Brad Jacobs

Why?

Why is that a fantastic business?

But I kept an open mind about it.

They persuaded me.

They said it's a business where there's been no new entrant of any size for several decades.

There's a big moat around the business.

It's got great pricing power because capacity actually has been leaving the industry, not coming in the industry.

And there's ways to continually improve the business over time.

So I studied it.

I studied Conway and it was interesting because they told me

They said, Brad, one thing you need to know is there's not a lot of cost out opportunity here.

I said, okay.

And I went in and I found tons of cost out opportunity because I saw the organizational chart.

It was like someone just took spaghetti and threw it against the wall.

It was three different HR organizations, three different IT organizations, three different operating divisions.

Everything was three for the different parts of the company instead of having a

shared services, which is a more traditional way of doing it.

And I said, wow, it's like a lot of money we can take out of this just doing that.

They had a government relations division with a fairly sizable staff and significant budget, but they didn't really need that.

It really didn't make any difference.