Earning work in Internship
Hi. I've been interning at the Corporate Development team, and the company is in a unique situation where Corporate Development Team is selling the company to the other PE firm. Since I am an intern, my boss gave me all of the access to the sell-side material, and take time to digest those materials for few weeks. Has my internship been screwed? If not, how can I earn some quality work that I can write down on my resume or sharpen my skill-sets? Or, what should I try to get out from this internship? Thanks in advance.
P.S. The deal will be closed before my internship ends.
This is actually a pretty interesting position to be in, especially if you don't plan on returning full-time (not sure what year you are).
Get up to speed on the materials over the next week and ask your boss if there's anything you can be helpful with as they move through the process. Yes, your experience will be different from most others in corp dev, but you can definitely still learn a lot. Just show some initiative (w/o being annoying) and it'll pay off
I'm a Sophomore, and try to land a job in IBD after graduate. Don't mind size of the firm. What are some possible responsibilities that I will receive? Also, do you think this is a good experience to land SA position? (Just note that my GPA is 3.3-3.4 range from Chicago target)
it could totally vary depending on the stage of the deal and the level of involvement of your particular group. Just look at what the more senior team members are working on and ask if you can help. It should be fine experience for recruiting next year
You can try to network your way into the PE firm and do something for them.
My supervisor doesn't give me an access to PE firms. And what should I try to learn from this position?
I did a CD internship as a PE firm exited. How big is the team? If its small you'll get a lot of exposure to potential investments, either internal or through acquisitions if there's good flow. Remember to think about the process from both the buy-side and sell-side in this case. In regards to the sale to the PE firm, think to yourself and maybe ask about why they think the company is a good investment, what are the keys to the deal, where they see EBITDA margin growth and stuff like that. In terms of the sell-side, think about what the company can do to get a better offer, considerations in the merger, etc.
It's actually the exact internship that I'm doing right now (PE firm exit). Then, what would be the possible responsibilities that I can ask to my supervisor as an intern? (Team is very small. It is consisted of a Director, VP, and all the C-level employees.)
How technically sound are you? Nail every task, ask for more, show that you're willing to work. They may be busy if it was like my experience and need someone they can trust to work on things, so take initiative in learning about the company and industry. I learned a lot about the one I did and eventually they asked me for updates and the like. When you speak with them personally, make it clear that you want to develop your skills as well. Treat it seriously and they will respond in kind. Still very early, so make a great impression with everyone you meet.
Could you give me some responsibilities that you received in your internship? I apologize if I am keep bothering you.
I think you are in a really good spot.
Take the time to read through all of the material. Know everything inside out and develop a list of questions to ask your boss about anything you do not understand. Next, ask your boss if there is something that you can assist with on the transaction. Some tasks that an intern might be able to help with is managing the data room access list, the due diligence tracker, uploading diligence items to the data room, etc. During this time, spend time learning the valuation model.
Then after my internship, which responsibilities will stand out most during an IB SA recruitment? I really appreciate your detailed answer.
Then ones similar to what analysts do like managing the data room access list, the due diligence tracker, uploading diligence items to the data room, etc. ;)
If you really want to be useful, learn how to do a deck from this experience for 1) your internal learning purpose, 2) also to talk through during an interview process, and 3) use a sample case study. A few things to include the deck would be:
1) Executive Summary - 3 bullet point. i) what was the nature of the transaction, ii) what is the deal rationale and iii) what is the result to the seller - did they make money.
Sample: https://image.slidesharecdn.com/ubsinvestmentbankingchallengenationalfi…
2) Target Profile Page - What does the target company do and what are major revenue drivers.
3) Buyside Profile Page - What was the fund size? Mgt team? Previous deal? Deal rational?
4) Transaction Overview - how was the deal being done; what was the market reactions
5) Deal Rational - why was this deal being done. and what is the PE fund going to do to turn it around and plan to sell out in 3-5 years.
Sample: http://images.slideplayer.com/26/8472845/slides/slide_3.jpg
usually the reasons are listed here: https://www.sec.gov/Archives/edgar/data/1518715/000151871513000159/inve…
The whole point of doing is not just to finish it but for your boss to walk you through how the deal is being structured from a qualitative perspective. And also for the interview, it is not for you to throw the case study around but to articulate to the interviewer that you understand how that deal worked out.
I really appreicate your for quality answer. I'll look into the link very soon.
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