ABSTRACT
The senior management team of a small brewery in England was contemplat ing expansion. This family-owned firm had experienced steady growth of sales for its beers throughout the past 10 years. Most of the directors favored expanding the company, and an unanticipated opportunity to purchase a rela tively huge additional brewing plant seemed too good to miss. A vigorous future seemed to stretch ahead. Problems then began to arise, especially cash flow problems, which overwhelmed management. The decision that had purported to drive the company forward could be seen to have done exactly the opposite. It brought a takeover, which meant the end of the firm as an independent entity.
