Early Years
Hart's successful business career has humble origins—in his younger days, he worked as a tow-truck driver and as a panel beater after leaving school at 16.
In 1987, Hart completed an MBA from the University of Otago. His research thesis outlines the strategy for Rank, then a small hire company, to evolve into a major corporation. This strategy relies on using the cash flow of well-performing companies to fund debt, which as it gets paid off, increases the equity value of the initial investors, a.k.a. leveraged buyouts.
Hart gained a big break when he purchased the Government Printing Office for less than its capital value in 1990. The purchase was 1.4x Earnings and Hart was provided generous payment terms. Then New Zealand Prime Minister David Lange initially refused to sign off the transaction. The following year he bought Whitcoulls Group which at that time included a retail chain of bookstores as well as office and stationery concerns. He has since sold off these interests.
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Famous quotes related to early years:
“I believe that if we are to survive as a planet, we must teach this next generation to handle their own conflicts assertively and nonviolently. If in their early years our children learn to listen to all sides of the story, use their heads and then their mouths, and come up with a plan and share, then, when they become our leaders, and some of them will, they will have the tools to handle global problems and conflict.”
—Barbara Coloroso (20th century)