Hey fellow Monkeys - Im a self-taught chef and entrepreneur that self-funded and opened a successful neighborhood restaurant in Brooklyn, NY. In my past life I have a BA in Econ from NYU and 2yrs mgmt consulting exp at a boutique shop. I spent most of the late half of my twenties learning to cook in NY's top restaurants and starting my own business.
But I'm turning 30 in less than a month, and tho I'm proud of my restaurant and the cuisine we created here (Asian-Caribbean), I am ready to get out (or at least take a break from) this industry. I've already 4-hr Work Week'd a lot of my responsibilities in the business and I'm not rly involved in the day-to-day operations anymore. Working in restaurants is fun and I'll miss it, but it has also destroyed my body and I miss working in a little more intellectually stimulating environment.
I am trying to figure out what to do next and thinking about PE. Every person I ever met in PE seems to have this super intuition for evaluating businesses and markets which I would love to learn. I think I would also get a lot of satisfaction from helping other businesses grow - once a PE friend of mine did a sales analysis for me that was so eye opening, I changed my menu around it almost over night - I WOULD LOVE TO LEARN TO DO THIS!
I'm not a quantitative whiz but I've had analytical roles in the past. Imo I think I could add a lot of value at the very least for a fund that does a lot of investing in the food space.
So what do you guys think? Am I a low-key compelling candidate or a just another PE dreamer?
Any advice for breaking in as a 30 yr old kitchen monkey?
-
I only have 3 years of industry exp, so take what I'm saying with a grain of salt. But I would say that traditional PE is very unlikely. There is so much talent fighting for these spots that it doesn't make sense for them to train you and learn everything from scratch. If a simple sales analysis was super eye-opening to you, then that to me is a sign that it would take a lot of effort to get you up to speed on the things you need to do in the PE industry. Industry experience is helpful, but mainly at the more senior roles where relationships matter a lot.
It's possible if you have more of an entreprenurial background vs small business. Your background is more small business owner than entrepreneur.
I would build a team around the systems you implemented as a restaurant owner and go around gobbling up inefficient restaurants/fixing them and then hold for cash flow.
Hm very interesting - thank you for the reply!
It's going to be hard getting a traditional junior PE role (associate), but that doesn't mean there aren't other avenues where you can still touch PE as the poster above me alluded to (that path sounds kinda like a search fund, which I don't know much about).
Another route might be getting a role as a operational partner/consultant for a PE firm that has a specific focus on restaurants, for example. Usually these roles are for semi-retired execs with lots of industry experience and connections, but if you have a clear vision about how you can add value and can get someone to buy in, that might be a way to get into a somewhat different PE gig. Not sure how well this may align with your goals though, since it sounds like you want out of the operations (though to be fair, being operationally involved is a lot different for a single restaurant than for a chain of many).
Alternatively, if you're more interested in developing the analysis skills, you don't necessarily have to do PE. For example, you can try getting into a relevant industry group at a consulting firm. If you wind up at something like an MBB, that may open doors into PE too.
PE seems like an attractive industry to probably everyone who has ever run across it - so your instincts are good.
You'll never (99%) get into a normal career PE job - too selective, elite, etc. So don't waste time trying. Also, these same elitists make PE and IB seem mysterious and complex. It's super simple; basic math skills, IBs are like realtors and PE are like buyers of rental property. Even if you could get a j-o-b with these guys then you'd be punching a clock. I'm with M_1, carve out your little niche and make a killing being a hyper-expert in a micro-market. You could become the #1 buyer of distressed food trucks in Brooklyn or the person who transitions Chinese Resturants to Italian, or something.
The cool analysis tricks are mostly just reps and pattern recognition. None of it is fundamentally complicated. Read Arnold Goldstein's how to buy a great business with no cash down. If that sings to you, you were made for LMM PE and should pursue it. If not, you're not and you shouldn't.
Good luck,
Dolor deleniti repellendus quis nihil. Autem aut fuga quasi quibusdam. Perferendis dolore nihil pariatur atque. Culpa iure ea maxime perspiciatis. Deserunt culpa eum iure et voluptas iste sunt.
Aut quidem facere expedita sint alias. Itaque numquam ut voluptas rerum ab velit aut soluta. Alias sapiente explicabo est et et. Est blanditiis perspiciatis quis optio autem natus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...