If you have not already summed up the Democratic talking points to usher in four more years of liberal "hope and change," you soon will as the political attacks drone on. One that remains a liberal favorite is how Mitt Romney's years at Bain Capital ushered in bankruptcies, cut thousands of jobs, and contributed to the deaths of some who lost healthcare coverage in the wake of these "greedy" takeover efforts. .
Writing in the Wall Street Journal, Daniel Henninger claims: "Not only did Bain Capital save America, but no matter what turn Mitt Romney's political career takes, Bain Capital may stand as the best of Mr. Romney's lifetime contributions to the nation's economic well-being. If only he'd tell the story. ...It was called the Greed Decade, with asset-stripping barbarians at the gate. Virtually everything about this popular stereotype is wrong. Properly understood, the 1980s, including Bain, were the remarkable years when an ever-resilient America found a way to save itself from becoming what Europe is now—a global has-been."
Mitt Romney does tell his story. Take time to read Romney’s own defense to Obama’s false attacks at mittromney.com.
What did Bain Capital do? Like others, they took invested funds and re-invested them in smaller successful companies that needed more capital to grow from good to great. Companies like Staples, Sports Authority, Steel Dynamics, and Bright Horizons.
Bain Capital also looked for companies with potential that were on the verge of bankruptcy because of ineffective leadership and vision. They bought the companies, investing capital and new leadership in an effort to turn the company around. Many succeeded and ultimately became profitable again, hiring many new employees. Some, like the GS Technologies steel mill and the Ampad paper plant in Marion, IN, eventually failed and were closed. But the influx of funds and new leadership kept those operations and positions viable for many additional years.
What do turnaround practitioners do? They provide expertise over a broad spectrum of services from recovery, cash-flow and financing to the actual turnaround of an ailing concern. Some are called "Company Doctors" or "Business Rescue or Change Consultants." They temporarily replace a company's leaders taking over the decision-making process of the organization to guide it back toward profitability and a secure future.
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