Competition Rules & Guidelines
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- All applicants must comply with the rules of the competition, and must agree to the terms below.
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- The proposed business must be located in or near McCook, NE.
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While the operations of the business must be based in the McCook area, and any tax dollars earned by the business must benefit McCook, sales of proposed products or services are not limited to McCook.
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- An application must include an application form, a cover letter, and a business plan. While the business plan and cover letter may be mailed electronically, all contestants must mail a hardcopy of a completed application form with an original signature.
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- Applicants may submit multiple business plans, but only one business plan per proposed business is allowed.
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- The judges’ decision is final and cannot be appealed.
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The $25,000 prize will be awarded by the Hormel Family Foundation in exchange for a minority stake in the proposed business. The size of the Hormel Family Foundation’s stake will be decided though negotiations with the owner/s after the competition, but is not to exceed 49%. The sole beneficiary of any proceeds from the Foundation's stake will be McCook Community College.
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Upong entering negotiations with the Foundation, the winner must agree to cooperate to the fullest of his or her ability in order to facilitate the Foundation's due diligence. This may include, but is not limited to, providing professional references, and authorizing a background check.
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If the parties should fail to come to an agreement that is acceptable to both parties, or if the Foundation should perceive that the competition winner has failed to negotiate in good faith, the Foundation reserves the right to opt out of investing in the winning business. In that case, the runner-up of the Hormel Family Foundation Business Plan Competition shall automatically be considered as a a potential candidate for the prize money.
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