The use of timber as structural building material is growing and a greater number of firms are looking to enter this raising market. Erecting a complex timber building usually involves combining the work of architects, structural engineers, builders, suppliers and/or supplier–builders, all of them having their own business models. The purpose of this research was to uncover the specific nature of business models in the timber structure building industry. First, a thorough mapping of these business models was undertaken. Second, underlying patterns were uncovered within these models. A triangulation method of secondary data, semi-structured interviews and participant observation was used to allow for an in-depth study of 23 stakeholder business models. The analysis shows that knowledge sharing appears as crucial and may be achieved through sustained collaboration. As a result, collaborative contract procurement modes seem to be the most appropriate for timber construction. Tight relationships with suppliers and supplier–builders also appear as prerequisites. Furthermore, stakeholder partnerships with universities appear common in the field, while prefabrication is increasing in popularity. These findings can be useful to grasp the prevailing business models in this industry given the sustained growth of the timber structure building market.