Got led on by a boutique PE/Search Fund...offered me an unpaid internship
I have a network in my city. Friends have come to me asking me to help them sell their businesses ($5m EV). I have a pipeline of about ~$25m in deals. I told this to the firm. They gave me an interview. Did a case study. LBO + Live Pitch.
This whole time I thought I was interviewing for an analyst position and then they spit in my face with an unpaid internship offer plus $10k commission on every deal they close that I brought in.
Kind of want to tell them to go fuck themselves at this point because of the time they wasted for both myself and themselves.
Non-target, accounting + M&A origination background from global accountancy firm and boutique M&A advisory, respectively.
I wouldn't do it unless that's the only offer that you are able to get.
The thing is it is the only offer I have so far...and I've been applying online/linkedin with no bites. I don't even try applying to the big 5 anymore (Canadian) because of how unorthodox my background is.
So then try something different. Find smaller shops that might offer paid internships. Applying won't get you anywhere, trust me. I tried the same thing and and had no luck. I then tried just cold calling and emailing firms and that yielded much better results.
That’s a bad deal
I would keep recruiting and move on from that process.
Why don't you try and negotiate a higher commission
I'm planning on something like that. No point in not putting in a counter offer.
lol $10k
ikr?
Ask for a % of fees of deals you close not a flat rate.
Agree with the above. You don't have to work for them if you can negotiate % of fees. That you are like an agent/broker. You can even do your own analysis before passing it to them and if they invest, you get $. In the meantime, you go and pitch yourself to other PE firms that you are working as a independent agent that knows the ins and out because you conduct analysis before passing the deal and you can talk about how your analysis is good because this PE shop (the one that made a shitty offer) invested in x% of the deals you brought in.
The point - you dont need to work for them and do the analysis and the other shitty work. You can just do the analysis for yourself and for future interviews/networking and not have to do the shitty work.
Its a win-win. But one thing I would keep in mind is how important are relationships to you? If this PE shop tried to screw you over, what do you think they will do to mgmt (assuming they lead the mgmt to believe they will not be removed or they won't cut costs.) You might be indirectly vouching for this shitty PE shop by giving them deals and it could affect your future pipeline.
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