How Barry Rosenstein got his job - Graham &Doddsville interview
I always enjoy reading Grahamm & Doddsville as they always have pretty interesting interviews. The last issue's is good as always, but there this particular bit that I thought would please the crowd on WSO. That's probably the most insane cold-calling success story I ever heard of:
"Back in the mid-80s, corporate raiders were beginning to make themselves known, and I would excitedly read
about their exploits at the time. That was an interesting world to me, so the question was how to get into that field? I once again tried the cold-call technique (I don’t remember how I found his number) to speak to one of the main raiders of the time – a guy named Asher Edelman – and wouldn't you know it, he answered the phone. I
started talking as fast as I could and he finally said, "Well, come on in." This led to me becoming Edelman’s co-head of takeovers, a job for which I really wasn’t qualified.
G&D: Can you tell us the story of how you actually got the job offer from Asher Edelman?
BR: Asher was the corporate raider back then, and I was a nobody associate at Merrill Lynch; no one there even knew who I was. He started by telling me that he'd been talking to the heads of the M&A departments at various investment banks about coming to work for him to co-head his takeover business. I didn’t understand why he was telling me this as it had nothing to do with me. After about 15 minutes, he turned to me and said, "I think you and I are going to do a deal here." I had no idea what he meant. Then he asked, "What's it going to take to get you to take this job?" At the time, I was making a salary of $40,000 and hoping for a $30,000 bonus, but my reviews were not strong so I didn't have high hopes. I had heard that the top merchant acquisition bankers made $1 million, which was more money than I had ever heard of in my life. So I said to him, “one million dollars." He stared at me for 30 or 45 seconds, which is a long time when you're completely full of crap. Then he said, "Alright, done. You just have to start tomorrow," to which I responded, "I'll start right now. I'll sleep here tonight if you want."
That's how I became cohead of takeovers for Asher Edelman. I wasn’t prepared for the position when I started, so I had to figure out the responsibilities of the role as I went along. This made for a uniquely amazing experience. "
It's always interesting to hear these stories, as it demonstrates that true success usually comes from being proactive and taking a little risk. Actually, a lot of risk-- it takes balls to randomly request a salary 10x your current one, and then holding that eye contact for 45 seconds. Must have felt like forever
Lol, I have a feeling this whole story is a bit exaggerated, albeit entertaining... A millions dollars in the 80's was big time money...c'monnnnn man
Way exaggerated
Iure cumque modi asperiores id. Laborum nemo sit fugiat. Repellat error in dolores id nostrum velit numquam. Nam beatae animi reprehenderit dolor in. Non inventore ut mollitia. Perspiciatis quis autem alias magni dolorem voluptates. Et est nesciunt perspiciatis eligendi voluptatem consequuntur veniam.
Soluta delectus maiores incidunt aut error molestias. Est ut itaque in. Non molestiae vel sit est. Consequuntur fuga nihil molestiae officiis corrupti eum eum. Totam consequatur doloremque nesciunt libero laboriosam qui explicabo. Non repudiandae modi delectus facere reprehenderit.
Tempore porro consequatur adipisci est ut. Quis quod dolorum sapiente sunt iusto saepe unde. Omnis est illum vero voluptatum.
Cumque quisquam enim placeat voluptatem quis. Atque nulla odio qui. Qui beatae itaque quibusdam id voluptatem labore velit vero. Exercitationem aut rerum saepe id. Non minima unde alias itaque quas velit. Earum quisquam enim quod sint ad quas.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...