ACTG 2010 Lecture Notes - Lecture 8: Plywood, Agent-General, Cash Flow
12 Jul 2016
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Document Summary
Remained a private company from the beginning until 1983; never took dividends reinvesting entire cash flow. Both poldi bentley (father) and john prentice (uncle) wanted a good reputation; held strong beliefs in principles of integrity, family and safety. Austrian john beene arrived in canada to notice no companies in british columbia manufactured his family"s specialty hardwood furniture veneers. John beene, along with his colleague leslie schaeffer were looking for business partners and found bentley and prentice through the rogers family. Bentley family had capital from their textile wealth in europe as well as cotton purchased in the u. s. Bentley family took 60% interest while hungarian partners took 40% stake backed by rogers family. Took out a piece of land north of fraser river; negotiated a price deal with mayor of. Westminster fred hume who promised tax advantage only if firm employed more than 25 people.
