[Case by case #10] Teaching strategy and finance using Vaumont, a family-owned sawmill

Why did you choose a small family business in the wood industry?

Martial Bombrault : The Vaumont case is actually inspired by my own personal history. My father ran a sawmill in Sologne. He eventually sold the technical side of the business, but our family kept the land. So it's a sector I know well, and one that's relevant because, unlike large corporations, it introduces many variables that are found in family businesses.

David Dalmasso : Exactly, we are in a small business in the primary sector, which allows students to get away from the usual cases of large groups by being in contact with the reality and concrete constraints of intra-family transmission. It is also an opportunity to remind ourselves that strategic and financial analysis also applies to very small structures, and that this is sometimes even more demanding.

So, what are the main points of the Vaumont case?

David Dalmasso : The case study features Adrien, son of the long-standing director of the Vaumont sawmill, who is considering taking over the business. Students must carry out a comprehensive financial analysis of the company, draw up a business plan and, above all, develop financial projections to convince a banker or potential investors to support them. To do this, they must analyse the accounts, develop scenarios and simulate financing plans. What makes this case study particularly interesting is that it can be interpreted in several different ways by students.

Martial Bombrault : In terms of strategy, students must develop a comprehensive strategic analysis using essential tools such as PESTEL, Porter, SWOT, Abell, etc. There is also a human dimension that should not be overlooked, given that this is a family business torn between tradition and modernisation. It is a very comprehensive case study.

How did you design this case for teaching purposes?

Martial Bombrault : The idea came from my strategy and entrepreneurship classes. I was looking for a case study with multiple layers that could be adapted to different student levels. In BBA3, the case study focuses more on strategy and marketing, while in M1-M2, business plan analysis is added.

David Dalmasso : I worked on the financial side of the case. What is interesting for students is to defend their choices in front of a fictitious banker. As there are several possible scenarios, this is very enriching and can allow for increasing complexity – with or without a business plan – depending on the objectives of the course. The submission process to the CCMP was quick and smooth. We are delighted to have this case study available to other teachers, and we designed it to be modular for this very purpose.

Martial Bombrault : It's learning by doing. Students have to interpret and make their own choices. There is no single correct answer; there are several possible choices.

Do you have any feedback to share from teachers?

Martial Bombrault : The case study will appeal to many teachers, whether at bachelor's or master's level, but also in continuing education, where students are already thinking about starting or taking over a business. It is equally suitable for a short training course (2–3 hours) or for work across several courses.

David Dalmasso : Above all, financial complexity can be tackled gradually. Beyond that, it is also a story of business succession (repreneuriat) within a family context. This adds an extra layer of complexity, but also a human dimension.

A few words about your collaboration?

David Dalmasso : We are two friends, both teachers, with complementary skills: finance for me, strategy for Martial. We really enjoyed designing it and combining our skills.

Martial Bombrault : I completely agree!

References

(1) VAUMONT : Un nouveau plan d'investissement (2025) - CCMP, G2137 - https://www.ccmp.fr/collection-ccmp/cas-vaumont-un-nouveau-plan-dinvestissement