Established in 1995 by a group of ex-British intelligence officers, Hakluyt & Company (Hakluyt) was a corporate advisory firm that generated insights by leveraging a unique blend of internal expertise and a global network of well-connected individuals. Since 2019, the firm was under the leadership of Varun Chandra, a young and dynamic managing partner who had steered Hakluyt into remarkable growth and heightened ambition. By 2023, Hakluyt had transformed into a 113.1 million pound business, boasting 196 employees spread across 13 strategic international offices. However, this rapid expansion and evolving identity engendered some tension within the firm, particularly as Chandra's tenure as managing partner approached its end. This case study chronicles Hakluyt's transformation from a specialized niche intelligence firm to becoming trusted advisors and details its unique business model, evolution under various leaders, and recruitment and compensation strategies. It also examines the challenges accompanying rapid growth, including implementing leverage, professionalizing operations, addressing long-term equity structures, and preserving the firm's distinct culture.

By May 2023, Boortmalt was the word's leading producer of malt, with a production capacity of 3 million tonnes, 15% of global market share, and 27 malting plants across five continents. It had recently acquired a major competitor and had sustained an EBITDA growth of 17% per annum over the past ten years. Despite this success, Yvan Schaepman, Boortmalt's charismatic and eco-conscious CEO, was aware of the rapidly evolving malting industry, marked by changing consumer preferences, technological advancements, and shifting climate dynamics. Schaepman was considering various strategies to sustain growth amidst these headwinds, including greenfield investments, exploring new acquisitions, and expanding into the food sector. This case study explores Boortmalt's growth trajectory, and assesses different strategies for sustaining and enhancing growth. Additionally, it dives into the unique world of malting, the company's culture and sustainability efforts, and the challenges and opportunities of acquiring a competitor.

By August 2023, Re-Match, an artificial turf waste-to-value company, had operations in Denmark and the Netherlands and had recycled over 160,000 tons of waste and plastic fiber. With recent capital injection from the VC firm Verdane and a dual revenue business model, the company wanted to expand its operation to become the global leader in turf recycling. However, stakeholders were divided between rapid U.S. market entry and refining their proven model to generate more downstream revenue. This case study delineates Re-Match's business model and assesses the carbon reduction potential of recycling in comparison to landfilling or incineration. Additionally, it raises the question of whether to prioritize market dominance or operational efficiency and how to identify the most receptive market for Re-Match's recycling solution.

The Germany-based startup Vytal operated the largest digital-native reusable packaging-as-a-service network globally, having raised nearly €15 million, established a large network of restaurant partners, and prevented the use of millions of single-use take-out food containers. However, Vytal's growth was slower than expected, challenging its unique pay-per-use model and environmental goals. This case highlights Vytal's growth trajectory in the years leading up to 2023, outlining its business model, utilization of digital technology, strategies for acquiring partners and customers, and regulatory developments within Europe. It also presents several options that the founders are considering to reach profitability, prepare for a Series B financing round, and expand internationally, such as charging partners for unused containers, implementing consumer fees on single-use containers, launching a loyalty program, and franchising to expand more rapidly.

This case examines the challenges and opportunities of doing business in Finland. It highlights Finland's economic transformation in the decades leading up to 2023 in the context of its history, culture, and politics. The case gives an overview of some of the main obstacles faced by businesses operating in the country, such as labor shortages, inflexibility in employment regulations, Russia's war in Ukraine, and slowing growth, contrasting these with the efforts undertaken by the government to improve the country's business climate. This is illustrated through the discussion of a business dilemma in which the confectionary company Fazer needs to manage its exit from the Russian market while continuing its sustainability efforts in a changing industry environment.