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Print ECC200 in Software TWO The Sources of the Problem

CHAPTER TWO The Sources of the Problem
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Borg-Warner Automotive eventually changed its name to Borg Warner Inc. Working with BorgWarner over the past several years, it is apparent to me how this company has benefited hugely from having been an LBO. It is extremely cost-conscious and focused on cash flow and return on capital. Acutely aware of the capital it uses in the business, BorgWarner has one of the leanest corporate structures I have seen: this $3 billion company with six divisions is run by about 60 people who occupy only two floors of a building that had once been entirely occupied as the corporate headquarters of the old conglomerate. They are pared down to the core and only focus on what they do well. One of the more unusual yet most impressive MBOs was the buyout and turnaround of Springfield ReManufacturing Corporation (SRC) in Springfield, Missouri. In the early 1980s SRC was a near bankrupt division of International Harvester. At the time SRC manager Jack Stack and 12 others from the company came up with $100,000 to put toward a loan of $9 million for a debt ratio of 89-to1, which made it the most leveraged buyout in the United States at the time. More than just the amount of debt, what made SRC exceptional was its premise that everyone from manager to hourly employee wanted to win. Stack believed that workers are smart and can be educated in accounting and finance. With knowledge and information about the operations of the company particularly the part of the company they manage or can influence workers can take significant responsibility for the success of the company and foster continuous, positive change. Stack s story, detailed in his book The Great Game of Business, chronicles the rise of SRC and what he sees as the essentials of the equity game. Today, according to SRC s Web site (www. greatgame.com), the company has generated $54 million in equity value, with wealth that is widely distributed among people who helped create it. Shares of stock that were bought for 10 cents apiece are now worth more than $55. As SRC and BorgWarner illustrate, MBOs and LBOs have a long and frequently successful history over the past 25 years. They rose in popularity in the 1980s as companies needed to restructure, reorganize, and refocus. Their lasting legacy, however, was the
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PART ONE The Stock Option Problem
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empowered owner/manager who worked hard to pay off debt and to increase shareholder value. Their motivation was simple: they owned significant stakes in the company and were personally at risk. Traditional companies took note of these owner/managers who were making sweeping changes, taking risks, and putting plans into action. Granted since the MBO and LBO transactions had taken the companies private, these owner/managers often had more control of the companies, along with their investors. Still the large, publicly traded companies believed that with the right ownership stake they could motivate their top executives to make tough decisions and take bold actions. LBOs and MBOs were interesting for another reason: they represented the second major wave of quick corporate takeovers in the last 40 years. The first major wave was in the 1960s when companies were bought and sold virtually overnight. If investor groups didn t like management, they could band together and take over the company as long as they had enough ownership and voting power. Curbing that practice the Williams Act of 1968 was passed. This act required investors buying more than 5 percent of a company s shares to file statements with the SEC to identify themselves, to state the source of their funding, and to declare their intentions. With this act the process of acquiring a company became so costly and time consuming for shareholder groups that the practice of quick takeovers virtually died. Then in the 1980s, Milken s junk-bond financing revolution led to the second wave of takeovers, mainly through LBOs and MBOs. Investor groups staged takeovers and ousted the old management team in favor of a new team that usually included the investors. Corporate raiders, however, were labeled the bad guys, and states enacted legislation that effectively put up enough red tape to impede takeovers. But that wasn t the only thing impeded. The antitakeover legislation curbed the free market for executive management. Because of this, the ability of shareholders to threaten management with quick and decisive removal has been severely limited. Now shareholders have to go through a tremendously costly
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