Lucas has been looking into acquiring some updated office furniture for a company where he is the managing director. His father is a furniture dealer and has offered to sell the company some new furniture for $80,000. Lucas has obtained quotes from several other office equipment companies for comparable furniture and is convinced that his fathers furniture is the best deal for the company. Lucas is a shareholder

What steps should Lucas take before purchasing the furniture from his fathers company, and what are the consequences if he doesn't?