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:
“As I went forth early on a still and frosty morning, the trees looked like airy creatures of darkness caught napping; on this side huddled together, with their gray hairs streaming, in a secluded valley which the sun had not penetrated; on that, hurrying off in Indian file along some watercourse, while the shrubs and grasses, like elves and fairies of the night, sought to hide their diminished heads in the snow.”
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“It would astonish if not amuse, the older citizens of your County who twelve years ago knew me a stranger, friendless, uneducated, penniless boy, working on a flat boat—at ten dollars per month to learn that I have been put down here as the candidate of pride, wealth, and aristocratic family distinction.”
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