Bain (consulting)
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| Incorporated partnership | |
| Industry | Management consulting |
| Founded | 1973 |
| Founder | Bill Bain |
| Headquarters | Boston, Massachusetts, U.S. |
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Number of locations
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55 |
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Key people
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Bob Bechek |
| Products | Management consulting services |
| Revenue | $3.7-4.5 billion (estimated 2017) |
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Number of employees
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8,000 (2018) |
| Website | www.bain.com |
Bain & Company is a global management consultancy headquartered in Boston, Massachusetts. It is one of the 'Big Three' management consultancies (MBB). The firm provides advice to public, private, and non-profit organizations around the world, including 60% of the Fortune 500. Bain is consistenly recognized as one of the most prestigious firms in the industry, and is recognized as one of the best companies to work for by Glassdoor.
The idea for Bain & Company was conceived by founder William Bain during his time at the Boston Consulting Group (BCG). In 1970, Burce Henderson decided to divide his firm into three competing mini-firms: blue, red, and green. Bill Bain and Patrick Graham headed the blue team. The blue team accounted for over half of BCG's revenue and profits, and won the internal competition. After the competition, Bain grew increasingly frustrated by the wait for Henderson's retirement, the firm's project-based approach to consulting, and the refusal of management to help clients execute on the firm's advice. Around this time, Bain is quoted to have said to feel like 'a consultant on a desert island, writing a report, putting it in a bottle, throwing it in the water, then going on to the next one'. The competition laid the foundation for Bain & Company, and is viewed by many as a "disaster" from Henderson. Bill Bain was the expected successor of Henderson as CEO.
Three years later, Bain resigned to start his own consulting firm in 1973. Most of the senior members of the 'Blue team' followed Bain to his new found company, which was started from his apartment in the Beacon Hill neighborhood of Boston. A significant part of firms for which Bain was responsible at BCG also followed Bain to the new company. Within a few weeks, Bain & Company was working with seven former BCG clients.; this included two of BCG's largest clients, Black & Decker and Texas Instruments. As a result, Henderson accused Bain of stealing BCG's clientele.
Bain & Company grew quickly, primarily through word-of-mouth among CEOs and board members. The firm established its first formal office in Boston. This was followed by a European office in London in 1979. Bain & Company was incorporated in 1985. The firm grew an average of 50 percent per year, reaching $150 million in revenues by 1986. The number of staff at the firm tripled from 1980 to 1986, reaching 800 in 1987. By 1987, Bain & Company was one of the four largest "strategy specialist" consulting firms. Employee turnover was 8 percent annually compared to an industry average of 20 percent. Some of the firm's largest clients in this period were National Steel and Chrysler, each of which reduced manufacturing costs with Bain's help.
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Wikipedia