1987-02-27 Warren Buffett.The Fechheimer Bros. Co.
The Fechheimer Bros. Co.
Every year in Berkshire’s annual report I include a description of the kind of business that we would like to buy. This "ad" paid off in 1986.
每年我都会在 Berkshire 的年度报告中描述我们希望收购的业务类型。这则“广告”在 1986 年兑现了效果。
On January 15th of last year I received a letter from Bob Heldman of Cincinnati, a shareholder for many years and also Chairman of Fechheimer Bros. Until I read the letter, however, I did not know of either Bob or Fechheimer. Bob wrote that he ran a company that met our tests and suggested that we get together, which we did in Omaha after their results for 1985 were compiled.
去年 1 月 15 日，我收到来自 Cincinnati 的 Bob Heldman 的一封信，他多年是我们的股东，同时也是 Fechheimer Bros. 的董事长。然而在读到这封信之前，我并不认识 Bob，也不了解 Fechheimer。Bob 写道他经营着一家符合我们标准的公司，并建议我们见面。等他们把 1985 年的业绩整理完毕后，我们在 Omaha 会面了。
He filled me in on a little history: Fechheimer, a uniform manufacturing and distribution business, began operations in 1842. Warren Heldman, Bob’s father, became involved in the business in 1941 and his sons, Bob and George (now President), along with their sons, subsequently joined the company. Under the Heldmans’ management, the business was highly successful.
他给我简单介绍了历史：Fechheimer 是一家制服制造与分销企业，始于 1842 年。Bob 的父亲 Warren Heldman 于 1941 年加入该业务，随后他的两个儿子 Bob 和 George（现任总裁）以及他们的儿子也陆续加入公司。在 Heldman 家族的管理下，这项业务非常成功。
商业模式一般，但都是延续几代的家族企业，稳定的注意力+不起眼的商业模式=可靠的次优选择。
In 1981 Fechheimer was sold to a group of venture capitalists in a leveraged buy out (an LBO), with management retaining an equity interest. The new company, as is the case with all LBOS, started with an exceptionally high debt/equity ratio. After the buy out, however, operations continued to be very successful. So by the start of last year debt had been paid down substantially and the value of the equity had increased dramatically. For a variety of reasons, the venture capitalists wished to sell and Bob, having dutifully read Berkshire’s annual reports, thought of us.
1981 年，Fechheimer 通过一次杠杆收购（LBO）出售给一组风险投资人，管理层保留了部分股权。与所有 LBOS 一样，新公司一开始的负债/权益比率极高。然而在收购完成后，运营依然非常成功。因此，到去年年初，债务已大幅偿还，股权价值也显著上升。出于多种原因，这些风投方希望出售，而 Bob 一直认真阅读 Berkshire 的年度报告，于是想到了我们。
Fechheimer is exactly the sort of business we like to buy. Its economic record is superb; its managers are talented, high-grade, and love what they do; and the Heldman family wanted to continue its financial interest in partnership with us. Therefore, we quickly purchased about 84% of the stock for a price that was based upon a $55 million valuation for the entire business.
Fechheimer 正是我们喜欢收购的那类企业：其经营业绩一流；管理层才干出众、素质上乘且热爱所做之事；同时 Heldman 家族愿意与我们继续以合伙形式保持财务权益。因此，我们迅速以公司整体 5,500 万美元的估值为基础，收购了约 84% 的股权。
The circumstances of this acquisition were similar to those prevailing in our purchase of Nebraska Furniture Mart: most of the shares were held by people who wished to employ funds elsewhere; family members who enjoyed running their business wanted to continue both as owners and managers; several generations of the family were active in the business, providing management for as far as the eye can see; and the managing family wanted a purchaser who would not re-sell, regardless of price, and who would let the business be run in the future as it had been in the past. Both Fechheimer and NFM were right for us, and we were right for them.
这次收购的情形与我们收购 Nebraska Furniture Mart 时相似：多数股份由希望将资金用于他处的人持有；热爱经营的家族成员希望继续作为所有者与管理者；家族的几代人都在业务中活跃，为可预见的未来提供管理力量；管理家族希望买方无论价格如何都不会转手出售，并允许未来的经营方式延续过去的做法。Fechheimer 和 NFM 都适合我们，而我们也适合他们。
You may be amused to know that neither Charlie nor I have been to Cincinnati, headquarters for Fechheimer, to see their operation. (And, incidentally, it works both ways: Chuck Huggins, who has been running See’s for 15 years, has never been to Omaha.) If our success were to depend upon insights we developed through plant inspections, Berkshire would be in big trouble. Rather, in considering an acquisition, we attempt to evaluate the economic characteristics of the business - its competitive strengths and weaknesses - and the quality of the people we will be joining. Fechheimer was a standout in both respects. In addition to Bob and George Heldman, who are in their mid-60s - spring chickens by our standards - there are three members of the next generation, Gary, Roger and Fred, to insure continuity.
你也许会觉得有趣：Charlie 和我都未曾到过 Fechheimer 的总部 Cincinnati 去看他们的运营。（顺便说一句，这也是双向的：已管理 See’s 15 年的 Chuck Huggins 从未到过 Omaha。）如果我们的成功要依赖于通过工厂考察得出的见解，Berkshire 就麻烦了。实际上，在考虑一项收购时，我们试图评估的是业务的经济特征——其竞争优势与劣势——以及我们将要合作的人的素质。在这两方面，Fechheimer 都表现突出。除处于 60 多岁、按我们的标准还算“年轻人”的 Bob 和 George Heldman 外，还有下一代的三位成员 Gary、Roger 和 Fred，以确保业务延续。
As a prototype for acquisitions, Fechheimer has only one drawback: size. We hope our next acquisition is at least several times as large but a carbon copy in all other respects. Our threshold for minimum annual after-tax earnings of potential acquisitions has been moved up to $10 million from the $5 million level that prevailed when Bob wrote to me.
作为收购样板，Fechheimer 只有一个不足：规模。我们希望下一笔收购在规模上至少是它的数倍，而在其他方面完全照搬。对于潜在收购标的的年度税后最低利润门槛，我们已从 Bob 写信给我时的 500 万美元上调至 1,000 万美元。
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