Instructions 1. Identify a publicly traded company. Research its original form of business and detail its transition from small, privately held company to its initial public offering. 2. Although more than half of all small businesses don't survive 5 years, franchises have a much better track record. However, it can be difficult to buy a franchise. Research a popular food industry franchise, such as Panera Bread, Sonic, Five Guys, or Subway, and detail the requirements for net worth and liquid cash for the franchisee as well as up-front and annual fees. 3. Choose a company in a highly competitive industry. What is its distinctive competence? 4. Why might a closely held corporation choose to remain private? Why might it choose to be publicly traded? Answer these questions in paper form using APA format. Cite all sources on your references page. Should be a minimum of 2 pages in length!