Billionaire’s Secret Buyout Formula: 110 Instructions and an Intelligence Test

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Billionaire’s Secret Buyout Formula: 110 Instructions and an Intelligence Test
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Robert Smith, the billionaire investor who surprised Morehouse College graduates by announcing he was paying off their debts, studied chemical engineering at Cornell and worked at Goldman Sachs before opening his private-equity firm

Billionaire investor Robert Smith believes corporate buyouts can be reduced to a formula.

His private-equity firm, Vista Equity Partners, has codified that notion into 110 acronym-heavy directives known as Vista Best Practices. They are secret—stored on a company server that makes a record every time anyone downloads or prints them.

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