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The Iora Health case looks at a new approach to the management and delivery of primary care. Instead of having a doctor, half a nurse and two accountants, Iora deploys a doctor, a nurse and several health coaches, all operating as an integrated team. Iora focuses on measuring and improving health. They are paid to manage a population rather than on a fee for service basis. They spend twice as much on primary care and hope to save over 20% on total care by improving health and obviating the need for acute interventions. The action question in the cases revolves around a proposed financing for the company at a time when several locations are up and running but the model has not been fully validated.

Strava is a new fast-growing social network for the avid cyclist and runner. The Strava case traces the entrepreneurial journey of two serial entrepreneurs who have been co-founders in a prior venture, and who have co-founded Strava 3 years ago. The protagonists must decide whether or not to accept the Series A investment terms from their venture capitalists.

Taxing corporations is popular, but why? Corporations do not bear the burden of taxes, people do, and the incidence of the corporate income tax burden is likely to be far different from what many of its supporters assume. Instructors may also obtain a Teaching Note, written by this case's author, that provides suggestions for using this case effectively in the classroom.

An NPR report, which uncovers labor-camp-like working conditions at Apple's Foxconn supplier in China has gone viral. With 2011 revenues of $92 billion, the contractor, which manufacturers Apple's Mac computers, iPhones, and iPads is the fourth-largest information technology company in the world. Forced to work in conditions where they are both physically and mentally abused, some workers are driven to suicide, while those who remain are required to work excessive overtime, denied meal breaks, not informed about the chemicals in use, refused the wage increases promised to them, and exposed to two explosions - one that leaves three dead and 15 injured and another that injures 61. Students are asked to take on the role of Apple CEO Tim Cook and respond to a petition by Change.org, signed by 250,000 people calling on Apple to take responsibility for the appalling conditions in its supply chain.

After studying medicine and specialising in paediatrics in India, Dr Vibha Krishnamurthy, the founder and Medical Director of Ummeed, underwent further training in children's developmental disabilities in the US. The resources available at the centres there highlighted the lack of similar facilities in India. After relocating to India in 1998, she decided to set out on her own. In November 2001, supported by her husband, Vibha founded Ummeed - a non-governmental organisation (NGO) that provides an integrated medical and therapeutic support system for children with developmental disabilities. Founded with an initial staff of only three, Ummeed has grown to include about 50 professionals, ranging from paediatricians to therapists and social workers. It has also moved into areas of training, research and advocacy, and is increasingly well regarded as one of India's leading NGOs, respected for its work with children with disabilities. But with this growth, the constant challenge to procure adequate funding has been exacerbated. Ummeed's strategic plan and business model is built around the theory that if it were able to access children with disabilities early through their families, it could maximise their outcomes for educational, financial and social achievement. Hence, its business model involves creating ways to access families by building awareness and demand in communities, with subsequent capacity building and training. But is this the most effective way to create a change for children with disabilities? Vibha also recognises that Ummeed's evolution has brought her to a crossroads where a decision will soon have to be made: while on the one hand, she would like to keep Ummeed 'small', retaining the personalised organisation culture that she has embedded at all levels - on the other hand, she would like to scale-up Ummeed, so that it could extend its reach. How should Ummeed position itself? What would be the best way to create an impact in this field?

This technical note describes the practice of employee furloughs (also known as work sharing or short time work) including their regulatory frameworks in different countries and the business and ethical implications of their use.

In 2013, Brigitte Baumann, founder of the Pan-European angel investing provider Go Beyond Investing, reflected on the evolution of her venture and the way forward. Her company, which offered deal flow and training to novice and experienced angel investors and ran investor groups in several European countries, had reached a critical size, and Baumann needed to make a strategic decision to ensure its future growth in an industry that was undergoing rapid competitive and regulatory change. Her options required a decision on whether to keep her venture independent, and use a financing round to grow and scale it to a European leader in early stage investing, or whether to cash out and/or have it evolve more quickly through a partnership or sale. Possibilities included a future sale to a private bank that was looking for ways to expand their investment offerings for high net worth individuals, or joining forces with one of the emerging crowdfunding networks that targeted small investors. All of these options would require adjustments to Go Beyond Investing's strategy, capabilities, financing, and organizational structure.

The H&M case is set immediately after the Rana Plaza collapse in Bangladesh. The case explores questions of who is to blame and how it should be addressed. There is no guarantee that H&M garment manufacturing had not been subcontracted to one of the factories in Rana Plaza, and Helena Helmersson, head of sustainability at H&M, must meet with the CEO, Karl-Johan Persson, to discuss how the company will respond and devise a plan to face the media coverage and public scrutiny of the apparel industry that is sure to follow. This case was written under the supervision of Andrew Hoffman at the University of Michigan by graduate students Marianna Kerppola, Ryan Moody, Likangjin Zheng, and Amaryllia Liu.

Epilogue to case W93C73.

The diamond framework can be used to develop strategies in multibusiness enterprises at all organizational levels and across markets or products. This note demonstrates how the framework yields insights that managers and executives need in order to make critical strategic decisions. The power of a single integrated approach lies in its transformative ability to unite a firm with one template based on a common language and shared lexicon.

In January 2012, Ellen Kullman, CEO and chairman of DuPont, must decide whether to retain or sell the company's Performance Coatings (DPC) division. This is an introductory case on valuing a leveraged buyout. The case focuses on a publicly listed corporation's decision to divest a large division and asks students to compare the division's value if it remains under DuPont's control or is sold to an outside party. The transaction size of approximately $4 billion is too large for potential strategic buyers in the industry, making private equity (PE) firms the most likely bidders. The case provides a base-case adjusted present value (APV) model of DPC as a stand-alone company and gives students specific assignments to adjust it to reflect the division's potential value under PE ownership (e.g., EBITDA growth, multiple arbitrage, and increased leverage). The case is designed to illustrate and discuss the differences between a public company's valuation based on unlevered free cash flows and a PE sponsor's valuation based on residual (levered) cash flows. This case has been successfully taught in a second-year elective course covering entrepreneurial finance and private equity and in an advanced undergraduate course on corporate finance. It is appropriate for use in classes on private equity, advanced corporate finance, or deal valuation.

Spreadsheet Supplement for product UV6790.

This technical note, which is based on an earlier note (UVA-F-0910), provides a student primer of firm cost of capital from a conceptual and application perspective. The note provides student intuition on the traditional theory of cost of debt, cost of equity, and weighted-average cost of capital. Moreover, it provides detail on the common approaches to estimating the cost of capital. Specific examples are provided. The note is updated with actual data through 2012.

In 2013, Aldi-the world's 8th largest retailer-planned to accelerate its US expansion. Aldi was a German-based hard discounter that sold a limited assortment of private-label groceries and household items in barebones stores. Despite its presence with 1200 stores in 32 states, Aldi was still relatively unknown in the US. But it was often cited as one of the reasons for Walmart's exit from Germany. Could it compete with Walmart in the US, Walmart's home market?

Diageo, the world's leading premium drinks business, had a long history in Africa starting from its beer brand, Guinness, first exported to Sierra Leone in 1827. By 2013, 13% of Diageo's global revenues were from Africa, up from 9% in 2007. Diageo Africa President Nick Blazquez was considering how to seize the opportunities presented by rising populations and incomes while navigating increased competition and the unique challenges presented by frontier markets. The case describes Diageo's innovation process and two recent product launches developed specially for Africa. It also discusses government relations and the need to develop local production and raw material supply chains.

Zeta Mining, one of the world's largest producers of metallurgical coal, operates a number of mines in the Bowen Basin, Central Queensland, Australia. The company has invested about AU$8 billion in the region. Before extracting the coal, the overburden of dirt, rock and other geological waste has to be removed, and this is usually done by draglines, which are imported from the United States and constructed on site, requiring a significant investment in time and money. In 2012, Zeta's chief financial officer tasked the Bowen Basin project evaluation director to decide whether to "walk" one of the 3,400-tonne draglines six kilometres to another mine or to employ external contractors to remove that mine's overburden. To do so, the director was required to perform an incremental comparison analysis using net present value methodology. The CFO will then use the analysis and any other relevant factors in making a final decision.

This case deals with a project to build a hybrid operating room for cardiac surgery at Montreal's Sainte-Justine University Hospital. The case is discussed from the perspective of change management and implementation processes at the personal and organizational levels. The change involved the learning of new practices with state-of-the-art equipment and the collaboration of two medical teams: surgical and cardiology. This initiative, suggested by a cardiologist in 2002, was finally completed in 2010 following several years of fundraising efforts and the departure of several stakeholders. The arrival of a new CEO in 2009 gave fresh impetus to the project. The leaders of the two teams managed the change to the best of their ability, and a Tactical committee was set up to plan activities and prepare the various actors for the change (managers, cardiologists, cardiac surgeons, anesthesiologists, nurses, technologists, etc.). This case study of a successful change reports the perspectives and perceptions of fourteen key actors, including doctors, nurses, managers, administrators, heads of sectors and other units, and the chief executive officer.