make the efforts of curbing the anxieties and growing concern cultures and adopt productive actions that will enhance their survivability in the world as well as careers.
References
Dondlinger, M. J., & McLeod, J. K. (2015). Solving real world problems with alternate reality gaming: Student experiences in the global village playground capstone course design. Interdisciplinary Journal of Problem-Based Learning, 9(2), 3.
Dunn, M. E. (2016). Reclaiming Opportunities for Effective Teaching: An Institutional Ethnographic Study of Community College Course Outlines. Lexington Books.
Entwistle, N., & Ramsden, P. (2015). Understanding student learning (Routledge revivals). Routledge.
Fincher, M., Kelly, C., Harrison, M., Harrison, Z., Hopson, D., & Weems, S. (2017). Articulation and transfer for career and technical students: Best practices for dealing with real and perceived barriers to baccalaureate degree attainment for applied science students. Community College Journal of Research and Practice, 41(8), 531-535.
Hew, K. F. (2016). Promoting engagement in online courses: What strategies can we learn from three highly rated MOOCS. British Journal of Educational Technology, 47(2), 320-341.
Irvine, J., Molyneux, J., & Gillman, M. (2015). ‘Providing a link with the real world’: Learning from the student experience of service user and carer involvement in social work education. Social Work Education, 34(2), 138-150.
Ravitch, D. (2016). The death and life of the great American school system: How testing and choice are undermining education. Basic Books.
Russell, J. E., Van Horne, S., Ward, A. S., III, E. A. B., Sipola, M., Colombo, M., & Rocheford, M. K. (2016). Large lecture transformation: Adopting evidence-based practices to increase student engagement and performance in an introductory science course. Journal of Geoscience Education, 64(1), 37-51.
Wurdinger, S., & Qureshi, M. (2015). Enhancing college students’ life skills through project based learning. Innovative Higher Education, 40(3), 279-286.
Millennials and the Political Process
Name:
Course:
Professor:
Date:
Millennials and the Political Process
Outline
1. Every vote matters.
2. Millennials make up a significant percentage of voters, about half.
3. Ethnically diverse and open-minded generation.
4. They can become civil servants to represent their views.
5. Young people hit hard in the recession, issues like college debt and healthcare, unemployment matter to them.
6. Start voting early to make it a lifelong habit.
7. It is easy to be an educated voter; social media is awash with information about candidates.
8. Voting affects the future, adulthood responsibilities such as buying homes, healthcare. Policies by current leaders will affect this.
Millennials often take very little or no interest at all when it comes to political issues. There are several reasons for their disinterest, the first of these being that they feel that politics do not affect their lives. Nothing could be further from the truth. Politics affect every area of our lives today. This has been clearly shown in President Trump’s presidency where people have been divided along many lines, and the nation’s unity has been threatened. Policies enacted by the government affect every area of citizens’ lives including education, healthcare, and taxation among many others (Johnson). It is time for millennials to sit up, take notice and actively engage in politics to safeguard their futures and their dreams.
The first reason as to why millennials should become involved in the political process is that every single one of their votes matters. In a country with millions upon millions of voters, it is easy for someone to think, but mine is just one vote. If everyone else votes then the one vote will not count. If every single millennial adopted such a mindset, there would be trouble for the voting process known as voter apathy (Quaranta 796). In the 2016 election, the fact that every vote counts came to be seen clearly. While the president did not win the popular vote, he won the Electoral College votes. Had more people turned out to vote perhaps the outcome may have been different. Many leaders such as Senator Al Franken of Minnesota in 2009 have won elections by a very small margin.
The second reason as to why millennials should become a part of the political process is that they make a significant part of the voting population. The population of millennials is fast growing and will soon outnumber the baby boomers. Their large numbers mean that they cannot afford to sit back and let others make decisions for them (Oakley). They should take advantage of their numbers. Millennials can swing the vote in the direction that they please because of the large part of voters that they make. Given the fact that they are capable of determining the election, it would be unwise not to stand up and be counted in the political process.
Millennials come from diverse backgrounds in terms of race, ethnicity, education, mindset among many other factors. This means that their opinions are quite diverse as well. For this reason, their interaction with people of different backgrounds has enabled them to be open-minded. Older generations may have grown up with people of the same mindset that renders them incapable of open-mindedness that the millennials posses. Because of this diversity, millennials are poised to have liberal opinions on matters affecting them today (Miller). They should, therefore, be involved in the political process to ensure inclusivity and diversity in leadership.
In recent years, we have seen the age of civil servants become younger and younger. In the past civil servants were assumed to be old people and this is one of the reasons that millennials have been mostly disinterested in politics. However, it has been seen that young people are equally capable of being outstanding leaders and making the right policies in their areas of expertise. The young people taking up leadership positions in the political sphere means that they can advocate for matters that are important to their peers and ensure that they make their voices heard.
Millennials are the hardest hit by economic crises such as recessions. This is because they make up a large part of the population. Problems such as healthcare, unemployment, and debt affect them the most. Most students in college take federal loans to help them finance their education. After college during times of recession, they might find it hard to get employment that will help them pay off their loans. Because of problems like these, young people should play an active role in the political process. They must ensure that the leaders they vote for will advocate for policies that will make their lives better.
To develop a lifelong habit of voting, it is crucial that millennials start voting early on in life. As with any other practice, it should be formed early so that as one grows older, it becomes natural for them to be a part of the political process. The first time that a person vote is a significant milestone. It brings with it a feeling of responsibility and the young voter feels that they are making their voice heard (Oakley). As one grows older and takes part in election cycles, they get more familiar with the process, and they are more informed about the matters concerning them in politics. They will, therefore, be more interested in the political process in the future and it will grow to become a habit.
Another reason as to why millennials should be interested in politics is that they cannot claim ignorance. Information concerning the political process and candidates are readily available on all forms of media, both social and mainstream (Young). During election seasons, the media takes time to disseminate information and make the voter as informed as possible. With the availability of data, the millennials have no excuse to remain aloof. They can make an informed decision quickly and easily and thus lend their voice to the political process.
Millennials should be a part of the political process because it affects their future. It is normal for millennials to assume that the current crop of leaders has no impact on their lives. This is a misguided view. While today’s leaders may seem to have no effect on their lives, the policies that the leaders make today have potentially long term effects. There is every reason for millennials to be actively involved in the political process as it will undoubtedly affect their lives in the future. Policies relating to areas such as healthcare, education, employment, housing, and taxation affect the life of every citizen (Miller). Millennials should ensure that they use their numbers to vote into office those leaders that they feel represent their interests both in the short term and in the long run.
Perhaps the most important reason as to why millennials should be a part of the political process is because it is their constitutional right. All citizens have the right to vote. It is their right as well as their responsibility to vote into office leaders to represent them at the local and national levels. Exercising this right ensures that millennials safeguard their voice in government and also that their interests are articulated and expressed. They cannot afford to ignore politics as every aspect of their lives is influenced by politics.
From these arguments, it is clear that millennials have every reason to be a part of the political process. The world today is controlled by politics; hence every citizen should make sure that they have a say in the leaders that are chosen to represent them. The fact that they make up such a large part of the voting numbers in the country means that millennials have a big say in politics and leadership of this country. Voter apathy is quite rampant among the millennials (Quaranta 801). Political candidates should, therefore, ensure that they woo the young people by educating them on the relevance of politics to their lives. During political campaigns, those candidates who have been popular among the younger generation have a higher chance of winning (Young).
Millennials can no longer afford to ignore the political process. Their large and growing numbers means that their interests are at higher stake in the political process. Many policies that are passed in the political process affect their lives; hence they should be educated to make the best decisions possible. Every single vote matters in an election hence the idea that one vote does not count should be done away with. The world today is governed by politics, and it affects relationships with other people. Divisive politics have been shown to cause strife and hatred among people of one country. With the diversity among millennials, they are in the best position to bring unity and elect leaders that have the best interests of the country at heart.
Works Cited
Johnson, Meghan. “Milennials: The unspoken generation.” Veritas 1.1 (2015): 6.
Miller, Carly. “The Great Divide: How UC Students See Politics in 2017.” (2018).
Miller, Kiki. Beyond the Ballot: An Examination of the Role of Social Media in the Political Participation and Political Socialization Process of Millennials. University of Colorado at Denver, 2017.
Oakley, David. “The Millennial Generation and Alternative Political Behaviors: An Examination of Political Participation Among Modern Young Americans.” (2017).
Quaranta, Mario. “An apathetic generation? Cohorts’ patterns of political participation in Italy.” Social Indicators Research125.3 (2016): 793-812.
Young, Brittni Jamaeka. “Millennials: Redefining Engagement in Politics.” (2015).
Management Information System part a.b and c
Name:
Course:
Tutor:
Date
Management Information System
Systems Development.
Part A
If TMS develops the system in house, they should use waterfall approach. This approach is used with the assumption that the final deliverable is not needed as quick as possible and high level of accuracy is required. Other reasons include:-
Waterfall approach helps in providing the necessary documentation for users at all stages of development.
There will be opportunity to check for errors at all stages.
It will offer enough time for analysis and final implementation.
There is no intensive user and/or client involvement in all phases of development which is very expensive in terms of time and commitment.
It enables requirements to be well defined before the system can be implemented.
This being a busy business enterprise, the client can participate in the development process while at the same time doing other duties.
It can also employ the use of prototype as an experimental way of gathering requirements such as data from the stakeholders involved.
Little training will be required for users after implementation since full documentation with user manuals are provided by this method.
Every stage in waterfall is well distinct, having the start and finishing point, with final product that can be identified for use in the following phase.
Sufficient information is also used which reduces problems of continuous future support by the developers.
The development, in addition, must take into an account all aspects of the working process. This in turn results to high reliability of the final product.
The method also provides thorough testing of the system. This also contributes to high efficiency and reliability.
The maintenance phase of this method consists of preventative and adaptive maintenance which will enable the system to be free from future flaws as well as easy conformance to the changing technology.
Corrective and perfective maintenance are also part of maintenance phase which ensures the correction of any existing errors in the system and to increase efficiency of operation respectively.
Part B
Although TMS have very skilled IS staff who can take on small new projects, outsourcing can be the best strategy in this case because:-
It is relatively cheap in terms of cost as compared to developing in-house system.
Since this is a business enterprise which is after maximizing profits, it should go for the method with lower cost like outsourcing.
Outsourcing will help TMS to enjoy the changing or latest technology from the external experts.
The TMS staff will also be better placed when it comes to learning and gaining extra knowledge from the outsourced professionals.
Outsourcing will also reduce over participation in the development of the new system by the TMS staff at the expense of daily business operations. This over participation is reduced because external experts will be responsible for system implementation.
Outsourcing will also help the project to be completed in time as the experts will have to meet the agreed deadline.
The external service providers can come with additional resources along with a pool of expertise which TMS may lack of sufficient scale within it’s IS department.
Since the TMS IS staff understand the system better, it will be easier for them to maintain the implemented system by external experts once they learn it.
The outsourcing provider can also help TMS enterprise to overcome inertia in consolidating data centers that the internal group of the enterprise cannot do as a result of merger acquisition.
The TMS enterprise will now be in a position to focus less attention in IS operations and more attention on core activities.
The strategy is also a way of helping TMS to free up most of their time to enable its employees use most of their energies in areas where core competencies are needed within the enterprise.
Outsourcing can also help TMS to effectively transition to fresh technologies.
The provider’s experienced consultants are extra readily available to the market place advances and best practices as compared to any trained and experienced in-house IT professional like those of TMS.
Therefore outsourcing providers will be instrumental in helping TMS to implement such technologies like enterprise 2.0, enterprise resource planning systems and web 2.0 tools.
Outsourcing providers can also offer IS personnel within an enterprise environment that atypical company or enterprise cannot afford to build.
The outsourcing provider in many cases opens greater opportunity for both training and advancement in IT than a single IS organization or enterprise.
Outsourcing will also relieve TMS of costly investments in constant training so that IS staff can get updated with the current marketplace technologies as well as headaches of hiring and retraining staff that can easily switch to other jobs with better pay or further lures.
Data management
There are anumber of management issues likely to occur if OIS is merged with OLDS. They include:-
Incompatibility issues since OIS is a package bought from the vendor while OLDS is customized by TMS. This makes the two systems have two completely different features that will require very high level of expertise to successfully integrate.
Difficulty in data administration. This difficulty is likely to arise given that the two systems may be using different formats for forms, queries and even reports.
The effort to integrate two applications has far reaching implications due to their extensive scope. In this case, an integration that fails or even misbehave can cost the enterprise huge loss in terms of millions of dollars.
There is also inadequate amount of control that the integration developers normally have over the participating applications. For instance, the majority of systems are legacy systems or packaged applications that cannot be altered. The systems are simply connected to the solution of integration. As a result, developers are left in asituation where they have to compensate for the gaps or differences amid the applications.
Although it can be easier to implement part of the solution within the application, this alternative might not be available due to internal corporate politics.
There are only a few standards which have established themselves in the integration domain despite the extensive requirement for the integration solution.
The available standards also do not offer solution to all integration concerns. A good example is XML web services that tackles just apportion of such challenges.
The merging of the two applications also require significant shift in corporate politics.It is because business applications, usually center on particular areas of operations like customer relationship management, finance, billing and others.
There is also difficulty in moving data from one system to another due to differences in data format. The majority of packaged, legacy and customs applications are not equipped to take part in integration solution.
As developing EAI solution is also challenging, operating and even maintaining such a solution can be extra intimidating. The combination of different technologies along with the distributed nature of EAI solutions makes it complex for troubleshooting, monitoring and deployment.
Ethics of selling the customer list
The first thing to do is to find out whether it is better to sell client list in an up market or down market. As a business person running an enterprise, this will be more of personal decision. The value of the book for the sales person in business will be greater at atime when the business is most active.It means that the book will be more valuable in the seller’s market if it consists of mainly prospective business with sellers.
However, if the book consists of mainly prospective business with buyers, it will tend to be extra valuable in the market of buyers. Therefore, before selling customer list, an individual wishing to do so have to take into an account the nature of the business along with prevailing market conditions.
Before selling customer list, it is also important to determine the value of the book of business for the salesperson. In this case, the dollar value for the sales person’s book of business relies on the prospect income that the book can be anticipated to produce over time. The present value can be estimated using the projected future income stream at a discount rate that mirrors the risk of receiving that income projection over time.
The quantity and quality of information that the sales person has affects the value of the book of business. Nevertheless, there are also other contributing factors. As an example, to have a good will of say, 40 potential buyers for $100000 properties may be less valuable as compared to having 10 potential buyers for $9 million properties. The same reasoning is true for information and relationships with potential sellers and tenants too. As a result, quantity and quality can be used as the criteria for adding value to the books of business.
The sales person can be willing to stop working immediately and cash out by selling the potential income that could be produced from his or her good will. In such a case, it can be arational choice to sell client list at retirement.
You also have to decide who the client list should be sold to. In this case, you should keep in mind that the income stream that could be produced from a retiring sales’ person’s book of business relies on who gets it from the retiring sales’ person. It also relies on how well the person who gets it can be responsible for the good will of the retiree under his/her stewardship. Therefore, the more income the acquirer anticipates to produce, the more valuable the good will.
In order to draw up an agreement, the parties involved should negotiate a simple contract that involves the sale/purchase of retiree’s book of business on their own. Nevertheless, if the transaction structure becomes complicated, the service from an attorney would be advisable.
The agreement should openly define what is to be sold. It may include the names, addresses and other information from the retiree’s client book. It may also comprise of tangible items like computer equipment, office supplies, marketing materials and many others.
As far as the payment arrangement is concerned, the parties may agree to a one-time, lump sum payment or a combination of lump sum amount. It will then be followed by prospect payment as the transactions are closed based on the contract. The terms of future payments should also be well defined. They should also agree on the right duration possible for the payment arrangement in order to minimize the liability of tax.
Recommendation to Jane
I would like to advise Jane that she should first of all consider three things before selling her enterprise customer list. She should consider who to sell customer list to, the prevailing market conditions and whether she is willing to retire. Only with the condition that she is willing to retire and with other considerations being favorable in terms of the value of sale, then she can go ahead to sell customer list, else she should not.