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I'll answer this in two parts: Me: I personally have a very atypical career so please take this with a grain of salt. That being said, I think my weird backgr
by mbesto 4y ago
I'll answer this in two parts:
Me:
I personally have a very atypical career so please take this with a grain of salt. That being said, I think my weird background helped me to excel in this space
Here is my professional background
- SAP Consultant working for SAP (Data Analytics & Reporting)
- (Entrepreneur) Web Design Agency (failed)
- SAP Consulting (3rd Party Partner)
- (Entrepreneur) Startup (failed)
- Management Consulting (we were doing about ~15 IT Due Diligence projects a year when I joined)
- Left previous firm and started my own firm (Renna Partners), which exclusively focused on IT/Tech DDs (previous firm did IT strategy + DD was a small part of the overall biz)
- Sold my firm to my competitor (Crosslake), which is who I work for now
Experience that led to this type of work:
I started as a consultant in SAP's support group. Oddly, at a young age this gave me exposure to the technical/operational challenges of M&A as I sat in on a high profile customer who bought SAP and BOBJ integrated products before the company merged, and then had to deal with the companies/tech talk to each other post close. This was more "in the trenches" than it was strategic, but it help formulate how I thought about the strategy of M&A for companies. I then taught myself to code when I tried doing a web design agency and a startup. Failed miserably, but gave me a ton of empathy about what its like to be a (1) a founder (2) an engineer and (3) a business operator. After my last startup failed, I called an old friend of mine and luckily they were hiring. Their IT DD practice was small (it was 1-2 people) but growing. I came on and basically acted as a junior partner with one of the partners who led the practice. We quickly grew that to supporting ~100 deals/year. The company wasn't strategic about the work (they wanted large scale IT strategy gigs), so we split off and I start my own firm that focused solely in on IT/Tech DD. I then sold that company to my biggest competitor. I'm now an MD/Executive at that firm. My experience with hands on development, owning/operating a business, M&A, mix of enterprise software + implementation, and consulting (this can't be understated, there is a ton of value in knowing "how to be a consultant") is probably what really helped me excel in this space. Oh and now that I've sold a company myself, I have even more perspective :)
Typical person:
There are usually two types of personas that fit well: career consultants in tech M&A (think E&Y, West Monroe, KPMG, etc.) and operational leaders (e.g. seasoned CTOs, VP of Engineering, Head of Product, etc.). People who have done both are IDEAL. Personally I look for "athletes" or T-Shaped people. You need to be able to get very technical and then translate this to a financial person who doesn't know the difference between Java and JavaScript, which is a very unique skill in itself.
P.S. I have a huge demand Product people (market + technical) who want to help do Product Due Diligence + Product Strategy consulting. Please reach out if you're interested.
- mbesto 4y agoHere is a link if you want to apply: https://jobs.lever.co/crosslaketech/7b2e42ec-d873-443f-b30f-20d37dbdf51c https://jobs.lever.co/crosslaketech/7b2e42ec-d873-443f-b30f-...