FOREWORD
I have had the pleasure of knowing Ted Clark for roughly eighteen years,
since I first engaged him and Bill Myers to look for a subset of Specialty Chemicals.
The success of that engagement is well documented in this book, and Ted, acting as CEO of Royal and a board member of NuSil at the time, was key to that success.
In 1989 I resigned from W.R. Grace to start the private equity firm Quad-C.
I had been a vice chairman and director of W.R. Grace & Co. with operational responsibilities for the bulk of its assets, led restructuring in the mid-1980s, and negotiated more than $4 billion in acquisitions and divestitures.
The simple reason for my resignation was that big business was being managed, to a large degree, by Wall Street’s expectations—but also because, in my opinion, the real doers (the management running the day-to-day operations) were not being compensated to the level of their contributions. This is a sentiment that I see shared in Ted’s wonderful book.
As Ted points out, if you take a long-term outlook and have the right objectives and strategies, great financial rewards await. Timing proves to be less of an issue so long as you ultimately achieve your goals. Of equal importance, the people making decisions can finally realize the value commensurate with the value that they add. Ted is a perfect example of this.
This book isn’t just about how private equity investing has been so successful. The lessons enumerated here also apply to both public and private companies. Ted, without a college degree and having his start as a shipping clerk, provides a perfect example of one of the attributes that make this country great: gumption.
The cream always rises to the top, as they say.
Ted attributes his success to tenacity, curiosity, and instincts, and I would add to this list: people skills.
It’s great to have the right objectives and strategies, but they mean nothing unless you have the right organization and motivation to execute them. Ted managed to do all of this flawlessly and then found a way to share his experience. I have a great deal of respect for him as a highly successful businessman and consider him a great friend as well.
Terry Daniels, Founder and Chairman
Quad-C Management Inc.