The Real Romney Essay

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The biography of Mitt Romney Two author: Kreanish, Michael and Helman, Scott, The real Romney, Harper Collins Publishers, 2012, New York. Mitt Romney (Willard Mitt Romney) is a youngest of two brothers and two sisters of George and Lenore Romney. Mitt Romney is married to Ann Davies together they have five boys. Mitt was born at Harper Hospital in Detroit, Michigan; March 12 1947 is 65 years old self made millionaire through entrepreneurship by his high analytical ability to make profitable decisions as senior consultant in the Bain & Company to co-found the spin-off Private equity investment firm, Bain Capital, in 1984. In there the first success was a 1986 investment to help start Staples Inc. A former supermarket executive, Thomas Stemberg, was trying to sell venture capitalists on what seemed like a modest idea: a chipper way to sell paper clips, pens, and other office supplies. The enterprise that would become the superstores Staples at first met with skepticism. Small and midsize businesses at the time bought most of their supplies from local stationers, often at significant markups. Few people saw the profit margin potential in selling such homely goods at discount and massive volume. But Stemberg (Owner of Staples In) was convinced and hired an investment banker to help raise money. Romney eventually heard Stenberg’s pitch, and he and his partners dug into Stemberg’s projections. They called lawyers, accountants and scores of business owners in the Boston area to query them on how much they spent on supplies and whether they’d be willing to shop at large new store. The partners initially concluded that Stemberg was overestimating the market. “Look,” Stemberg told Romney, “your mistake is that the guys you called think they know what they spend, but they don’t.” Romney and Bain Capital went back to the businesses and tallied up invoices. Stemberg’s

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