“Make mistakes of ambition and not mistakes of sloth. Develop the strength to do bold things, not the strength to suffer.” –Machiavelli ,“The Prince”
What if you could kick ass at your current job while networking for another, effectively killing two birds with one stone? With all the talk of efficiency at work that goes on here, from Excel shortcuts to dual monitors to note-taking programs, I figured I’d write a blog post about another form of efficiency that I have found particularly successful: Multi-Purpose Networking. If you have a job in sales or you’re ever prospecting for work, you can definitely pull this off, although I will caution you – you do have to be careful.
For general professional networking tips, make sure to click here too.
Many of you have read my complaints about my current position, so you know that while I don’t necessarily hate my job, and certainly don’t hate my industry, it also isn’t what I want to do long-term. Still, I can’t slack off in my current role, no matter the negatives, but I also can’t toil aimlessly in my misery, or at worst, be unprepared if my company decides I’m no longer needed.
Funny thing is, because of my role, I have contact information for a vast amount of executives, in real estate, but also in various other industries such as banking, private equity, and consulting – some of which are unlisted on the company’s websites or the executives’ LinkedIn. I also now have two reasons to contact these people and two positive potential outcomes.
Through this method, I have set up informal interviews with:
- The Managing Director and head of M&A at a tax firm/IB boutique that successfully competes with the Big 4 in my market
- Two partners at the Mezzanine Capital arm of a top retail bank
- A partner at a big time Private Equity firm who also serves as the CFO of a major national company
- A VP at a boutique investment bank
- A VP of a venture capital firm
- A managing director of a regional branch of a BB consulting firm
Decent, right? Well even better is that three of those six are also current commercial real estate leads and another was a lead that just didn’t work out but is good for another reason. Even better than that is that five of the six were only set up in the last week or so. I am absolutely killing it in overall response rate too.
Let me walk you through what has worked for me so far:
1. I find an email address, either on a database or on a website. I find one to three higher ups that are decision makers, only really expanding to a third contact if they have a similar background. Pulling the “I’m a political science major…but so are you and you made it!” card has worked every time I found a fellow “studied what I enjoyed not what I should have” major, and you find them more often than you may think.
2. I email the following:
My name is _______ and I currently work in commercial real estate. I am interested in talking to you about how you got to the position of ______ and your advice on what I should be doing to get there myself. Let me know if you would be willing to talk.
Or
My name is _______ and I currently work in commercial real estate. I am interested, however, in transitioning from real estate advising to _______ advising and am in the process of studying _________ to prepare. I would like to speak sometime, either over the phone or over coffee, about what skillsets, further education, and/or experience I would need to succeed in your industry. Please let me know if you would be available.
The key here is to keep it short and keep it direct. If it’s too long they’ll stop reading. If it’s wishy-washy or not upfront you look like a fool.
3. I make sure to send these from my work email address because my company gives me legitimacy. Also, it prevents me from having to tell them in some way that I’m legitimate. However, this is also the tricky part. My office is small and I know they don’t actively monitor the computers, however I am not sure if they could or could not if they wanted to. I make sure to forward all correspondence to my personal email address and then delete it from every folder and subfolder AND the trash. I’m sure someone could still find a way to look it up if they suspected something, but the key is to not let them suspect it.
I admit this is a bit shady and dishonest in a way, but looking for jobs while you have a job always is. This is business and everyone knows how the game is played. You have to look out for yourself and if I’m going to get told I’m disloyal for no reason, I might as well act the part and cover my own ass.
I have gotten a surprisingly high response rate from both of those emails. Predictably, some inquire about my finance experience (minimal) or my resume (impressive in every way…except stats) and then pass me along, but more than I expected are more than happy to set up a time to talk. There are even more that are on vacation currently so they could always respond upon their return, and honestly I haven’t even followed up with the few no-responses yet either.
They key here is that when I meet with them I’m realistic. I don’t ask for a job, I keep asking questions to keep them talking, and I ask for their advice for me to make a career shift into whatever career they’re interested in. Ultimately, one said that I would need more finance training or experience, one said I would need a graduate degree, one just isn’t hiring, and one kindly said they just wouldn’t hire me given my UG school and GPA. (Remember, I didn’t send them my resume at first. Don’t get auto-dinged!) Two I have yet to meet with.
More important than instant offers though are that I got to speak to decision-makers face to face, got invaluable information, was told the path I personally would have to take for them to consider me (I made sure to ask), and gained a contact for the future. I also made sure to talk to them about what I do currently and told them that if they’re in the market I’m the guy to help them. They already know I can talk to executives, they already know I can get meetings with companies, and right now I’m batting .500 on getting clients through these meetings. These guys also know how the game is played and have usually held a number of different positions at a number of different companies. Just because I want to get out someday (or get in to what they do) doesn’t mean I can’t deliver results for them now in my current role.
The TL;DR version of this is to be bold and be innovative in your networking. I’ve found that people are either afraid to network or go about it in the most boring way possible. This isn’t what companies are looking for and therefore it doesn’t get results, ESPECIALLY if you are like me and have had an odd path to where you are currently. I’m not going to wow anyone with my state school education or sub 3.0 GPA, but you better believe that I come across well in person and go out of my way to get what I want.
I mentioned before that one of my network/prospect leads didn’t work out but that it was good for another reason.
Before I got promoted to the front office, I was bored. As part of my market research, I saw that a private equity company that I hadn’t heard of before was buying a major national brand that had long historic ties to my current city. My networking tactics were more unrefined six months ago, but I still knew that I had to be different, so I typed a cover letter of sorts, signed my name, and sent it along with my resume to a few people in the company’s headquarters. Amazingly, one of the principals told me to stop in and talk to him next time I was in New York City.
At the time I had to laugh. It isn’t outrageous for me to go to NYC for the day from where I am, but it certainly is an expense, and paying $300+ for a cup of coffee isn’t something that would come easy on my income. I told him I would try to take a trip in a couple months. But I had him now. His direct phone number. His email address. He was mine.
I sent him a nice “Welcome to _______” card when the deal went through. I bs’ed with him about sporting events over email. I congratulated him on being named CFO of the company his firm bought. I added him to my growing list of people to send “interesting articles” to.
Ultimately I had an idea. My principals were going to NYC for a conference, and while I wasn’t going, I took a chance. I emailed him asking if he would meet with them to talk about his company’s real estate needs, goals, and objectives. I said “while I had originally wanted to work for you, perhaps I could work alongside you first.” He agreed. I asked my principals if they would attend and instantly I was a god in my office.
I backed off a bit after that, sticking to thank you emails and articles, because we were one of four companies pitching the business. I (stupidly) wasn’t put on the public pitch team (I sourced the fucking deal and had a relationship – come on!) and low and behold we ultimately came in second. It would have been the largest corporate services account my branch of the company ever landed. Even as a junior member of the proposed team, I would have made $250,000 off of it in a year.
My efforts thwarted and the ball dropped, I emailed him a day or two after I found out we lost it just to say that I was disappointed in the outcome but very much appreciated the opportunity that he gave both me and my company. I also reminded him that my original interest was learning about his business, his path, and to get advice from him. Almost immediately, he replied that we should get together in September to talk – this time in my city. We will see how that turns out.
Don’t limit yourself when networking. There are ways to differentiate yourself that don’t involve handing out coffee or creeping in building lobbies and there is no reason that someone who is a client one day couldn’t be your boss the next – or the other way around. Even if nothing comes of next month’s meeting, or nothing comes from any of these meetings, I have already won because I am building my contact list, gaining invaluable information, and being proactive and positive about my current situation in the process.
Finally, on the day this gets published, it will be my birthday. Wish me a happy one. Thanks in advance!
Hitting the quote button instead of edit and then wondering why you quoted yourself - classic
Also relevant: http://postgradproblems.com/10-reasons-postgrad-birthdays-suck/
Great stuff, absolutely great - thanks a lot! Would SB but I am out. Happy birthday to you sir!
Thanks and thanks!
You swing enough times eventually you get a hit.
Let's hope hah
I got you on the SB since that bum didn't have one ;D
Wow, talk about a post packed with insight. I've been finding that it's crucial to keep the senior bankers talking. I always kick myself if I didn't ask about the path I have to take to get to their current position. Happy birthday and as always thanks for sharing!
I dig it, CRE. I'm not very familiar with the industry (in fact, I really bombed an interview with a CRE group) but this was a great piece to read. Good luck in your future endeavors. People who are easy to talk to seem to do well in the business world.
Oh, and happy birthday!
That's the spirit
Thanks!
And ya I've found that the more higher ups talk about themselves the better they think the conversation went. Go figure
Thanks man. Let's hope I'm one of them hah
Haha, good karma, much obliged!
No homo, but I thoroughly enjoy damn near everything you write
Honestly the same, even though I honestly have no interest in real estate LOVE your posts. thouroughly enjoyable
Hah, thanks. I honestly appreciate it.
double... Fist bump CRE*
fist bump
CRE, that is awesome. very well written, +1
Didn't read yet but looks promising. Bookmarked for when later. Nice job!
Thanks!
+1 from me, I have been a fan of many of your posts and this one is an absolute gem.
Continually impressed with your drive and attitude. I can only imagine where you'd be right now (not that you're in a bad spot) had you known what path you wanted in HS - and that goes for a lot of us on this site haha. Keep at it!
This is definitely true for a lot of people. Unfortunately finance is a path that needs to be known about beforehand and planned to enter several years before. You can definitely take corrective action after the fact to get to where you want to be, but it is not as easy.
Hell, if I followed the original plan I had for myself, I would be a member of jdoasis and not wallstreetoasis.
Decent post, but for a lot of us using work e-mail to look for another job is a good way to get fired.
Agreed.
OP, you're very lucky to be working in a small office; I was also sending out e-mails like this when I was working at a small fund.
With your attitude and hustle, it's just a matter of time before you move on to greener pastures. Good luck.
Thanks! I appreciate it.
Boom - hit the nail on the head. I know you can't really look back and regret things like that, but damn. So many what ifs. Thanks, though.
Yep, I was a long-time registered member of www.top-law-schools.com and was originally pre-law. Thank god I didn't go through with that.
Hey it could be a way for me to get fired too. awkward laugh
I definitely appreciate this though. Luckily everything can be done from a personal email too.
Thanks for the positivity. I really hope so.
CRE is a networking fiend. I rather enjoy your posts. Keep it up.
Hah, thanks. Let's hope one of these days it works out in a bigger way.
It helps that you were in a small firm with less IT resources, but in any case, it's a great story. Someone who used his guts & instincts to get what he needed and got it done. I hope others asking these how-to-network questions get inspired by this (and do it smartly).
Great post. SB'd.
It's exactly the kind of thing that I'm on the lookout for on WSO. I've been trying to do a lot of networking while working but it hasn't been working out for me. Plus I'm in an emerging market where the concept of networking/cold-emailing isn't really that common.
Two mistakes I've been making is not using my work email (gonna have to think on this one) and not contacting VP level people. Now that I think of it, I guess the analyst and associate class here is not that comfortable with handing out informational interviews to random people who contact them via email. VP and upwards might. I'll get on it this weekend and let you guys know if anything works out for me.
excellent article, one of the best I have ever read on this site. I gave you a silver banana and wish I could give you a dozen more!
A couple of questions: 1. what kind of "interesting" article do you send? 2. You seem wise and know how the play the game. How do you make time for informational catch ups with work commitments? 3. I want to work on my relationship building skills. I want to learn more about topical matters - do you have any ideas how to build a personality. I really struggle with this area, although its weird because I am ultra confident and can speak to anyone about bs for ages. Nonetheless, I am thinking about learning more about history/ science/ wine/ sport from different places to give me an edge. Do you have any ideas on what to do about this?
Cheers
Lol, sorry, but the word "wise" should only be used for Master Oogway.
@CAinPE I will caution you about using your work email, as many others here have. You have to know your firm.
I work for a top brokerage firm, but while I think 98% or even 99% of the offices across the globe are corporate owned, a small handful are corporate owned, mine is locally owned with the corporate name. My bosses have to foot the bill, and they aren't very tech-savvy to begin with, so they definitely don't monitor the email.
People in my office shit on other brokers, the bosses, and email all sorts of NSFW stuff around. I saw all of this before I started sending resumes.
I will say though that if you use your personal email, set it up in one of the following ways: [email protected], [email protected], or [email protected]. I would avoid all numbers, "cute names," or otherwise unprofessional looking addresses.
Oh and definitely hit up people slightly lower than CEO level hah. It's a numbers game. You need to find that one guy who will reply.
This post is actually an email that I sent: http://www.wallstreetoasis.com/forums/quality-articles-of-interest
I wrote a little forward along the lines of "______, I thought you may be interested in the following articles. I hope everything is well" and then tossed those articles in.
To be fair, while I certainly work a lot more hours than your 9-5 guy, I work nowhere near banking hours. It only takes 20 minutes at lunch or getting in 20 minutes early to send out the same email a lot of times, and as far as face to face meetings, part of my job is setting up meetings and networking so it doesn't raise an eyebrow. Also, like I said in the post, it's not like I'm out straight up interviewing on the clock. I'm trying to get them as clients too.
hah now I can't tell if you're messing with me or not. My suggestion though is to read a lot and be caught up on local sports even if you don't like that specific sport or specific team.
Thanks a lot for the tips, I appreciate it. I'm still pondering over whether to use the work email or not, I haven't decided yet. I'm at a small boutique fund and the IT Dept consists on one person, whom I've had to advise at times. So although it ought not to be a problem, I'll probably keep this option only as a last-resort, in case nothing else works.
From what I've been experiencing till now, most people worth talking to will speak to you only if you've been referred by someone they know. I recently reached out to some people via a referral of a well-connected new friend of mine and had a response rate of over 50%. This is as against a rate of about 1 in 20 who responded to my cold emails.
Haven't contacted any higher ups yet, let's see what happens once I start cold-emailing some.
+1. Amazing, bookmarked :)
Thanks!
This has helped a lot. I've already set up 2 meetings and 2 calls out of sending ~10 cold emails. Thanks a bunch.
That's the best possible reaction I could get.
Wow. Great job!
Great stuff. Would SB if I had any.
And Happy Birthday!
MY WRITING IS NOT MEANT FOR THE BANANA-POOR!
Thanks though :)
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