Remodeling Maidiac
Diamond Member
- Banned
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From Romneys website:
In 1984, Romney started the venture capital firm Bain Capital, LLC. (4),(5)
At Bain Capital, Romney helped start new companies and turned around failing ones. He was behind the start up of Staples. Starting with one store in 1986, Staples now is the world's largest office products company with $24 billion in sales in 2009. (4),(6) He also helped companies such as Sealy, Brookstone, The Sports Authority, and Domino's. (4)
Michael Rees, writer for "The Journal of the American Enterprise Institute", observed the following about Romney's business success,
"During the 14 years Romney headed Bain Capital, the firm's average annual internal rate of return on realized investments was a staggering 113 percent. At that growth rate, a hypothetical $1,000 investment would grow to $39.6 million before fees. Few, if any, VC firms have ever matched Bain Capital's performance under Mitt Romney."(4)
In 1991, Romney went back to Bain & Company as the C.E.O. to rescue the failing company. He convinced all partners to give him unilateral authority and restructured the company with an emphasis on transparency while maintaining focus on clients. After a year, the company returned to profitability and Romney returned to Bain Capital.(4),(7)
Mitt Romney | Setting the Record Straight
In my opinion its a net plus. Mitt, unlike Obama, clearly has experience in what does and doesn't work when trying to revive a failing business (ie our economy)
In 1984, Romney started the venture capital firm Bain Capital, LLC. (4),(5)
At Bain Capital, Romney helped start new companies and turned around failing ones. He was behind the start up of Staples. Starting with one store in 1986, Staples now is the world's largest office products company with $24 billion in sales in 2009. (4),(6) He also helped companies such as Sealy, Brookstone, The Sports Authority, and Domino's. (4)
Michael Rees, writer for "The Journal of the American Enterprise Institute", observed the following about Romney's business success,
"During the 14 years Romney headed Bain Capital, the firm's average annual internal rate of return on realized investments was a staggering 113 percent. At that growth rate, a hypothetical $1,000 investment would grow to $39.6 million before fees. Few, if any, VC firms have ever matched Bain Capital's performance under Mitt Romney."(4)
In 1991, Romney went back to Bain & Company as the C.E.O. to rescue the failing company. He convinced all partners to give him unilateral authority and restructured the company with an emphasis on transparency while maintaining focus on clients. After a year, the company returned to profitability and Romney returned to Bain Capital.(4),(7)
Mitt Romney | Setting the Record Straight
In my opinion its a net plus. Mitt, unlike Obama, clearly has experience in what does and doesn't work when trying to revive a failing business (ie our economy)