What to do with client treating banks like their outsourced corporate finance team?
Some clients really have no idea how IB works and think we are their free and outsourced corporate finance team. Sure, if you have a deal lined up with us, make us suck your dick and we will get on all four. But if you are going to delay the fundraising deal for your unprofitable startup with at least 3 years to profitability, please kindly fuck off? Don't know why they think we are happy to help them prepare their monthly business update for their management, that's literally what your corporate finance team should be doing, they are not on your payroll to tell banks to do their shit, wtf some people really have no shame...
This should be directed to your spineless senior banker who pitches it upstairs as "there is a big pay point coming". I absolutely despise these "show work" bankers. "Show them work and they'll pay us". No bro, show them value and they'll pay you.
On the client side, if someone offers to do your shit for free, why wouldn't you take them up lol.
In this specific case, senior bankers, VP, the entire team is aware how shit this client is, none of the VP ED wants to deal with this client hence it's down to the A&A to manage the client request.
We've dropped hints that we are unwilling to do their request, and I have full endorsement from deal team to push back, but this client won't take the hint. Hence I am out here bitching about people who seriously has 0 shame doing this in business. All the free shit we do is for goodwill and done in good faith that you will do business with us.
I just think its really shitty that you A&As aren't getting cover from anyone higher up. I would never let a client milk my juniors like outsourced corp dev or consultants.
This is Sales 101. How the fuck do people like this even make MD?
Been through this. Was basically working with a start up company. They'd send us their "model" which was just a slide with basic markers on what they wanted to see. Then we'd construct their own model for them, build out the memo only for it to get it delayed by months because they can't make up their minds and the banker thinks it's a "strategic name". Eventually get pinged on new years eve to update the model and send the memo out. Most infuriating moment.
Some MF often come to us and tell us that they are working on a big acquisition and would need some benchmarking/analysis done. 90% of the time it’s for nothing and the associates there get the creds while we worked for free
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