From BB to boutique - M&A
I have been working for 3 years in the M&A group of a BB. I am now considering the unusual path of exiting to a small (~10 men) M&A boutique.
I am looking for feedback on this potential move. On the pros side: better lifestyle (9am-7pm), similar pay (more upside potential with the bonus), more deal flow and deal exposure. On the cons side: less prestige, ´less’ exit opps, smaller transaction size.
Based on the WSO threads discussing transitions from Bulge Bracket (BB) banks to boutique firms, here's a detailed analysis of your potential move to a small M&A boutique:
Pros: 1. Improved Lifestyle: Smaller boutiques often offer better work-life balance. Your mentioned hours (9am-7pm) are significantly better than the typical hours at a BB. 2. Compensation Structure: While base pay might be similar, boutiques often offer higher bonus potential based on deal success and personal contribution, potentially increasing your total compensation. 3. Increased Deal Exposure: In a smaller team, you'll likely handle a broader range of responsibilities and have more significant involvement in deals, enhancing your experience and skills.
Cons: 1. Reduced Prestige: Working for a BB comes with a brand value that can open doors and provide a certain level of credibility in the industry. Moving to a smaller boutique might not carry the same weight. 2. Limited Exit Opportunities: The prestige and networking opportunities at a BB can lead to more diverse exit options. A smaller boutique might limit future opportunities, especially in larger firms or more competitive roles. 3. Smaller Transaction Size: Deals at smaller boutiques are typically less significant, which might affect the complexity and learning opportunities compared to those at a BB.
Additional Considerations: - Personal Growth: Evaluate how this move aligns with your long-term career goals. If personal growth and work-life balance are priorities, this could be a beneficial move. - Cultural Fit: Smaller firms often offer a closer-knit environment. Consider whether the boutique's culture aligns with your values and working style.
This move could be beneficial if you value a better lifestyle and more hands-on experience over the prestige and broad exit opportunities provided by a BB. However, consider your long-term career aspirations and how this change might impact them.
Sources: boutique v BB, Exit to LMM PE - Pros & Cons?, From BB to Boutique and Back Again?, PSA: Consider Regional Boutiques. Good Comp + Lifestyle, PSA: Consider Regional Boutiques. Good Comp + Lifestyle
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