Currently faced with a dilemma right now. Sitting on a LMM IB Offer from an Ok bank and in the process for decent MMs. Traditional IB experience yadda yadda and plan to recruit up once markets improve. But I've been interning at a credit shop during the school year and I've been offered a FT there. It's just the founders (ex Wall St. guys + well off) and me. Fundless sponsor model but they've went from underwriting like $250k loans to like $5mn over 6 months, working on a 8 figure project w a known MM bank, and are getting looks from tier 1 funds for a debut fundraise. They also take on the occasional M&A/business advisory project (ofc on lower-LMM). Remote work, they're offering $50k (will contest but founders also said willing to revisit as they expand) but also equity in the business and any sourcing fee (both on AUM and deals). If I go there I'd be doing absolutely everything (both FO and BO work). Their plan is either get bought out in a few years and use proceeds as retirement money or continue to run it if it becomes big where I've been told they'd ideally train me up to run it. Founders and I actually get along very well and they offered to fly me down to their location to meet in person. I'm in a dilemma. I know IB is a means to an end for me, but an IB stint is paid in cash comp and I can pay off my student loans in like 2-3 years. IB candidates are also well vetted from the perspective of recruiters for future opportunities and you get a defined set of skills whereas here, even if I get the same general skillset there will still be an air of skepticism and I'd really have to sell myself (which I think I can do). Nontarget, 3.8 GPA, diversity + involved with several organizations and I have 3 previous internships in Global FP&A, LMM Credit and IB at a MM. My risk tolerance is enough where I geniunely wouldn't mind taking but I want to make sure I'm calibrated and not oblivious, but the short-term finances w student loans is whats tripping me up. One concern is how far removed would I be from lateral opportunities if we cash out? I plan to mitigate it slightly by maximizing FO exposure, maintaining network, trying to actually generate P&L via sourcing (again, is more so to see what happens vs. reliable income) and getting sponsorship for my series licenses/CFA. The guys themselves are also very well connected and said they'd actively support me if I went another direction. Another concern is how much of that equity value is tied in human capital vs. AUM if an acquisition were to occur, since anecdotally IB, AM and RIA acquisitions like to see the original management team and MDs carry over for a period of time? I also am interested in M7 B-School as well and know I'd be a lot more of a fight if I went right away from the startup but I have a distant familial connection on admissions board. Do I take the tried and true IB route and kinda go with what everyone else is doing or do I take a gamble and sacrifice some short-term stability and potentially win big?
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Not worth the risk IMO, them being well off guys already means that they can last a longer slow season / no rush to exit than you can. Plus providing you equity on any deals you bring in is literally fruitless - what connections do you have right out of college to bring in any meaningful upside? Also being bc compensated by sourcing without learning how to actually source from a reputable shop is just going to set you back. I’m sure these guys will have decent success but what you really need to maximize for early in your career is great training, expanding your network and keeping your options open - just as they did when they decided to work on Wall Street first. Unless, you see yourself happily working for them forever and want to end up in the exact same place - I would thank them for the mentorship and keep it pushing - they get it.
Fee on sourcing (its more of a nice to have imo not reliable comp figure, but it will be fun hitting up some of my friends doing primaries work/family offices and seeing what happens). But equity within the actual business itself + raise in base given the business continues its growth trajectory. I'm getting a lot of technical exposure to credit and growing in M&A as that pipeline picks up, but its more of learn-as-u-go vs. a defined structure. but to your point like yea I get it it's a gamble and I understand there's an inherent bias to the risk-adjusted path (for a reason ofc) on WSO but man if they end up getting those t1 primary dollars and grow to be big I'd regret it forever.
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