RAINMAKING IN CHICAGO
In its 58 years, Chicago's William Blair &
Co. has not strayed from its historic approach to developing client
relations: First find wellmanaged small to mid-sized niche businesses--companies
that have revenues between $100 million and $1 billion and have
high-growth characteristics. Make sure they have growth potential
and stick with them over the long haul.
The firm's approach to tapping talent is much
the same. As one of the few independent, high-quality investment
houses left in the Midwest, William Blair is highly selective
and has little turnover. Like her firm, partner Michelle Collins--a
Yale University alumna who was hired out of Harvard Business School
in 1986 by William Blair--is, says one of her peers, "a quiet
power."
Considering Collin's experience, her choice of
William Blair over a large New York city firm clicks. Prior to
attending Harvard she was a Chase Manhattan Bank corporate auditor
and she visited many companies in a spectrum of industries. "I
was looking for a smaller, more intimate place, where you don't
have seven layers of management," she says.
Last January, Collins was made a partner in the
Corporate Finance Department, Much is expected of Collins in this
rainmaking position. In six years, she has demonstrated a solid
abilityfor doing deals in public or private equity offerings,
mergers or acquisitions.
Modest and amicable, Collins is known for her
rapport with clients. She also is committed to her hometown, serving
on the Chicago Historical Society, the Visiting Nurse Association
of Chicago and the Chicago Child Care Society boards,
Of William Blair's 45D employees, 93 are partners.
Collins, 32, is the only black partner and one of three women
partners, Hierarchy is a bad word at William Blair, which emphasizes
maintaining intimate relationships with its clientele. Says Collins:
"The decision to walk away from a potentially large fee because
something doesn't sit right with you, is just as valued as the
decision to aggressively pursue a client,"
Although specialization tends not to be one of
the firm's goals, Collins has worked on several deals involving
office products manufacturers and retailers. She recently participated
in a $13 million common-stock offering for Office Club Inc., and
in the $269 million acquisition of that company by Office Depot
Inc.
In November 1991, shortly before Collins was reviewed
for partnership, she was in on William Blair's deal of the year:
the $694 million sale of Sanford Corp. to Newell Co., a writing
instrument manufacturer and a long-standing client. Collins had
been Sanford's financial adviser since 1987 and was a key corporate
finance representative on the sale. Last June, she worked on a
deal where United Stationers Inc. acquired Stationers Distributing
Co. for $80 million.
Collins won't say her involvement in the transaction
nailed down her partnership, but she concedes, "It certainly
didn't hurt."
Partnership has not changed Collins' responsibilities,
yet. She says her clients remain the same. But one thing is clear:
Every dollar in profit she generates for William Blair increases
her share.
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