Midlevel GP - Taking Deals To New Shop
Midlevel at a GP here thinking about job hopping. I've got active deal pursuits with good rapport with land sellers for development deals, I was wondering if anyone's hopped shops and taken deals with them?
Everything's under CAs with the company ofc, but nothing's been signed other than that. Not sure if anyone's got experience but would love to hear about it.
H
I think the ethics of this depend on the deal.
If you have a good rapport with a Seller, and it's your relationship, and you haven't spent the firm's money doing any of this, then I don't see a problem. Despite what most WSO users think, relationships and experience are where you provide value, and not in being able to underwrite a deal, so not being able to take those with you if you move jobs seems pretty restrictive.
On the flip side, lots of times the firm has a relationship and you just happen to be next up to manage a specific deal. I think if you've spent a few months circling and doing preliminary diligence on and getting your ducks in a row, and then you leave and move to a new company and use all you've learned to snake that deal, that you've done something quite a bit different than scenario 1
Thanks for the feedback. I'm less concerned about the ethics of it all because all's fair in love and war, but more concerned about the legality. New niche asset class to the firm (industrial/self storage ish) so nothing they've got a huge relationship, nor has much been spent on DD since no docs have been signed.
Weird grey area since they're largely off market deals and were firm-ish relationships that are now more personal-ish relationships
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