The speaker shares their experience of trying to borrow money for their business and being consistently turned down. They also discuss acquiring a company with no working capital and a large amount of debt, and how they convinced a bank to provide a loan for a leverage buyout deal. Additionally, they explore the challenges faced in negotiating a tough deal and the importance of accurately forecasting financials.
Jack Stack is a business pioneer and one of the world’s best business strategists. He is Founder, President and CEO of SRC Holdings Corporation and is the author of two bestselling books: The Great Game of Business and A Stake in the Outcome. Jack has served as a world judge for the Ernst & Young Entrepreneur of the Year Awards Institute and as an advisor for this group since 1998. He has also written for Inc. Magazine and The New York Times and has addressed thousands of audiences on the topic of open-book management.
Jack joined host Robert Glazer on the Elevate Podcast to talk about open-book management, his entrepreneurial career, what's possible when employees have a stake in their companies, and much more.
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