Private equity firm, Siris Capital Group must decide if they should raise their offer to take Titan Telecom private by acquiring its publicly-traded stock. Siris' decision to pay a premium for Titan must be made in the context of their unique (and somewhat complex) investment strategy that focuses on investment targets that have both mission-critical products or services that are approaching obsolescence but producing predictable cash flows, and also have new products or services on the horizon with strong growth potential. Further complicating the decision is the fact that Siris is in the midst of raising its second private equity fund and seeks to secure co-investment capital from many of the same investors they are pursuing as limited partners for their new fund.

In 2012, an MBA intern at Sifton Properties Ltd. had to decide on a recommendation to top management about the installation of a renewable energy installation for the company's new community development project in London, Ontario. The intern had to consider numerous internal and external factors in his decision-making process. Three emerging technologies were specifically relevant for renewable energy systems: aquifer thermal energy storage, sewer heat recovery, or anaerobic digestion and cogeneration. The intern needed to consider the social, environmental, and financial impact of each energy generation system and the preferences of varied stakeholder groups.

Sally Tan, an equity analyst with Prospero Asset Management Company (PAMC), is tasked with recommending units of four Singapore REITs (Real Estate Investment Trust) - CapitaLand Mall Trust (CMT), Ascendas REIT (A-REIT), Soilbuild Business Space REIT (Soilbuild REIT), and Parkway Life REIT (P-Life REIT) for three of PAMC's portfolios: 1. The Prudent Equity Fund that targeted equity investors with a low risk appetite and desired stable, recurring dividend income; 2. The Balanced Equity Fund that targeted equity investors with a moderate risk appetite and expected a combination of dividend income and capital gains; and 3. The Wealth Accumulation Fund that targeted equity investors with a high risk appetite focussing on total returns. These investors were indifferent between dividend income and capital gains and also wanted an exposure to overseas markets. To enable unit selection, the case provides information on the operating and financial performance, the unit prices and distributions of the four Singapore REITs, as well as the underlying macroeconomic drivers. As of November 2016, there were over thirty REITs listed on the Singapore Exchange (SGX). Singapore listed REITs have a sector focus i.e. their portfolios consisted almost exclusively of assets from one of the following sub-markets - residential, retail, industrial, office, healthcare and hospitality. The REITs chosen in this case study comprise the largest REITs in the retail (CMT), industrial (A-REIT) and healthcare (P-Life REIT sectors, and an industrial REIT whose operating and financial performance is weak (Soilbuild REIT), to enable the class to get an exposure to retail, industrial and healthcare REITs and distinguish REITs with weaker business and financial profiles from stronger ones.

IN less than two decades, Netflix has grown from a DVD-by-mail service into a $55-billion-dollar global company. Along the way, it disrupted established industry players and changed how television is watched. Netflix's success has attracted the attention of aggressive competitors like Amazon, HBO, and Hulu. Netflix CEO Reed Hastings must find ways to work with internet service providers (ISPs) to ensure that subscribers can access its content. As Netflix expands internationally (to 190 countries), it also needs to ensure that it invests in the content that will be relevant to its customers. How can Netflix keep subscribers loyal and acquire new ones?

This case study delves into the complexities of equity allocation among startup cofounders, exploring three distinct scenarios: DogBone/Whiplash, Kitten Mittens, and Bad Blood. Each vignette presents unique challenges and decisions faced by cofounders during the critical stages of a startup's lifecycle. The DogBone/Whiplash story starts with an equal equity split among four founders and evolves through pivotal moments, including a cofounder's exit, role adjustments, and a significant pivot in business direction. It highlights the dilemmas in reassessing equity distribution in light of changing roles and contributions. Kitten Mittens focuses on the dynamics between founders and investors, and the intricacies of negotiating equity splits when new members join the team. It underscores the importance of clear communication and understanding of roles in the investor-founder relationship. Bad Blood examines the relationship between two cofounders with differing visions and skills, emphasizing the challenges in balancing equity split with operational roles and contribution levels. This case ultimately encourages a nuanced understanding of equity distribution, considering factors such as founder experience, role differentiation, and the evolving nature of startups. It serves as a practical guide for new entrepreneurs, providing insights into navigating the often complex and emotionally charged process of equity allocation in startups.

Following the March 2016 launch of DB11, Aston Martin Lagonda Ltd.'s first new sports car platform in over a decade, the case discusses the future strategy of the famed British luxury auto manufacturer. Since its founding in 1902, Aston Martin's has been characterized by leading automotive design of bespoke luxury vehicles. In 2016, CEO Andy Palmer faced decisions about the company's future direction in an automotive industry in the midst of a digital tornado with the arrival of autonomous, internetworked, clean energy-propelled vehicles. Palmer's Second Century Plan called for Aston Martin to diversify into new vehicle categories and increase overall production volume in an effort to boost earnings without compromising Aston Martin's reputation for exclusivity, style, and engineering. As one of the few luxury car companies not backed by a larger automaker, Palmer and Aston Martin faced the challenge of funding development of new vehicles and maintaining a position of leadership in automotive design. "The big question is whether the Second Century Plan has us departing from our traditional role as a sports car and luxury manufacturer and moving into new segments, new businesses," said Palmer in late 2016. "Is that a wise choice? How does a high-end premium provider in any business grow without losing its exclusive reputation? That is the eternal business question."

An introduction to franchising through the work of Valerie Daniels-Carter, who owns restaurant franchises across the country. The case looks at the history of franchising, franchise options, and how to do a financial analysis of franchise opportunities.

The case highlights the role of minority chambers of commerce and the background of Eve Hall, a regarded multi-sector leader asked to revive Wisconsin's African-American chamber. This case study examines the lending options that a minority chamber of commerce considers when seeking to maximum value to their constituency. Students learn the challenges minority small business owners and entrepreneurs face, the role of non-financial institutions / community-based organizations in addressing those challenges and the financial tools available to lenders and borrowers in this segment. Students learn how to analyze financing opportunities by assessing the value proposition of chambers of commerce, developing the risk-reward profile of each party involved and deliberate as members of a board to reach a final lending decision.

In September 2016, the U.S. Securities and Exchange Commission (SEC) launched an investigation into ExxonMobil's accounting treatment of its oil and gas reserves. The SEC questioned the company's decision to record no impairments of its reserves, although oil prices had declined by almost 60% since mid-2014 due to a mix of factors, including excess supply from the US, Russia and Middle East and slowing demand from China. Moreover, critics of ExxonMobil's accounting noted that competitors, such as Chevron and Royal Dutch Shell, had impaired their reserves. This followed probes, by New York and Massachusetts Attorney Generals among other state Attorney Generals, which questioned whether ExxonMobil had, for decades, failed to inform investors about potential climate-change risks. As CEO Rex Tillerson stepped down to become the Secretary of State in the new Administration under President Donald Trump, the new CEO of ExxonMobil faced many strategic questions. How should ExxonMobil invest going forward? What were the capabilities that ExxonMobil needed to develop in order to be successful in the future? Did the accounting book value of the reserves reflect economic reality or was an impairment needed?

Supplement to case 117046. The case presents ExxonMobil's response to growing pressure to disclose how climate change will impact their business. This includes multiple asset impairments and losing a proxy vote to shareholders to increase climate change related reporting. Supplements the (B) case.

"Womenomics in Japan" profiles Prime Minister Shinzo Abe's vigorous attempts to revive Japan's economy, specifically by advocating for a larger role for women in the economy--not as a matter of social policy or gender equity per se, but as an essential element of any solution to Japan's persistent low economic growth. Several decades of economic stagnation led Abe to spearhead a multi-faceted reform effort to shake off deflation and come to grips with Japan's large national debt and rapidly aging society. "Womenomics"--the promotion of economic empowerment for women--has been a key element of this effort. Since taking office in late 2012, Abe has advocated for women in myriad ways: through sustained rhetoric at home and abroad, by naming women to key cabinet and party positions, and by setting ambitious numerical targets for expanding their professional ranks. To support these efforts at effecting institutional change, Abe also has overseen rapid growth in daycare facilities for the children of working mothers, and has worked intensively to encourage Japan's business associations to increase hiring, promotion, and empowerment of women among member firms. At issue is how effective such measures have been, and whether they can successfully be sustained.

The first module of TEM focuses on business model analysis and lean testing. Your business model defines your company and sets its strategic direction, including customer value proposition, operations, scaling, the context in which the company operates, and so on. Designing and evaluating a business model is a complicated task, given all the considerations that must influence your decisions-external opportunities and threats, internal resources, your goals as a founder as well as your investors' desires, plus laws or obligation to your community or society at large. While not simple, a well-designed and properly tested business model serves as a strong guiding compass for the company and aligns priorities and critical actions.

Describes decision analysis, a systemic approach for analyzing decision problems. A running example illustrates problem structuring (decision trees), probability assessment and endpoint evaluation, folding back the tree as a method of analysis, and sensitivity analysis.

In the spring of 2016, the director of finance and administration for the Calgary Drop-In & Rehab Centre was frustrated with the organization's legacy donor and volunteer information system. The technology platform was outdated, data integrity was out of control, costs were spiralling, and most importantly, required information was not available on demand. The director was concerned that these issues with the organization's information systems would interfere with its ability to maintain positive relationships with existing donors and to secure new financial supporters-ultimately, that it could have an impact on the agency's efforts to achieve more good in the community. He was contemplating three options to solve this problem: build a new in-house system to replace the current Microsoft Access database system; purchase customer relationship management software specifically developed for non-profit fundraising and relationship management and install this on personal computers and servers in the offices; or adopt a cloud-based fundraising solution, where the organization's data would be stored on a secure, shared platform administered by the vendor.

In October 2013, future prospects for TransCanada's pipeline project were uncertain, as the company had to find ways to establish and manage relationships with Aboriginal communities along the proposed Energy East pipeline in Canada, particularly in the province of New Brunswick. Following Supreme Court rulings that reinforced the "duty to consult and accommodate," Aboriginals came to have a powerful voice in the development of energy infrastructure, creating new requirements for companies wishing to expand into areas subject to Aboriginal title and treaty claims.

This case describes a challenging decision faced by Dr. Elizabeth Clarke, Chair of the Surgery Department, regarding what to do about Dr. Jamie Thompson, an employee causing disruption within the organization. Clarke recently hired Thompson to work as a surgeon in her department but is now getting complaints from many other staff about Thompson's behavior. Thompson is delivering excellent results but ignores systems and processes, and frustrates coworkers. Clarke, who hired Thompson on the recommendation of a colleague, must now step in and address this issue. Students are asked to evaluate the situation Clarke faces and recommend the best course of action.

This case was designed as an introduction to a finance course or a module on capital markets. Alternatively, it could be used as a basic introduction to methods of valuing a firm. A detailed teaching note provides instructors with a teaching plan for either scenario. Set in August 2015, students are asked to evaluate Warren Buffett's decision to acquire the aerospace-parts supplier Precision Castparts Corporation (PCP), which would be the largest-ever deal for Berkshire Hathaway, Buffett's holding company.