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:
“Yet, haply, in some lull of life,
Some Truce of God which breaks its strife,
The worldling’s eyes shall gather dew,
Dreaming in throngful city ways
Of winter joys his boyhood knew;
And dear and early friends—the few”
—John Greenleaf Whittier (1807–1892)
“There’s something like a line of gold thread running through a man’s words when he talks to his daughter, and gradually over the years it gets to be long enough for you pick up in your hands and weave into a cloth that feels like love itself. It’s another thing, though, to hold up that cloth for inspection.”
—John Gregory Brown (20th century)