At each stage of the company's life, the next best owner took actions to increase its cash flows, thereby adding value. The founder came up with the idea for the business. The VC firm provided capital and professional management. Going public provided the early investors a way to realize the value of their work and raised more cash. The large company accelerated the company's growth with a global distribution capability. The private equity firm restructured the company when growth slowed. The last best-owner company applied its skills in managing low-growth brands.
