The Benefits of Is Google Making Us Stupid Essay Samples

The Benefits of Is Google Making Us Stupid Essay Samples They should make certain that they brainstorm and have a plan before they begin to write. It's mainly the notion that it's infallible and the sole source that makes us vulnerable to it. Unfortunately, I couldn't find much info about the solution of this dilemma. Be part of our happy clients who have found the very best essay service online and are enjoying the advantages of it. The Importance of Is Google Making Us Stupid Essay Samples Having information at our fingertips has resulted in the decrease in concentration and contemplation. Examples of it can be enormous but permit us to exemplify the thing that has come to be a definite essential in the modern people's lives. Apart from that, I didn't notice many reasons, why it is essential to hunt for a solution. Carr makes a relation between the world wide web and our mental activity along with the brain structure. He suggests that it is admirable to try and solve problems that have not been solved before, but questions if artificial intelligence will really make humans better off. One of the most intriguing facets of a technology like Wikipedia is it is built from tiny fragments of time that the technology allows to be composed into somethingits many flaws acknowledgedwhich is absolutely free and fundamentally helpful. Every paragraph must cover a single topic in making the circulation of the essay smooth. The outcome of the analysis supplied in the article are quite pessimistic. Also, you can look for sample expository essay topics so you will understand what to research and that which you will deal with. What Is So Fascinating About Is Google Making Us Stupid Essay Samples? Now that you're aware that we are the ideal online essay writing service to work with, don't hesitate to stop by our site and order an essay. I asked my male executive assistant to compose my column once I was ill a single day. Although it could be correlated, the editor doesn't say that it's, so it's only Carr's observation. Printable essay essay writer today for instance, it cheap. The Basic Facts of Is Google Making Us Stupid Essay Samples 1 facet that pupils want to acknowledge about Google Scholar is the fact that it basically maps like the normal old hunt engines. Carr appreciates the advantages that have the expedited accessibility to information via the world wide web. Our addiction of employing the online technology has the ability to change and shape our brains. The online user makes the decision to shift from 1 link to the other. The web, however, doesn't generally do that. It promises to have particularly far-reaching effects on cognition. Persuasive essay writing is almost always a huge challenge. Students have a difficult time in writing if they don't have a draft or outline to follow. Becoming in a position to spell correctly is one of the main effective writing skills that teachers notice immediately. You've got a guide and get ideas about what to do with your essay. Some teachers are extremely picky about it. Top Is Google Making Us Stupid Essay Samples Secrets It's an argument that operates with few individuals. A great essay should have essential points. It isn't etched into our genes the manner speech is. As a consequence, he made a decision to analyze this question. In here, you shouldn't introduce any new details. I believe this is demonstrably erroneous. Meaning that it functions as a conduit for each of the info that flows through his head, and it's starting to change the manner he thinks. No work is done without the aid of Google in the current world. While they were more focused and patient previously, they've become more fidgety and impatient today due to Google search and the capacity to power browse' through the full text without needi ng to go through each line (Carr). It's always shaped the way in which the authority wants this.

What Are the Essay Topics For Applying to Phillips Academy?

What Are the Essay Topics For Applying to Phillips Academy?It is likely that you have been wondering what are the essay topics for applying to Phillips Academy. However, with the huge number of school that are competing to offer that prestigious program, one can never be sure about their odds of admission.Of course, many students do not understand why the schools are vying for the applicants and students. On the other hand, there are schools that do not even want the applicants. To make sure that students are not one-upped by their own schools, the above mentioned details are to be checked upon.First of all, there are a lot of essay topics that need to be checked on. The topics that are used for the essay may be in their original form or they may be changed a little bit.If you are an applicant from your own school and you are applying for Phillips Academy, you should write about the achievements that you have accomplished during your school career. There are several ways in which thi s can be done. One way would be to tell about your achievements at your school in a review essay.Secondly, the accomplishments of the student should be discussed in a personal essay. This is to give students an idea about the achievements that the school has had in the past. Of course, this cannot be done if you are just applying for school.A review essay that focuses on the individual academic performance is also a good option. This is an idea that needs to be researched and it is not always easy to find a tutor that has knowledge about what they need to say in such an essay. Since schools are always searching for students, it is easy to see why they would want to check out students' writing skills.One last thing that should be checked on is the students' AP or IB test scores. This is important because the school is going to use these scores as a guide in determining the applicants' aptitude. One thing that you should be sure to check on is the scope of the essay itself.Usually, it is much easier to prepare an essay that is aimed at high school level than it is to tackle a long essay that has to be used at the college level. As long as you are sure that the essay topics for applying to Phillips Academy are easy to read, then you should be good to go.

Whatever They Told You About Good College Supplement Essay Examples Is Dead Wrong...And Heres Why

Whatever They Told You About Good College Supplement Essay Examples Is Dead Wrong...And Here's Why The Demise of Good College Supplement Essay Examples If these aren't present, then you need to consider an alternate support. Our premium plans provide different amount of profile access and data insights that could let you get into your dream school. They offer different levels of profile access and data insights that can help you get into your dream school. So if you're faced the issue of the way to compose my essay for money and you need cheapest writing assistance with any type of academic content, our service can save yourself college supplement essays you from hassle, tension and headache of searching a superb specialist. Once you locate a service you enjoy, don't neglect to look at my review of it. It's crucial that the service you decide on knows for sure they're only employing the ideal essay writers. In summary, the service exists, so should you wish to use it in orde r to find a top essay, that's reason enough. As you look for a quote, make sure to don't utilize anything entirely hackneyed like, great things come to people who wait. Sit down, consider the story you wish to write. You must grab their attention and the best method to do this is by writing in your voice. The very good news is, I can provide help. On occasion the distinction is obvious and visible. however, it could also be disguised or hidden in some manner. If you are now undecided, please write about any area or fields in which you might be interested currently. Although it isn't difficult to become overwhelmed, don't forget to remain focused on your targets. Demonstrated interest is critical in the modern competitive admissions scene to stick out from the remainder of the pack. Getting the Best Good College Supplement Essay Examples For such a prompt, brainstorming is critical. You are going to have the chance to share why you would like to attend Columbia, together with about your academic interests and possible pursuits. New Questions About Good College Supplement Essay Examples These authors understand how to tell a tale. In this column, we will outline the myriad types of essays you should write for your Columbia Supplement and teach you the way to compose an essay which will help you stick out from the thousands of different applicants. Remember that these individuals may read over a thousand essays, so it's important to attempt to catch the readers' attention quickly with the most fascinating example or point at the start of the essay. All amazing personal essays contain this vital element. After you choose the issue you need to address, make certain you structure your essay around the introduction of a course and get creative. Try to remember, every applicant must answer both essay prompts, and that means you don't get to decide on which essay you want to write. If this is the case, you'll want to compose amazing Columbia essays as a piece of your application. The Common Application's individual essay enables a student to compose a single essay for several colleges. Don't say that you would like to take part in endless literary salons merely to sound smart. Start by discussing the subject areas you're interested in studying. They may require an outstanding bit of writing to have a scholarship for their senior year. Consider this previous post about how to compose school-specific supplements straight to the school. In some instances, schools let applicants choose between several different alternatives. Basically, the admissions folks wish to understand why th eir school is of specific interest to you. Set the time and effort into studying what the university offers and what opportunities interest you. You're not being requested to explain how college will allow you to grow, but how Oberlin can help you grow. They might have to keep up a very good grade average to make certain they get in the school of their selection. Consider what motivates you to be a great neighbor. You can't simply say so and so was an exceptional teacher. The smaller the school, the more complex the scrutiny. By learning how to take things apart and critique, you will also learn to compose the statements better. Along with recounting the places you have lived, you should also think about the effect of these locations on you. You will need to supply certain examples about your effect on others in your community. We'd hope that the factors influencing your choice to apply are directly linked to the reasons you feel you'd be a fantastic match!

How to Find a Sample of the Essay That You Will Need to Write

How to Find a Sample of the Essay That You Will Need to WriteIt is often hard to find a sample of the essay that you will have to write, but there are ways to go about it. There are countless resources online for writing a sample. The following is a list of three of the best resources to help you write a sample of the essay that you will be submitting to an exam.A sample of the essay can usually be found in a book of samples from different colleges. Look on the internet to see if any books exist that cover the topic that you want to write an essay on. If so, ask the bookstore or your college's student information service to help you find a book. Many professors use these books to prepare their students.Another resource that you may find helpful is to look in your local library. You can usually find a book with samples of the essay topics. This is one way to see what others have written and to learn from those experiences. You can also check for other books and courses online, like in a college library or online book store. While this may not be the most comfortable way to take a sample of the essay that you will be writing, it can help you in understanding the topic better.The sample of the essay is not always easy to come by. Most publishers have stopped making their own original materials, but there are still plenty of resources for making an original essay. One source that you may find helpful is the Writers Academy. The academy offers a range of software programs that can be used to make original works for the course.If you want to become an original writer, there are other opportunities that you can take advantage of. One of these is through taking classes in writing for specific subjects. This will help you learn how to write an essay in that area.A sample of the essay that you will be writing can also be found on the internet. You may find a large variety of resources that help you write an essay for a particular subject. An easy way to search for exampl es is to visit a search engine such as Google.The more resources that you have at your disposal, the better chance you will have of finding a sample of the essay that you will need to write. With a few websites that you have access to, you should be able to get the samples you need to give to an instructor. Most syllabus help can be found online. The sample of the essay that you will need to write is often in a book and in the hands of many other writers.

Avoiding Plagiarism Essay Example

Avoiding Plagiarism Essay International Journal of Advances in Engineering Technology (IJAET) ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?   ?   ?   ?   ?   ?  ?   ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ?  ISSN: 2231-1963 Ethics Please note that authors are exclusively responsible for the contents of their submissions. Each author is kindly asked to ensure that the submitted paper respects the ethical standards concerning plagiarism. All received papers are thoroughly checked for plagiarism. During the editorial process the submitted manuscripts are also examined using plagiarism detection software. Any paper proved as plagiarism (by either peer reviewers or staff editors, before or after acceptance, during editing, or at any time before publication) will be rejected and its authors will be informed and banned from publishing in the IJAET. If plagiarism is detected after publication, the editors will notify readers of the infraction through an editors note in the journal, and the authors employer may be notified of the breach. Please avoid self-plagiarism: if the submitted paper is based on an authors own previously copyrighted work (i.e. conference proceedings), proper reference should be given for the original text. Avoiding Plagiarism Manuscript writing in for international journals is filled with rules that Author often donâ„ ¢t know how to follow. A working knowledge of these rules, however, is critically important; inadvertent mistakes can lead to charges of plagiarism or the unacknowledged use of somebody elseâ„ ¢s words or ideas. A charge of plagiarism can have severe consequences, including black-listing from the journal. This article, which mainly reflects IJAET policy, is designed to help Authors to develop strategies for knowing how to avoid accidental plagiarism. The heart of avoiding plagiarism is to make sure you give credit where it is due. This may be credit for something somebody said, wrote, emailed, drew, or implied. Types of Plagiarism Without citing source The Ghost Writer: The writer turns in anotherâ„ ¢s work, word-for-word, as his or her own. The Photocopy: The writer copies significant portions of text straight from a single source, without alteration. The Potluck Paper: The writer tries to disguise plagiarism by copying from several different sources, tweaking the sentences to make them fit together while retaining most of the original phrasing. We will write a custom essay sample on Avoiding Plagiarism specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Avoiding Plagiarism specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Avoiding Plagiarism specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The Poor Disguise: Although the writer has retained the essential content of the source, he or she has altered the paperâ„ ¢s appearance slightly by changing key words and phrases. The Labor of Laziness: The writer takes the time to paraphrase most of the paper from other sources and make it all fit together, instead of spending the same effort on original work. The Self-Stealer: The writer borrows generously from his or her previous work, violating policies concerning the expectation of originality adopted by most academic institutions. Sources Cited but still plagiarized! The Forgotten Footnote: The writer mentions an authorâ„ ¢s name for a source, but neglects to include specific information on the location of the material referenced. This often masks other forms of plagiarism by obscuring source locations. The Misinformer: The writer provides inaccurate information regarding the sources, making it impossible to find them. The Too-Perfect Paraphrase: The writer properly cites a source, but neglects to put in quotation marks text that has been copied word-for-word, or close to it. Although attributing the basic ideas to the source, the writer is falsely claiming original presentation and interpretation of the information. The Resourceful Citer: The writer properly cites all sources, paraphrasing and using quotations appropriately. The catch The paper contains almost no original work! It is sometimes difficult to spot this form of plagiarism because it looks like any other well-researched document. The Perfect Crime: Well, we all know it doesnâ„ ¢t exist. In this case, the writer properly quotes and cites sources in some places, but goes on to paraphrase other arguments from those sources without citation. This way, the writer tries to pass off the paraphrased material as his or her own analysis of the cited material. Deciding when to Give Credit Need to Document * When you are using or referring to somebody elseâ„ ¢s words or ideas from a magazine, book, newspaper, song, TV program, movie, Web page, computer program, letter, advertisement, or any other medium * When you use information gained through interviewing another person * When you copy the exact words or a unique phrase from somewhere * When you reprint any diagrams, illustrations, charts, and pictures * When you use ideas that others have given you in conversations or over email No Need to Document * When you are writing your own experiences, your own observations, your own insights, your own thoughts, your own conclusions about a subject * When you are using common knowledge like folklore, common sense observations, shared information within your field of study or cultural group * When you are compiling generally accepted facts * When you are writing up your own experimental results?   Making Sure You Are Safe When researching, note-taking, and interviewing * Mark everything that is someone elseâ„ ¢s words with a big Q (for quote) or with big quotation marks. * Indicate in your notes which ideas are taken from sources (S) and which are your own insights. * Record all of the relevant documentation information in your notes. * Proofread and check with your notes (or photocopies of sources) to make sure that anything taken from your notes is acknowledged in some combination of the ways listed below: * In-text citation * Footnotes * Bibliography * Quotation marks * Indirect quotations When paraphrasing and summarizing * First, write your paraphrase and summary without looking at the original text, so you rely only on your memory. * Next, check your version with the original for content, accuracy, and mistakenly borrowed phrases. * Begin your summary with a statement giving credit to the source: According to Rajan et.al.l, * Put any unique words or phrases that you cannot change, or do not want to change, in quotation marks: Fast, fair and constructive peer review exist throughout our journal management system (IJAET). When quoting directly * Keep the personâ„ ¢s name near the quote in your notes, and in your paper,select those direct quotes that make the most impact in your paper too many direct quotes may lessen your credibility and interfere with your style. * Mention the personâ„ ¢s name either at the beginning of the quote, in the middle, or at the end. * Put quotation marks around the text that you are quoting. * Indicate added phrases in brackets ([ ]) and omitted text with ellipses (. . .). When quoting indirectly * Keep the personâ„ ¢s name near the text in your notes, and in your paper. * Rewrite the key ideas using different words and sentence structures than the original text. * Mention the personâ„ ¢s name either at the beginning of the information, or in the middle, or at that end. * Double check to make sure that your words and sentence structures are different than the original text. Deciding if something is Common Knowledge Material is probably common knowledge if . . . * You find the same information undocumented in at least five other sources. * You think it is information that your readers will already know. * You think a person could easily find the information with general reference sources.

Berkshire Partners Bidding For Carter Essays

Berkshire Partners Bidding For Carter Essays Berkshire Partners Bidding For Carter Paper Berkshire Partners Bidding For Carter Paper Berkshire Partners, which h had extensive experience investing in the retail and manufacturing sectors, was initial ally drawn to o Carters because of the strong brand name night of the senior the co many had developed during d its 136 -year history y, as well ass for the street man augment team m. (See Exhibit 1 for a profile of Berkshire. ) TO o investigate the t option off a potential LOBO, Berkshire assembled d a five-member beer team, to b be led by managing directors Ross Joy ones and Bra Adele Bloom and senior associate Mice hall Occasion. (See Exhibit bit 2 for biographical sketches. The tea am would have eve less than eight weeks to o move thro ugh all the stages of a Goldman Cashled auction -?from initial research and due diligence to valuation and bid strategy. In addition to running the auction and thereby serve ins as Carters agent, Go Olden Caches (GAS) would d be offering g staple-on financing. Under this arrangement, the he winning b bidder would d have the pop option to final once the deal the wrought a prep packaged capital structure proposed by Goldman Cash. L Carters ca arties was of mounded in 18 865 in Amended, Massage hugest. Over the course o of 136 years in the highly y competitive apparel industry, the company became the largest branded d manufacturer Of toddler and baby apparel in thee United Estates and also a leading make Kerr of young ACH Aldens clothing. Divide ding its mark et into five segments-?Ia eyeteeth (i. E. , n newborn), baby sleepwear, baby play wear, young g childrens sleepwear, ND young childrens play. N. wear-?the com many sough HTH to outfit children for the first six yea ears of life, fro mom birth to buy In the early 199 ass, the company found itself struggling g. Owned at the time by in insurance com many Mute al Benefit Life and Wesley y Capital Corp.. , Carters h had developed unprofitable blew product line ones in swimwear and UN underwear, and d many of its more decorative features (zippers, cue UT bows, etc. ) were not well w received by b consumers. In 1 992, thee company installed a new w management NT team led by y CEO Frederick J. Row an, with the intention of steering it back to its core niche off soft, comfortable 1 Moor gang Stanley had recently made a similar offering to the eventual b buyer of Dresser Equipment Grog pup-?underwriting SSL . Billion in debt financing after leading the he auction. While staple-on financing was not a typical practice, , it was becoming nag more common professor or Malcolm Baker and a Research Associate James Quinn, Global Research G Group, prepared this case. HOBS cases rare developed solely as the basis Orr class discussion. Cases are not intended to serve as endorsements, e so urges of primary dat a, or illustrations of effective or ineffective management. Copyright get 0 2005, 2008, 2011 President and Fellows of Harvard College. To rod deer copies or request permission to reproduce materials, call 1800-5457685, write Harvard Business School Publishing, Boston n, MA 02163, or go to H hobs. Harvard. Due. No part of this pub publication m or by any mean may be reproduced, stored in a retrieval system, used in a SP broadsheet, or transmitted in any form ins-?electronic, mechanical, hotfoot opining, recording or o otherwise-?with hoot the permission n of Harvard Busing news School. This document is authorized for use only by Skylark Fang ([emailprotected] Com). Copying or posting is an infringement of copyright. Please contact [emailprotected] Org or 800-988-0886 for additional copies. 205-058 Berkshire Partners: Bidding for Carters clothing. 2 Rowan arrived with 39 years of experience in the industry, most recently running the Bassett-Walker and Lee Jeans division of IF Corporation. Many members of his executive team were also former managers with IF Corporation. With a strategy of simplifying Carters products, Rowan and his team returned to producing what they called high-volume, basic apparel. Product design remained relatively consistent from year to year: About two-thirds of the apparel was carried forward from season to season with the same fabric and construction, varying Only through color and artistic layout. Rowan and his team also focused on improving the capabilities of their supply chain while exploring offshore sourcing options. Throughout the compass history, it had relied on domestic manufacturing to produce its clothing. Bu t amidst an increasingly global environment in which more and more U. S. Impasses were outsourcing production abroad, Rowan sought cost improvements and manufacturing flexibility through manufacturing abroad. In 1 992, Carters closed two of its domestic sewing plants and made plans to close six additional sewing plants and its main textile mill. Central America and Mexico soon became the companys first international production sites. By 1996, with operating and financial performance beginning to turn around, Carters was acquired in a leveraged buyout by Investor S. A. , the Bahrain-based firm est. known for its investments in Gucci Group, Asks Inc. And Tiffany Co. Investor (see Exhibit 3 for profile) paid approximately $208 million. This included $56. 1 million in senior debt and $90 million in subordinated debt. The purchase was consistent with the firms philosophy of injecting patient capital into North American and European companies; this simply involved waiting for the busines s to improve before selling it or taking it public. At the time of the Investor LOBO, Carters was doing business with over 400 wholesale accounts, including department stores, national chains, and epically stores. It had also established a major domestic presence with its outlet stores: The company operated roughly 150 retail outlet stores across the country. Consumers could purchase Carters merchandise through these outlets stores at a deep discount, with the outlet stores offering new products, holdovers from excess inventory, as well as assorted Carters brand accessories and licensed products. Beginning in 2000, Carters launched a new brand called Tykes. A departure from its two mainstay brands, Carters and Carters Classics, the Tykes brand was aimed at the discount channel. Its introduction coincided with a series of conversations with executives from Target, an emerging general merchandise retailer. Target was interested in expanding the stores offerings in baby and childrens lifestyle clothing. With the assurance that Carters could keep its shelves automatically replenished, the companies struck a long-term deal in which the Tykes brand was made immediately available at all 972 Target stores across the country. By the summer of 2001, Rowan seemed to have Carters on a path of operational and financial SUccess. From 1992 to 2000, the company increased venue at a compound annual growth rate of 9. %, with earnings before income, taxes, depreciation, and amortization (EBITDA) increasing 22. 1%. (See Exhibit 4 for selected financial. ) Analysts attributed much of the comma NYSE growth to improved brand recognition, a lower cost structure, expansion into the discount channel, and the movement of some manufacturing operations offshore-?while recognizing Inves tor as an able and willing partner in managing the growth. 2 Chris Rough, Investment Bank Buys Morrows William Carter Co. , The Atlanta Journal-Constitution, November 1, 1996. ([emailprotected] Com). Copying or posting is an infringement of copyright. Please contact [emailprotected] Org or Up for Sale In mid-2000, having watched over the growth of its investment in Carters, Investor decided it was time to sell its stake in the company. Investor typically looked at a range of exit options, but at the time the initial public offering (PIP) market was at a near standstill. In Joneses view: Investor might have been able to take this company public in 2001. But they were at the end of a five-year period, and they wanted liquidity. So to sit there, take another year or two to work their way out of a public stock was not something they wanted. He added: Theyve [Investor] got a network of investors that fund them, but if you dont have good returns coming out to keep talking about, it makes it harder to raise money. So in the normal course they were looking to generate a win through the sale of Carters. Amidst rumors that a handful of potential strategic buyers had passed on the deal, including apparel companies Jones Apparel and SSH Gosh Bogs, Investor initiated an auction among financial buyers. Christopher OBrien, a ember of Investors management committee, added: The nature of this companys business is that it is not particularly related to economic swings. We thought it was a company that financial buyers would find attractive in this marketplace. 3 Berkshire Partners Berkshire Partners was founded in the mid-sass by five individuals committed to creating a private equity firm based on successful relationships, hard work, analysis, and the open decision making of all individuals. 4 By 2001 , the firm comprised roughly 10 managing directors, 4 principals, 12 investment staff (associate level), and 2 advising directors. In a given year, the firm reviewed some 1,200 potential deals, with the intention of whittling the pool down to five to six closed deals. Jones estimated the number of times per year the firm completed full due diligence and submitted a final bid at about 12: Our batting average is pretty good-?we tend to go all the way on things we think we have pretty good odds of winning. So were not making a run at 40 things and getting five. Were doing it on 10-15, and we might get almost there on another handful. For each deal under serious consideration, Berkshire formed a deal team comprising our to five people. A managing director served as lead partner for each team. A team would typically contain an additional managing director, a principal, and one or two investment staff. According to Jones, As a firm, our work is very inclusive and collaborative in our efforts to uncover all the key information. While the deal team took responsibility for making a recommendation and then doing due diligence and bringing back an investment package, ultimate investment decisions rested with the firm as a whole. In analyzing a potential deal, Berkshire relied largely on its internal staff to array out the analysis and would use a Pain and McKinney to help us answer or flush out a couple of issues that we just dont have the resources to do. Beyond that, the firm relied on leading Boston law firms to carry out due diligence on contracts, leases, patents, and trademarks. Ernst Young (EY) handled the firms accounting due diligence, which principally involved looking at quality of earnings. According to Occasion, getting the capital structure right was an art, not a science. He added: There are a lot of factors that go into determining the right financing structure. To st art, theres arches price-?dollars needed to ultimately buy the company. And, of course, there are your 3 Kelly Holman, Berkshire Buys William Carter Co. The Daily Deal, July 17, 2001. 4 Berkshire Partners Web site, Our partnership, Breathlessness. Com/l_o_partnership. SHTML, accessed December 1, 2004. 3 returns. Obviously, if I hold purchase price steady, and increase my leverage, my equity returns will increase, and so on. Berkshire managers believed the equity portion of the capital structure at the time needed to be at least 25% in order to achieve the desired ratings outcome and demonstrate to the lending ease that Berkshire Was making a serious commitment. At the time, investment banks were willing to lend at a rate of roughly four to five times EBITDA, with the multiple determined largely by market conditions. Occasion continued, This is coupled with the challenge of asking yourself: Is this the appropriate amount of leverage for a business of this type; what do the ratings look like; how difficult will it be to get the financing completed; and what does that mean in terms of your total financing costs? These are all the variables that you play with to try to figure out the optimal capital structure for the business. After taking an equity position in a private business, Berkshire saw its role as supporting management in a variety of ways, including a) helping to prioritize key objectives, b) reviewing organizational design, c) helping to build the bench of key managers, and d) even leading the integration process in the event of a subsequent acquisition. Jones added: would say that weve done a lot of work over the last several years to be more thoughtful about how to address opportunities for companies up front and align strategically with management. So in thinking about how we add value, it is important to look t the work we do in due diligence not only as critical to making a smart investment decision, but also a critical foundation to operate from during the life of the investment. At any given time, Berkshire held a portfolio of roughly 25 investments. About half of these businesses required very little of Berkshires management attention-?the firm was on top of these businesses and fully expected to exit them in due course. About one-quarter of the businesses required a moderate level of attention, and another one- quarter required Berkshire to be very focused on them. Businesses earning the largest amount of attention did so because its the early stages, or we could still have a meaningful impact and theyre very important to our firms success. Berkshires typical exit strategy was sale of the company, rather than an PIP, by a ratio of about four to one. The firms conditions for exiting via an PIP were threefold: 1) a strong brand, 2) strong growth potential, and 3) a dramatic need for capital. Unlike many other private equity firms that often used an PIP to close out their ownership stake, Berkshire was more likely to initiate an PIP in the middle of its ownership with the intention f staying involved with the management and helping the company to grow. In many cases, a follow-on offer would ensue. Berkshires Bid for Carters When Berkshire Partners received an invitation to participate in the auction for Carters, the investment team was initially optimistic about a potential match between the two organizations. The firm had developed a focus on building strong, growth-oriented companies in conjunction with strong, equity-incanted management teams. 5 Berkshire viewed Carters not simply as an apparel company in the retail space, but more as a consumer products company. According to Jones, Carters being a really Strong brand that could be leveraged across multiple channels was something that we found very appealing, and in general find appealing. 5 Berkshire Partners Web site, Press Releases, http:// www. Irrationalness. Com/5_1 _ 17_press. SHTML, accessed September 1, 2004. 4 ([emailprotected] Com). Copying or posting is an infringement Of copyright Please contact [emailprotected] Org or Initial Meeting On the first Tuesday of May, Berkshires five-member team traveled to New York to meet with Carters management. The Carter team included the CEO, resident of marketing, executive vice president of operations, executive vice president of global sourcing, and SCOFF. The meeting provided an opportunity for the respective managers to get to know one another, to discuss the ground rules for the auction, and to begin a dialogue about the future growth strategy for Carters. To a person, the Berkshire executives were very impressed with the Carter team, acknowledging their experience, commitment, and confidence in their five-year plan. (See Exhibit 5 for four elements of growth strategy. ) The initial meeting also opened lines of communication between Berkshire ND Goldman Cash, which Carters had engaged to run the auction process. In the early weeks of May, Berkshires team had a number of discussions with Goldman Cash. The deal was being shown to a limited number of financial buyers (more than 2, less than 10), and not all potential buyers would be given the opportunity Berkshire had been given to meet with the management team prior to submitting a preliminary bid. In addition to running the auction, Goldman Cash was providing staple-on financing for the deal, although the buyers were not limited to the Goldman financing Truckee and could choose to submit a bid that would be financed by other sources. (See Exhibit 6 for proposed capital structure. Members of the Berkshire team acknowledged that a staple-on financing structure, if not actually compared against competing offers in the market, could create a conflict Of interest for an investment bank. A banks dual role of auctioneer and financier, if unchecked, could pressure a buyer to accept inferior financing terms in order to win the bid. Occasion stated: Th ere were a lot of tensions inherent in the new staple-on structure. The investment banks ere concerned externally about how it would affect their reputations, and the private equity guys werent that excited about it. They felt it limited their ability to get an edge in the bidding process by bringing more creative financing to deals. What the staple-on did provide, however, was generally a more expedited financing process. Nevertheless, the Berkshire team came away from the meeting in New York eager to look carefully into the deal. In the ensuing days, Goldman furnished Berkshire with a summary of financial projections put together by Carters management (see Exhibits AAA, b, and c). GAS also indicated that the process required potential buyers to submit equity bids of at least $130 million to be considered.

Change Management Essay Example | Topics and Well Written Essays - 1500 words - 2

Change Management - Essay Example Learning in an organization can be done using two approaches: Firstly, learning with regard to individuals within the organization. Here, efforts are directed towards increasing the employee’s capacity in terms of skill acquisition, knowledge and experiences to perform their individual tasks and responsibilities. Secondly, by creating a learning organization in which the collective state of the organization is continuously improved to achieve optimal objectives. The need for creating a learning organization arises from the fact that it is imperative not only for the firm to set its objectives and visions but that the whole membership of the organization should act in unison as opposed to individual brilliance (O Keeffe, 2002). The following discussion identifies the principles of learning followed by a subsequent analysis of the merits and demerits of introducing learning to an already established organization. In the first approach, the objective is to introduce transformative learning; one that surpasses the mere acquisition of knowledge and skills to one that provides the individual with the ability to think rationally for themselves, creating a high level in the ability of the person to emancipate themselves from â€Å"mob thinking† and as such think independently and consciously about any prevailing scenario. There are several tenets or principles of learning. A summary discussion on some of these principles is as follows: All human beings are born with an inherent ability to increase their capacity. They have the potential to think, do and feel. Acting by doing refers to the ability to interact with the external world while acting by thinking is the ability to engage one’s processes in the mind and soul. The potential to feel refers to one’s ability to interact and connect with other people, places and events. This forms the first and most important principle of learning. Secondly, human being