How do you source deals as a junior coverage banker?
Title says it all.
In coverage teams, eventually you pull in deals, likely more than any other deal teams (execution, sector, M&A, whatever).
My boss told analysts and associates that we are encouraged to meet people and pull in deals. How do you do that exactly?
Note: we have two other coverage teams, and my MD is also the group head. This team structure is a bit weird, but good for me. Regiong is Hong Kong/ China, not U.S.
Big bank, although not your typical Goldman Sachs or Morgan Stanley.
That’s a good position to be in. Ideally, it would make sense to consult the team (your coverage group) and see if there’s any companies in the pipeline that you shouldn’t overlap on in terms of prospecting. That may be too much to ask for, but the point is to not make a bad impression on your target accounts by having more than one banker reaching out to them.
There is the route of discussing this with your Associate to find out the characteristics of the companies he/she prospects and what method of contact he has found to be most effective. If he knows what you are up to, it’ll be easier to loop him in in the future if need be. If you find yourself looping in your Associate or perhaps someone higher in the future, pay attention to how they lead the call or present the opportunity.
Since you’re in that region, perhaps you already understand the culture or are a part of it. Identify the “rules of engagement” so that you can effectively build relationships. Building those relationships will have a direct correlation to your future pipeline. It could be just to serve as a resource for them or for you to express interest in learning about their unique pain points, etc.
In reaching out, make sure you’ve done some research. I know that goes without saying but oftentimes people try the “spray and pray” approach; don’t be that person.
Follow up is key. Don’t just reach out once and expect engagement. Keep it short and sweet and make sure to switch up the messaging to not come off as “scripted.” Depending on the culture in that region, follow up 3-4 times over a few weeks. If no engagement from that particular prospect, put it on the back burner. Can’t stress this enough, follow up religiously. This will set you apart.
Thanks for reading my short story. Best of luck.
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