'Running the data room'

This is going to sound a little naive from a current monkey, but I've had a distinct lack of sell-side M&A deal experience, and as such have never run a data room.

Can anyone shed some light on what this exactly entails in terms of content in the data room (I'm sure I know some of the things, but it would be good to have input from others), and what exactly the analyst has to do on an ongoing basis with regards to the data room.

Hopefully this will also give prospective monkeys a slice of the realities of the job haha.

 
Best Response

Basically it's a lot of uploading documents. But a lot of thought and discussion between the client and the deal team goes into deciding which documents, and in what form, go into the data room (and which buyers are granted access to those documents). All of the financial documents will need to tie out and there are often a lot of mind-numbing redactions that you have to do (like blocking out key customer accounts so that strategic competitors who are in the mix don't get access to anything competitively sensitive).

Most importantly, when you're in this stage of execution, your inbox will be blowing up all day long and everything will need to get done 20 minutes ago. So you don't have time to get much else done until late at night.

This is when the burnout phase begins. The pitch and CIM writing is cute...a little PWPT here and there, some nice relaxing time spent copying and pasting the same BS paragraph in 4 different sections of the CIM and then switching clauses in the sentences so the seniors think you did some work, etc. But diligence is when you really start to hate your life and get jaded. That's when you start realizing that this job is stupid and if you could go back and meet your year-ago-college-senior self you would kick your own ass for even considering IB.

tl;dr life's way too short for this shit.

 
sloppyj:
Basically it's a lot of uploading documents. But a lot of thought and discussion between the client and the deal team goes into deciding which documents, and in what form, go into the data room (and which buyers are granted access to those documents). All of the financial documents will need to tie out and there are often a lot of mind-numbing redactions that you have to do (like blocking out key customer accounts so that strategic competitors who are in the mix don't get access to anything competitively sensitive).

Most importantly, when you're in this stage of execution, your inbox will be blowing up all day long and everything will need to get done 20 minutes ago. So you don't have time to get much else done until late at night.

This is when the burnout phase begins. The pitch and CIM writing is cute...a little PWPT here and there, some nice relaxing time spent copying and pasting the same BS paragraph in 4 different sections of the CIM and then switching clauses in the sentences so the seniors think you did some work, etc. But diligence is when you really start to hate your life and get jaded. That's when you start realizing that this job is stupid and if you could go back and meet your year-ago-college-senior self you would kick your own ass for even considering IB.

tl;dr life's way too short for this shit.

nice +1

 
F. Ro Jo:
sloppyj:
Basically it's a lot of uploading documents. But a lot of thought and discussion between the client and the deal team goes into deciding which documents, and in what form, go into the data room (and which buyers are granted access to those documents). All of the financial documents will need to tie out and there are often a lot of mind-numbing redactions that you have to do (like blocking out key customer accounts so that strategic competitors who are in the mix don't get access to anything competitively sensitive).

Most importantly, when you're in this stage of execution, your inbox will be blowing up all day long and everything will need to get done 20 minutes ago. So you don't have time to get much else done until late at night.

This is when the burnout phase begins. The pitch and CIM writing is cute...a little PWPT here and there, some nice relaxing time spent copying and pasting the same BS paragraph in 4 different sections of the CIM and then switching clauses in the sentences so the seniors think you did some work, etc. But diligence is when you really start to hate your life and get jaded. That's when you start realizing that this job is stupid and if you could go back and meet your year-ago-college-senior self you would kick your own ass for even considering IB.

tl;dr life's way too short for this shit.

nice +1

Thanks for your input, this sounds similar to a buyside LBO deal I was, where during the due diligence/benchmarking/data analysis part of it I wanted to kill myself. Sounds like just a hell of a lot of pain in the ass work.

Any tips on how to mitigate the pain and make life easier for yourself (vis a vis data room stuff)?

 
curlyarmstrong:
F. Ro Jo:
sloppyj:
Basically it's a lot of uploading documents. But a lot of thought and discussion between the client and the deal team goes into deciding which documents, and in what form, go into the data room (and which buyers are granted access to those documents). All of the financial documents will need to tie out and there are often a lot of mind-numbing redactions that you have to do (like blocking out key customer accounts so that strategic competitors who are in the mix don't get access to anything competitively sensitive).

Most importantly, when you're in this stage of execution, your inbox will be blowing up all day long and everything will need to get done 20 minutes ago. So you don't have time to get much else done until late at night.

This is when the burnout phase begins. The pitch and CIM writing is cute...a little PWPT here and there, some nice relaxing time spent copying and pasting the same BS paragraph in 4 different sections of the CIM and then switching clauses in the sentences so the seniors think you did some work, etc. But diligence is when you really start to hate your life and get jaded. That's when you start realizing that this job is stupid and if you could go back and meet your year-ago-college-senior self you would kick your own ass for even considering IB.

tl;dr life's way too short for this shit.

nice +1

Thanks for your input, this sounds similar to a buyside LBO deal I was, where during the due diligence/benchmarking/data analysis part of it I wanted to kill myself. Sounds like just a hell of a lot of pain in the ass work.

Any tips on how to mitigate the pain and make life easier for yourself (vis a vis data room stuff)?

By being super organized, you'll make your life easier, but it's still going to suck.

 
sloppyj:
Basically it's a lot of uploading documents. But a lot of thought and discussion between the client and the deal team goes into deciding which documents, and in what form, go into the data room (and which buyers are granted access to those documents). All of the financial documents will need to tie out and there are often a lot of mind-numbing redactions that you have to do (like blocking out key customer accounts so that strategic competitors who are in the mix don't get access to anything competitively sensitive).

Most importantly, when you're in this stage of execution, your inbox will be blowing up all day long and everything will need to get done 20 minutes ago. So you don't have time to get much else done until late at night.

This is when the burnout phase begins. The pitch and CIM writing is cute...a little PWPT here and there, some nice relaxing time spent copying and pasting the same BS paragraph in 4 different sections of the CIM and then switching clauses in the sentences so the seniors think you did some work, etc. But diligence is when you really start to hate your life and get jaded. That's when you start realizing that this job is stupid and if you could go back and meet your year-ago-college-senior self you would kick your own ass for even considering IB.

tl;dr life's way too short for this shit.

Damn, son.

 

Buy-side VDR work is different. You need to understand what’s in there and how it can be useful for your / your client due diligence / modelling. Sell-side is more process oriented and literally is about managing the information flow. You will just be the middle man uploading documents, granting permissions, and making references to VDR documents during the Q&A process.

As an analyst, buy-side VDR work is much more interesting. As an associate (with analyst experience before), both will equally suck as you are too burnt out to care about the learning part on the buyside.

I'm grateful that I have two middle fingers, I only wish I had more.
 

Eum doloribus et omnis consequatur. Ab saepe est quia minima maxime aliquid. Voluptatem accusamus et consequatur iusto sunt nihil ipsa. Eaque praesentium corporis molestiae labore.

Reiciendis eum quo sequi et minima. Mollitia dolore magnam incidunt tenetur est fugiat. Reprehenderit odit vel odio numquam eum.

Sit in itaque autem accusamus sunt amet repellendus quia. Sequi culpa officia enim aliquam sunt dolore. Aspernatur ut voluptatibus in eos ut in. Inventore in voluptatem harum eum suscipit placeat. Nemo qui vitae tempora est omnis.

Enim impedit quam omnis sit quia. Officiis distinctio ea cumque possimus dignissimos laboriosam dolorum. Minima in ipsa dolores officia.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 11 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 06 97.7%
  • Lincoln International 04 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (81) $263
  • 3rd+ Year Analyst (12) $184
  • Intern/Summer Associate (32) $172
  • 2nd Year Analyst (60) $169
  • 1st Year Analyst (193) $159
  • Intern/Summer Analyst (142) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
CompBanker's picture
CompBanker
98.9
5
kanon's picture
kanon
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
Secyh62's picture
Secyh62
98.9
9
Jamoldo's picture
Jamoldo
98.8
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”