Essay about “Utah Symphony and Utah Opera a Merger Proposal”

â€Å"Utah Symphony and Utah Opera: a Merger Proposal† Financial Strengths and Weaknesses of the Utah Symphony Before the Merger The financial state of the Utah Symphony before the merger was grim. It was understood by the symphony’s chairman of the board, Scott Parker, that the situation was getting worse. This was aggravated by the downturn of the economy and the event of 9/11. However, even before the economic downturn and 9/11, the symphony was very close to a deficit situation (Delong Ager, 2005). Scott Parker assumed the chairmanship to try to mitigate the situation. The average endowment or contributions for a Group II orchestra like the Utah Symphony is $8.8 million in FY 2001-2002. The endowment for the symphony is considered in†¦show more content†¦Many people view subsidies for performing arts such as the opera and symphony as support for the snobbish upper end of the income distribution. Governmental and public standpoints regarding the support of arts in the United States differ greatly from that of Canada and Europe, where governments provide primary support for the arts. The main government support for symphony orchestras and other performing arts here in the US emanates indirectly through tax expenditures. In summary, the current financial strength of the Utah Symphony is the above average endowment that it receives from various contributors. However, this current financial strength is not guaranteed to endure. There is projected increase in revenue for FY 2001-2002 but at the same time, there is a projected increase in expenses. A very obvious financial weakness is its expenses compounded by: * High salaries set by collective agreement. * Agreed upon wage increases that do not consider the financial status of the organization. Recommendations Anne Ewers must provide a persuasive strategy to ensure that the financial crisis of the Utah Symphony is a priority prior, during, and following the merger. Anne Ewers has a praiseworthy track record with regards to stabilizing the financial situations of performing arts organizations. During her term as general director of the Boston Lyric Opera, she retired a $450,000 debtShow MoreRelatedUtah Symphony and Utah Opera: a Merger Proposal Essay1063 Words   |  5 PagesUtah Symphony and Utah Opera: A Merger Proposal The Utah Symphony (USO) and the Utah Opera (UOC) Merger was a union that was brought forth by the leadership committee at the USO in Salt Lake City. The proposal was an opportunity to strengthen a struggling symphony with a financially sound opera company. Although mergers between opera and symphony companies in the United States had been successfully in the past, the merging of a two major companies had yet to materialize (Delong Ager, 2005, pRead MoreEssay on Utah Symphony and Utah Opera: a Merger Proposal Case Study8795 Words   |  36 PagesUtah Symphony and Utah Opera: A Merger Proposal Case Study William Bailey As Chairman of the Board of the Utah Opera, William Bailey has a pivotal role in the Utah Symphony and Utah Opera merger proposal. Mr. Bailey seemed to understand the financial and operational differences of the two organizations. 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Bill Bailey, chairman of the board of the Utah Opera Organization, could use McClelland’s need theory to support the merger with the Utah symphony based on the three principles that are entailed in the theory; need for achievement, need for affiliation, and need for power (Kreitner Kinicki, 2010, p. 215). Firstly, the need for achievement is met by understanding that people strive to master difficult situations, endeavors or challenges. This idea works on both an organizational level, asRead MoreOrganizational Management26375 Words   |  106 Pagesthe â€Å"Utah Symphony and Utah Opera: A Merger Proposal† case study. You will develop a proposed action plan for the new leader, Anne Ewers, to help her in the development of a new strategy to measure the success of the ongoing merger process. The strategic goals for the first year of the merger include the following: †¢ Integrate the business processes of the two companies †¢ Reduce overall expenses as a percentage to profit †¢ Retain key employees †¢ Maintain audience base for both the Utah OperaRead MoreRjft Task 24141 Words   |  17 PagesRJFT Task 2 A1: Utah Symphony Strengths and Weaknesses Financial Strengths ï‚ · Total endowment in 2001-2002 was $10million, at the high-end of all Group II orchestra’s ($8.8million) (Delong, 2005). ï‚ · Total revenue and contributions are increasing from FY 2000 ($12.398 million) to FY 2001 ($13.763 million) by $1.365 million. This is primarily led by a $680k increase in performance revenues (driven by increased ticket prices) and $620k increase in contributions (from individuals, corporations, andRead MoreRjft Organizational Management Task 23102 Words   |  13 PagesRJFT2 Task 2 A1. The Utah Symphony was recognized as a Group II orchestra. Group I and Group II are distinguished by the endowment amount and level of annual expenditures. For the year of 2001-2002, the average endowment for Group I orchestras was around $76 million and $8.8 million for Group II orchestras. The Utah Symphony came in just shy of $12.2 million in 2000-2001 and was projected to be upwards of $13.7 million for 2001-2002. That being said, the Utah Symphony was considered to be atRead MoreUtah Opera Symphony 23342 Words   |  14 Pagesof the Utah Symphony Organization (USO) and the Utah Opera Company (UOC). In order for the merger to be successful, Anne will need to create some successful strategies for managing each of these concepts. Utah Symphony Strengths The most impressive financial strength that USO has is their endowment. By the end of 2002, their endowment was considered higher than average and they were considered at the top end of a Group II Symphony when compared to other symphonies nationally. 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Ever since the announcement of the merger between Daimler-Benz AG and Chrysler Corporation in May 1998, the company had been in the spotlight. The merged company, DaimlerChrysler (DC), was a full-range provider controlling six car brands and eight truck brands. In addition, DC acquired strategic