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Booz & Company
Company typePartnership
IndustryManagement consulting
Founded1914
Headquarters New York, New York
61 offices in 34 countries
Key people
Joe Saddi, Chairman
Shumeet Banerji, CEO
Thomas A. Stewart, CMO
Revenue$1.1 billion (2008)[1]
Number of employees
3,000[2]
Websitewww.booz.com

Booz & Company is the oldest management consulting firm in business.[3] Founded in 1914 by Edwin Booz, Booz & Company is a partnership and thus entirely owned by its approximately 200 officers. With 61 offices in 34 countries, the firm has a large international presence. Among Booz's clients are 75 of the world's 100 largest corporations.[4]

The company recently separated from parent company Booz Allen Hamilton, taking the entirety of its commercial consulting business as well as all consulting operations with government entitites outside the United States. Meanwhile, Booz Allen Hamilton is now focused exclusively on U.S. government consulting endeavors. While the two firms continue to collaborate on a limited number of joint opportunities, their non-compete agreement will lapse in 2011, and it is possible that both organizations will attempt to move into each other’s existing market space. The company recently purchased Katzenbach Partners for an undisclosed sum.[5]

History

After graduating from Northwestern University in Chicago in 1914, Edwin Booz developed the business theory that companies would be more successful if they could call on someone outside their own organizations for expert, impartial advice.[6] This theory developed into a new profession — management consulting — and the firm that would bear his name. Booz established a small consulting firm in Chicago, and, two years later, he and two partners formed the Business Research and Development Company, which conducted studies and performed investigational work for commercial and trade organizations. This service, which Booz labeled as the first of its kind in the Midwest, soon attracted such clients as Goodyear Tire & Rubber Company, Chicago's Union Stockyards and Transit Company, and the Canadian & Pacific Railroad."[7]

By the end of the 1950s, Time Magazine dubbed the firm "the world's largest, most prestigious management consulting firm."[8]

In 1970, Booz Allen went public with an initial offering of 500,000 shares at $24 per share. Trading continued through 1976.[8]

Notable contributions

Over the years, Booz has been credited with developing some of the most important concepts in business. Most notably, the firm coined the terms and developed the concepts of supply chain, supply chain management, product life cycle, and the PERT Chart.[9][10]

The firm publishes the majority of its thought leadership in its quarterly management magazine Strategy+Business, which in 2009 was one of just two business magazines to grow its circulation, along with The Economist.[10] The publication's founding Editor-in-Chief Joel Kurtzman was a former Harvard Business Review Editor-in-Chief. While at Strategy+Business, he coined the widely-used term thought leader.[11]

The Katzenbach Center at Booz & Company has generated pioneering research on the importance of fostering companies' informal organization to improve corporate performance. In a white paper entitled "Fast Track to Recovery"[12] and the book Leading Outside the Lines[13], Booz Partner Jon Katzenbach uses various case studies to illustrate the exchange between the formal and the informal elements of organizations.

Prominent assignments

Booz & Company has had a hand in several notable private and public engagements throughout its years. The dawn of the contract system for Hollywood movies, the merger of the National and American football leagues, the rescue of the Chrysler corporation from bankruptcy, and the creation of Deutsche Telekom from government agencies that had grown up on both sides of the Iron Curtain all involved Booz assignments.[14]

Competitors

Booz and Company has three main competitors in the market to provide strategy services to Fortune 500 companies: McKinsey & Company (McKinsey), The Boston Consulting Group (BCG), and Bain & Company (Bain).[15] They are often referred to as the "Big four".

Recruiting

In 2007, the firm had roughly 150,000 applicants and 1033 new jobs.[16] The firm recruits employees from the world's best business schools. Booz is the second largest recruiter at Columbia Business School[17] and the third largest recruiter at INSEAD[18] and London Business School[19].

The firm operates on a modified version of the Cravath System, under which employees are promoted within a certain time frame or "counseled out".[9]

Notable companies founded by current and former employees

Staff & Alumni

Notable Employees

Alumni in Business

Booz employees have been known to exit into industry after consulting, as clients often look to hire them. Below is a list of former employees prominent in industry.

Alumni in Politics and Public Service

See also

References

  1. ^ http://www.hoovers.com/company/Booz__Company_Inc/rhsjski-1.html
  2. ^ http://www.consultingmag.com/article/ART637826?C=dXp459nu3WKPSbgX
  3. ^ Walsh, Kate (23 May 2010). "Booz and Company thirsts for buyouts". The Times. London.
  4. ^ http://www.youtube.com/watch?v=6GuVhSE-Ydk
  5. ^ Dvorak, Phred (23 April 2009). "Booz to Buy Katzenbach Partners". The Wall Street Journal.
  6. ^ Booz Allen History
  7. ^ JRANK Booz Allen Hamilton History
  8. ^ a b http://www.library.hbs.edu/hc/lehman/chrono.html?company=booz_allen_hamilton_inc
  9. ^ a b Goldfarb, Zachary A. (4 February 2008). "Should This Marriage Be Saved?". The Washington Post. Retrieved 26 April 2010.
  10. ^ a b http://www.bloomgroup.com/content/how-booz-co-develops-and-markets-consulting-concepts
  11. ^ http://www.bloomgroup.com/content/how-booz-co-develops-and-markets-consulting-concepts
  12. ^ http://www.booz.com/media/uploads/Fast_Track_To_Recovery.pdf
  13. ^ http://www.leadingoutsidethelines.com
  14. ^ http://www.booz.com/global/home/who_we_are/history
  15. ^ http://books.google.com/books?id=6zg1yGGKTT0C&pg=PA5&lpg=PA5&dq=%22booz+and+mckinsey%22&source=bl&ots=3egFXR1MX3&sig=J6vRx3b1-h3OyimxDubc8S9rVQQ&hl=en&ei=Y8auS_2vLMKclgfomemRAQ&sa=X&oi=book_result&ct=result&resnum=4&ved=0CBEQ6AEwAw#v=onepage&q=%22booz%20and%20mckinsey%22&f=false
  16. ^ "100 Best Companies to Work For 2008: Booz Allen Hamilton snapshot". CNN. Retrieved 26 April 2010.
  17. ^ http://www.businessweek.com/bschools/rankings/full_time_mba_profiles/columbia.html
  18. ^ http://www.businessweek.com/bschools/rankings/full_time_mba_profiles/insead.html
  19. ^ http://www.london.edu/assets/documents/programmes/MBA2009_EmploymentReport_LBS.pdf
  20. ^ http://www.hbs.edu/entrepreneurship/board/bio_rwadsworth.inc.html
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