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This case depicts a century-old family business that faces the challenges of diversification of its activity. The two characters in the case, Denis and Antoine are father and son, where the former is one of the three managers of the family business (flour-milling). The immediate in this case is a conversation between the two characters following Antoine’s graduation ceremony from a prestigious French business school. This is the occasion for Antoine to question his father about the future perspectives of the business. The discussion reaches a climax when the son evokes the possibility of opening up their own bakery. In a broader perspective, the case introduces students to a market sector under turmoil and the specific relations that can be established along the vertical value chain.