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"Boss: The Black Experience in Business" Explores the History of African American Entrepreneurship Tuesday, April 23 on PBS
Apr 23, 2019 | WNET |

Tying together the past and the present, Boss: The Black Experience in Business explores the inspiring stories of trailblazing African American entrepreneurs and the significant contributions of contemporary business leaders. Stories featured in the film include those of entrepreneur Madam C.J. Walker, publisher John H. Johnson, Motown CEO Berry Gordy, and business pioneer and philanthropist Reginald F. Lewis, among others. The film features new interviews with Vernon Jordan, senior managing director of Lazard, Freres & Co. LLC.; Cathy Hughes, CEO and founder of Urban One; Ursula Burns, former CEO of Xerox and chairman of VEON; Ken Frazier, chairman, president and CEO of Merck & Co., Inc.; Richelieu Dennis, founder, CEO and executive chairman of Sundial Brands; Robert F. Smith, chairman and CEO of Vista Equity Managing Partners, LLC; Earl "Butch" Graves, Jr., CEO of Black Enterprise; and John Rogers, CEO and founder of Ariel Investments.

As a capitalist system emerged in the United States, African Americans found ways to establish profitable businesses in numerous industries, including financial services, retail, beauty, music and media.
African-Americans  Berry_Gordy  C.J.Walker  CEOs  documentaries  entrepreneur  entrepreneurship  filmmakers  founders  historians  history  inspiration  Kenneth_Frazier  Lazard  Merck  moguls  PBS  Reginald_Lewis  Robert_Smith  storytelling  trailblazers  Vernon_Jordan 
april 2019 by jerryking
Boutique Investment Banks Gain Prestige - NYTimes.com
By MICHAEL J. DE LA MERCED DECEMBER 9, 2014

FINANCIAL SERVICES, INVESTMENT BANKING, MERGERS & ACQUISITIONS, THE DEAL CYCLE, ALTMAN, ROGER C, BANKING AND FINANCIAL INSTITUTIONS, CENTERVIEW PARTNERS, EFFRON, BLAIR W, EVERCORE PARTNERS INC, LAZARD LLC, MERGERS, ACQUISITIONS AND DIVESTITURES, MOELIS & CO, QATALYST PARTNERS,
investment_banking  Wall_Street  prestige  size  financial_services  mergers_&_acquisitions  M&A  Centreview  Qatalyst  boutiques  Lazard 
december 2014 by jerryking
Giving Great Advice
Janaury 2008 | HBR | Interview of Bruce Wasserstein by Tom Stewart and Gardiner More.

HBR’s editor, Thomas A. Stewart, and senior editor Gardiner Morse
spent many hours at Lazard and interviewed Wasserstein, setting out to understand how he creates value as a manager, as a deal maker, and as a counselor to CEOs. How does he attract and
manage talent, build and sustain knowledge businesses, size up companies and industries, and craft advice?

Wasserstein describes his approach as discovering whether a deal or strategy “makes sense.” Such sensemaking seems to underlie every move he makes, and it has paid off handsomely. Following is an edited presentation of HBR’s conversations with Wasserstein...first to execute deals really well and then to market that track record.

How do you develop individual talent? The idea is to create a hothouse where young talent is nourished by our culture and people are encouraged to think creatively, think deeply,
think about the long-term client relationship—but above all, think. I want them to reflect on what they are doing and why, and then wonder,“Can we do better?”

Talk about the advice business. What are CEOs looking for as you’re helping them understand the landscape? What do they
need that you’ve got? The point of advice is to create value. The
first thing in that effort is not to assume the banker knows more than the client. The second thing is to remind the CEO that corporations have to change in order to prosper and that inaction isn’t prudent—it’s radical. What we can do is help the CEO think through an array of options, partly by asking
the necessary questions, but also by inserting some very practical observations about the effects of specific decisions.
Good advice is at least as qualitative as it is quantitative....On the other hand, there’s the more qualitative part of the advice. This strikes me as being an underdeveloped side of most investment-banking relationships. Knowing the characteristics of the industry and possible consequences of a deal comes from having seen what’s happened in many companies and industries over time. So, for example, you might say, “Look, you need a very different mentality to manage this type of business than your other businesses. You have a process-oriented mentality, but you need a more market-oriented approach. Are you confident that you’re going to be able to keep the number two guy in the company you’re acquiring? Because the number-one guy will probably leave.”

Deals that make sense. Can you elaborate on that? Law school taught me to focus on dissecting premises. Anyone who’s a good logician can build an argument on just about any premises.
The argument may be taut, but the premises may be faulty. When we do deals, I always ask, “Are the premises sound? Is the risk exposure worth it for this particular company, and have
I protected my client’s back?” We proceed by identifying and evaluating qualitatively and quantitatively the key elements of risk in the transaction—overall economy risk, strategic
risk, operating business risk, financing risk, people risk. Similarly, you need to fully understand the upsides. What are the opportunities in cost cuts, synergies, internal development,
additional investments, or revenue enhancement? It’s useful to apply all the paraphernalia of mathematical science in an analysis, but focusing on the sense of things is a much better use of time. Part of determining the sense of a deal involves understanding the macroclimate, the broader context, which I think gets too little attention.

...We think of each deal in terms of a flow chart with a series of black boxes. Each box represents a facet of the deal—for example, valuation, financing structure, approach to the other party, negotiating tactics and deal process, taxes, legal structure, contracts, market reaction, and regulatory hurdles.
advice  argumentation  Bruce_Wasserstein  contracts  cost_of_inaction  dealmakers  deal-making  downside_risks  financial_advisors  financial_risk  howto  investment_banking  J.D.-M.B.A.  Lazard  logic_&_reasoning  M&A  market_risk  mergers_&_acquisitions  operating_risk  problem_solving  product_risk  risk-assessment  synergies  team_risk  upside 
july 2012 by jerryking
How Lazard, Evercore and Other Boutiques Are Battling the Bulge - WSJ.com
FEBRUARY 3, 2011 Boutiques Battle the 'Bulge'By LIZ MOYER And BRETT PHILBIN
investment_banking  boutiques  Lazard 
february 2011 by jerryking
Lazard's Rohatyn Urges Action on Budget Crises - WSJ.com
APRIL 13, 2010 | Wall Street Journal | By DENNIS K. BERMAN.
Lazard's Statesman, a Game-Changer. profiles Felix Rohatyn. Mr.
Rohatyn sees cash-rich Chinese companies buying up sizable stakes of
U.S. firms. "Control will go with capital," he says. "On both sides of
the world, we need to think about this and how it might work. It's very,
very delicate."

"The thing about Felix is that he's not enjoying his life if he's not
relevant, in the mix, or providing his wisdom," says William D. Cohan,
author of "The Last Tycoons," a history of Lazard that devotes large
sections to Mr. Rohatyn.
investment_banking  Dennis_K._Berman  China_rising  playing_in_traffic  Felix_Rohatyn  Lazard  books  Wall_Street  William_Cohan 
april 2010 by jerryking

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