Do banking and PE make you a better business owner?
Hello, I will be joining a BB bank (GS/MS/JP) in London as an IBD analyst. I always had in mind moving to a PE and then proving myself there and eventually starting my own PE fund either in London or NYC. However, I have now understood that this is indeed a very difficult path. My father runs and owns pretty decent businesses in South America. He recently lost passion for one of his businesses ($1.5mln EBITDA and about $14mln revenue which makes up approximately a third of his wealth I would say) as he wants to concentrate on another venture which he sees as more promising. I have 4 siblings and three-half siblings from a first marriage and so I will be inheriting relatively little by the time he passes away (hopefully as late as possible).
However, given the recent developments, he offered to give me 51% of the shares in the business I previously mentioned provided I go back to South America and dedicate completely to it. The business is currently growing at a modest 4% a year and could give a very high income from the start. I could also expand it by LBOing competitors (it has no leverage at the moment) and by organically growing revenues. It is a manufacturing B2B business which is mostly national so it has the potential for international expansion.
He said I can either take the offer now or wait 5-6 years and take over the business after having had some experience in London. I have three choices in front of me:
- Join the business immediately giving up my banking role
- Joining the business after 5-6 years in finance after which I will hopefully have had 2 years of banking experience and 3-4 years of PE experience
- Never join the business and continue to build a career in finance with the objective of making the big bucks there (harder and harder these days?), thus giving up on quite a bit of wealth as I would end up inheriting only 1/7 of that many many many years from now.
What do you guys suggest I do? Will the PE and banking experience make me a better entrepreneur and CEO or will it be useless in that regard? I am willing to work hard in any field and I would probably enjoy all of the options, tbh my main motivation is maximizing long-term wealth, my objective is not to have a comfortable living but to be truly wealthy ($50mln+ net worth) by the time I am 60.
P.S.= I know I am privileged to be in this situation and I am very grateful to my dad for having worked so hard thus giving many more opportunities
Interested as well.
Your family situation sounds like a mess. How are your other seven siblings going to feel about this decision? What if your dad decides suddenly not to give it to you and you decline the job offer? Why is he deciding to give it to you instead of hold onto it on his own (low growth possibly?)
Family businesses can be very messy (take it from someone who was in/joined one). At the very least, I would give it a couple of years before you decide. You need add value to the business you are joining (otherwise it'll burn to the ground). B2B businesses survive on relationships. How would your dad's clients feel about a 22 year with no work experience taking over their accounts? Do you think your company's employees will respect you?
Cringed so hard... Why are you saying his family situation is a mess, he happens to have many siblings as it is common in emerging countries. What is messy about that? Maybe I am the only one who does not see anything wrong here. This said, I believe that you make some valid points about experience but the truth is that doing excel all day will not boost his skill, and the company probably has managers and sales people so his age won’t matter that much. Also, I doubt his dad wants to give him the company to screw him because it is growing at less than he expected Ahahaha, I mean, it is his son! And the business is not really a family business it seems, it seems to be owned only by his dad who wants to hand over control and ownership to him, so how the rest of the siblings feel will be irrelevant. I say join the business and make it big! On dividends alone you can get 500K first year, and in 10 year you can get to a nice 10mln exit. Nothing in banking has such potential.
Hey thanks for your input, I understand your point of view but my father is a man of his word and would not take back his offer, especially after I quit my job. I have been working all my life (Bachelor+GMAT+Master) plus a summer internship in investment banking at a lower tier BB that I turned down to then recruit for (GS/MS/JP) and honestly the last thing I want upon graduation is to work all night on meaningless power points and Excel spreadsheets, so my heart tells me to go for the business, but another part of me tells I am just being lazy and filled with excessive ambition and that I should at least hold a full time job before becoming a CEO. As far as respect of employees, I am a pretty imposing figure (6 feet 4 inches) and look much older than 23 (I guess I look about 30), I went to top schools and the employees know it and my father is a person who gets great respect in the firm and since he values me so much I think that will at least partially translate into employees respecting me.
Okay definitely go do that banking + PE stint first cos it sounds like you really need to get the shit kicked out of you for a bit
Whether there are sales people or managers in this company is irrelevant. This isn't the level of of a large conglomerate or even a medium sized business. Every decision this guy is going to make, even the smallest ones, is going to make a large impact on this company.
True, excel probably won't help him much. The most ideal experience would be to work for a a similar manufacturing b2b company for a couple years, learn a few things that would benefit his dad's company, make some mistakes on the company's expense, and then leave to join his father's business. However, even working in IBD/PE would provide him with some benefit... even if its building a strong work ethic and an appreciation for what his father has given him.
I am speaking from my own experiences/observations so take it for what its worth. Family businesses can get really messy (cringe as much as you want, but as you are still a senior in college, you will see what I mean later in life).
Consider the situation from another perspective; you go home take over the business and what? 1. You do a super job, launch something massive from this platform and blow your own mind. Well that's great - and low odds. 2. You do a so-so job and feel like a schmuck because you didn't do your own thing and you're stuck in your home town working for your siblings. Most likely scenario, and a couple siblings criticize your work. 3. You screw it up and you're a colossal failure, in the most public way possible.
And in all those scenarios you didn't spread your wings, run with the big dogs in London and see what it takes to play on a global stage. You went back to the security and comfort of a small pond.
Now if you go too London and crush it you can go back and buy your home town and everyone in it.
If you go to London and are mediocre - so what. You're independent and can pivot again and again. Home will always be there. But, if you go to London and screw it all up, then you just go home tell everyone you rocked London and ask dad for a job. And the local girls will think you're really cool because you went away, had some balls and did something cooler than all the other hometown heroes.
Oh, as far as BB experience helping you run a small business - nope. It will probably f8ck you all up and take away the very basic common sense and get-your-hands-dirty attitude that a small enterprise needs to run on. Now if you worked in LMM PE then it would be very relatable, especially in operations. But maybe you make a zillion $s in BB and you never have to worry about these small things again.
Good luck either way.
He would able to buy his town? Dude he is from South America, not Africa. Also, if he will be able to buy a town with finance money then he can buy three with his business money, firm is not a 1mln revenue firm, it is a pretty large business that can give him 400-600K of dividends every year since he is 22, do the math on that, he will become richer than even PE partners only HF managers will be richer, and this is just if he runs it as it is. Post taxes he will be earning more than an MD from day 1. Also, I believe you did not read the post properly, he would have the majority and thus could do whatever the fuck he wants, he would not be working for his siblings at all. Even if he crashes it in banking and becomes a post MBA PE VP at 30, he will still make less net of faces than now with his business and most importantly he will be able to save nothing because of high cost of living. How do post MBA supersuccessful finance guys have have saved up? 500K? Maybe 1mln? Maybe 2? That is nothing compared to the net worth he will building by working on his own company as you also said the offer will always be there, but from what I understand he has a 5-6 years window to take it or one of his siblings will. Also, you seem to be forgetting that salary is not equal wealth. Salary means dick! It is a mean to an end, and the end should be a very high net worth that allows you to generate a very high passive income. You need savings for that, lots and lots of them, and before you can accumulate such meaningful assets with your banking savings living in London or NYC you will be a burned out and unhappy 50 years old MD devastated by taxes, high cost of living, and terrible hours, and this is at best oif you actually succeed in making MD.
I say go and take the offer and watch us all make 1/6 of you after taxes (at analyst level) while working much more and slaving away for our bosses doing super boring power point work :( 15 years from now come back on this forum And hire us for your big M&A where we will be sharing a few millions with our team while you will be buying a corporation worth hundreds of millions. Take it and do not fuck it up by being too risk adverse or obsessed by prestige that you become a slave that is underpaid for the hours worked (fact). Good luck to you and do not fuck it up!
Thanks for your reply. Can you truly make that much money in finance? Most people I meet even in top roles at top shops seem unhappy upper middle class overworked people. Good point on the girls though ahahaha
+1 for local girls will think you are cool cause you did something away from home for a few years. This sounds slightly cringe, but trust me its awesome to go back to hometown with some international experience, you feel like you have an edge over everyone
I am actually engaged with a very nice lady so I was just joking about the girls, I am already taken at 23 (older because I am doing a master). I guess going back to South America would also make her happy as she would also be closer to her family. The problem would be for her to get a job but I guess she could just become a stay at home mum there in South America, I could definitely be able to afford to maintain her there unlike in London. I think she would quit her job in London and come with me if I asked so I guess one more point for the business
A) You sound gullible B) You sound really insecure C) You don't sound humble at all D) All of the above
Correct answer: D
Run the business you will learn more being active during those two years running it than doing monkey shit in IB.
I think there is a similar page where the dude has an uncle who runs some really popular pizza joint and has the chance to inherit it. I think it is called "Private Equity or Pizza Equity"
Thanks for feedback, I remember that post but I suggested against the pizza shop because the business was way too small, here situation would be different
I say go for the business, here are the three options: 1) you steadily grow it, 10% growth in profits means the business will double in 7.2 years, this means that your 51% stake that is currently worth around 5 MLN will be worth 10 in approx. 7 years and if he growth continues 20 in 14 years and 40 in 21 years (you thus achieve the growth you wanted and easily reach your target net worth by 60) 2) you massively grow it and expand it making it a very powerful conglomerate and becoming worth hundreds of millions or even billions of dollars 3) You just run the operations as they are investing the profits wisely every year (assuming 400K in dividends for your 51% stake, you will easily be able to save and invest 200K a year while most people like us are Go stuck in London/NYC feeling rich because of “prestige” while actually being able to save nothing and living in shitty houses with less than 2,000 sq ft 4) You bankrupt the business
Now, to me, optionn4 seems very very unlucky, let’s face it: most of us working in finance are much smarter than the average business owner and yet we have little to show for it as net worth. Why should a man who has achieved a lot in his life for his age (MS/GS/JP) fuck up the company completely?
Thanks for reply, I tend to agree with this. No risk no reward, leaving the "track" and thinking outside the box gets you to be wealthy, not following everyone else and do IB-->PE-->MBA-->PE I feel like that path is unlikely, overrated, and not that financially rewarding.
This, do it OP
Any other opinion? It is a very tough decision to make
Hey, ¿Qué tal? Do you have to wait 5-6 years or can you join your dad´s company in 2 to 3? Running your dad´s business will teach you a lot in many different areas but by doing that you are not getting out of your comfort zone, something which I feel everyone needs to do from time to time, hence I would suggest, if possible, to go work in PE/IB etc for two to three years and then head back to your hometown. Plus you mentioned you thought you could expand by LBOing competitors, something which you would learn a lot about in London/wherever,
Bien gracias! y tu que tal? I can join any time I want within the next 5-6 years but I am leaning towards staying in banking for 1 year just to have something on my resume and then going into the business and try hard to become the next Carlos Slim
My biggest concern for you is your ultimate goal being entirely money focused. You can't know this now because of your age, but you have to have other motivations for you to succeed / excel at anything.
Why? Because success (In your case defined by reaching 50M net worth) requires actions, repeated over and over, for a long time. That takes drive, not just ambition. Anyone can want to be worth $X, but are they willing to do all the necessary things for many years in order to get there? Most will get comfortable way before they reach the goal and simply run out of gas.
Look at your dad in this particular business. He's bored or sick of it. Whatever. He lost interest and is moving on. He still has drive but for something else.
The drive comes from passion for what you're doing and getting excited about setting and reaching goals. If you're not super excited about the business or banking or anything, hard to get there.
Ask yourself what you really like about each option. Forget about prestige and all that crap. Nobody but 20 something's care about that. Trust me, when life gets in the way, prestige is way overrated. What are you best suited for? the banking/ PE career vs actually owning/ operating a business are vastly different. Very different skills required.
You have the rare opportunity to own a business without the dramatic risk normally associated with starting and building something. That seems pretty cool to me but you may operate better under the supervision / structure of the banking world. Those are the types of things I would consider.
It may be best for him to get deal experience in the banking world, move to MM or LMM PE, and then apply the experience there to his business (IE, growth through acquisition)
I did a bachelor in engineering and did not love it but I am currently doing a master in finance and I am loving it, also very passionate about business even though running a small company may be limiting compared to running a larger one
So knowing what you like and don't like is important. For example, you don't like engineering but you want to be worth 50M. If the best path to 50M was through engineering, it would be very hard for you to get there as, at some point, your dislike for engineering would outweigh your goal of 50M because the actual engineering work would be the daily grind. If you don't like it, at some point you're just going to say, "maybe 10M is enough".
Larger businesses have certain complexities that smaller shops avoid. Of course you can hire all of that away, but that creates even more complexity. That's part of running a business. There's the actual work of the business, making widgets, and there's the running of the business. Once you get to a certain size, you're running a business.
The bank , PE role is more like doing the work of the business. If you really like that type of work and want to focus on it, that's great.
However, if the actual work doesn't matter, maybe you like the idea of (and may actually like) the running of a business. Making sure HR, Sales, Marketing, Service, R&D, etc are all properly sourced and working well. Maintaining great relationships with your key clients and vendors.
Very different than "doing a deal" and moving on.
.
While going the finance route and coming back after 6 years sounds appealing (have your cake and eat it too) that's a lot of time between now and then and the offer might change or may not exist under the same terms. 51% control to do as you please is pretty empowering I would say just go for it now.
Worst case scenario you run it into the ground over the course of 5 years and you can just parachute into a top MBA program and still do banking/PE for the rest of your life.
The best case scenario = sky is the limit.
Could it be possible to get into H/S/W or even Columbia and Chicago MBA after 1 year in IB if the business happens to fail? Wouldn't my CV be shit?
1 year IB->parachute into the biz is a great plan.
Best of luck and if you do remember back to this thread try to come back to WSO and update us on your situation!
Do 2Y IB, try to worm your way into Industrials/Manufacturing, do 2Y PE in the same vertical, touch a bunch of portfolio companies, hop over to one (or another manufacturing company) in an operational role for 2Y, go home and crush it
sounds good but I am not in industrials at the moment and I am not sure how to get there, also I am not sure there are that many operational roles at manufacturing companies for finance guys, I am scared that I will be limited to corporate development. Knowing what I know now I should have taken that MBB offer that I turned down only because It was in South America
Nah mate, you should have gone to Moelis because of the incredible exit ops due to a sm analyst class (lol wat?)
I sense some Ingenuity / borderline BS in your posting activity + hugely unssatisfied ego.
Taking the family business is obviously the best thing for you. Everyone here wants an intellectually stimulating job. What's more stimulating than running a large business in which you have a large stake? You will feel better (read: confident) because you are your own boss, all of your efforts are reflected adequately (if you work 80hrs a week in London you wont get any of that) and you are obviously making a lot of money. How you use it is up to you. Don't forget that £500k in London (even if you make it that far), isn't equal to £500k in South America. You can save more, you can spend more etc.
Why would you go into IB/PE?
IB helps companies at specific stages. When you get the stage of fundraising or IPO or whatever, that's when possibly your IB skills could slightly pay off. What about the rest of the time when you actually have to run the business? As described below, it is unlikely that you will only work on deals in the industry of your business back home. Even if you do, it's repetitive. It's doing the same thing over and over again for different companies.
PE/VC etc. - It's not likely that everything you learn can be applied to your business back home. You could be working on businesses that have nothing to do with yours. While you would get a good sense of how most profitable businesses work, I doubt there will be things that you can apply for immediate results. And if you ask your mentors (aka bosses in PE) to help you out when you begin, do you think they'll do it for free?
I wouldn't risk working abroad for 3 years before moving back in because things may change.
I think the best case scenario is joining a leading international firm in the same line of business as your business back home for at least a year. The point is that you could see how they do things and you could implement that in your own business back home. Obviously you will not be placed at the top where you can learn absolutely everything but if you're a middle level manager (or slightly below that) for a year or two, you're going to learn a lot more than your time in IB/PE etc.
Whatever you do, if you decide to stay in London, just make sure that everything you do is relevant to everything you will do as a CEO. Wish you all the best and give some local non-targets chances for internships :D
He could focus on getting into a LMM PE fund that works with businesses similar to his though.
Let's unpack this:
If maximizing wealth is your sole pursuit in life, then this comes down to your confidence in your abilities and fortitude right now to turn your father's business into something bigger. This is probably not something a bunch of strangers on a forum can know better than you.
Good point, I will probably work at JP for a year and then quit if I steel feel like it, just so that I have enough of a brand on my CV to potentially pivot to an MBA later, will update you all in case I decide to join right away thus not even joining the bank at all (possible but unlikely)
Excellent reply and 100% spot on.
Essentially the only thing that makes you great at operating a business is operating a business. The rest of it is all conjecture.
I'm going to start by giving a disclaimer that I haven't worked at a BB or EB in a global financial center (e.g. NYC, London, HK). My perception is that the work you will be doing on large, often public, companies will not provide significant value to you as a future business owner. There are such stark differences that I don't think you'll gain much in terms of business operations, understanding value creation, etc.
If you worked at an MM or at a strong boutique on some lower middle market deals, I think you would actually get more out of the experience. Having worked with some private business owners, I've been able to grasp elements of what works well (best practices) and also where many smaller businesses leave gaping opportunities.
IMO, LMM businesses are frequently founder-owned or family transitions (like yours) and often are not optimally run because of a knowledge gap (prior experience running a larger business, experience as a banker or consultant that works with these businesses), lack of resources (hence the growing influence of private equity) and adaptability (being able to not only identify changes, but executing on a strategy change).
Running a business would be a good experience and you'll be able to draw plenty of important lessons and build knowledge that is transferable and relevant if you decide to go back to IB or PE.
Thank you so much for your reply! Agree on all points but was surprised that you think I can go back into finance. Do you really think it would be possible to go back into finance if I quit banking after 3 months in? You seem to imply that If I wanted I could go back, is that true?
You may not get to go back to the same bank or even the same sphere, but I have zero doubt that IBs (particularly MMs, but even BBs and EBs) would value your experience (assuming you ran the business for at least a few years).
I actually think you could be even more attractive to PE because if you have some transaction/deal experience (even if it was minor), you can supplement that with operating skills and experience that most deal guys don't have. The most impressive element would be if you were able to scale your business from let's say $1.5 to $3mm of EBITDA and sell it to a an investor (whether a fund, individual, investor group, etc.), that would be a perfect resume.
There is also the corp dev/strat angle. I've seen numerous corp dev/strat guys, both PE-backed and private/public enterprises, with operating experience as an executive or owner. If you position yourself appropriately, you should be able to do this.
where in south america?
Sorry, do not want to reveal too much, some people hate me here and they already know my employer so I'd better remain general about the area. PM me for more info
Take the opportunity and don't look back. You'll learn exponentially more since your neck is on the line. I am seeing more and more PE professionals look for opportunities like this over the long-run. Maybe you'll make more money (initially), maybe you won't, but I can guarantee as a person who works in the PE space the guys that we raise capital from are those "business owners" who over the course of their lives have built up amazing businesses. It may not be the sexy thing to do, but you'll definitely do well and learn way more.
Lastly, I will say I did not read any of the above posts as this is my opinion as a PE professional. If you prove the concept and do it well for 5 to maybe 10 years, PE firms will be fighting to hire you to come run their businesses.
That is great contribution. Can you really see me getting a top PE job after doing a couple of acquisitions within the course of 10 years? How should I position myself for this to happen? Is it necessary to do a fund just for myself, otherwise how will they really tack my record?
Just build your business and worry about the rest later. When the timing is right, it'll happen in your favor. Best of luck,
First of all thank you all so much for the reponses. I think it emerges clearly a consensus that owning the business will be more financially rewarding and will give me the potential to be much richer in the future. What concerns me is the management. I am open to hiring a more experienced COO to help me lead but I would want someone with a finance edge as I think it suits my plans better. Problem is that I do not think the company can afford anybody that smart if paid in salary. Do you think some PE VPs that know Spanish would accept an equity stake (without voting rights as I want to maintain control) in exchange for their work. Would a smart VP PE star professional working for a LMM fund focusing on manufacturing accept a 20% stake in the company for working full time with no salary (the 20% stake would be his salary). I could also consider offer salary but I think even a high salary will not be a good enough incentive while a 20% stake (probably worth 2mln plus the dividends) in exchange for full time work would be much more appealing as it gives much greater upside. I think there could be many PE VPs with top MBAs that are latino and want more control and a higher risk reward that would take the offer if they like my plan for cutting the costs in the company and Increase margins dramatically. How can I approach them? Do you think it is a good idea? Do you think anybody would be interested?
Very unlikely as they would get a similar deal with carried interest, and still get a salary + bonus every year
but carried is only on the profits, here you actually own the company. Not even the partners own the company, they only take 2/20, let alone the employees, am I right?
Go for it after working a few years in IB then PE. The skills you learn from IB and PE aren't much when it comes to STARTING a business, but when it comes to RUNNING one, they are invaluable. This is assuming you will be under the mentorship of your father after coming back in 5-6 years. But get the junior level exp first. Get a feel for how stuff works in large institutions, then apply that knowledge on the ground.
I apologize sir If I am off the mark and sound condescending with my remark but are you fit to run a business in an emerging market?
I'm from Egypt and My uncle runs a large conglomerate with interests in many different areas (refineries, construction, banking) with his business running revenue in the high 9 figures. My cousins are mostly unfit to run the business except my oldest one who was the typical Rosey>Oxford lad, and I mostly have come to the conclusion that I don't quite have the all around nepotism, ballsyness, and in general politik skill to run a business in Egypt, either, not like I would run my uncle's business anyways bought more of my fathers property development in Alexandria and Cairo.
I grew up in France, and the UK though so I guess that was obvious. I'm assuming you grew up in Brazil? If that's the case than I'm assuming you shouldn't have a problem running any business. Are you going to be dealing with government officials and in general "3rd world" business practices. Does your father run a modern western business or does he run an "eastern" business (gov't largess, patronage, corruption)?
Apologies if my questions are a bit direct, but succeeding in emerging markets is different than succeeding in commerce in developed western countries. I'm sure you know though.
Best of luck mate! Make the most of your options and your life, and I hope you hit centi-millionaire status and not just 50mil. If I were you I would spend some time working in banking in the west first, not to learn how to be a better entrepreneur, but too mature..but if you don't need it I don't see why you can't go back.
In spirit of the best show in TV just ending
Valar Morghulis!
Try banking for a year and then you can always run the biz.
If you say no to banking now, you'll never really know what you're missing. You have the option of quitting at any time.
Contrary to what many of the contributors posted here, you will learn and get value out of banking especially in your first year.
So many corporate managers don't really understand corporate finance, valuation and basic capital markets stuff - 1 year will give you all you need to be more skilled and confident than most in these areas. Chances are (unless you get unlucky with group & dealflow), you'll be willing to stay for 2 years.
Although the day to day work wont translate well when you go back to running a biz, the strategic thinking and frameworks you learn will be. You mentioned you want to do M&A - probably good to see how that works on the big stage...
The Moelis guy strikes back with his new family-backed biz venture
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Question: Would you rather be a banker, or, would you rather be the guy that hires the bankers?
If you landed an IB gig you already know the fundamentals of finance. Network a bit more with people in the LBO/manufacturing groups and use them as an avenue for international expansion if that's a good opportunity for the business.
You'll need as much time as you can to learn the ins-and-outs of your family business. My $0.02 - finish what you have to in London over the next few months, network a ton, build connections, then work with your dad/executives as you start taking over the family business. Sooner the better.
Trust your gut. You'll get a lot of opinions but in the end it's all a matter of what you feel most inclined to do.
Just by the amount of useless, humble-bragging information you're giving it's obvious you're not to be the leader of a company where you're responsible for people with families themselves. And besides, possibly working for your entire life in the same company... Could be tremendously boring and you're missing out on some potentially nice, international experiences and just being a young guy amongst young colleagues.
Banking and/or PE won't make you a better business person directly. Indirectly, you will understand how to generate transactions and execute timely, which are incredibly important traits necessary to run a business. Understanding clarity of purpose, "lining up" your actions, and having a "whatever it takes" attitude, will be your greatest transferable skills.
Being an ibanker will most definitely not help you be a better entreprenuer. All ibankers do is financial modelling, presentations, administrative tasks, etc. Of course those skills are useful to running a business, and attention to detail is imperative. With that being said, you have to be willing to roll up your sleeves and get your hands dirty to be a good business person. A white collar job would place you in a bubble. Being well rounded includes having superior judgement/instinct, people management skills, marketing knowledge, and much more. Joining a mega PE fund would be identical to investment banking. Only a LMM or MMM shop would potentially allow you to learn about operations and strategy.
You can try going the traditional route, but that's likely to take 5+ years. Beware that most don't make it VP on the PE side. If you're already distracted with alternative options, you likely won't progress rapidly in finance. Why not join the family business while your dad is still around? You can probably learn more from him than a job at Blackstone. Also keep in mind that entrepreneurship can be just as lucrative (if not more so) than private equity. Plus you have the opportunity to join an existing business with little-to-no skin in the game...at least initially.
One last thing...building/growing/running a business is one of the most rewarding things in life, provided you have what it takes, especially thick skin.
fantastic comment, +1 SB. welcome to WSO
Banking will help you speak to wall street/investors, but that's pretty much it. You still need to speak with vendors, customers, employees, potential partners/stakeholders, regulators, etc. The world of prestigious institutions doesn't really translate as well as you might think to other places.
You'd probably be best holding out and taking a lesser role at the company to learn first. Your father sounds like he just wants to keep the business in the family by giving it to you, and is offering you a sexy role to entice you, not that you're really qualified for it.
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Dolorem harum est sed. Assumenda tempora animi placeat eveniet. Omnis molestiae dolorem voluptatem perferendis. Debitis quo excepturi maxime explicabo ipsum necessitatibus. Dolor et repudiandae et qui et voluptatum eum aut. Sapiente esse voluptatibus voluptatem iusto nisi eum dolor libero. Quis ipsam necessitatibus nihil excepturi architecto qui necessitatibus.
Vitae qui facilis cumque et. Sed numquam ullam eius molestiae hic laboriosam.
Architecto cupiditate ratione eveniet unde. At nesciunt esse incidunt cumque veritatis repudiandae pariatur similique. Culpa corrupti vero alias sed. Voluptas omnis temporibus laudantium.
Temporibus voluptatem omnis eum laboriosam eius qui quas ipsa. Aut vero et eos rerum totam. Saepe aut magni sequi illum. Quae est architecto tempora ea.