This case describes the family-owned John Nurminen company business portfolio development in Finland between the years 1871 and 2010. The case describes the portfolio business development and change of ownership in five generations. It details a variety of business-related changes, including business start-ups, company takeovers and sales, joint ventures, business investments, company divisions, and company closures. The case ends with the situation as of 2010 including the reflections of the company and individual ownership structures. The case relies on a rich set of materials: the family and the business history; transcriptions from the interviews with the family members; the Chief Executive Officer; and board members. One question to consider is whether the family policy of keeping ownership rather concentrated and disenfranchising other family members was necessary for business growth and development, or whether it deprived the group of a healthy debate about new entrepreneurial opportunities. It is also notable how the family abandoned their core business several times and started a new one. The main topics on which the case focuses are ownership, business portfolio development, risk management, opportunity recognition, and portfolio management.