Without Reservations: How a Family Root Beer Stand Grew into by J. W. Marriott Jr. PDF

Without Reservations: How a Family Root Beer Stand Grew into by J. W. Marriott Jr. PDF

By J. W. Marriott Jr.

In with no Reservations, international enterprise chief and inn icon J.W. "Bill" Marriott, Jr., stocks either the tale of and the recipe for the luck of Marriott overseas, one of many world's best resort businesses. In 1964, at the eve of being named president of the corporate, Marriott's father, founder and then-CEO J. Willard Marriott, Sr., tucked a letter in his 32-year-old son's table drawer. The letter, published during this e-book, presents undying recommendation for anybody in any enterprise who goals to be successful. with out Reservations is a compilation of enticing tales that takes the reader behind the curtain as occasions and judgements spread. half biography, half company digest, with out Reservations offers a frank and candid viewpoint on attaining the top of one's career and classes discovered alongside the best way. Marriott displays on various compelling subject matters, together with the influence of Sept. 11, the new financial downturn, and judgements made—and now not made.

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Extra resources for Without Reservations: How a Family Root Beer Stand Grew into a Global Hotel Company

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The fundamentals of roll-ups proved problematic for several reasons. First, for the most part they were driven by promoters—MBAs and financial engineers who had minimal operational experience running businesses. Those promoters realized early on that their upside profit potential was huge and, once they cashed out or generated exceptional returns through a public offering, they did not need to hang around to deliver the promised economies or synergies. This is not to suggest that in all cases there was an intentional disregard for their investors, as there was certainly more than a little na¨ıvet´e on the part of many of these promoters, too.

If I have failed to appropriately credit any of my sources (cryptoamnesia), it is only because after 15 or more years of sporadic writing and teaching, it is impossible to remember where I learned all of this myself. I do know that some of it certainly came from my own reading but only if corroborated by subsequent experience, much more of it from original on the job experience, and a good deal of it from my colleagues. Finally, I have written this book so that it can be read straight through or can be skipped around as one desires and finds useful.

They still pop up from time to time and will continue to do so. Count on it! As buyers, consolidators or roll-up promoters were a seller’s dream, because in industries they were “rolling up,” they often were willing to pay prices for sellers’ businesses that typically reflected very significant premiums over what the sellers otherwise might be offered. The premiums offered by consolidators or roll-up promoters reflected the fact that roll-ups often were done in haste in anticipation of a planned initial public offering (IPO).

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