Kravis, along with his partners Kohlberg and Roberts, was instrumental in legitimizing the use of leveraged buy-outs for underperforming organizations. Kravis did not just specialize in orchestrating LBOs, he constantly pushed the envelope – overseeing some of the largest deals in business history. By making LBOs part of the financial mainstream of American business, Kravis reshaped the perception of debt as a motivating factor for corporate performance.