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:
“But she is early up and out,
To trim the year or strip its bones;”
—Edna St. Vincent Millay (1892–1950)
“After years of vain familiarity, some distant gesture or unconscious behavior, which we remember, speaks to us with more emphasis than the wisest or kindest words. We are sometimes made aware of a kindness long passed, and realize that there have been times when our Friends’ thoughts of us were of so pure and lofty a character that they passed over us like the winds of heaven unnoticed; when they treated us not as what we were, but as what we aspired to be.”
—Henry David Thoreau (1817–1862)