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The case focuses on a family feud that started with a property dispute and became public news in 2017. Gautam Singhania (chairman and managing director, MD, of Raymond Limited, India) and his father, Vijaypat Singhania, are involved in the dispute. The case narrates both sides of the story. It provides an opportunity to discuss succession management, as well as "family feuds", their reasons and their repercussions on a family business. The case offers interesting insights into the overlap of family, business and ownership dimensions in a family business. The case ends with the speculation of whether such disputes could ever be settled.

Antigal is an Argentinian winery with an integrated business model including vineyards, wine production, and distribution. Antigal is owned by the Cartoni family. Virgilio Cartoni entered Antigal as a minority shareholder in 2007, and in 2016 he and his wife Ana Maria took full control of the winery. Antigal consists of three companies. Virgilio and Ana Maria have four children: Stefano, Francesco, Alessandra, and Antonella. Since 2016, the couple each own 20% of the vehicle ROCKY, parent to two companies of Antigal, and the four children own 15% each. Virgilio and Ana Maria also own 50% each of the vehicle BACO, parent to the third company of Antigal. In mid-2018, Antigal became a multi-generational family-managed firm with Stefano, Alessandra, and Francesco working as company managers. Francesco, Virgilio, and Ana Maria's second-oldest son started working for a Chilean producer and exporter of wines following his graduation from university, and he soon realized that the future of the wine business was in China. Consequently, in 2016 he moved to China to work for the Chilean company there. In 2018 Francesco resigned from the job to start a full-time MBA program and begin to build relationships for his family business. Francesco, along with his brother and sister, has a vision to bring Antigal to the next level. There are many challenges ahead for the company to overcome: How to structure the family business governance? How to expand the business and increase the enterprise value of the firm? How and how much could China contribute to it?

At the end of 2018, Francesco Cartoni was concluding his first MBA term when he decided to start working as an executive assistant for his family company, Antigal Winery (Antigal). Antigal encompassed three companies. Two were based in Mendoza (Argentina): Cepas del Sur S.A., which owned the vineyards, and Botega Antigal S.A., which performed the wine production. The third company, Cork Alliance Inc., was a wine wholesaler and importer/distributor based in Miami, Florida (US), that owned a special license to import alcohol. In past years this company structure allowed Antigal to achieve a wide distribution in the US and gain higher profit margins. However, after Francesco joined the company and decided to expand distribution in China, Antigal's sales started to grow significantly in Asia as well. Francesco wanted Antigal to have an even greater presence in China, but once he joined the company, he wanted first to have a clear idea about the value of Antigal. Francesco and his siblings spent the following months collecting any relevant information, and with the help of his accounting professor, they started to make an accurate company evaluation. To provide a comprehensive view of Antigal, this case study analyzes the company's past performance. By using financial ratios, common size analysis and trend analysis are performed. Then, to evaluate the company value of Antigal, two evaluation methodologies are applied: (i) Multiples and (ii) Discount Cash Flow (DCF). The case study also shows the limits of these two techniques and proposes alternative methods. In evaluating the company, many issues are considered: What is the best way to evaluate Antigal, which encompasses companies located in different countries? What is the best method to account for the high inflation rate in Argentina? How could global economic trends, such as the burst of the COVID-19 pandemic, and wine industry trends, impact Antigal's future growth? Antigal recorded stable sales in the

In June 2021, Nayib Bukele, El Salvador's president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had one of the most volatile track records among assets. Yet, crypto adoption as a medium of exchange was starting to gain pace worldwide. Bukele claimed it would be a boon for financial inclusion, investment, innovation, and economic development. El Salvador's $27 billion economy suffered from persistently low growth, high public debt, and a strong dependence on remittances, which could potentially become cheaper and faster to access in bitcoins. The Bitcoin plan was met with both enthusiasm from Bitcoin supporters and skepticism from credit agencies and multilateral finance institutions, which believed it could bring macroeconomic instability to the local economy. Was bitcoin a viable currency for Salvadorans? Or, as some observers pointed out, was Bukele's plan another sign of weakened governance in his administration?

This case reviews IBM's efforts to widen its hiring funnel and broaden its talent pool.

Lionheart Agrotech Limited, the holding company of Lionheart Farms is developing a large-scale sustainable hybrid coconut plantation with integrated processing and manufacturing capacities in the Philippines. The case describes the idea of the founders, their journey, the challenges they met and how they solved them. The case explores the key challenges and principal constraints that the company faced - and continues to face - during the development and execution of its sustainable agricultural project.

Lionheart Agrotech Limited, the holding company of Lionheart Farms is developing a large-scale sustainable hybrid coconut plantation with integrated processing and manufacturing capacities in the Philippines. The case describes the idea of the founders, their journey, the challenges they met and how they solved them. The case explores the key challenges and principal constraints that the company faced - and continues to face - during the development and execution of its sustainable agricultural project.

Schneider Electric is a multinational company providing energy management and automation. The case briefly outlines the company's history and describes the progressive integration of sustainability efforts into its overall strategy. This 20-year journey culminates in 2021 when Corporate Knights ranked Schneider Electric No. 1 worldwide for its sustainability performance. The protagonist, Gilles Vermot Desroches, who spearheaded the effort, looks back at how this remarkable achievement came about and how he is now confronted with the difficult task of imagining the company's next steps.

Orsières (Valais, Switzerland) April 2020. Opaline, an original juice production company with high social and environmental standards had begun in 2010. It took founder Sofia de Meyer over 10 years to build a responsible and impactful company aligned with her own aspirations, not just a lifestyle venture but one that would capitalize on her deeply rooted values, shared with many in the valley. Opaline was her experiment to prove to the world that a different type of capitalism was possible, one that put human and environmental aspects where they belonged - at the epicenter of a business revolution. De Meyer had regularly been asked in interviews why Opaline was not trying to grow faster, rather than ensuring that its existing suppliers and distributors developed alongside the company. She always replied by drawing an analogy with a growing forest, in which no tree stood much higher than the others or else it would fall, alone, with the next storm. The analogy proved robust but now a more violent storm - a global pandemic - was brewing that was hurting everyone at once. What would it mean for all the projects the team had set out for 2020? And more fundamentally, could Opaline weather this storm as it had already done several times thanks to its strong ecosystem of partners? Would it pay the price for not having extended its roots deep enough when it could?

Orsières (Valais, Switzerland) April 2020. Opaline, an original juice production company with high social and environmental standards had begun in 2010. It took founder Sofia de Meyer over 10 years to build a responsible and impactful company aligned with her own aspirations, not just a lifestyle venture but one that would capitalize on her deeply rooted values, shared with many in the valley. Opaline was her experiment to prove to the world that a different type of capitalism was possible, one that put human and environmental aspects where they belonged - at the epicenter of a business revolution. De Meyer had regularly been asked in interviews why Opaline was not trying to grow faster, rather than ensuring that its existing suppliers and distributors developed alongside the company. She always replied by drawing an analogy with a growing forest, in which no tree stood much higher than the others or else it would fall, alone, with the next storm. The analogy proved robust but now a more violent storm - a global pandemic - was brewing that was hurting everyone at once. What would it mean for all the projects the team had set out for 2020? And more fundamentally, could Opaline weather this storm as it had already done several times thanks to its strong ecosystem of partners? Would it pay the price for not having extended its roots deep enough when it could?

In June 2018, the government of Canada passed the Cannabis Act, paving the way for the legalization of recreational cannabis cultivation, acquisition, possession, and consumption on October 17 of that same year. This move set off a flurry of activity as existing companies, investment firms, and entrepreneurs sought to establish an initial position within the burgeoning industry. Mīhī Cannabis and its chief executive officer needed to navigate the complex patchwork of government regulations and other market factors to establish a launch strategy for the company that would differentiate it from the anticipated competition and support the normalization of the industry in the eyes of the communities in which it operated.

The leadership of Union Pacific Corporation (UPC), the largest public railroad transportation company in the United States, needed to decide whether the company should reestablish its share-buyback program. The freight recession of 2019 and the decline in shipping volumes caused by the start of the COVID-19 pandemic in 2020 had not been gentle on the freight industry overall, and UPC had been no exception. The company had been able to maintain its dividend policy, but suspended its share-repurchase program during the second half of 2020. By the end of 2020, UPC's management saw signs of V-shaped economic recovery. Was it time for UPC to reinstate the company's share-repurchase program? Dividends and share repurchases were important avenues through which UPC returned value to its shareholders. UPC's growth opportunities had become limited over the previous 50 years, and management had focused on efficiency, cost cutting, and generating cash flows that the company channeled back to shareholders. This case has been successfully taught at the University of Virginia Darden School of Business in the Enterprise Valuation module of the course ""Financial Management and Policies,"" which is an integral part of Darden's core curriculum for MBA students. The case integrates a variety of subjects including forecasting, financing, and investment analysis. Students are asked to calculate the implied enterprise value and share price of a corporation by building a DCF model.

In early 2020, Singapore Airlines Limited (Singapore Airlines) faced severe liquidity issues as the global pandemic halted its flights and uncertainty loomed. Erstwhile massive cash reserves were quickly running out, and the airline's executives pondered how to save the company from insolvency. Singapore Airlines' majority shareholder, Temasek Holdings Limited, agreed to subscribe to a massive capital-raising exercise of up to S$15 billion via a proposed rights offer and mandatory convertible bonds (MCBs). Although minority shareholders were not convinced that the rights issue would be a good investment in such uncertain times, they had to decide whether to vote for it and whether to subscribe to the rights issue and MCBs.

Karl Naim, Co-Founder and CEO of Purpl, embarked on a venture to lower remittance costs for his native Lebanon. Since October 2019, the Lebanese economy had entered a free fall as its banking sector collapsed and large swathes of its population were plunged into poverty. As a repeat technology entrepreneur, Naim alongside his two co-founders decided to launch a new remittance aggregator to improve access to low-cost remittances, which acted as a lifeline for most local families. By becoming a fiat-to-fiat aggregator and eventually leveraging stablecoin technology, he expected that in the first phase he could cut remittance fees in half from 9-12% to 5-6% -- and eventually up to 1%. With the Lebanese population's trust in financial and banking institutions shattered, could Purpl succeed in its mission? How could it convince its potential users, the broader Lebanese public and the 20 million-strong Lebanese diaspora around the world, to adopt a different way of sending and transacting with digital cash? For primary remittance users, who only needed to reliably receive a monthly $100-$200 for basic goods and other necessities, could Purpl convince them both to change their habits and to trust the financial system that had put them in this situation in the first place? Moreover, given Purpl's ultimate goal to upend the current establishment, would its "playing nice" with current established institutions haunt the firm's "anti-establishment" credibility from ever materializing?

Set in 2008, the A case portrays the first 134 years of Aikon, a US multinational based in Minnesota. It is presented to participants as the baseline case, and they are told that the B and C cases (which will cover the next 14 years) will be handed out in class. The case depicts the rich history of the company, which succeeded in reinventing itself several times. Aikon progressively emerged as a key player in the ice-making industry before becoming a producer of household appliances, such as refrigerators, and then transforming itself into a major player in the medical device market (e.g., pacemakers). In 2007 the company had a record year in terms of both sales and profit, and the CEO is now considering what steps should be taken to ensure continued growth. In reality, there is no B or C case. The A case is a disguised version of the growth history of Company X, up to its final record year in 2007. When participants study the growth of Company X, they already know what has happened. It is then easy to blame Company's X's top team for a lack of foresight and strategic vision - "How could they not have ...?" Clearly, it is a great example of hindsight bias. However, the situation looked very different from the perspective of Company X's CEO in 2008. The key questions are: Were there already warning signs of the company's demise, any weak - or not-so-weak - signals? And, perhaps most importantly: What does it say about participants' own situations? Could their company be the next Company X? (The identity of Company X is revealed in the teaching note.

Category 5 Hurricane Maria struck Puerto Rico on September 20, 2017 ravaging the Island. The Puerto Rico Electric Power Authority reported that all customers were without power unless they had their own generators. However, the mountain town of Adjuntas, the community center did have electricity powered by rooftop solar panels. Years earlier the community realized the risks of the national electricity grid and created a local electricity generation capacity. Maria proved the wisdom of their actions as residents were able to charge medical equipment, keep medications refrigerated and charge their cellphones. This case explores the strengths and limitations of two electricity supply chain approaches, a national electricity grid versus local power generation. A focus on the importance of infrastructure resilience frames the discussion. The case also explore the community capacity building needed for local power generation resilience.

In 2017, Sahrudaya Healthcare Pvt. Ltd. (SHPL), a successful chain of corporate hospitals based out of Hyderabad, India, approached private equity (PE) firm Samara Capital for a capital infusion. After conducting a thorough due diligence and evaluation of the company, Samara Capital brought its major limited partner (LP) Medicover, a European multinational healthcare and diagnostics company, into the decision-making process. In a surprise turn of events for SPHL, Medicover offered to become a strategic partner and invest in SPHL. With the new proposal on the table, top executives from Samara Capital, Medicover, and SHPL attended a high-level meeting in New Delhi to discuss the modalities of the term sheet.

In 2019, the Brazos Valley Food Bank (BVFB) in Texas increased its distribution and food-storage capacity and was delivering food to food-insecure people in six nearby counties through its partner agencies. While the number of food-insecure people in each of these counties was relatively stable, the food distribution capacities of BVFB's partner agencies and the food supply fluctuated. As a non-profit organization, BVFB needed to equitably distribute food across all the counties it served, but it first needed to decide how to define "equitable food distribution." Which parameters, food needs, or costs should it use to calculate this? How could it ensure that its food distribution did not favour one county over another? Was equitable food distribution achievable for BVFB at all?