Creating Value

We believe that shareholder value is created in three ways: growth in operating cash flow (EBITDA), retirement of debt, and increasing the multiple which the market will pay for a business. Typically this last method comes from making fundamental changes to the growth prospects, earnings consistency or balance sheet characteristics of the company. Since 1989, GHJ&M has worked to create value in each of these three ways. The relative means of value creation have been as follows: