Looking for Career Advice
I feel like my current situation is what I would call plastic golden handcuffs. I’m currently at a small shop of about 3 ppl with about 500mm AUM. I’ve been here about 3.5 years to run acquisitions. I did not have much experience prior to joining and was thrown into the fire and had to figure it out. My current company structure is 175k base with bonus and equity coming from deals closed. My structure is I receive a portion of the Acq fee and share in the promote that my company is entitled to once investor capital is repaid. Since I’ve joined we closed 2 deals. On the first deal I received a 12k bonus as we had to split the acq fee with our operating partner. I also received a very small piece of the promote but the deal is not performing so it’s essentially worthless. The 2nd deal we we were able to get in cash free so there was no bonus at all but my piece of the promote was increased and I won’t see any returns for likely another 3 deals. Going forward and historical my boss only like doing deals with major and immediate upside and they are pretty hard to come by limiting my overall upside. I feel like my salary is solid but there is no long term growth as we are not doing any deals. I’ve been looking for a new position but my concern is my experience in other RE asset classes is limited as the shop I’m at is a niche one. Where do I go from here?
Probably need some more info to really understand this, such as what is niche about what your company does and how you got a gig running acquisitions with what may be less experience than is typical for someone running acquisitions, but if you're feeling stuck where you are, by all means look and network elsewhere.
Asset class is Skilled and Senior Housing. I was brought in as an associate technically and as I gained experience transition into VP. When I was brought there was essentially no training and I had to figure it out. Additionally, the principle was also sourcing deals but has since stopped to focus more on operations.
Within the Senior Housing sub sector are you more AL/MC/SN or more so AA/Age Restricted (55+)? If the latter than you should have no issue UW Multifamily deals. Do any of your current Assets Under Mgmt have retail components or a mixed use component?
AL/MC/SN only
I do not have specific suggestions since I am a newbie trying to get into this field. I feel 175k base very cool. Could you share how did you find this position at the beginning? Thank you.
I worked in the field at other companies on the capital markets side. Networked into this role. Started at a lower salary and then after 2 years negotiated for a higher salary.
I see. It seems that your salary is nice and the work is not very boring. By lacking of growth, do you mean salary liking growth or long term career development lacking growth?
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