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H。 H。 Brown布朗鞋业
We made a sizable acquisition in 1991 … the H。 H。 Brown pany … and behind this business is an interesting history。 In 1927 a 29…year…old businessman named Ray Heffernan purchased the pany； then located in North Brookfield； Massachusetts； for 10；000 and began a 62…year career of running it。 （He also found time for other pursuits： At age 90 he was still joining new golf clubs。） By Mr。 Heffernan's retirement in early 1990 H。 H。 Brown had three plants in the United States and one in Canada； employed close to 2；000 people； and earned about 25 million annually before taxes。
我们在1991年做了一件大型的购并案，那就是买下布朗鞋业，这背后有一段有趣的故事，1927年时有一位29岁的年轻商人…Ray Heffernan以10；000美元买下这家公司，并把它搬到麻赛诸赛州，从此展开长达62年的事业（当然同时他还有其它追求的目标，高龄90岁的他现在还在加入新的高尔夫球俱乐部），等1990年Heffernan先生宣布退休时，布朗鞋业在美国已有三座工厂，还有另外一座在加拿大，每年的税前获利约有2；500万美元。
Along the way； Frances Heffernan； one of Ray's daughters； married Frank Rooney； who was sternly advised by Mr。 Heffernan before the wedding that he had better forget any ideas he might have about working for his father…in…law。 That was one of Mr。 Heffernan's few mistakes： Frank went on to bee CEO of Melville Shoe （now Melville Corp。）。 During his 23 years as boss； from 1964 through 1986； Melville's earnings averaged more than 20％ on equity and its stock （adjusted for splits） rose from 16 to 960。 And a few years after Frank retired； Mr。 Heffernan； who had fallen ill； asked him to run Brown。
这期间Heffernan的一个女儿Frances嫁给了Frank Rooney，当时Heffernan严正地告诉他的女婿最好断了想要参与经营布朗鞋业的念头，但这却是Heffernan先生所犯下的少数错误之一，Frank后来跑到另外一家鞋业Melville担任CEO，在他从1964年到1986年担任主管的期间，Mellville每年的股东权益报酬高达20％，而股价更从16元涨到960元（经过还原后），而在Frank退休多年后，Heffernan先生因为生病，才叫Frank回来经营布朗鞋业。
After Mr。 Heffernan died late in 1990； his family decided to sell the pany … and here we got lucky。 I had known Frank for a few years but not well enough for him to think of Berkshire as a possible buyer。 He instead gave the assignment of selling Brown to a major investment banker； which failed also to think of us。 But last spring Frank was playing golf in Florida with John Loomis； a long…time friend of mine as well as a Berkshire shareholder； who is always on the alert for something that might fit us。 Hearing about the impending sale of Brown； John told Frank that the pany should be right up Berkshire's alley； and Frank promptly gave me a call。 I thought right away that we would make a deal and before long it was done。
之后在1990年Heffernan先生过世，他的家人决定要把公司卖掉，所以我们的机会就来了，那时我们认识Frank也有好几年了，但没有好到让他认为Berkshire是布朗鞋业合适的买主，反而他把卖公司的事交给一家投资银行来负责，可想而知投资银行绝对不会想到我们，但是就在去年春天，Frank跟John Loomis一起到佛罗里达打高尔夫球，John是我多年的好友，同时也是Berkshire的股东，他总是随时注意有没有适合我们投资的对象，在听到布朗鞋业即将出售的消息之后，John告诉Frank说这家公司应该要投到Berkshire的麾下，而Frank也从善如流马上打了通电话给我，我当下觉得我们应该可以谈得成，果然在不久之后，整个交易便确定了。
Much of my enthusiasm for this purchase came from Frank's willingness to continue as CEO。 Like most of our managers； he has no financial need to work but does so because he loves the game and likes to excel。 Managers of this stripe cannot be 〃hired〃 in the normal sense of the word。 What we must do is provide a concert hall in which business artists of this class will wish to perform。
我之所以会对这项交易这么感兴趣的原因在于Frank愿意继续留下来担任CEO，就像我们其它所有经理人一样，他不需要因为经济因素而继续工作，但他确实热爱这项任务且做的很好，这类型的经理人可不是三言两语就可以〃请〃得到的，我们能做的就是尽量提供一个够水准的演奏厅，让这些商业界的天才艺术家可以在这里好好发挥。
Brown （which； by the way； has no connection to Brown Shoe of St。 Louis） is the leading North American manufacturer of work shoes and boots； and it has a history of earning unusually fine margins on sales and assets。 Shoes are a tough business … of the billion pairs purchased in the United States each year； about 85％ are imported … and most manufacturers in the industry do poorly。 The wide range of styles and sizes that producers offer causes inventories to be heavy； substantial capital is also tied up in receivables。 In this kind of environment； only outstanding managers like Frank and the group developed by Mr。 Heffernan can prosper。
布朗（跟圣路易的布朗鞋子完全没有关系）是北美地区工作鞋与工作靴的领导品牌，同时拥有非凡的销售毛利与资产报酬，事实上鞋子产业竞争相当地激烈，在全美一年10亿双的采购量中，大约有85％是从国外进口，而产业中大部分的制造工厂表现都乏善可陈，由于款式与型号繁多导致库存压力相当重，同时资金也绑在大笔的应收帐款，在这样的环境底下，只有像Frank这样优秀的经理人再加上Heffernan先生所建立这样的事业才有可能生存。
A distinguishing characteristic of H。 H。 Brown is one of the most unusual pensation systems I've encountered … but one that warms my heart： A number of key managers are paid an annual salary of 7；800； to which is added a designated percentage of the profits of the pany after these are reduced by a charge for capital employed。 These managers therefore truly stand in the shoes of owners。 In contrast； most managers talk the talk but don't walk the walk； choosing instead to employ pensation systems that are long on carrots but short on sticks （and that almost invariably treat equity capital as if it were cost…free）。 The arrangement at Brown； in any case； has served both the pany and its managers exceptionally well； which should be no surprise： Managers eager to bet heavily on their abilities usually have plenty of ability to bet on。
布朗鞋业有一个相当与众不同的特点，那就是它的薪资奖赏制度与我之前看到的完全不同，不过却深得我心，公司主要的经理人每年的底薪只有7；800美元，之后再依据公司每年的获利，乘以一个事先订定的百分比，并扣除运用资金的成本，因此我们可以说这些经理人完全是与股东站在同一条船上，相对于一般说归说、做归做的经理人，选择运用红萝卜长，杆子短的薪资报酬制度（总是把股东所提供的资金当作是不用成本的），事实证明布朗鞋业这样的安排，不论在任何情况下，对于公司与经理人都绝对有利，胆敢依恃个人能力来做赌注的经理人，绝对有相当的能力来下赌。
It's discouraging to note that though we have on four occasions made major purchases of panies whose sellers were represented by prominent investment banks； we were in only one of these instances contacted by the investment bank。 In the other three cases； I myself or a friend initiated the transaction at some point after the investment bank had solicited its own list of prospects。 We would love to see an intermediary earn its fee by thinking of us … and therefore repeat here what we're looking for：
很令人失望的是虽然我们有四个主要的投资个案的卖方是透过著名的投资银行所介绍，但却只有一家是真正由投资银行主动联系我们的，其它三个案子都是在投资银行寻求其名单上的买主不成后，由我本人或是朋友促成最后的交易，我们很希望中间人在赚取其佣金收入的同时，还能够想到我们的存在，以下就是我们想要找的企业条件
（1） Large purchases （at least 10 million of after…tax earnings）；
（2） Demonstrated consistent earning power （future projections a