What It Takes: Lessons in the Pursuit of Excellence

by Stephen A. Schwarzman

I told him he was right. Going public would give us permanent capital, stock to buy both assets and security. It would transform us into a global brand and bring us deals, new limited partners, and new opportunities. It would reinforce our “one-firm” culture even as it enabled us to develop new lines of business. Finally, because my antennas were telling me that the world was getting so crazy, we would do well to load up with cash sooner rather than later, I didn’t feel we could wait any longer. If I had to become a public piñata to make this happen, so be it. “We started this business together twenty-two years ago with almost nothing,” I said. “And this is going to mean wealth for our families. It’s a good economic event.” His math skills had always been good. On March 21, 2007, the day before we filed, we held firm-wide meetings to describe what we were doing. It was a lot to absorb. The news had not leaked and people were stunned. Once we pushed the button, the financial world began to light up. The plan for our IPO was to raise $4 billion at a valuation of $35 billion.

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