Hi all - I am in a bit of a pickle here. Posted a few weeks ago about how I requested unpaid leave for some time for health reasons, and it turned into a 6-month arrangement, in which I would most likely be moving on to a different place after then end of the 6 months.
I have two massive problems in my head:
- I have very few closed deals in recent years...last closed one was in my first year as associate. It's been brutal since we advise buyside and clients keep bidding low or turning down deals.
- I have very little memory of those deals given how long ago they were, and I was escorted out of the building as soon as I finished that conversation with my superiors, so I didn't have a chance to jot down details from my deals.
How cooked am i? Any advice?
Based on the most helpful WSO content, here’s what you need to know:
Lack of Closed Deals: Having few closed deals, especially as you move up the ranks, can be a significant hurdle, particularly for lateral moves or PE recruiting. Deal experience is critical, and not having recent transactions on your resume can make it challenging to stand out. However, all is not lost. Focus on the following:
Memory of Deals: Since you didn’t get a chance to document deal details, try these steps:
Next Steps:
While the situation is challenging, focusing on your skills, networking, and strategic positioning can help you navigate this pickle.
Sources: Stuck at Current Firm, 7 Practical Buyside Recruiting Tips for IBD Analysts, No Closed Deals for 1st Year Analyst Class, Open Discussion: CRE During a Downturn, https://www.wallstreetoasis.com/forum/private-equity/deals-death-and-deception-a-bankers-tale?customgpt=1
are you getting paid during that 6 month period? Are the health issues physical or mental? On the closed deals point, it’s not that important that the details you share in an interview are 100% accurate. You just need to talk about them confidently and embellish your role. Also, are there any other deals your firm advised on that you could jot down on the deal sheet? Desperate times call for desperate measures. Who cares if you weren’t on the deal that closed? Everyone knows that bankers (especially those below MD) have almost zero influence on whether a deal closes. It’s mostly a matter of luck.
Disagree
Seen deals get to signing because of key things VPs do and drive forward
Congrats on vp
Hero VP
Yeah there wasn't much I could do about this client (have been on 10+ live deals with this one client with only the one closed...). They are in a real pickle and can't bring themselves to pull the trigger on a real deal. Just kept submitting half-baked IOIs that everyone knew would get rejected...or getting cold feet at the last minute because of market turbulence.
No unpaid. Issues are both physical and mental, but I take responsibility for not taking care of my own health. It wasn't impossible to do it, but I got complacent and lazy with taking care of myself.
I could technically do that. I'm more wondering at VP lateral level interviews, what is even asked about the deals? I doubt they're going to ask me how the model was built? I don't remember that much detail, but I can recall general numbers, diligence hiccups, and the process was public-public merger, so it's well-documented in filings anyways.
It just sucks because I was so much more involved in the recent deals that fell apart ultimately because my client lost the bids (against our advice to bid shitty terms...as always).
Is it a bad idea to list the last closed deal from 2022 and one no-names deal on the resume? Can then offer to talk more about the recent one that I was more involved in.
Just list the dead deals as Project Whatever and just include some high-level info? Don’t need to be super specific and just label the deal “cancelled”. Makes it clear you’ve been executing since 2022 and allows you to speak to more recent work that you know better.
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