Joseph B Anderson. WestPoint graduate, Vietnam Veteran Served 13 years in Army, Featured in the movie “The Anderson Platoon”. After Vietnam, became plant manager for GM - responsible for $1 billion in revenue. Left GM to buy his first acquisition, Chivas Products Limited. Inherited a lot of debt, leveraged everything, sought bankruptcy protection. From that experience, Developed a signature turn around strategy. Chairman and CEO of Tag Holdings. Started in 2001. Holding company for Wolverine Industries & Baron Industries. Profiled on CNBC's "Blue Collar Millionaires". 13 Acquisitions with Revenues over $1.3 billion
00:00 Sponsor - DueDilio
00:31 Intro to Joseph B. Anderson
01:44 His first acquisition in 1994 of Chivas Products Limited
03:19 Balance sheets, what did too much debt teach him
04:32 Hard lessons learned - Making same mistake says something about you
05:05 2nd Acquisition Acquires Vibration Control Technologies, LLC, majority owner – divested in Mar 2010.
06:27 What life lessons - what is worse could happen - learned from Battlefield
07:29 How transparent are you with all your employees - what is leader responsible for?
09:04 What did he do with - Chivas Products Limited?
09:44 In 2003 acquires a unit of Dongsuh, in Korea - lessons learned from a distance
11:59 Who was his mentor at West Point?
12:28 Acquired In 2003 North American Assemblies, Sold to long time General Manager - Value of your business is only nice on paper only real when you sell it. Mentoring / Creating Opportunities
15:55 Acquired Wolverine Assemblies - Joint Ventures in the Auto Industry
18:40 Helping others, can't spend it till you sell it. Owning it nice. Having owned it is better
19:35 Identifying superstars - the right people. Some people do not work out.
20:34 Acquired Shared Vision LLC. Customer caught cold he caught pneumonia Lesson Customer Concentration
21:20 Acquired Baron Industries - one of his best success story - did so well not going to tell you.
22:32 Divest from Aircasters - not doing so well sold without exciting returns
23:13 Learning from failures - what was his biggest one - avoid these characteristics - hard decisions about people.
25:24 Turning down opportunities - reality checks
27:24 Do you like being CEO of a holding company?
28:02 How does he improve his skills?
28:55 What is his future plan for Tag Holdings?
29:50 Did he ever step in and take over as CEO of one of his companies?
30:32 What Advice would he give to someone entering M&A world
31:22 What about his favorite phrase, "It is what it is"