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.
Read more about this topic: Graeme Hart
Famous quotes containing the words early years, early and/or years:
“Parents ... are sometimes a bit of a disappointment to their children. They don’t fulfil the promise of their early years.”
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Rapidly backwards and forwards: we call this
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“Twenty or thirty years ago, in the army, we had a lot of obscure adventures, and years later we tell them at parties, and suddenly we realize that those two very difficult years of our lives have become lumped together into a few episodes that have lodged in our memory in a standardized form, and are always told in a standardized way, in the same words. But in fact that lump of memories has nothing whatsoever to do with our experience of those two years in the army and what it has made of us.”
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