Photo: Drew Kerr/Bloomberg Markets
Yesterday, Bloomberg Markets magazine hosted a lunch with private equity guru, Wilbur Ross.As you probably know, he made his billions making distressed companies work again. That means going into a new business, figuring out its problems, and many times overhauling its management from the ground up.
Not easy, we recognise. So when Ross shared a little about what he thinks makes his process work, we were all ears.
- “We gave up sleeping a long time ago.”
- Don’t be reactive. Do your research in advance (years in advance) and find next year’s opportunity.
To Ross, #2 means sometimes picking one or two CEOs for a company from the beginning of his research and looping them in on all due diligence whether its from his firm or from the findings of specialised consultants. He likes lots of eyes and ears on something.
So that probably means sleeping for no one.