I’m already one quarter of the way through my 12-week internship. Evidently, time flies when you’re running LBO models.
Being back in a dealmaking environment has been a lot of fun. It is not a new world for me, but I find that the first year at Tuck has developed the way I think and made me a more accomplished professional in this familiar setting. I have found myself applying strategy classes (both the core class and Alva Taylor’s strategy in turbulent environments elective) more than any others. When trying to figure out whether a prospective deal is an attractive investment opportunity, frameworks pop into my head. How defensible are the target’s barriers to entry? What is its relative power within its ecosystem? How does it stand to benefit or lose from disruptive technologies? How strong is its intellectual property and how well can it preserve the advantage it gains from it? Is the business really on a recovery path, or am I looking at the false dawn in a reverse S-curve? On and on they flash through my mind like strobe lights. My new way of thinking enables me to look beyond the numbers in a way I was previously ill equipped to do.
The first three weeks have been lots of fun as I’ve been tossed into the deep end of a vast pool of work. I’m already involved in four deals, all at different stages in the transaction process. I’ve been preparing and presenting models, drafting and submitting offer letters, leading diligence calls with industry experts, and getting involved in detailed financing negotiations, amongst other things. The experience has confirmed that I want to work in middle-market private equity after graduating next year. No job is a panacea, but I thoroughly enjoy and believe I am well-suited to this. I think that joining a firm that is focused on a sector of the economy is the perfect way for me to continue developing my understanding of businesses, to add depth of industry expertise to my repertoire, and to apply in practice all the ideas we discuss in class. All I need to do now is land the perfect role!
In the rare quiet moments of the past few weeks, I have on occasion yearned to be back in Hanover. It has struck me how fleeting our time at Tuck is, and how sacred. Being surrounded by so many incredibly smart and fun friends is something we all take for granted at Tuck. This time next year it will be all over, and I understand now the sense I got from the T’11s last year that they were trying to savor something they knew was wonderful and would pass all too quickly. As exciting as it will be to get back in the career saddle next summer, riding off into the sunset with my back to Baker-Berry will be a bittersweet moment.
Read the full article: Checkpoint