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This is part of a case series. March 2004. Michael Ring took a deep breath. He had a momentous decision to make: should he acquire Stelton? Ever since he had lost his position as Managing Director at Georg Jensen, he had been searching for that special opportunity to continue doing what he enjoyed most - working with great designers, passionate handcrafters and a well-known brand. Only this time, he wanted to be in charge. But did that mean taking out a huge mortgage on his house and risking everything he and his family owned? The hurdles were not insignificant. The current owner was approaching retirement age but felt under no compulsion to sell. Even though Michael had a potent track record in the industry, the transaction was clearly a buy-in and would require a detailed due diligence. For the very same reason, bankers might feel reluctant to lend money to the transaction. The company had not been doing too well lately, adding a layer of uncertainty. This deal was also the first one of its kind for Michael, and starting with a turnaround buy-in seemed a bit ambitious at best. But then again, opportunities like these were clearly not going to show up every day. This was a once-in-a-lifetime chance to regain control of his future...