This note is divided into two sections. In the first part, Simon Webster, widely regarded as the pioneer of search funds in the UK, recounts his experience of creating his first search fund, buying a company in 1995, and selling it for £30 million in 2005, making a great return on investment for himself and his investors.

This set of two cases describes how two MBA alumni acquired a long-established business in France, and, despite all their efforts to modernise it, grow it and apply best practices as learned in business school (Case A), finally turned it into a loss-making and cash-bleeding company (Case B).

This set of two cases describes how two MBA alumni acquired a long-established business in France, and, despite all their efforts to modernise it, grow it and apply best practices as learned in business school (Case A), finally turned it into a loss-making and cash-bleeding company (Case B).