Bill Bain (consultant)
Encyclopedia
William Worthington "Bill" Bain, Jr. (born 1937) is a management consultant
, known for his role as one of the founders of the management consultancy that bears his name, Bain & Company
. Prior to founding Bain & Company, Bill Bain was a Vice-President at the Boston Consulting Group
(BCG).
, to a food wholesaler. He attended East Tennessee State College for two years before transferring to Vanderbilt University
. He graduated in 1959, earning Phi Beta Kappa honors, with a degree in history. He then got married and became a father. He did graduate work in history at Vanderbilt as a Woodrow Wilson Scholar in 1960. He briefly worked at a steel fabricating company before returning to Vanderbilt in 1960 to work as the school's director of development. In this capacity, he met Bruce Henderson
, the founder of the Boston Consulting Group
. After meeting Henderson, Bain chose to join BCG.
In the early 1970s, Bain was considered internally at Boston Consulting Group
to be Henderson's eventual successor. However, in 1973 Bain resigned from BCG to start his own strategy consulting firm. Bain quickly recruited Black & Decker
and Texas Instruments
, two BCG clients, as his own clients, and hired six of BCG's employees. Bain's new company diverged from other consulting firms of the time by focusing on longer assignments. He also sought to develop close relations with the companies, helping not only to devise strategy but also to implement it. He also promised not to represent more than one client per industry, and for many years would only accept assignments that reported to the client's CEO.
He formed Bain Capital
, a private equity
firm, in 1984, and appointed Mitt Romney
, one of the partners at Bain & Company
, to be Bain Capital
's first CEO.
He is chairman of the board
of Bain, Willard Companies, L. P. which he co-founded in 1993 with Ralph R. Willard, President of Bain, Willard. He is a director of Hinckley Yacht Company.
Bain is a longtime trustee of several children’s charities in Boston, including Children’s Hospital Boston, The Boys and Girls Clubs of Boston and the Posse Foundation
. He also serves on the Board of Trust of Vanderbilt University
.
He has four children, William III, Adam, Alexander, and Samantha, and resides in Naples, Florida
with his wife, Ann.
Management consulting
Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement....
, known for his role as one of the founders of the management consultancy that bears his name, Bain & Company
Bain & Company
Bain & Company is a global management consulting firm headquartered in Boston, Massachusetts. Bain is considered one of the most prestigious consulting firms in the world, with 47 offices in 30 countries and over 5,500 professionals on staff globally...
. Prior to founding Bain & Company, Bill Bain was a Vice-President at the Boston Consulting Group
Boston Consulting Group
The Boston Consulting Group is a global management consulting firm with offices in 42 countries. It is recognized as one of the most prestigious management consulting firms in the world. It is one of only three companies to appear in the top 15 of Fortunes "Best Companies to Work For" report for...
(BCG).
Biography
William Bain was born in 1937 in Johnson City, TennesseeJohnson City, Tennessee
Johnson City is a city in Carter, Sullivan, and Washington counties in the U.S. state of Tennessee, with most of the city being in Washington County...
, to a food wholesaler. He attended East Tennessee State College for two years before transferring to Vanderbilt University
Vanderbilt University
Vanderbilt University is a private research university located in Nashville, Tennessee, United States. Founded in 1873, the university is named for shipping and rail magnate "Commodore" Cornelius Vanderbilt, who provided Vanderbilt its initial $1 million endowment despite having never been to the...
. He graduated in 1959, earning Phi Beta Kappa honors, with a degree in history. He then got married and became a father. He did graduate work in history at Vanderbilt as a Woodrow Wilson Scholar in 1960. He briefly worked at a steel fabricating company before returning to Vanderbilt in 1960 to work as the school's director of development. In this capacity, he met Bruce Henderson
Bruce Henderson
Bruce Doolin Henderson was the founder of the Boston Consulting Group . Henderson founded BCG in 1963 in Boston, Massachusetts.- Biography :...
, the founder of the Boston Consulting Group
Boston Consulting Group
The Boston Consulting Group is a global management consulting firm with offices in 42 countries. It is recognized as one of the most prestigious management consulting firms in the world. It is one of only three companies to appear in the top 15 of Fortunes "Best Companies to Work For" report for...
. After meeting Henderson, Bain chose to join BCG.
In the early 1970s, Bain was considered internally at Boston Consulting Group
Boston Consulting Group
The Boston Consulting Group is a global management consulting firm with offices in 42 countries. It is recognized as one of the most prestigious management consulting firms in the world. It is one of only three companies to appear in the top 15 of Fortunes "Best Companies to Work For" report for...
to be Henderson's eventual successor. However, in 1973 Bain resigned from BCG to start his own strategy consulting firm. Bain quickly recruited Black & Decker
Black & Decker
Black & Decker Corporation is a corporation based in Towson, Maryland, United States, that designs and imports power tools and accessories, hardware and home improvement products, and technology based fastening systems...
and Texas Instruments
Texas Instruments
Texas Instruments Inc. , widely known as TI, is an American company based in Dallas, Texas, United States, which develops and commercializes semiconductor and computer technology...
, two BCG clients, as his own clients, and hired six of BCG's employees. Bain's new company diverged from other consulting firms of the time by focusing on longer assignments. He also sought to develop close relations with the companies, helping not only to devise strategy but also to implement it. He also promised not to represent more than one client per industry, and for many years would only accept assignments that reported to the client's CEO.
He formed Bain Capital
Bain Capital
Bain Capital LLC is a Boston-based private equity firm founded in 1984 by partners from the consulting firm Bain & Company. Originally conceived as an early-stage, growth-oriented investment fund, Bain Capital today manages approximately $65 billion in assets, and its strategies include private...
, a private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm, in 1984, and appointed Mitt Romney
Mitt Romney
Willard Mitt Romney is an American businessman and politician. He was the 70th Governor of Massachusetts from 2003 to 2007 and is a candidate for the 2012 Republican Party presidential nomination.The son of George W...
, one of the partners at Bain & Company
Bain & Company
Bain & Company is a global management consulting firm headquartered in Boston, Massachusetts. Bain is considered one of the most prestigious consulting firms in the world, with 47 offices in 30 countries and over 5,500 professionals on staff globally...
, to be Bain Capital
Bain Capital
Bain Capital LLC is a Boston-based private equity firm founded in 1984 by partners from the consulting firm Bain & Company. Originally conceived as an early-stage, growth-oriented investment fund, Bain Capital today manages approximately $65 billion in assets, and its strategies include private...
's first CEO.
He is chairman of the board
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
of Bain, Willard Companies, L. P. which he co-founded in 1993 with Ralph R. Willard, President of Bain, Willard. He is a director of Hinckley Yacht Company.
Bain is a longtime trustee of several children’s charities in Boston, including Children’s Hospital Boston, The Boys and Girls Clubs of Boston and the Posse Foundation
Posse Foundation
The Posse Foundation is an American nonprofit organization that identifies, recruits, and trains student leaders from public high schools to form multicultural teams called "Posses" of 10 to 12 Posse Scholars...
. He also serves on the Board of Trust of Vanderbilt University
Vanderbilt University
Vanderbilt University is a private research university located in Nashville, Tennessee, United States. Founded in 1873, the university is named for shipping and rail magnate "Commodore" Cornelius Vanderbilt, who provided Vanderbilt its initial $1 million endowment despite having never been to the...
.
He has four children, William III, Adam, Alexander, and Samantha, and resides in Naples, Florida
Naples, Florida
Naples is a city in Collier County, Florida, United States. As of July 1, 2007, the U.S. Census Bureau estimated the city's population at 21,653. Naples is a principal city of the Naples–Marco Island Metropolitan Statistical Area, which had an estimated total population of 315,839 on July 1, 2007...
with his wife, Ann.