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.”
—Anthony Powell (b. 1905)
“On the Coast of Coromandel
Where the early pumpkins blow,
In the middle of the woods
Lived the Yonghy-Bonghy-Bo.
Two old chairs, and half a candle,—
One old jug without a handle,—
These were all his worldly goods:
In the middle of the woods,”
—Edward Lear (1812–1888)
“You can hardly convince a man of an error in a life-time, but must content yourself with the reflection that the progress of science is slow. If he is not convinced, his grandchildren may be. The geologists tell us that it took one hundred years to prove that fossils are organic, and one hundred and fifty more to prove that they are not to be referred to the Noachian deluge.”
—Henry David Thoreau (1817–1862)