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 containing the words early and/or years:
“Some men have a necessity to be mean, as if they were exercising a faculty which they had to partially neglect since early childhood.”
—F. Scott Fitzgerald (1896–1940)
“I was born a mechanic, and made a barrel before I was ten years old. The cooper told my father, “Fanny made that barrel, and has done it quicker and better than any boy I have had after six months’ training.” My father looked at it and said, “What a pity that you were not born a boy so that you could be good for something. Run into the house, child, and go to knitting.””
—Frances D. Gage (1808–1884)