The American Native Beef project involved a failed attempt to establish cow and bull slaughter operation in Southeast Oklahoma. The effort was initially organized as a new generation cooperative and raised over US$2.5M from area producers who retained their funds in escrow for over 5 years despite numerous opportunities to withdraw their investment. The business model was restructured several times to attract equity capital from outside investors. The case provides insights into the linkages between business strategy and business structure. It also raises the question as to whether the project could have been successful under the original business model.