Israeli Companies
Worked on 2 Israeli tech/healthcare deals recently at a major BB. Given that one of my colleagues (who is Israeli) kept pumping Israel up as a "startup country", I was excited. The reality was very different. My thoughts:
- Pump and Dump galore. The emphasis on promotion over substance is insanely high in Israeli companies.
- Most unprofessional CFOs ever. They literally know and talk more about random countries like Iran and Russia than they do financials. This is a bank. Not the United Nations.
- Financials shadier than a Bavarian forest. Ever heard of GAAP? It's not antisemitic either. I've never seen such messy EBITDA reconciliation.
- Most arrogant executive management teams who act like they know everything. You can't act like Tim Cook, Dara Khosrowshahi, or Satya Nadella just because you feel like it. That kind of respect is earned. Not given.
- Time zone difference is just horrifying. I'd rather eat a steak while watching the Texas Chainsaw Massacre than get up at 3am EST to host a pointless conference call.
At risk of being called an "anti-semite", I would urge all junior bankers to avoid working on deals from this place. I am begging my staffer to be put on "North American" only deals going forward.
What a waste of time. Jesus Christ.
Lol I've worked on exactly one israeli company deal and I felt like I could have written this post lol
The companies operations were shady enough (random Bulgarian assets we couldn't really explain) that our management committee nuked our engagement even though we had several competitive LOIs inbound.
You ever heard of a company called WeWork?
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