Although Ace Industries Ltd. (AIL) is a 25 year old company, its chief executive is considering its rejuvenation through the implementation of the JIT (Just in Time) mode of management. A team of management students has carried out a preliminary JIT audit of AIL and presented its findings to the chief executive and his management group. The subsequent discussion centres on material flows in the compressor shop and how the required changes can be brought about. The chief executive has to decide whether JIT should be implemented in AIL and if so, the strategy required for this purpose. The lessons learned from this exercise may help new venture managers to adopt more effective approaches in their own manufacturing enterprises right from the beginning.