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• Technical Note | HBS Case Collection | 2013 (Revised from original 2013 version)

  Early Career LBOs Using the Search Fund Model

  Howard Stevenson, Michael Roberts and Jim Sharpe

  The funded search model is one alternative for individuals who, at some point in their career, want to run their own companies. This note looks at the funded search, as a means to entrepreneurship through acquisition and describes the path to buy and run a business using debt and equity as a means of financing the purchase. While applicable to an early career choice, many of the process steps are applicable to unfunded searches at later stages of a career.

  Keywords: Search Funds; search; leveraged buyouts; entrepreneurial finance; investor behavior; career planning; entrepreneurial management; fundraising; negotiation; Entrepreneurship; Capital Structure; Borrowing and Debt; Personal Development and Career; Private Ownership; Acquisition; Finance; Leveraged Buyouts;

  Citation:

  Stevenson, Howard, Michael Roberts, and Jim Sharpe. "Early Career LBOs Using the Search Fund Model." Harvard Business School Technical Note 813-119, June 2013. (Revised from original December 2012 version.)

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• Case | HBS Case Collection | 2013 (Revised from original 2012 version)

  Peter Jepsen

  Howard H. Stevenson, Michael J. Roberts and James M. Sharpe

  About to break bank covenants, Peter Jepsen has to deal with a contentious prior owner, improve profitability and staff appropriately all while maintaining credibility with his investors, in the furniture hardware company he has owned for less than a year.

  Keywords: Acquisitions; bankruptcy; crisis management; entrepreneurial management; entrepreneurial finance; entrepreneurship; financial crisis; turnarounds; financial distress; negotiation; entrepreneurs; bank loan; Search Funds; liquidation; boards of directors; ethics; Insolvency and Bankruptcy; Acquisition; Entrepreneurship; Manufacturing Industry; United States;

  Citation:

  Stevenson, Howard H., Michael J. Roberts, and James M. Sharpe. "Peter Jepsen." Harvard Business School Case 813-046, April 2013. (Revised from original July 2012 version.)

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• Case | HBS Case Collection | 2013 (Revised from original 2011 version)

  Vehbi Koç and the Making of Turkey's Largest Business Group

  Asli M. Colpan and Geoffrey Jones

  The case describes the creation of Turkey's largest business group by Vehbi Koç. The foundation of this group in the interwar years, and its subsequent diversification into many industries, including automobiles, household goods, and services, is analysed. The case serves as a vehicle to explain why diversified business groups are so important in emerging markets such as Turkey. It explores the role of market imperfections, government policies and entrepreneurial ambition in their creation, as well as the organizational challenges posed by managing such diversified firms owned by a family. Much of the firm's growth came from licensing and joint venture agreements with multinational firms which were unable, or unwilling, to invest directly in Turkey because of political risk and government restrictions. The case ends in 1988, when the founder has received a report from the management consultancy Bain calling for the firm to reduce the range of activities it undertakes because of the competitive challenges resulting from the liberalization of the Turkish economy.

  Keywords: Emerging Markets; Entrepreneurship; Globalization; Organizational Structure; Diversification; Manufacturing Industry; Turkey;

  Citation:

  Colpan, Asli M., and Geoffrey Jones. "Vehbi Koç and the Making of Turkey's Largest Business Group." Harvard Business School Case 811-081, April 2013. (Revised from original June 2011 version.)

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