Working for my grandad?
Ok, so my grandad made me an offer for a job to go work for him at his firm, which is a distressed/opportunistic shop with around 1.5b aum. I'm graduating soon and despite my best efforts, I have not landed a role I want, just some IS roles at the big three. He said I could go work for him, pay will be much higher than market (200k all-in) and none of his children or grandchildren followed him into RE, it's just me and him in the "family business" so lots of room to grow and in time grow the firm as well.
My worry is that I didn't earn it, I wasn't able to land a buy-side role myself and it just feels like an easy way out. I feel like I'll be judged for my good fortune. Plus it's not in NYC so knock off points for that as well. I didn't give him a clear answer, just said I'll think about it. Any advice?
Also, this relevant to why I kinda want to take the offer, one of the partners also established a little PE shop within the firm as well, not much outside money but they focus on distressed businesses and do turnarounds but don't sell after 5-7 years, just hold on to them and enjoy the cash flow, this is recent like less than 5 years ago but a cool part of the firm that I'll be exposed too as well, so I don't have to choose between RE and PE-ish type work, I can try both and choose later.
Well, if you don't take it, does grandad need a janitor? Who cares where the offer came from, if someone judges you for taking advantage of what sounds like an amazing learning opportunity, they're probably an asshole. My 2 cents
I am one of those people who didn't have a single relative or family friend/contact in finance and I would not be offended or look down on someone who chose to take an opportunity like this. If you take the job and proceed to not give a shit and not try to learn the business, then yeah shame on you I guess, but if you take this job and use it to propel yourself and learn a ton, who cares how you got it. The same people who would fault you for taking this opportunity because it was handed to you would have taken it themselves if they were in your position. If I'm in your shoes, I take the job and try my best to not give a shit about what others think (harder than it sounds I know).
I understand how lucky I am to have been born into the family I was born into, it’s just a pride thing that I’m having second thoughts. In all honesty, I’m going to take the offer lol, learn as much as I can and see where I go.
I mean both offers would be from connections and unearned, so go with whatever one you want. It might be factual that you don't deserve the position, but don't be an idiot and turn down a great offer because of your pride. Don't feel bad dude, so many people in finance get positions they don't deserve. Whether it's legacy for college, parents getting their kids jobs, rich kids stealing diversity program spots, or whatever, the system is being gamed by everyone if they can. Don't shoot yourself in the foot cuz you are playing the game.
Instead of worrying about how you didn’t earn it. I think you should consider what an amazing opportunity it is for you to learn and grow plus the salary is plush. A lot of people work super hard and deserve a lot more than what they’re being paid and still can’t make 200k. If you took your grandfathers offer you can go in and work hard and earn it by showing results to thank him
To be very fair, you did not strike out on the job market if you got IS offers from big three firms. Buyside roles open to direct from UG grads are rare in any market, and this is not the best one.
My two cents.... you didn't get any input into your parents the decision to make you, nor did your parent with granddad. You exist, and that is the most "not your fault" thing any human can have. So, there is really nothing wrong with taking the offer. You should not feel guilty in anyway.
NOW, with all that said. The fact that you are making this post, makes me want to steer you towards one of the IS offers. Here is why, even if the family connection helped you get some of them (and I have no idea if they did or not), it is on YOU to rise or fail. If you suck, they will fire you. If you succeed, they will promote you. If you build connections and get a buyside job, YOU got that job. If you take the family job, it will be difficult to really own it the same way as you just do not have the real risk of downside like you would otherwise.
I've seen many "juniors" running the family firm, and it can be a disaster. Why? When it is handed to someone, they didn't have to fight their way up, and I gotta say, that is a big part of what makes people the leaders they are. Will you be one of the "disasters"? I have honestly no idea, and neither will you for decades.
So I would take the IS offer, tell granddad you want to strike out on your own first, then see where things land. Perhaps you will join the firm in a year or two, or maybe five years, or ten, or well... never. But regardless, you will have been on your own, so that decision is far better informed, and whatever experience you have between now and then is YOURS.
Note, this is super personal type advice, very much based on personal biases. There are many good arguments for you to take the job, and honestly, it may be the right call. I just want to give my direct thought, take it as you like!
I'll tell you what I told a buddy in a similar situation, go work in investment sales for two to three years. You'll see more deals, meet more people, and do different things than what you'll do at your family company. I think it allows you to bring some different perspective to the business, you'll build a network, and I think it will give you a little more credibility (with yourself and the marketplace). Seems like you'll be fine no matter what you decide, but if/when my kids get into the business, I'd want them to work somewhere else before they worked with me. My two cents.
200k all-in? LMK if you don’t take it, I’d be more than happy to play the role of this man’s grandson
Take it but don't accept $200k starting. Ask for something reasonable instead and tell your grandfather to donate the surplus. Shows you're at least willing to eat some shit and know you aren't entitled.
yeeeaahhh that's not happening
My advice would be to take an outside job or two before going to work for your grandfather. It will give you the opportunity to see how other companies work, expanding your viewpoint and network, as well as giving you the opportunity to live in NYC for a few years, which it sounds like you want to do. It will also help establish you if/when you do join your grandfather because you will have some experience/success in your own right.
You might be giving up some money in the short term, but if the goal is to keep the company operating after your grandfather retires/passes away, then you will be in a better position to help navigate if you have a broader, more developed viewpoint.
IMO, albeit without knowing you, you're taking the job and just want internet strangers to tell you it's ok.
People who don't need the money and want to get experience and build a network. There are tons of kids that do this every year.
If you turn it down I'm willing to be his grandson...lmk
Same here
I would go work with your grandpa. Have a friend that went that route for 4-5 years and then split out and he learned a ton and is doing really well now.
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