Remarkable Mind: Henry (Hank) Fossey, Phd (Ii)

Abstract

Fossey, a premier horticultural researcher and an expert in turfgrass science, has founded Turf Technologies, a firm that performs commercial turfgrass research. On the first contract that Fossey secured, he was paid a consulting fee of $75,000 for a six-month period. Now Fossey has been asked by Bryant of the Re-Markable Paint Co. to assist in developing an alternative formulation for removable paint that is environmentally appropriate and suitable for artificial turf and grass and expects to secure an $85,000 consulting fee for the six-month contract with Re-Markable Paint. Excerpt UVA-OB-1014 Mar. 10, 2011 Remarkable Mind: Henry (Hank) Fossey, PhD (II) You are Hank Fossey, a premier horticultural researcher and expert in turfgrass science. For more than 15 years, you have been a professor at the University of Florida (Gainesville) where you conduct research and teach courses in sports turf management. Over the course of your career, you have been a sought-after consultant, providing professional advice on environmentally sound and efficient turfgrass-management strategies for use in ballparks and sports arenas. In fact, you have been a frequent contributor to Turf World, a magazine for sports turf-management professionals, and have been quoted by the media on numerous occasions. You have received patents for many of your breakthrough turf technologies and processes. Until recently, the fruits of your labor have provided you with minimal financial benefit. Most of the upside has been captured by the University of Florida (Gainesville). You never pursued this career for the money, but your three children will all be entering college within the next five years, and you would like to have the resources to comfortably fund their college educations and also make up for some of the sacrifices that your family made while you were building your reputation. Your compensation as a faculty member is generous, but you will certainly not get rich from it. Furthermore, salary increases are subject to the financial well-being of the university, and the struggling economy has necessitated many cuts and intermittent salary freezes. Now you have decided that you would like to establish a vehicle by which you can profit from your hard work, and you have founded Turf Technologies, a firm that performs commercial turfgrass research. It's been a bit tricky negotiating the boundaries of what work is owned by the university and what belongs exclusively to your firm. Because losing you would represent a huge teaching loss, the university has been accommodating, and you have reached a satisfactory arrangement with it. You have also received bank financing and a sizable initial contract, identified research space, and secured a team of qualified commercial researchers. You have now turned your attention to generating more business for Turf Technologies, and you have identified the Re-Markable Paint Co. as a potential client. . . .