The Rich Bosses list reads like a roll of fund managers’ market darlings or private equity’s big misses. It’s all about backing a founder.
, one of the country’s highest-paid wage slaves, cannot crack the top 20 despite 36 years at the millionaire’s factory and its renowned employee share scheme.So for regeneration, the list needs two things: a healthy community of start-ups and company founders, and an active initial public offerings market to propel these businesses to the ASX.
So perhaps we shouldn’t be surprised that this year’s list, which is based on the value of executives’ shares in the business they run, is light on new names. For investors, nothing can replace a founder’s mindset. Founders usually bring a single-minded focus, think long term, can spot an opportunity and have a record of building a business and making money. Their interest will generally be aligned with minority shareholders, provided appropriate corporate governance structures are put in place and upheld by strong independent directors. There is skin in the game well beyond the founder’s number of shares.
The problem is that the booming private capital market – private equity, venture capital, superannuation funds – is also chasing founders. Everyone wants to be the first outside investor to back a founder as that is normally where the serious money is made.
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