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March 2008. Lando Simonetti, founder and CEO of La Martina was pacing around his office in the Buenos Aires suburbs. Not so long ago, the offer that had just landed in his in-box would have been relegated to the trash bin within seconds. He had always been fervently committed to the independence of his firm - independence from investors, boards of directors, banks and politicians. From a local polo equipment producer, La Martina had become one of the most recognized global brand names in polo and fashion alike. He would have preferred to stay true to the brand's DNA, rooted in the estancia lifestyle and the polo game, delivering functional polo equipment. But that no longer seemed possible since the fashion industry had discovered the brand and transformed it into a fashion icon. This time the offer was different. It came from Tribeca Partners, a reputed South American private equity firm in Bogotá that had developed a serious fashion specialty. It had recently concluded its first deal in Argentina, acquiring one of La Martina's local competitors, Etiqueta Negra, with a view to taking it global. The company clearly knew about fashion and Argentina was on its radar screen. The offer was rock solid, valuing the company at close to three times sales and ten times EBIT. Was it time to let go? Learning objectives: Discuss exit planning, harvesting, private equity, growth management, and the fashion industry.

The California Public Employees' Retirement System (CaIPERS)-the largest public pension fund in the U.S.-had adopted a new principles-based approach to investing in emerging market equities in November 2007. Previously, CalPERS internal and external money managers were prohibited from investing in certain developing countries because the countries failed to meet certain standards for political stability, human rights, market regulation, etc. The new principles-based approach would allow CalPERS money managers to invest in companies that were financially attractive and competitively positioned provided their business practices were sound from an environmental, social, & governance (ESG) perspective regardless of where they were located. By allowing investment in these types of companies regardless of where they operated, CalPERS had hoped to improve its investment returns. The case is set in January 2009, a little more than a year from the time the principles-based approach had been adopted. It is a good time to review the implementation process and how the new principles-based approach changed CaIPERS' emerging market equities portfolios and their returns. The case focuses on one of CalPERS' external fund managers, Dimensional Fund Advisors, and a service provider to DFA and CalPERS, KLD Research & Analytics. One question facing CalPERS with this new approach is whether to invest in PetroChina, which had been off-limits previously due to the screening criteria that were used to identify which countries qualified for emerging markets investments. The case also raises the issue of the difference between "value" and "values" investing and the future importance of ESG investing.

The equity research department of Credit Suisse and the expert network firm of Gerson Lehrman Group, historically competitors, have established a strategic alliance which both believe will give them a competitive advantage. Under the leadership of its head of equity research, Stefano NateIIa, Credit Suisse has responded to the continuing pressures on the sell-side research function with a focus on making it a revenue center. One pressure on sell-side research is the introduction of alternative business models for providing sell-side research, such as from expert networks like the Gerson Lehrman Group (GLG). GLG has established a network of nearly 200,000 experts who provide advice to institutional investors in a different way which emphasizes private consultations with these experts about questions of very specific interest to the investor. Natella and Saint-Amand have agreed to a two-year alliance which gives the analysts at Credit-Suisse access to the experts in GLG's network, as a way of improving the quality of their research. Credit Suisse can also get additional revenues by placing its analysis in the GLG network, although under some severe constraints. GLG gets additional revenues from its contract with Credit Suisse and from introductions to other potential clients that Credit Suisse will make. It also grows its network from the addition of the analysts at Credit Suisse. The alliance has been announced just before the financial markets began their meltdown in October of 2008, and both Natella and Saint-Amand are wondering what this means for the future of the alliance.

Addleshaw-Goddard (AG), the 15th largest law firm in the U.K., is seeking ways to serve larger clients on more important legal matters. Part of this strategy involves its "Client Development Centre (CDC)," an innovative idea and set of services launched by Dr. Jim Hever who holds a Ph.D. in Strategic Leadership Development. The mission of the CDC is to improve the capabilities of clients' in-house legal departments, such as by making them better partners with the business units and improving their leadership skills. The CDC has adopted an innovative pricing structure. Rather than charging direct fees for these consulting services, it proposed to the client that it contract with the firm for five times this amount in legal fees that might otherwise have gone to another law firm. It is in this way that AG hopes to increase its position in its larger clients. AG has also developed a very systematic program for identifying and serving its key clients, developed in collaboration with Cranfield School of Management. It is these clients that will be the focus of the efforts for the CDC. In addition, the firm has co-developed a training program with Cranfield to improve the skills of its own partners. The case explores whether these initiatives will lead to a long-term competitive advantage. The firm believes what really will produce competitive advantage is its "Me-To-You-Mindset" initiative that encourages partners to look at the world through their clients' eyes. At the end of the case Hever is reflecting on a proposal he submitted for providing CDC services to one of the largest U.K. companies. The general counsel wants to pay for these services in cash should he decide to accept the proposal, rather than hiring AG for more legal work. Hever is wondering if this is a good way to take advantage of recent reforms allowing law firms to provide other professional services, like consulting, or if this is "off-strategy" for the mission of the CDC.

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group) is substantially updated from the original. This chapter introduces Bennis's vision of today's world, with an emphasis on US business institutions. He describes a four-step process that can lead a person to "master the context" of his or her environment: (1) becoming self-expressive; (2) listening to the inner voice; (3) learning from the right mentors; and (4) giving oneself over to a guiding vision.

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group) is substantially updated from the original. In this chapter, Bennis establishes that the critical activity of self-invention which characterizes all leaders begins with self-knowledge. He then explores four basic lessons of self-knowledge: (1) You are your own best teacher. (2) Accept responsibility. (3) You can learn anything you want to learn. (4) True understanding comes from reflecting on your experience. He goes on to examine how leaders are influenced by their backgrounds but not ultimately controlled by them.

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group), is substantially updated from the original. In this chapter, Bennis discusses "whole-brain thinking," which he believes is a necessary capability of top executives and which includes creativity, impulse, and instinct as well as more "scientific" analytical skills.

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group), is substantially updated from the original. In this chapter, Bennis argues that "letting the self emerge is the essential task for leaders." He offers lessons on the importance of reflecting deeply on personal experience and constantly striving to acquire new perspectives. He presents four "tests" through which individuals build capabilities and focus on self-fulfillment. And he goes on to discuss desire, or the passion for life; the pursuit of mastery; and the value of strategic thinking.

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group), is substantially updated from the original. In this chapter, Bennis examines the ongoing development of a leader's skills and abilities through change, and especially under adversity. The true leader endlessly enriches his worldview by learning from difficult people, challenging organizational obstacles, and experiencing failure.

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group), is substantially updated from the original. In this chapter, Bennis lays out three kinds of "sweeping and profound" changes occurring in western societies, rooted in (1) technology, (2) global interdependence, and (3) shifting demographics, including an aging population and dramatic changes in ethnic diversity. This latest tide of change is transforming organizations, and the key to a healthy transformation is "the organization's attitude toward its workers." The most successful organizations will create a culture that develops leaders at all organizational levels; Bennis gives numerous examples of how this can be achieved.

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group), is substantially updated from the original. In this chapter, Bennis describes "ten personal and organizational characteristics for coping with change, forging a new future, and creating learning organizations."

Warren Bennis's classic book On Becoming a Leader examines the differences between leaders and followers and explains how leaders emerge and sustain themselves. The 2009 edition, published by Basic Books (a member of the Perseus Books group), is substantially updated from the original. Bennis evaluates the George W. Bush administration, examines the 2008 presidential campaign, and suggests changes that the Obama administration must pursue.

Over the past eight years Brazilian energy giant Petrobras has transformed itself from a notorious environmental offender into a global leader in sustainability. In this article the CEO, a onetime leftist activist who believes business should drive social improvement, describes how the company turned itself around. When Gabrielli took the reins, Petrobras was coming out of a tumultuous period. The state-owned monopoly had become a publicly traded corporation competing in an open market, and its operations were expanding rapidly. During this time a series of disastrous oil spills and accidents took place. In response, Philippe Reichstul, one of Gabrielli's predecessors, launched a $4 billion program for environmental and operational safety, comprising more than 4,000 projects. Under Gabrielli's stewardship, the company approached environmental performance issues in three ways: improving its own culture and operations, influencing its suppliers, and championing renewable-energy development. At the center of its strategy is a program built on a set of requirements for performance in 15 areas. Among them is the stipulation that Petrobras's managers lead by example. Environmental policy is a boardroom consideration, and the company's top managers visibly demonstrate their commitment by joining the teams that go out into the field to audit health, environmental, and safety compliance. Promoting environmentally sound behavior outside the company is another key requirement. To this end, Petrobras is pitting the firm's thousands of Brazilian suppliers against one another in a battle to see who's greenest. The company has devised a system to measure and monitor their environmental performance - and awards contracts to the high scorers. It has also set its sights on becoming a world leader in biofuel, building a huge R&D network that stretches across Brazil and around the globe.

Unlike traditional market researchers, who use highly targeted questions to extract information from customers, corporate ethnographers observe and listen in a nondirected way. Their method may appear inefficient, but it can yield rich data about product use.

The best business books from the past 30 years offer simple yet profound advice for overcoming five recurring challenges. The lessons are strikingly similar to those learned by the heroes of mythology and popular culture.

When there's limited cash for financial rewards, praise becomes an acutely valuable management tool. Through careful positive feedback, you can induce employees to chain several good efforts together into a pattern of excellence.

The chairman and CEO of DineEquity, the restaurant company that owns the Applebee's and IHOP brands, says the key to managing for performance across more than 3,300 sites is to turn the workplace into a classroom. "When employees feel like they're learning," she says, "they become more enthusiastic about their work, and that shows through to the customer in a hundred different ways."

Shanghai Diligence Law Firm, started in January 2006, is a rapidly growing law firm in China's burgeoning legal services market. In addition to the usual challenges facing all professional service firms (picking and retaining talent and building a desired client portfolio), the firm faces some challenges and opportunities that are unique to its setting in China and the fact that the firm is not yet three years old. The legal profession in China is a new and rapidly growing one with a large number of small firms all trying to carve out a distinctive niche for themselves. One of the partners in the firm, Joseph Shang, has created an innovative compensation system he calls the "A-B-C-D Model" which enables even the most junior associates to earn compensation for bringing in new business. This model is a kind of hybrid between the typical compensation system found in a Chinese law firm and those found in U.K. and U.S. law firms. The goal of this approach to compensation is to enable the firm to get and keep promising lawyers while also giving them an incentive to help grow the business. Somewhat unusual for a typical law firm, or any type of professional service firm, this compensation model is only used in Shang's practice. The founder and CEO, Chenyao Wu, has his own version of an "A-B-C-D Model," and discussions are taking place about what the firm should be doing about compensation. In addition to compensation, the firm is grappling with issues regarding divergent views amongst the partners, building a brand in a very competitive marketplace and the stability of the core team.

Jonathan Kutchins and Mark Cullen, managing partners of IT consulting firm Exeter Group, Inc., are considering four potential client engagements. Three of them involve prominent universities, an area of market strength for the firm, and one involves a top-tier strategy consulting firm, a new market for Exeter. Each of the projects has both attractive and unattractive attributes, with various degrees of upside and downside risk. As a relatively new and small IT consulting firm, Exeter needs to make careful choices about how it allocates resources to projects and it is not clear if the firm has the capacity to add all four projects at once. Thus Kutchins and Cullen have to decide which, if any, of these projects to do. In some cases they must also decide whether they want to try to restructure the nature of the engagement to better fit the firm's service model. Although young and small, the firm has grown successfully and is optimistic about its future prospects. Kutchins and Cullen thus want to make decisions about these very specific client engagements in the context of their overall strategy and the contributions of these engagements to helping the firm achieve its long-term goals.