Dylan is currently a manager of a small financial planning firm. He is seeking a new career with a large corporation in the banking industry. He recently applied for the financial manager opening at JP Stanley. He is concerned that the transition from his small firm to a large corporation will be difficult. To better prepare himself for this change, he has decided to enroll in a few business classes to strengthen his understanding of corporate finance. The business classes have proven to be a valuable tool for learning the critical skills needed to fully understand a financial plan, equity financing, and debt financing. Dylan now believes he has strengthened his competitive advantage in his quest for the job.

Refer to Dylan's Transition. When Dylan has to counsel clients on short$-$term versus long$-$term financing needs, which of the following would he identify as an example of a short$-$term financing need?

a$.$ Expansion of facilities

b$.$ Acquisitions and mergers

c$.$ Business start$-$up costs

d$.$ Replacement of equipment

e$.$ Speculative production