Raise The Alarm or Walk Away Quietly?
I work at a small merchant developer/syndicator in a major real estate metro area (LA/NY/TX). They appeared to be active and growing, but the firm has shit culture, poor pay, and massive turnover. I tried to be a strong team player, contribute in whatever areas they needed help in--working 12 hour days and some weekends to take up the slack from all the turnover and not replacing people. I have finally decided that I will take my talents and efforts somewhere else and leave.
While I have been at the firm I have seen a number of dubious business practices. They prey on low information investors and dumb money. Proformas can be extremely aggressive/ grossly misrepresented. If they aren't being legally unethical and overly greedy with excessive fees and reimbursements, Operating Agreements and distribution % for LPs are merely guidelines to them.
I don't know a single GP partner they haven't stolen from. Typically mickey mouse crap--10, 20, 30k at a time. Fake Invoices, fake budgets/reimbursements. They will fight with vendors for discounts/lower invoices, get the discount, but then send the original invoice to the the partners to fund and keep the entire discount for themselves and have the other partners essentially fund their share for them.
It is all shielded through various LLCs, but another issue that annoys me is there are a number of people getting "payouts" and "consulting" payments that would absolutely have legal ramifications if they were to come to light--these are payments to people that are supposed to be on the other side of the table.
I don't care about the consulting payments as much, but the fake invoices and treating LP/GPs OAs like toilet paper really annoys me because these are people that are supposed to be in the same foxhole as you. What would you do, walk away quietly or let people know what is going on as you walk out the door?
Honestly, get out before you somehow become the scapegoat. Don't try and turn it into a John Grisham novel, just leave.
I would probably contact a lawyer too, before you leave, to make sure you establish that you're in the clear. They can give you the right advice.
I’m not a lawyer but yeah run
Tides Equities that you bro?
Just leave
Leave. My first job was like this.
Do NOT shed any light on the situation unless you want them to fuck your entire career. Just leave and in 4-6 years after you have an established career elsewhere you can blow them out of the water.
I mean it, dude. These people will FUCK your career up if you get them in legal trouble and they find out it was you.
Unfortunately seems to be the best way, but with so much turnover who knows. Just seems in general people opt for the next opportunity and move on, very rare to see xyz firm in the news from disgruntled employees and there are more than a few firms that might deserve it.
Et nihil excepturi fuga repellendus. Quis nam illo quo. Aut et iusto qui unde. Ullam iusto perspiciatis qui iusto ex illum. Qui est magnam illum. Et perspiciatis ducimus harum.
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