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Questions for Chapter 6

True/False

1. A talented entrepreneur should be able to substitute for an experienced management team. (False)

2. The size of your organization is inversely correlated to the amount of revenue your business can derive (False)

3. Hiring a salesperson is more attractive than increasing support staff in regards to revenue generated (True)

4. In the early years, it is critical for firms to focus on revenue-generating employees, instead of support staff. (True)

5 Your team members can help you to evaluate feedback from outside sources. (True)

6. Over 95% of entrepreneurs in the US report that their team members are the main source of seed financing. (False)

7 A business superstar is unlikely to possess all the business skills needed for long term success. (True)

8. If the business is your idea, it is best if you are the CEO. (False)

9. Analysis of your resume will help you decide what other team members your firm needs. (True)

10. Entrepreneurs who are overly conscious of their own weaknesses are more likely to fail (True)

11. You can’t build a successful team unless you understand your strengths and the best place for you at the company. (True)

12 The Myers-Briggs personality type indicator can accurately predict an individual’s likelihood for success in an entrepreneurial endeavor. (False)

13. Certain personalities are better suited for entrepreneurship than others. (False)

14 Fast, dramatic growth can be a mistake for a business. (True)

15. Early stage companies tend to be hierarchal. (False)

16. Entrepreneurship is hard work but most entrepreneurs become millionaires in five years. (False)

17. Co-founders of a start-up should work on every task and decision together (False)

18. It is more common for teams to self-destruct because of personal conflicts than for lack of funding. (True)

19. If you decide to start a venture, you should notify your current employer as soon as possible (True)

20 After you have started a business, it is a bad idea to combine your new job with working fulltime elsewhere. (False)

21. It often takes four months or more to identify and hire key employees. (True)

22. If employees own equity in the company, they usually work harder. (True)

23. In general, founder shares should be granted to at least 10 people. (False)

24. Founder shares should be distributed equally between all founders. (False)

25. It is a mistake to distribute the entire supply of options to existing employees (True)

26. Startups should negotiate employee salaries below market levels. (True)

27. You may find an angel investor who will guide you at the early stages of your venture. (True)

28. Free resources are poor substitutes for a qualified lawyer. (False)

29 Board members should be encouraged to act in the best interest of the principal owner exclusively.

30. Company culture is incredibly difficult to change after it has been established (True)

Multiple Choice

1. According to a study by Babson College and London Business School, businesses with growth aspirations plan on employing more than 20 people within the next:

A) 2 Years

B) 3 Years

C) 4 Years

D) 5 Years

E) None of the above (Answer – D)

2. How much, according to Robert Morris and AssociatesDeloitte & Touche, do restaurants generate in net income before taxes on average, approximately?

A) 2%

B) 53%

C) 10%

D) 13%

E) 17%

(Answer – B)

3. Which of the following is true about teams?

A) Teams provide constructive feedback for your ideas

B) Teams increase your contact network exponentially.

C) Teams increase your revenue

D) Teams provide you with moral support.

E) All of the above (Answer – E)

4. Which of the following should the founder of the venture do first when deciding whether or not to be the CEO of his company?

A) Ask for his/her friends opinion

B) Take at least three personality tests

C) Review his/her resume

D) Work as a hired manager for at least 4 years

E) Consult with his/her team members

(Answer – C)

5. Individuals that possess which of the following traits are most likely to launch their own businesses?

A) Overly conscious of their own weaknesses

B) An aptitude for benchmarking their competitors’ strengths

C) Can objectively evaluate his strengths and weaknesses

D) Emphasizes his or her strengths

E) Oblivious to his or her own weaknesses

(Answer – E)

6. Which of the following personality traits best predicts entrepreneurial success?

A) Analytical

B) Driver

C) Expressive

D) Amiable

E) None of the above

(Answer – E)

7. A study by Inc. 500 found that many CEOS had what quality in common?

A) Patience

B) An ability to work well under highly stressful conditions

C) High risk tolerance

D) A high IQ

E) An ability to accept constructive criticism

(Answer – B)

8. According to Inc. 500, what percent of entrepreneurs start businesses with their friends or family members?

A) Less than 5%

B) About 10%

C) About 20%

D) Approximately 40%

E) More than 65%

(Answer – D)

9. What does the movie, Startup.com, demonstrate?

A) How outside financing contributes to equity

B) How expensive lawyers can be

C) How working together can affect the relationship of two lifelong friends

D) How much the government is willing to help young entrepreneurs

E) None of the above

(Answer – C)

10. What opportunities can a young company offer its potential team members?

A) Growth into higher management positions

B) Above average market salaries

C) More attractive social benefits packages

D) Secure and stable jobs

E) All of the above

(Answer – A)

11. Which of the following should an entrepreneur do when creating a venture?

A) Expropriate her current employer’s intellectual property

B) Use her employer’s resources for the new venture

C) Notify her current employer about the intention to create a new venture

D) Spend all her time working for the new venture

E) Live off her savings

(Answer – C)

12. According to the chapter, which of the following is not an acceptable means of maintaining an entrepreneurs’ personal cash flow?

A) Working full-time and devoting time to the new venture

B) Working part-time and devoting time to the new venture

C) Living off personal savings

D) Living for his/her spouses’ income

E) All of the above are acceptable (Answer – E)

13. Which of the following is not a reason for distributing equity among employees?

A) New companies often can’t pay market rates for salary and wages

B) Including some equity in the compensation package aligns the employee with the company

C) The sense of ownership boosts morale

D) Distributing equity among employees reduces the risk of hostile takeover

E) Having some equity, the team sticks together during the rough times in the early launch phase (Answer – D)

14. How much equity is commonly set aside for employee options?

A) 15-20%

B) 20-25%

C) 25-30%

D) 35-40%

E) 45-50%

(Answer – A)

15. What is the most commonly used form of equity compensation?

A) Restricted stock

B) Phantom stock

C) Options

D) Stock appreciation rights

E) None of the above (Answer – C)

16. None of the following tools are usually considered a reward for “sweat equity,” except:

A) Founder shares

B) Option pool

C) Restricted stock

D) Stock appreciation rights

E) Phantom stock (Answer – A)

17. What are the disadvantages of distributing founder shares equally among all co-founders?

A) The lack of a primary shareholder slows down the decision making process

B) CEO may be doing as much work as CEOs of comparable companies, but have less potential upside

C) Such distribution makes unwanted acquisitions easy

D) A and B

E) A and C

(Answer – D)

18. Options give the holder the right to:

A) Increase the number of the company shares he is allowed to purchase

B) Buy a share in the company at a below-market rate

C) Secure a salary increase on a regular basis

D) Sell his stocks on the open market for more than the prevailing market price

E) Demand a refund on his contribution to company’s equity

(Answer – B)

19 What attribute characterizes “restricted stock”?

A) Does not grant voting rights

B) Cost less per share

C) Become vested over time

D) Has a reduced interest rate

E) Higher liquidation priority than unsecured debt

(Answer – C)

20. Stock appreciation rights of employees accrue only if:

A) The stock price decreases

B) Combined with options

C) The employees perform well

D) The stock price increases

E) None of the above (Answer – D)

21. All of the following is true about phantom stocks except:

A) They are expensed over the vesting period

B) They give employees the right to own equity

C) The company needs cash when phantom stocks are exercised

D) They grant the holders additional voting power

E) They lower the dilution effect

(Answer – D)

22. Which of the following are not mentioned in the chapter as external team members?

A) Board of Directors

B) Lawyers

C) Accountants

D) Angel investors

E) Foreign partners (Answer – E)

23. What is the minimum expected level of lawyers’ fees?

A) $50/hour

B) $100/hour

C) $150/hour

D) $200/hour

E) $250/hour (Answer – C)

24. Which factor should you consider when choosing a lawyer:

A) Size of the firm

B) Billing rates

C) A lawyer that has a deep knowledge of the industry

D) If you get along

E) All of the above (Answer – E)

25. Inappropriate sources of members for Board of Advisors include:

A) Shareholders’ representatives

B) Entrepreneurs

C) Individual with insights about your target customer

D) Your professors

E) Venture capitalists (Answer – A)

26. Why should you have one or two board members who can be considered independent?

A) So they can act in the interest of the principal owner

B) They are not susceptible to potential conflicts of interest

C) They usually make the final decisions

D) They have a long list of business and professional contacts

E) They will answer the majority of the entrepreneur’s questions (Answer – B)

27. Which of the following is true about a company’s culture?

A) A company’s culture is relatively easy to change

B) As a company grows, it is common for the culture to evolve

C) More team members will fit your company’s culture over time

D) Problems with the team do not arise in companies with strong culture

E) All elements of a company’s culture constantly change (Answer – B)

28. By making your team members work long hours, you put them at risk of:

A) Burnout

B) Family pressure

C) Stress

D) Reduced efficiency

E) All of the above (Answer –E)

29. You are least likely to resolve an interpersonal conflict in your team by:

A) Firing one of the parties

B) Hiring an outside expert who is perceived as a neutral party

C) Explaining to the parties involved that their arguments reduce the team’s efficiency

D) Mediating between the parties

E) Transferring one of the parties to another team

Open ended

1. Explain why solo entrepreneurs are generally less successful than team players.

a. A team is able to do more than the entrepreneur can on his or her own

b. Solo entrepreneurs suffer from a number of shortcomings, including a limited perspective, little moral support, and a small network

c. Solo entrepreneurs often fail to get sufficient feedback on their ideas.

d. If you build your team wisely you will gain access to a broader range of contacts

e. A team rounds out the skill set needed to launch a business

2. What are some of the methods used to identify an entrepreneur’s strengths and weaknesses?

a. Self-assessment

b. Conducting feedback analysis

c. Talk to people who know you well and whom you respect

d. Take a psychological or a personality test.

3. Explain how entrepreneurs should use psychological or personality tests as one way to develop self-awareness.

a. The tests are designed to help individuals understand things like their underlying interests, motivations, and communication styles.

b. However, they cannot accurately predict an individual’s likelihood for success in an entrepreneurial endeavor. Can only give you a deeper understanding of your strengths and weaknesses.

c. Industry newsletter HRfocus recommends that you have a professional administer and interpret the test for you and that you take a test that has been statistically validated.

4. What valuable contributions can your team members bring to your company?

a. Professional knowledge

b. Money required to start a business

c. Resources/contacts

d. Managerial skills

5. What are some indicators of the right co-founders and team members for your startup?

a. Everyone can contribute meaningful skills to the business.

b. You can work together without personal issues standing in the way.

c. Your team members are excited about the venture and its future

6. Describe what a sample staffing plan might look like.

a. Early on, you likely need only one or two other team members.

b. Roles should be complementary and each co-founder should also participate extensively in shaping the vision of the business.

c. The lead entrepreneur may take on the role of product development while the other founder does market development.

d. If the team needs a strong finance person with previous experience raising equity capital, may want to identify that person but delay bringing him or her onto the team until needed

7. Describe the pros and cons of a dual job strategy at the early stages of the venture.

a. Pros: you have a source of cash for you to live on while you are developing your idea; you can keep the job if you see that your new start-up is not progressing well.

b. Cons: dual jobs mean that you have to work over nights and weekends; you cannot use your current company’s resources or compete with it until you quit; and, simply, your current job limits the time that you can dedicate to the venture.

8. Give examples of compensations used to make your start-up attractive for valuable team members.

a. Founder Shares

b. Option pool

c. Restricted stock

d. Stock appreciation rights

e. Phantom stock

9. Explain the benefits, to the firm, of a vesting schedule for employee options and shares.

a. Vesting basically means that people earn their shares or options over time, usually over four or more years

b. Without a vesting schedule, employees can leave the company soon after being hired and retain 100% of their options or shares.

c. A vesting schedule adds additional incentives for employees to remain with the company for the entire vesting period, usually four or more years.

10. How can entrepreneurs ensure that options improve organizational performance?

a. Employees need to fully understand the stock ownership program and how they will participate in it.

b. Staff must know how to measure company success, know how company is doing, and how to achieve it through individual roles

c. Entrepreneurs need to listen to their workforce for solutions or innovations.

d. A stock ownership plan should offer employees a true opportunity to earn a financial reward.

11. Who should you invite to join the Board of Advisors of your firm and why?

a. Professors – for their fundamental knowledge

b. Current and former entrepreneurs – for their practical knowledge and experience

c. Professional investors such as venture capitalists and angels – for network extension and fund raising

d. Suppliers for your firm – for insights about new customer and market trends

12. Describe the balance between too much and too little communication with a board of advisors.

a. Don’t email or phone every time you have a question. Try to find alternative answers on your own and accumulate questions.

b. Prepare – so you can can more productive conversations.

c. Touching base too rarely or when you want help raising money suggests interest only in the advisor’s network.

d. Produce a monthly newsletter with information about the company’s progress.

13. Why are lawyers and accountants considered to be external members of your team?

a. Your lawyer will most likely work very closely with you and will know everything about your company. Therefore, it is essential that he offers a highly customized service to you and his contributions are usually as important as those of your team members.

b. An accountant is a trained business professional who can help you analyze the strengths and weaknesses of your company’s financial performance. He or she may be able to find ways to improve cash flow, strengthen margins, and identify tax benefits

c. Both lawyers and accountants represent another spoke in your network, as both groups frequently have a long list of business and professional contacts. This can include everything from potential partners, customers, angel investor networks, and venture capital firms.

14. Explain why company culture is important.

a. It is the key to building and growing a successful team. It evolves from the way the founders interact among themselves and with other employees.

b. It reflects the values and skills of the CEO and other leaders.

c. The most successful cultures are those rooted in core values and beliefs that are a part of the company’s mission, vision, and mantra.

15. Three major problems your team may face are burnout, interpersonal conflicts and family pressure. Describe how you can prevent and overcome them.

a. Listen to each team member, not only about the progress of their assignments, but also about the stresses they may be feeling

b. You can introduce stress-relieving activities, or bonding experiences such as the Friday happy hour, or the lunchtime basketball game

c. Counsel your team members to set expectations for their families even before they join your team

d. Resolve interpersonal conflicts as quickly as possible or they may escalate to the point where they are destructive – mediate, hire an outside expert, or fire one of the arguing parties

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« Mais c'est Vassely, ma chère, avec son nouveau numéro, la petite Kate Sterling… là-bas, dans le coin, à la dernière table…

— Et ce qu'elle lui sert le grand jeu, ce qu'ils roucoulent!…

Regardez-les… On va s'amuser, nous autres…

— Vous savez qu'il a fini par l'épouser… la main droite après la main gauche…

— Quel bateau!

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— Au lieu des émeraudes qu'elle avait à chaque doigt?

— En voyage, ça ne prouve rien!

— Qu'est-ce que tu veux parier avec moi que le maire leur a raconté tout son boniment? »

… Derrière les glaces du wagon-restaurant passaient, en une déroute éperdue, des poteaux de télégraphe, des petites gares tranquilles, des plaines mornes, des forêts rouillées, des coteaux enveloppés de brume, des rivières grises et bleues, des routes miroitantes, des villages, des villes, des fumées, des feuilles mortes.

Sur les tables, dans des vases, quelques œillets, quelques brins de quarantaine et de mimosa, quelques roses pâles évoquaient déjà les ciels clairs, les beaux jardins, la mer lumineuse, les parties douces et folles, le carnaval prochain, Cannes, Nice, Monte-Carlo, Menton, la joie de vivre, le vertige du jeu.

Les assiettes et les verres trépidaient, vibraient, vous donnaient l'illusion de cloches qui se répondent au loin, qui annoncent à toute volée Pâques, Noël ou la Pentecôte.

Au fond de la salle, par-dessus la nappe et le seau à glace d'où émergeait une bouteille de champagne, se penchaient l'un vers l'autre, en des attitudes de gaieté et de désir, une poupée menue et fine, aux bouclettes de soie, aux larges yeux étonnés et câlins, au nez retroussé, aux lèvres friandes et moqueuses, au teint lilial, et une façon de géant au masque léonin et tourmenté, aux épaules massives, aux cheveux roux, aux pommettes et aux tempes comme tavelées.

« Depuis quand étaient-ils ensemble?

— A peine un an et demi.

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— Aussi vite et aussi peu de temps!

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… Le rapide s'était arrêté à Saint-Raphaël. Les roues grinçaient sur les rails.

Tonneau, Tonneau

Je n'ai jamais vu Sam Higgins autrement qu'éméché, que tout à fait gris ou qu'ivre-mort. Nous l'avons surnommé : « Tonneau, tonneau. »

Ne croyez pas que ce soit pour tourner en dérision un ventre et une carrure à la Falstaff.

Ce millionnaire est en effet, je ne sais par quel prodige, d'une maigreur fabuleuse. L'ascète Paul, qui fut canonisé jadis pour s'être privé sans retour de tout ce qui fait la joie de la vie, et dont l'icone émouvante décore à Venise un des piliers de San-Marco, n'eût pas pesé plus que lui dans une balance.

Imaginez-vous deux jambes démesurées que l'on prendrait pour des échasses de pâtre landais, un torse étroit et mince aux épaules tombantes, aux bras tentaculaires, un cou décharné où se profile en saillie la pomme d'Adam, et au bout de cet échalas une tête qui a l'apparence aussi bien d'une éponge que d'un fruit de conserve tout gonflé d'alcool, quelque chose de mou, de bulbeux, de couperosé, de violacé, de ridaillé, de moisi, où, par instants, vacillent et pétillent deux petites flammes bleuâtres, s'élargit une grimace clownesque qui voudrait être un sourire.

S'il traîne dans les bars cet amusant sobriquet, c'est parce qu'un après-midi, à l'Automobile, le caricaturiste Louvet annonça d'un ton

de blague : « Sam détient le record… Il lui suffit d'entendre crier maintenant dans la rue : « Tonneaux, tonneaux! » pour être instantanément saoul! »

Il ne s'offensa pas d'ailleurs de la plaisanterie et en conçut même une certaine vanité.

Chacun s'illustre et se glorifie à sa manière.

Comment ce vice excessif lui est-il venu?

Fut-ce d'aventure quelque amère désillusion qui lui broya le cœur, qui le dégoûta à jamais des femmes et de l'amour? Eut-il l'infortune de tomber naguère sur une de ces cruelles poupées qui vous prennent pour jouet, qui vous infligent le pire des supplices, qui vous rendent à moitié fou, alors que l'âme et la chair s'offrent, se donnent dans un besoin éperdu de tendresse? Et cela au moment où l'on ose encore rêver de la joie, où l'on part à la conquête de la vie, où l'on se croit le plus fort, le mieux armé. Espère-t-il découvrir l'oubli au fond des verres, noyer sa douleur dans le brandy, l'absinthe et le champagne? Commença-t-il à boire par désœuvrement, pour être à l'unisson de ses camarades, ou par fanfaronnade, pour les défier et les étonner? Parmi les âpres chercheurs d'or et les brasseurs audacieux d'affaires qui édifièrent si vite la fortune immense dont il est, à quarante ans, le maître unique et fastueux, se rencontra-t-il un rouleur de tavernes, un sac à alcool qui dormait plus souvent dans le ruisseau que dans un lit?

Nul ne le sait.

Silencieux et méfiant, Sam se contente des coude-à-coude furtifs, des amitiés passagères, se replie sur soi-même, élude les questions embarrassantes, dédaigne d'expliquer son cas, ne fait de confidences à personne, semble avoir le cerveau plein de fumée et de ténèbres dès que l'ivresse l'envahit et le consume. Et puisque aujourd'hui les coupes où mousse l'extra-dry se heurtent cordialement, que les toasts moqueurs et chaleureux se répondent en l'honneur de la reine et du roi d'une heure, et que les histoires doivent être drôles, laissez-moi vous conter celle-ci sur le fantoche que j'ai essayé de vous présenter de mon mieux.

« Tonneau, tonneau » avait découvert sur le quai des Célestins un comptoir borgne fréquenté d'ordinaire par les débardeurs et les terrassiers, où un Auvergnat bruyant et jovial débitait à cinq sous le litre un de ces vins frelatés où il n'entre pas un grain de raisin et qui vous râpent et vous brûlent le palais et la gorge.

Cette mixture brutale l'émoustillait entre toutes, lui paraissait mille fois plus délectable, plus réveilleuse que l'ambroisie des dieux, que les Château-Yquem, les Romanée, les Clos-Vougeot et les Johannisberg.

Il la savourait jouisseusement, il y trempait ses lèvres avec une volupté suprême, il raffolait de sa couleur étrange, de son arôme violent, il l'avivait de marc, il eût voulu pouvoir en absorber à la fois des barriques entières.

Une nuit, comme il sortait en titubant de l'assommoir et s'efforçait de s'orienter, de se rappeler de quel côté étaient les Champs-Élysées et l'Arc de Triomphe, un de ces lamentables fiacres à galerie qui stationnent aux abords des gares lointaines l'effleura. Il tanguait de hue et de dia sur le pavé. Il grinçait et craquait à chaque cahot. Il semblait prêt à s'effondrer. Le cheval couronné aux deux genoux, poussif, apocalyptique, d'un blanc sale et usé, le cocher coiffé d'un vieux chapeau de cuir lézardé et cabossé, vêtu d'une livrée déteinte et rapiécée aux coudes, oscillant dans un coin de son siège, débordant de graisse malsaine, rubicond, verruqueux, d'une laideur comique, valaient la guimbarde.

Sam Higgins le héla et l'arrêta.

Les voilà partis vers les quartiers de luxe. Chemin faisant, l'ivrogne trouve le temps long, se sent soudain en gaieté, se lasse de siffler et de parler tout seul. Il descend de la voiture et se hisse tant bien que mal auprès du maraudeur. Ils s'étayent l'un à l'autre. Ils échangent des propos d'abord incertains, puis familiers et fraternels.

A la place de la Concorde, ils se tutoient et s'embrassent attendris.

Au rond-point, Sam saisit les rênes et le fouet, remplace complaisamment le « frangin » qui gesticule, avoue qu'il s'appelle

Benjamin, et énumère d'une voix éraillée ses déboires et ses infortunes.

Les voilà enfin devant l'hôtel seigneurial qu'habite le millionnaire, sur l'avenue Marceau.

« Sans te commander, ma vieille, hasarde le « collignon », si qu'on casserait la croûte ensemble et qu'on s'humecterait la gouttière, à notre bonne santé?… Vrai, ça m'a creusé, de jacter à la fraîche!

— J'allais te le proposer, exulte Higgins. Donne-toi donc la peine d'entrer! »

Bras dessus, bras dessous, ils s'introduisent dans l'antichambre. Le valet de pied qui veille chaque nuit au fond d'un fauteuil jusqu'à ce que son maître soit de retour sursaute, éberlué, n'en croit pas ses yeux, tourne les commutateurs, toise de haut ce convive inattendu. Benjamin a retiré tranquillement ses galoches pleines de paille, les pose à l'écart, grasseye, le regard clignotant :

« Mince de lampions! C'est-y l'Quatorze Juillet? »

Sam l'entraîne vers la salle à manger toute tendue de Gobelins et où l'en-cas accoutumé est préparé sur une nappe de dentelles jonchée de fleurs, dispose lui-même le second couvert.

Nos amis d'occasion soupent de compagnie, l'amphitryon chipotant du bout des lèvres, sans le moindre appétit, l'hôte mettant les bouchées doubles, goulûment, inquiètement, tel un chien famélique qui parvint à se glisser dans les cuisines d'un palais et s'attend à une brusque volée de bois vert.

« Fameux, le picton! répète-t-il de-ci, de-là, avec un claquement de langue, en s'essuyant la moustache du revers des doigts. Je m'y abonnerais! »

Cependant, de troubles et tristes lueurs tachent les stores baissés.

« A la revoyure! marmonne le cocher qui s'est levé alourdi et s'en va. N'égare pas mon numéro, s'vous plaît!

— Oui, oui! » balbutie Higgins qui s'endort.

La farce semble terminée, mais des jurons tonitruent soudain, des sanglots montent, rauques, aigus, dans le silence de l'aube. Sam se précipite, rouvre la porte, manque de rouler sur Benjamin qui s'est effondré au bord du trottoir, qui vocifère dans l'avenue déserte, comme élargie :

« Ma pauvre Cocotte! Ma pauvre Cocotte!… J'suis bon… Ah! les vaches!… Ils m'ont tout volé… La voiture et Cocotte! »

« Tonneau, tonneau » s'agenouille à côté du désespéré, s'évertue à l'apaiser, à le consoler. De guerre lasse, il s'écrie :

« Ne pleure plus, oldfellow, tu me fends le cœur… Écoute… Je te donne un de mes trotteurs et mon coupé… Le temps de téléphoner aux écuries et de faire atteler… Et ça y est! »

A ce moment, des sergents de ville traversèrent la chaussée et leur apprirent que le fiacre en abandon avait été conduit en fourrière.

Sans quoi…

Achevéd'imprimer

le vingt-huit mai mil neuf cent dix

PAR

ALPHONSE LEMERRE

6, RUE DES BERGERS, 6 APARIS

LIBRAIRIE ALPHONSE LEMERRE

DERNIÈRES PUBLICATIONS

Volumes in-18 jésus. Chaque volume : 3 fr. 50

MME ADAM (Juliette Lamber) NosAmitiésPolitiquesavantl'abandon delaRevanche

DANIEL LESUEUR LeFilsdel'Amant

— Madamel'Ambassadrice

MAURICE MAINDRON Dans l'Inde du Sud : LeCoromandel 1 vol. — Dans l'Inde du Sud : LeCarnatic 1 vol. LaGardiennedel'Idolenoire

RENÉ MAIZEROY LeFeudeJoie

L'Amourprodigue

MAURICE MONTÉGUT LaMèrePatrie

A. DE MUSSET Poésies.Édit. illustrée

— Comédies.Édit. illustrée

LaConfessiond'unEnfantdusiècle. Édit. illustrée

Nouvelles.Édit. illustrée

— ContesetNouvelles.Édit. illustrée

MélangesdeLittérature.Édit. ill.

NIKTO LesInfernales

MADELEINE PAUL LaPortesombre

MARCEL PRÉVOST PierreetThérèse

Frédérique.Édit. illustrée

— Léa.Édit. illustrée

— LettresàFrançoise.Édit. illustrée

LÉON RIOTOR EnAuto

RAYMOND ROUSSEL Impressionsd'Afrique

SAINTIS LaMéprise

PIERRE DE SANCY Païsd'cheznous

ALBERT-ÉMILE SOREL LaCarrièreamoureusedeM. Montsecret

ANDRÉ THEURIET Colette

RENÉE D'ULMÈS Sibyllemère

TONY D'ULMÈS LesDemi-Morts

Paris. Imp. A. LEMERRE, 6, rue des Bergers. 5.–4977.

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