On the surface, Romney’s team did what other management consultants did. They’d look at a company, go through its books, find out everything they could about it and its industry. They’d even count cars in the parking lot of competitors to figure out how many people worked there. Rehnert says Romney was ruthlessly data-driven.
“Dive into the detail,” Rehnert remembered of Romney’s capability, “to the point of building models, reading legal documents, drawing slides, taking notes, and then he could zoom right back up to 50,000 feet and look down and see the big picture.”
And then decide what to do. What made Romney a millionaire hundreds of times over was the fact that Bain Capital owned these companies.
The venture wasn’t simply a consulting firm that wrote a report with a list of recommendations, hoping the client company would follow through. Bain Capital made the company follow through.