Bain & amp; The company is a global management consultancy headquartered in Boston, Massachusetts. This is one of the 'Big Three' (MBB) management consultants. Companies advise public, private, and nonprofit organizations.
Bain & amp; The company was founded in 1973 by former Vice President of Boston Consulting Group Group William Bain Jr. and his colleagues include Patrick F. Graham. In the late 70s and early 80s the company grew rapidly in the international business world. Bill Bain then separated the alternative investment business into Bain Capital in 1984 and appointed Mitt Romney as its first CEO. Bain suffered several setbacks and financial difficulties from 1987 to the early 1990s. Romney and Orit Gadiesh are credited with returning the company to profitability and growth in their consecutive roles as CEO and Chairman of each company. In the 2000s, Bain & amp; The Company continues to expand and create additional practice areas focused on working with nonprofits, technology companies, and more. It develops substantial practice around working with private equity firms.
Video Bain & Company
Company history
Establishment
Ideas for Bain & amp; The company was conceived by co-founder William Worthington Bain Jr. during his time at Boston Consulting Group (BCG). In 1970, BCG CEO Bruce Henderson decided to divide his company into three competing mini companies: blue, red and green. Bill Bain and Patrick Graham lead the blue team. The blue team accounts for more than half of BCG's revenue and profits, and wins the internal competition. After the competition, Bill Bain became increasingly frustrated by waiting for Henderson's retirement, company-based project approach to consulting, and management's refusal to help clients execute company advice. Around this time, he was quoted saying feeling like 'a consultant on a desert island, writing a report, putting it in a bottle, throwing it into the water, then going to the next'.
Bain was the expected successor of Henderson in BCG in the early 70s. However, in 1973, three years after the decision of Henderson's competing team, Bill Bain resigned to start his own consulting firm. Most of the senior members of the 'blue team' follow him to his newly discovered company, which starts from his apartment in Beacon Hill neighborhood in Boston. An important part of the company where he was in charge at BCG also follows Bain to a new company. In a few weeks, Bain & amp; The company works with seven former BCG clients; this includes two of BCG's biggest clients, Black & amp; Decker and Texas Instruments. As a result, Henderson accused Bill of stealing a BCG client. It is believed that Henderson's rivalry laid the groundwork for Bain & amp; Company, and is viewed by many as the "disaster" of Henderson.
Bain & amp; The company is growing rapidly, especially through word-of-mouth among CEOs and board members. The company established its first official office in Boston. This was followed by the European office in London in 1979. Bain & amp; The company was founded in 1985. The company grew an average of 50 percent annually, reaching $ 150 million in revenue in 1986. The number of staff in the company increased threefold from 1980 to 1986, reaching 800 in 1987. In 1987, Bain & amp; The company is one of the four largest "strategy specialist" consulting firms. Employee turnover is 8 percent per year compared to an industry average of 20 percent. Some of the company's largest clients in this period were National Steel and Chrysler, each of which reduced production costs with the help of Bain.
Flush
In the late 1980s, Bain & amp; The company suffered a series of setbacks. The PR crisis emerged in 1987, due to a controversy involving Bain's work with Guinness. Tension grows on the company's partnership structure, where only Bain knows how many companies make and decide how much profit sharing each partner earns. The stock market fell in the same year, and many Bain clients reduced or eliminated their expenses with the company. There are two rounds of layoffs, eliminating about 30 percent of the workforce.
The Guinness stock trading fraud began with the UK Department of Commerce and Industry investigating whether Bain Guinness clients illegally raised their share prices. Bain has helped Guinness slash 150 companies from its portfolio after an excessive period of diversification, and developed into liquor by acquiring two whiskey firms, boosting profits sixfold. During this time, Bain made an exception to company policy by allowing consultants to serve as temporary board members and chief financial officer for Guinness. Bain & amp; The company is not accused of wrongdoing and there is no charge against Bain for stock price manipulation, but has Bain consultants as both vendors and clients withdraw criticism of Bain's handling of conflict of interest situations.
In 1985 and 1986, Bain & amp; The company took out a loan to buy 30 percent of the company from Bain and other partners for $ 200 million and used the stock to create an Employee Stock Ownership Plan (ESOP). The shares of this company were bought five times Bain & amp; The company's annual revenue, more than double the norm, and cost the company $ 25 million in annual interest costs, exacerbates the company's financial problems. Bain hired former US army general Pete Dawkins as head of North America in the hope that the new leadership could lead to a turnaround, but Dawkins' leadership brought more turnaround in the company. Bill Bain also tried to sell the company, but did not find a buyer.
​​â € <â €
Mitt Romney was rehired as interim CEO of Bain & amp; Company in January 1991 and is credited with saving the company from bankruptcy for a year in office in that position. Romney originally left Bain & amp; Company in 1983 after being appointed by Bain to lead Bain Capital, an independent private equity firm that would buy a company that Bain & amp; The partner company will increase and resell and fund who is invested by this partner. Romney allows managers to know each other's salaries, renegotiate corporate debt, and restructure the organization so that more partners have ownership stake in the company. Romney convinced the founding partners to give $ 100 million in equity. Bain and most of the founding partners left the company.
Romney left again in December 1992 to pursue a career in politics, but not before he organized the election of a new leader the following year, leading to the appointment of Orit Gadiesh as Chairman and Thomas J. Tierney as Managing Director of the World in July 1993. Gadiesh work and loosen the company's policy toward working with many companies in the same industry to reduce the company's reliance on a small number of clients. Gadiesh has served as Chairman ever since. At the end of 1993, Bain & amp; The company is growing once again. The company went from 1,000 employees at its peak, to 550 in 1991, and back up to 800. The company opened more offices, including one in New York in 2000. From 1992 to 1999, the company grew 25 percent annually and expanded from 12 to 26 offices. In 1998, the company had $ 220 million in annual revenue and 700 staff.
Recent history
Bain created two technological consulting groups, Bainlab and BainNet, respectively in 1999 and 2000. bainlab was originally established as Bain New Venture Group. It helps startups who may not be able to pay Bain fees and receive partial payments in equity. In February 2000, Gadiesh was elected for a third consecutive term as chairman of the company, and Tom Tierney was replaced by John Donahoe as managing director. Around 2000, the company became more involved in consulting private equity firms in which companies to invest and collaborate with technology consulting firms. In 2005, Bain had the largest market share for private equity consultants. In 2018, Private Equity Bain group is more than three times larger than the next largest consulting firm serving Private Equity, and represents 25% of Bain's global business.
Bain & amp; The company did not publish its earnings, but is expected to have double-digit annual growth in the 2000s. Although the market for management consultancy is declining, Big Three management consulting firms such as Bain & amp; The company continues to grow. Bain expanded to new offices in other countries, including India in 2006. Like other big consulting firms, he started working more with the government. Bain maintains a "general" approach to management consulting, but creates separate business units of specialists for IT and technology. In 2012, Robert Bechek was appointed CEO and later ranked as CEO of the most favored in the Glassdoor employee survey. On November 20, 2017, Bain announced that Bob Bechek would resign as managing director around the world. Emmanuel P. "Manny" Maceda, the eldest son of Philippine politician Ernesto Maceda, was elected to replace Bechek as an effective worldwide managing director in March 2018. In an interview with the Financial Times, Maceda announced to focus on digital Bain's expansion of practice.
Maps Bain & Company
Consultancy service
Bain & amp; The company provides management consulting services primarily to Fortune 500 CEO. The company advises on issues such as private equity investments, mergers & amp; acquisition, corporate strategy, finance, operations, and market analysis. It also has a department that focuses on customer loyalty, word of mouth marketing, and digital technology. Most consultations are on corporate strategy.
In 2000, the Bridgespan Group was formed to work with non-profit organizations and facilitate pro-bono work for staff. Bain & amp; The Company also maintains social impact practices at home, and enters in 2015 to invest $ 1 billion in pro bono consultations by 2025. These practices are built on different pillars, including social and economic development, climate change, education, and community development local. Organizations supported by Bain through pro-bono work include UNHCR, World Childhood Foundation, and Teach for America. Bain's pro-bono work is in 2015 awarded by Consulting Magazine as the winner of the Excellence in Social and Community Investment Awards for having 'redefined how companies approach corporate social responsibility'.
Later in the 2000s, Bain introduced service packages for specific areas of expertise, such as the supply chain. The company also became more involved in consulting with private equity firms, advising on what the company bought, facilitating turnaround, and then reselling the company. In early 2006, Bain began selling a "net-promoter" value system, which tracked customer sentiment.
Reception
Bain & amp; The company claims that special involvement increases the client's profit by 5-10 times the amount spent on his services. The March 1989 audit by Price Waterhouse found that the Bain client's market value increased by an average of 456 percent over nine years. "The Bain Index," which tracks the collective share price of Bain clients, grew at a 319% share price from 1980 to 1987, compared with a 141% growth in the Dow Jones Industrial Average.
According to Fortune Magazine, Bain asks clients to make long-term commitments to companies and consultants often become deeply embedded in their clients' day-to-day operations. Sometimes consultants act as if, and are treated as if, they are members of the company's own senior management. Often clients become dependent on Bain & amp; The company, which has an integrated consultant across all major corporate functions.
Corporate culture
Bain & amp; The company is known as a closed person. The company is sometimes referred to as "KGB Consulting." Client is given a password. Employees must sign a nondisclosure contract, promising not to disclose the client's name, and must comply with the "confidentiality code".
Bain employees are sometimes called "Bainies." It was originally a derogatory term, but was adopted by employees as a term of affection. By Fortune Magazine , is Bain & amp; One's company, "it will be articulate, attractive, carefully laid out, and very enticing." It will radiate South virility, but it will also be an ingenious, highly ambitious, fully in control strategist. "
Bain is often placed among the top spots to work at the annual rankings by Glassdoor and Consulting Magazine . Bain primarily hires an MBA from a prestigious business school, but this is one of the first companies to hire a consultant with a bachelor's degree. The company is organized primarily by geographic offices, with each location acting somewhat independently. It also has a functional overlap mix (such as M & amp; A, technology, or loyalty) and industry (financial services, healthcare, etc.) teams. A select managing director worldwide is allowed up to three, three-year terms under company rules. Bain is unusual in the management consulting industry in new consultants who are not required to specialize in industry or practice.
Famous Alumni
This is an incomplete list of Bain & amp; alumni Company.
Business
- Bill Bain - Founder of Bain & amp; Company
- Paul Achleitner - Chairman of Deutsche Bank
- Javed Ahmed - CEO of Tate & amp; Lyle
- Joshua Bekenstein - Managing Director of Bain Capital and Philanthropist
- Adam Braun - Founder of Pencils of Promise and Philanthropist
- Greg Brenneman - Former CEO of PwC Consulting, Former CEO of Burger King and current Chairman of CCMP Capital
- Kenneth Chenault - CEO of American Express
- Edward Conard - Author of two New York Times bestsellers and former MD of Bain Capital
- Scott Cook - One of Intuit's founders and chairman of eBay and Procter & amp; Gamble
- Gary Crittenden - CFO Citigroup, Inc.
- Luca Desiata - CEO of SOGIN
- John Donahoe - Former eBay CEO and current CEO of ServiceNow
- Anne Glover - One of the founders of VC Europe fund Amadeus Capital Partners and works on the Board of Science and Technology
- Dave Goldberg - Former SurveyMonkey and Philanthropist CEO
- Steve Jurvetson - Venture Capitalist and board members include SpaceX and Tesla
- Richard Koch - Founder of L.E.K. Consult and venture capitalists
- Michael Kolowich - Internet entrepreneur and documentary filmmaker
- Jonathan Kraft - President of the Kraft Group, president of the New England Patriots
- Patrick Lencioni - Business author
- Federico Marchetti (entrepreneur) - Founder of YOOX and CEO of YOOX Group Net-a-Porter
- Ian Meakins - Former CEO of Wolseley plc
- Jane Mendillo - President and CEO, Harvard Management Company
- Stephen Pagliuca - MD from Bain Capital; one of the owners of Boston Celtics
- Mark Pincus - Founder of Zynga
- Bertrand Pointeau - The author of "L'entreprise expliquÃÆ' Â © e aux ados"
- Fred Reichheld - Business writer
- Thomas J. Tierney - Former CEO of Bain & amp; Company, Founder of Bridgespan Group, and eBay Chairman
- Kevin Rollins - Former CEO of Dell, Inc.
- Grace Ueng - Founder and CEO of Savvy Growth
- Bernd Venohr - Former regional chairman of Accenture DACH and professor
- Meg Whitman - Former eBay CEO, Hewlett-Packard and Hewlett Packard Enterprise
- Susan Wojcicki - CEO of YouTube
Politics and public services
- Peter Aman - COO of the City of Atlanta (2008-2011) and current candidate for the Mayor of Atlanta
- Fraser Bullock - Former COO of the Salt Lake Organizing Committee (SLOC) of the 2002 Winter Olympics and Founding Member of Bain Capital
- Andrew Feldman, Baron Feldman from Elstree - Chairman of the Conservative Party of England
- Steven Hoffman - Chairman of the Ganja Control Committee (2017-)
- And Liljenquist - Former state senator of Utah
- Robert Maginn - Chairman of the Republican Party of Massachusetts (2011-2013)
- Mitt Romney - Governor of Massachusetts (2003-2007) and presidential candidate
- Nicholas Yang - Secretary for Innovation and Technology of Hong Kong Special Administrative Region and former Executive Vice President of Hong Kong Polytechnic University
- Jeffrey Zients - Director of the National Economic Council, Former Director of the Office of Management and Budget, and First United States Chief Performance Officer
Academics
- Roger H. Brown - President of Berklee College of Music
- Robin Buchanan - The former dean and president of London Business School
- Vivek Paul - Assistant Professor at Stanford University
- Andy Wasynczuk - Senior business administration lecturer for Harvard Business School and former Chief Operating Officer and Senior Vice President for New England Patriots
- Suzy Welch - Former editor of Harvard Business Review and author
More
- Taylor Barada - Former soccer player
- Pete Dawkins - Former Heisman Trophy and Maxwell Award winner, and All-American and senior adivors for Virtu Financial
- Michael Murphy - Former Olympic diver
Note
References
External links
- Official website
Source of the article : Wikipedia
0 Comments