Hi guys, well here is the situation: I have been working for 3+ years (senior anlalyst) in this M&A Boutique in San Francisco (family-owned company, some of the partners are father and son) and recently a son of one of the partners has just joinned our team. He has no M&A experience at all, so he was supposed to learn everything from the ground up. His father is trying to make him learn and possibly bring in and execute deals in the future.
The thing is: I have a very broad experience in M&A, participating in the majority of the firm's projects over the last years, I am older than him, more experienced, have a greater knowledge of financial modeling / powerpoint / live deals and it seems that this kid assumes that since he is son of the partner, he has the authority to delegate tasks, come in later in the morning and leave the office earlier (does not work at all), participate in all client meetings and negotiation calls. Most of the time I do not take part in those, since this is usually on an invitation basis for analysts. This is so f* awful, because it actually affects my perception of hierarchy here and most of the time prevents me from participating more in the live deals. Any suggestions on how to deal with this situation? Should I open myself up to my boss (not his father)? What can I do?
Thanks.
Just leave. You have 3 years of M&A experience - it shouldn’t be hard to find something. Why haven’t you tried to trade up to a bigger name firm yet?
Thanks for the prompt reply. Actually the thing is: this M&A boutique is pretty generous when it comes to bonus and overall salary (think of 2x BB bonus) and the perspective of earning $$$ while taking good amount of deal exposure is what keeps me here. Any alternative to solve this issue?
Honestly working in an environment with that much nepotism sounds like a nightmare to me, so I don't really have any advice other than to start looking for something new. If you think you're annoyed now, imagine a few years down the road when less-impressive family members are promoted ahead of you.
No one has ever gotten rich off their analyst or associate salary. If you're letting an extra $50k get in the way of you getting the best experience possible, then you're doing it wrong. Think about what will set you up best for your future, not what will pay you the most money today.
Even if you somehow resolve the issue with this kid, do you think that'll be the last time something like this will happen at the firm? Anyone else who's worked at family owned companies will know better than me (maybe someone will chime in), but my thoughts have always been to get your experience and leave when it comes to firms with nepotism.
Have a chat with your boss/father/other employees and talk through the situation. Mention that it is great that the son takes initiatives, however delegating tasks might be something he shouldn't do.
Quit. The most rational people in the world take leave of their senses and reason when it involves their children. The father in this family might be smart, hardworking, thoughtful and fair in every interaction you've ever had with him, but there's a 99% chance that he takes his son's side in this dispute no matter what, and on top of that, holds a grudge against you for bringing it up.
Thanks everyone. It is always great to have some input from people outside (who are not involved in the situation). Those comments made me see from others perspectives..
Run far far away from nepotism on that level.
Are you nearing a promotion to the associate level? If so, do you realistically see your work dynamic with the son changing? If not, then I would surely leave. I think with over 3 years you would be an associate at almost every large bank.
Anecdotally I interned at a boutique with very clear partner favorites and could absolutely tell I would’ve received the short end of everything had I stayed.
Yep, this makes sense. Now when I stop and think about it, it does not seem that this situation could get any better (in a sustainable way) in the long-term.
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