The Private Equity Edge

Business Book Roundtable

April 27, 2009: 6:00 PM - 9:30 PM

Bill Hass and Shep Pryor will present their new book on value building, co-authored with Arthur B. Laffer In The Private Equity Edge, Laffer, Hass, and Pryor show how private equity has made use of frameworks that build value to enhance their success. While private equity has shown leadership in the area, the authors argue that the same techniques can work for all types of public and private companies. By using the techniques, top value builders learn to dig deeper and act sooner, producing success even in the political arena. With a firm fix on value, decision makers avoid the distractions that await those who rely on stock market prices. The Authors’ presentation will focus on: •How the Fed contributed to the global economic crisis •How top value builders get their edge – it’s not GAAP accounting •Why mark to market and other rules of thumb create valuation errors •How gurus, such as Warren Buffett and Jim Collins, can make mistakes Advanced praise for The Private Equity Edge: “Political, financial, and business leaders can get a quick course on economics and business, combined with a different and enlightening perspective on how the world works. Read this book, and enjoy while learning.” - George P. Schultz, Chairman, JPMorgan Chase, International Advisory Council; CEO and Director, Bechtel (ret.); former Secretary of the Treasury, State, and Labor; and former Dean, University of Chicago Booth School of Business. “A comprehensive understanding of macroeconomics is key to creating value and wealth. This book gives you a terrific framework to learn from the best.” - Robert Rowland, Managing Director and Portfolio Manager, Lazard Asset management “Top private equity players dig deep to build value in good times and bad. Read this book to learn how it’s done!” - James B. Shein, Clinical Professor of Management & Strategy, Kellogg.


University of Chicago Gleacher Center
1st Floor, Room 100
450 North Cityfront Plaza
Chicago, Illinois

Event Details

Book Summary: The Private Equity Edge: How Private Equity Players and the World’s Top Companies Build Value and Wealth is a wake-up call for business leaders and their management teams, as we struggle through a period of economic crisis. The book gives decision makers highly productive ideas for building and preserving value and wealth. In today’s economic environment, the methods we discuss have broad applicability, far beyond the top private equity players who have used them so successfully. In the foreword, Steve Moore, senior economics writer for the WSJ, provides a great description of why The Private Equity Edge is so relevant: oIt takes a crisis to produce change. oTop value builders dig a bit deeper than their competition and act sooner to change. oThe framework used by successful private equity players preserves and builds value. oValue Building drives our capitalistic free-market economy, and has raised the world’s standard of living. oPeople need incentives to work hard and take risks. oThe US is falling behind other countries because of our high corporate tax rates. The Preface underscores why The Private Equity Edge is so relevant during this stressful economic period: oCash flow is King. Preserving and building value takes action. The mode for many companies is “preserving value.” oPrivate equity acts when public markets fail to be efficient. oCorporate leaders can use the same framework and principles used by top private equity in good or bad times. The principles include: ?Markets allocate resources ?Common goals are critical ?Markets work but have bubbles ?Solid frameworks based on fundamentals are better than rules of thumb -Timing and metrics matter -Individuals have their own preferences and goals -Regulations have unintended consequences -Top value builders learn from mistakes and never bet the farm Summary: Preserving Value and Reducing Risk •Top value builders focus on intrinsic economic value. •Leaders need to understand both the numbers and the people effect. •People respond to incentives and disincentives. •Conflicting goals, ideologies, theories, metrics and frameworks abound, creating a fog around any decision. •Effective leaders dig deeper and use better frameworks and metrics to make better decisions. •Effective leaders act sooner to communicate to their people and produce better results. •Quantification of goals and risks, forces greater discipline of thought and action. It enhances communication for better decisions. •Competition forces performance to regress to the mean. •Even nations need to renew strategies in the face of global competition. Book's Three Parts: o Dig Deeper, to identify better value alternatives, risks and options. o Act Sooner, to speed learning and achieve value-building change. o Graphic examples of digging deeper, and sets the standard for value-building change.


Event Fee is $15.00


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Deadline: 4/27/2009

Speaker Profiles

William J. Hass (Speaker)
CEO, Teamwork Technologies, Inc.

William J. Hass, CTP is CEO of Teamwork Technologies, Inc., a value based consulting practice in Northbrook, IL. Bill specializes in strategy, dramatic performance improvement, turnarounds, board governance, effectiveness and communication for boards and senior management teams. He is a co-author of Building Value through Strategy, Risk Assessment and Renewal, (617pages CCH, 2006) and The Private Equity Edge: How Private Equity Players and the World’s Top Companies Create Value and Wealth, (McGraw-Hill, 2009). Bill is a sought after speaker on value building. He consults and writes on a variety of issues and is the community leader for the Center for Financial Leadership (CCFL) serving over 30,000 CPAs in over 8 states. Bill is a Certified Turnaround Consultant and is a former chairman of the 8,000 member Turnaround Management Association. Bill has served on the Executive and Finance Committees of the University of Illinois, Alumni Association Board of Directors. Bill was a partner at Ernst & Young where he led the Midwest Strategy Practice. Bill received his MBA in finance from the University Chicago Booth School of Business(1971) and has an undergraduate degree in engineering with highest honors from the University of Illinois Chicago.

Sheperd G. Pryor IV (Speaker)
Managing Director, Board Resources, a Division of TeamWork Technologies, Inc.

Shepherd G. Pryor IV is a managing director of Board Resources, a Division of TeamWork Technologies, Inc. He focuses on board governance, finance, and director training. He serves on the board of Taylor Capital Group, a bank holding company (NASD), as a Chairman of the Corporate Governance Committee, Lead Director, and Member of the Audit Committee. In the past he has served on the boards of HCI Direct, a manufacturer and direct response retailer, Petrolane, Inc. (NASD), a propane distribution company, and Archibald Candy Corporation, a manufacturer and retailer. He is a co-author of Building Value through Strategy, Risk Assessment and Renewal, (617pages CCH, 2006) and The Private Equity Edge: How Private Equity Players and the World’s Top Companies Create Value and Wealth, (McGraw-Hill, 2009). Shep is a member of the senior faculty at Keller Graduate School of Management, in Chicago, where he teaches finance courses, including M&A and international. In addition, he serves as an expert witness, consultant, and member of non-profit boards. He was formerly Deputy Group Head for Corporate Banking at Wells Fargo Bank. Shep received his MBA in finance from the University of Chicago Booth School of Business and his A.B. (cum laude) in Economics from Princeton University. Hass and Pryor provide counsel for directors and management from the beginning of strategy formulation and strategy retreats through monitoring the outcomes of execution for both healthy and underperforming organizations. They are coauthors of Building Value through Strategy, Risk Assessment and Renewal(Chicago: CCH, 2006). To learn more about their corporate and speaking services visit:


Mary Kupjack 


Other Information

Discounted Parking Chicago Booth has arranged with the AMC Theater-River East Self-Parking Garage. 300 East Illinois Street. $6.00 after 3:00pm Garage: Self Park Facility Payment: Automated: at pay-stations by cash or credit card or upon exit pay by credit card only. To receive the discounted rate: Go to the card validator at the first floor security desk of the Gleacher Center. Insert your parking card in the validator and the new price will be automatically applied. You can validate your parking ticket any time between your arrival at and departure from the Gleacher Center. You will be charged the lower $6.00 fee. Detailed Directions to Garage: Garage is located next to PJ Clarks and below the AMC Theater. a) When traveling east on Illinois cross over Columbus and enter the Garage on the left (north) side of the street. b) If driving west on Grand (north of Theater), you can enter the garage ½ block before Columbus on the left (south) side of the street.