Product details

Sten-Tel is a family owned business that provides transcription services for lawyers, insurance and medical companies, and various government agencies such as the police. The founder has developed new transcribing technology that dramatically reduces labour and overhead costs while increasing customer satisfaction. The automated transcribing system allows clients to dial into the Sten-Tel network whenever they need to record important conversations, and to check on the status of the transcription via an automated telephone system, or on the Internet. The research and development money to create this new system was provided by angel financing. Later, the entrepreneur''s father provides start-up financing for the company. Both investors are becoming anxious to recover their loans. Sten-Tel''s owner decides that the best way to capitalise on his invention and to repay his debt is to franchise the new automated system across the country and eventually internationally. Marketing efforts begin and financial projections for the expected results are provided in the case.