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)
“In the course of twenty crowded years one parts with many illusions. I did not wish to lose the early ones. Some memories are realities, and are better than anything that can ever happen to one again.”
—Willa Cather (1873–1947)
“There is no lonelier man in death, except the suicide, than that man who has lived many years with a good wife and then outlived her. If two people love each other there can be no happy end to it.”
—Ernest Hemingway (1899–1961)