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:
“Foolish prater, What dost thou
So early at my window do?
Cruel bird, thou’st ta’en away
A dream out of my arms to-day;
A dream that ne’er must equall’d be
By all that waking eyes may see.
Thou this damage to repair
Nothing half so sweet and fair,
Nothing half so good, canst bring,
Tho’ men say thou bring’st the Spring.”
—Abraham Cowley (1618–1667)
“In time, after a dozen years of centering their lives around the games boys play with one another, the boys’ bodies change and that changes everything else. But the memories are not erased of that safest time in the lives of men, when their prime concern was playing games with guys who just wanted to be their friendly competitors. Life never again gets so simple.”
—Frank Pittman (20th century)