When you are MD/head of your IB group, how do you know it's time for you to found your own shop? (e.g. P.J.Taubman / Millstein)

How do you know you will be successful? Also, what are the tradeoffs and considerations? What are some of the largest challenges ppl like Taubman from PJT, Jim Millstein from Millstein & Co., and the Centerview guys encounter when they open up shop?

What determines whether the shop will stand on its own and grow (PJT) vs. sell to larger competitor (Milly + Guggenheim) or consolidate?

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