Board of DirectorsUPDATE 2/26
The future of IMS will be under the purview of a BoD. The reasoning behind this is that the primary asset (effectively speaking) is The Gnomes of New Hope project and that asset must remain property of IMS. Of course, there are other assets gathered since IMS was established in 1977, but the Gnomes has become the principle, based in investment and potential.
So, the approach to this will be the establishment of "The Elder Gnomes Joint Venture" to which I will be selling 48% of The Gnomes of New Hope. Along with this percentage goes ALL the management and rights to the project. I retain the remaining 52% simply to see it through as intended. But also with that 42% comes the first right of refusal to buy Image of the Mind Studios after the Gnomes has been successfully introduced and saturated the market. Hopefully within ten years.
My intention is to publish the Business Plan here, where it can be presented easily to interested parties.
For the time being, the plan is for "The Elder Gnomes Joint Venture" to be comprised of, to begin with, seven board members, with myself being the Chairman of the Board.
The remaining six board members will buy in at one million per seat. That represents a 25% deposit on my fixed share of the Gnomes, which is thirty million, plus ten percent of the gross on all markets. That thirty million is net after taxes.
Once the seven member board is established, then all management activities come under the Board's purview, until then it remains with Image of the Mind Studios and all activities are in-house with IMS. No production or licensing contracts will be implemented until the Board of Directors is established and certain activities (such as publishing and development) are reserved for IMS.
Direct management as a whole will gradually transition to IMS Management, which is to be established and supervised by The Elder Gnomes Joint Venture, until such time as a Board of Directors can be established for that entity, which remains within IMS as the management division.
The Elder Gnomes Joint Venture remains specific to The Gnomes of New Hope as a whole, being property of IMS, in accordance with the Business Plan.
There may be a structural plan for IMS as a whole to take on a Board of Directors in the context of supervising the assorted divisions required under the Business Plan. Such a Board will be in the context of the purchase of IMS. That process may take the from of "The IMS Joint Venture"
Until such time, The Elder Gnomes Joint Venture will fullfil that role of supervisory capacity, even though the intent of the Joint Venture is to be specific to the Gnomes of New Hope Project.
You will note that in the Business Plan, this structure is utilized for each project; Joint Venture, IMS Management, Production Company, each under the umbrella of Image of the Mind Studios.
All contract negotiations (specific to The Gnomes) are under the purview of the board as is the budget and financing
Production activities are under the purview of "The Gnomes of New Hope Productions", a separate entity.
Distribution, marketing, accounting and HR are under the purview of IMS Management, a separate entity.
More later. AG
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Since I am retiring in June (which only means I will take the time to work on my cars whenever I feel like it) I also need to be thinking about selling IMS. That will take place via a Board of Directors, with each Board position being sold. I will be selling 45% of the operation, so that I can remain involved until I finish my important projects.
I am also considering buying a machine shop and reconfiguring it to meet our robotics & animatronic needs, and that will be part of IMS. We hold the majority of shares in patents pertainiñ I'm to proprietory medical technology that are highly valuable and will be attached to the machining operation.
I will address all of this further, as I add to this post, but that is all for now
AG
