Have anyone ever gotten the vague impression that a counterparty is being advised by asshats? Is this a thing in BBs?
I'm currently a junior-associate at a tiny boutique doing ticket sizes of between US$2MM - 2bn. Should I consider my options and lateral to a BB/EB?
Money isn't an issue (ha ha) but for the sake of my sanity can I expect to deal with a better calibre of client/counterparty? Is this what burn out feels like?
Discuss.
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Your boutique does M&A transactions between $2MM and $2BN? That encompasses pretty much 99% of M&A transactions.
I started out at a boutique and lateraled to a MM. The quality of clients is definitely better. The issue with boutique clients is simply that they are small and unsophisticated. Boutique clients know a lot about their industry, but they know little about running a business; they do not have an army of accountants, corporate development staff, lawyers, etc. Because of the lack of sophistication of boutique clients, boutiques have to do a lot of hand holding through the M&A process. This obviously adds a lot of frustration to the process, but it does make for a good learning opportunity.
Outliers. Got an undead/zombified US$2bn at the moment (see previous post; this one has blown up twice but somehow still lives) and a maybe-they-will/maybe-they-won't US$700MM . But most of the work is far below that so, a more accurate range would really be US$20MM - 100MM (the US$2MM was my MD letting me spin my wheels a little and it worked out, more or less).
I had an offer for a BB (Citi/DB/UBS) but I went with this one because I liked the location, comp was better, and "the learning experience". Now I'm jaded, hate the location, and beginning to worry that I've unnecessarily pigeon-holed myself for a few extra shekels.
How hard was it to lateral for you? I'm also wondering if I should just do something else (but the sudden increase in cautionary "grass is always greener" posts and comments gives me pause for thought).
Just so we're on the same page, when you say "boutique", you're talking about a "no-name" boutique, right? Regardless, lateraling is relatively easy. I actually wrote up a lateraling guide a few months ago: link. Hopefully that helps.
Im sorry, you keep using counter party and client interchangeably. Maybe I'm missing something, but wouldnt your counter-party's advisor be you, or are you referring to your client's acquirer/target's firm?
I see how that would be confusing. I tend to write these in stream-of-consciousness so "client/counterparty" happened because I decided that my clients are probably also not that great. They may or may not also be advised by asshats.
EDITED: "clients" not "client's"
I'm still confused. Are you calling yourself an asshat or not?
I think the counter-party meant here is the counterparty to the deal. The deal itself will have your client and their counterparty, both being advised by their respective advisory firms (your bank and another bank/firm). So the terms are not truly interchangeable... your (client's) counterparty's advisor will be your counterpart to your client's counterparty (I know that's a mouthful!)
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