Hey guys - Quick one, when you prepare for an interview, what do you need to prepare for your deals? I noted the below:
-Deal rationale
-Key numbers
-What were my key responsibilities
-Key strengths of the company
-Risks and mitigants
Anything else?
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Based on previous WSO threads, here are some additional points to consider when preparing your deals for interviews:
Background Information:
Strengths and Weaknesses of the Property:
Outcome of the Transaction:
Responsibilities:
Key Risks and Mitigants:
By incorporating these elements, you can provide a comprehensive and fluid breakdown of your deals during interviews.
Sources: The Asymmetric Risk Profile: Preparing for the Hedge Fund Interview, https://www.wallstreetoasis.com/forum/real-estate/walk-me-through-a-deal-you-worked-on-interview-question?customgpt=1, "Walk me Through a Deal You Worked on" Interview Question, The Asymmetric Risk Profile: Preparing for the Hedge Fund Interview, Preparing for the HF informational interview
That is a good list.
I would add:
Thank you boss. And how many deals do you recommend I put on my CV? I can put 10, but better to show only 4 and be super sharp?
I don't think I have seen anyone list that many deals outside of a separate deal sheet in a very long time.
Ideally you would only list the number you can speak most confidently about, for your resume have a summary line and then pick your top transactions to list;
You could prepare a second sheet with all your deals on it but don't add it as a resume page, distribute that during interviews if you feel you need it.
Depends how early on you are and how full your resume is outside of your deals. I wouldn't put more than like 3 just because why open yourself up to more lines of questioning and make it more stressful? You can just reference that you've closed 10 deals including the 3 you want to talk abt most that you call out on your resume.
Also sometimes I don't even list the actual deals and say something along the lines of "effected investments in the x, y, and z industries" and let them ask for more detail on the investments. Usually do this on older jobs bc it helps save some space (assuming that space is being well used).
So I do think that is a good list of things to know, and I'll let others add many other things that you should probably know as well. The one comment I'll make is that when I talk through it I have started going with a shorter description along the lines of the below, and letting them ask questions about those other points:
From there let them ask about things like risks and mitigants, key numbers, etc.
This is very helpful so thank you. I am curious: if you have a well-publicized / known terminated public M&A sell-side, to what extent do you reveal details in an interview?
Speaking to nuanced transaction structures, re-trade dynamics, specific warrants, stock cash mix, etc., seems like confidential info that you wouldn't want to hear from a candidate from a pure liability management POV. If the deal went through and was publicized, was advising, terms disclosed, etc., then yea, that's all on the table as fair game, but I am struggling to understand how to toe that line effectively in an interview setting as a junior.
Further speaking to MNPI takes on specific segment underperformance or outlook, can't really include in my talk track? Just stuck...
I have one that is public and terminated that I talk through. Most of the time no one knows who I'm talking about (largely I assume bc I don't let them know it was a public co so they don't start guessing, and I usually work with privates). One time recently someone did know who i was talking about and actually mentioned after we spoke through the deal that he was pretty sure he knew who I was talking about and that they were invested in Name - so he was right. He didn't seem put off by the fact that I was talking about it I assume because enough time had passed and I self-censored such that I wasn't giving out MNPI. I didn't get the job though so maybe he quietly was put off.
Generally public companies are pretty forward about their own investment thesis, and every 10K has its own risks section. Yes sure your talk may be better than those sections in filings, but how often do you really need to give out information that couldn't otherwise be found out, or otherwise isn't material? The broad strokes of a potential structure of a pref that was never put in place isn't really market moving. It's not the easiest line to toe / definitely something you need to think about, but I think it has a lot to do with how you present the information. Saying you explored some structure with management but it wasn't appealing in the end is nbd. Saying you were about to deploy capital in xyz and it fell through because you found out management was lying to you and their publicly announced churn numbers are 40% understated, probably a big deal. I have also had a terminated deal I spoke about that fell through bc management was lying to us btw, but I just said we lost faith in the management team after facts did not reflect the story we were told as additional numbers were released. Seemed to play fine.
So as I fumble through this explanation maybe the answer I'm getting to is treat it like talking about your breakup - keep it relatively high level around the sensitive stuff and don't say anything that would piss the ex off too badly and there shouldn't be any issue.
I would cut out risks and mitigations obviously be ready for but it’s not a key point. Would replace it with financial parameters and how you viewed the deal (can expand on this if you need clarification from how I do this). My mentor mentions to keep it high-level while meeting the main buckets to allow them to poke at you if they want to or else you risk boring them. You don’t need to share everything at once, they’ll likely have a couple of follow-up questions anyways. 
Thanks! Yes pls, can you expand on that?
Would you mind elaborating? would greatly appreciate any references as I look to form my writeups
I would also be able to comment on the market backdrop and why the deal worked/didn’t work at the time of execution, why it made sense at that time etc
Yeah, that would be key challenges of the deal. Forgot about that.
You’re overview should look like this
Deal overview : what was it?
Financial parameters: how did you view the deal?
Key challenges of the deal : which challenges did your face progressing  the deal?
Outcomes: how did the deal close? One- two sentences max for each point. Keep it short.
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