Did very poorly on my first deal - what should I do?
Hi guys:
I am a non-standard background (did not do banking or PE) career switcher who's a bit older; I switched into PE and just went through my first deal process. Long story short, it did not go well. I'm a bit slower than most people who had been in transaction environments before, and I'm not good at adapting the model to different things on the go (made mistakes that people needed to fix); my outputs also weren't up to standard the first time - people needed to show me what's the up-to-par format, and even then I was a bit slow in making them. I was also asked to work on other things at the time so overall, I don't think the person working with me had a great experience.
I'm a bit worried on what people get in terms of reviews etc. in these situations? Should one start worrying about being asked to leave?
Thanks
There are things you can do that are within your control and there are things that you cannot. You are given runway to learn. You need to do whatever it takes, magic or otherwise to make sure you do not make the SAME mistakes again on the next deal.
Your firm can obviously take different approaches as well and this is what I will call it "not within your control." They can either take the perspective that you permanently fucked up (which I really doubt, because they wouldn't have hired you), or, you can leverage this as an opportunity to show them you can catch up and learn quickly.
TLDR don't worry, just fucking learn.
the epictetus is strong with this one
I am very sorry to hear about your experience. PE deals are supposed to provide good experience, and it is unfortunate that you fear that things weren't as fluid on your latest deal.
Setbacks happen to many people and you should be prepared to try to recover from them. (It is probably not that helpful but remember that Steve Jobs was forced out of Apple in 1985). Several US presidents were nearly impeached. So, be strong.
You are asking what to do in the current situation. I would try to sit down with the person you worked with - but choose a moment carefully when this person is not frantically busy. Acknowledge that you worry about your performance and ask about more training and coaching, either internally or externally. Remind them that for you, as a career switcher, it was slightly more difficult to work with new concepts at a pace. Signal that you are mature enough to understand that there is an issue and that you are prepared to take steps and rectify it.
I hope that this approach will let you face your fear upfront, smooth things out and also get you some support from your fund.
Good luck,
Tamara
Just one more idea: if and when you sit down with that person, ask their advice on training and coaching, books and other ideas for learning and improving.
"Remind them that for you, as a career switcher" - I wouldn't particularly mention this because, first, these people will know whether you are coming from an IB background, and, second, you kind of "defend"/justify your poor performance.
Otherwise, i agree with the advice: go to the person, ask them for a feedback, how can you improve yourself, what is the most efficient way (if there is one), and more importantly, self-reflection is key to avoid mistakes to be a made a second time.
To be fair, most people somewhat "struggle" on their first deal. you are new/you learn and with time comes experience and efficiency. just learn and listen
Just now I saw the following quote on another WSO discussion list and really wish I could claim it as my own. It may really help me and want to share it with you and others.
"luck is when preparation meets opportunity."
I think it being your first deal you may not have to immediately worry about leaving (depending on your firm culture, career track, and other factors), but it's going to save you that you KNOW RIGHT NOW the fundamentals you can and need to immediately fix AND that knowledge that someone important you worked with didn't enjoy it. That is a "do not repeat"
Hi guys:
I am a non-standard background (did not do banking or PE) career switcher who's a bit older; I switched into PE and just went through my first deal process. Long story short, it did not go well. I'm a bit slower than most people who had been in transaction environments before, and I'm not good at adapting the model to different things on the go (made mistakes that people needed to fix); my outputs also weren't up to standard the first time - people needed to show me what's the up-to-par format, and even then I was a bit slow in making them. I was also asked to work on other things at the time so overall, I don't think the person working with me had a great experience.
I'm a bit worried on what people get in terms of reviews etc. in these situations? Should one start worrying about being asked to leave?
Thanks [/quote]
Klonopin or https://www.amazon.com/Linchpin-Are-Indispensable-Seth-Godin/dp/1591844…
Calm down mate.....even first round (first overall) draft picks have a rocky start to their careers before maturing into top performers. Any company that hires a guy from a non-traditional background and then fires that guy over a few mistakes is incompetent as it shows poor hiring and poor decision making. Now, if you over sold yourself and lied about your ability that is another thing. Approach the guy you were working with and just ask for a debrief and a few pointers on how you can get quicker/faster at what you need to do. Don't say sorry or come in with a victim mentality, just be matter of fact about it and find out how to get better.
Make an Excel file of mistakes you made, and make sure not to repeat. You got the job; be proud of that and learn from mistakes.
But as some tough love because I want you to do well - sign off of WSO and go get some shit done. Excuses won't fly in the PE space.
Need to talk ASAP to your people you think you disappointed for feedback. Make them guideyou through where you messed up and what you need to do to improve. I'm sure they were in your shoes at some poitn and can provide some solid advice.
Know a few people who got fired from their PE jobs a year in even though it was a two year contract. You never know how badly you messed up unless you ask. Who knows? Maybe you're htiting yourself too hard and you actually did a pretty decent job compared to the other assocaite who may look like he knows his shit but is actually terrible....some people fake it and then never make it too.
As it’s been mentioned a few times, sit down with someone more senior on the deal team and ask them precisely what they think you can improve on. Don’t be shy about this, particularly if it was clear to everyone that you had a solid learning curve ahead. Face the fact that you need to improve, not that you may be asked to leave. The only way that this happens is if you don’t focus on improving and you instead focus your attention on getting the boot.
Everyone above telling you to ask for feedback is spot on. Do it soon when the deal process is fresh in everyone’s mind.
I also think it’s worth mentioning that private equity is a rough transition for almost everyone, even former bankers. I have worked with many new associates, and every single one of them made mistakes and took time to adjust to the role. The only time people get in real trouble is if they don’t learn from their mistakes or display a poor attitude about the situation.
I’m not saying you should feel good about where you are, but you should know that you’re far from the first person to feel somewhat underwater after your first deal. Good luck turning things around!
op, keep us updated on when you ask for feedback and what they said. Perhaps we could still be of assistance!
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