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This is the third of a three-case series (807-018-1 to 807-020-1). Michael Murphy joined Friends Reunited as Chief Executive Officer in February 2003 and vigorously set about transforming the company. Michael recalled ''From the word go Steve and Jason were true to their word - almost immediately they stepped back completely from running the company. They came in for board meetings, but otherwise were completely hands off.'' Incentivised by an aggressive ratchet, Michael and his team set out to grow the business. Over the next two and a half years Michael and his team launched four new services, and more than doubled the number of employees. Turnover increased from £7 million to £12 million during this period. Reviewing Friends Reunited''s performance in Summer 2005, Michael wondered how the value of the business had changed over the two and a half years since the new team had come on board.