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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). Although the case is rich in all kinds of 'sub-plots', the three over-arching themes are: 1) The vital importance of sector experience in acquisitions 2) change management 3) financial control, in particular cash management. It has been found very effective to approach the class session using this same sequence.