My Initial Contact E-Mail

I learned a huge lesson over the past few weeks on the importance of the format of the initial contact e-mail. Short and sweet is way better than trying to personalize or give an explanation. I learned this hard way, wasting valuable time and giving up the opportunity to meet amazing new people! 


Several weeks ago, I sent out two waves of e-mails to alumni. The first wave my e-mail was tailored to the individual and had an explanation of what I was looking for, either a role in Private Equity, or if they were in Investment Banking, financial sponsorship / project sponsorship. Crafting these e-mails took a lot of effort because I looked up the person on LinkedIn, and based my e-mail on their profile. This was also the exact advice that a career coach gave me, and my e-mails were based on a sample in a leading career search book. After about 20 of them over 4-5 hours, and realizing that I had about 20 left to go, I went with a much shorter e-mail that wasn't really tailored. My response rate to the shorter e-mail has been amazing (like 15/20 of the people responded), as opposed to the longer e-mail where only 2/20 ever responded. 


So... huge lesson learned on two fronts (my time and response rate). Keeping it short is way faster to get out the door and also yields more results. If the job trail goes cold, I will have to go back to those initial contacts and try the shorter e-mail for my second touch. But, on that note, it is unlikely, I now have made some good connections and have some meetings with some big folks in big firms over the next couple of days!!! 


- BSM 


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SHORT E-MAIL EXAMPLE (SUCCESSFUL) 

Subject: Introduction / Chat 

Hi XXX, 

I am reaching out to alumni after completing my MBA; looking for finance and investment banking opportunities, and want to make some new connections. It is also nice to meet other alumni and Canadians in NYC. Are you free for a chat or coffee this week or next? 

Cheers - BSM  

Brian Spencer Martin, PE, MBA
www.linkedin.com/in/brianspencermartin
strategygrowth.blogspot.com
www.motiv808.com
www.strategygrowth.com

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LONGER E-MAIL SAMPLE (FAILURE)

Subject: Introduction / Chat

Hi XXX, 

 

I recently completed my MBA through Queen's and came across your name on the alumni directory. I am currently looking to move forward with my career in the IT or energy sectors of private equity / venture capital. I was an engineer and manager directly in the industry prior to doing my MBA. 

Based on your profile, you seem like you have had some success working in private equity. I was wondering if we could have a brief telephone chat or coffee this week or next, so I could brainstorm with you some other local companies that are great employers and might have interesting opportunities. It is also nice to connect with fellow alumni and Canadians in NYC. 

 

Let me know either way, and I understand if you can't connect because this is a busy time. My contact information is below and the linkedin profile gives a bit of my background. 

Yours truly, 

Brian Spencer Martin, PE, MBA
www.linkedin.com/in/brianspencermartin
strategygrowth.blogspot.com
www.motiv808.com
www.strategygrowth.com

Debrief on the first weeks of info interviews...

For the past couple of weeks, I did informational interviews with friends and classmates that work in the finance industry. Unfortunately, none of them work directly in private equity and my main goals were to have some reviews of my resume from people that work in finance, get some perspective on the current job outlook in the industry, and discuss how to best transition into private equity leveraging my experience in the energy and IT sector.

I spoke with a half a dozen folks and several of them thought that I could go directly into a private equity or venture capital firm, particularly those that specialize in the energy or IT Security sector (which are both red hot, see below). Many of the companies will value the experience that I have in the industry when evaluating opportunities and also my industry knowledge will generate leads for new deals/investments. 

Others thought that it would be beneficial for me to spend some time as an analyst for a large investment banking firms, so I could get some deep knowledge of the industry players. For now, I am going to focus on the private equity and venture capital firms directly, not for any particular reason, other than I think targeting both types of opportunities would stretch me a little thin. I would rather do great focused networking, and then look for opportunities in the private equity and venture capital firms.

The people that have helped me so far have been amazingly gracious with their time and support, and access to their networks. Thank you all!!! 

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Amazing Recent Energy and IT Security Deals... 

http://www.pehub.com/109317/icontrol-networks-inks-50m-series-d/

http://www.pehub.com/108990/vcs-bulk-up-in-computer-security/

http://www.pehub.com/109467/contour-energy-systems-inks-series-c/

http://www.pehub.com/109362/solarbridge-raises-19m-from-existing-new-investors/

http://www.pehub.com/108771/google-solarcity-announce-280m-fund-for-solar-projects/

Amazing Book - The Magic of Thinking Big, David J Schwartz

I stumbled upon this book after reading the Four Hour Work Week because the Author, Tim Ferris, stated that it was a foundation for his life at an early age, and with a bold statement like that, I managed to track down a copy. For some reason, I was never big into reading "self help" books and taking my MBA changed that. Many books throughout the MBA are like "chicken soup for the executive soul" teaching you how to negotiate better, how to talk with your eyes, how to influence people, etc. etc. The MBA chicken soup tasted delicious and I have a pile of business books (self help) books loaded onto my iPad.

I simply loved The Magic of Thinking Big by Dr. David Schwartz. I must have been reading the original 60s version because it was written in a 60s style men's working world and there are a lot of references to advertising men and general motors. I think this classic style added to the "get up and go" mantra that the book preaches. It was written by a Professor and Psychologist, which gives it some credibility and there are the occasional reference to clinical studies. Having said that, the majority of the book is just good anecdotal modern-day fables about how people become successful by having the right attitude. To summarize the book in a couple of passages:

"Believe, really believe, you can move a mountain, and you can. Believe not wish. Belief, strong belief, triggers the mind to figure ways and means and how-to. And believing you can succeed makes others place confidence in you.... Currently, there is some talk of building a tunnel under the English Channel to connect England with the Continent. Whether this tunnel is ever built depends on whether responsible people believe it can be built."

They built that tunnel and I am hooked on the Magic of Thinking Big. The book is the power of positive thinking, multiplied by a thousand. It goes through very simple techniques like morning pep talks, getting rid of negative thoughts and people, setting a clear goal about what you want to do, and then allowing your mind to work its way to the answer. Lots of other great tips in there also.

Here is a picture of the book. It seems to be available online. There is no kindle version unfortunately, but hard copies seem abundant and are well worth toting around for a while! 

Job Boards

Over the past couple of days I have been searching job boards for private equity jobs and equity research jobs. There were a few posted in New York and nothing in Vancouver, which is basically what I expected. I should start sending in my resume to a few of the places, but it seems so weird to get a job this way instead of going and chitty-chatting with someone. Well, I can think about it a little more over the weekend, none of the jobs are closing soon! 

The two main job boards I am using are: 

http://www.efinancialcareers.com/

http://www.monster.com/

I was speaking to a a senior equity research editor yesterday, and he advised that most of the recruiters use efinancialcareers.com and institutions directly use monster.com, so it is best to post on both sites. 

Expanding the Search to Hedge Funds and Investment Banks

I haven't had a cup of coffee yet and did a nice informational interview with a friend of a friend that is a general manager of a large international bank. He used to be a fund manager at Goldman Sach's and then went into management. On the upside, he advised that the most logical place for me to go now would be into equity research, likely with large Investment Banks that may even have specific departments that handle research for utilities. Another option would be to look at Hedge Funds that specialize in this area. Obviously, there would be a lot more opportunities in New York than in Vancouver in this area, so it is excellent that I have dual citizenship and have a home in NYC also.

He puts a lot of weight into the CFA, more so than doing a course from Wallstreetprep on valuation, because the highly technical finance jobs aren't what I am after.

I know that equity research roles would have grueling hours, and the best take their work home with them as the market is always changing. I would be OK with that, particularly since after a year or two, it would put me in prime position to land a job with a private equity firm.

So, good advice from someone who has had a healthy career in the field. I will start reaching out to the investment banks and utilities hedge funds.

"Brian is Private Equity" ~ Branding and Enthusiasm

To start my career search, I thought it would be helpful to create a brand that says to everyone I meet "Brian Martin is Private Equity".  Marketing is also a great way to spur on action. Throughout my life, I have noticed people that are successful are pretty active, and doing some marketing of yourself helps build action. It is also a nice way to gain some confidence by thinking about who you are trying to reach out to, and how you are going to do it. So, in typical MBA fashion, I created a little marketing plan...

Target market: Private Equity and Venture Capital Folks

Who they are: Astute business folks that work in small teams in private equity firms to try to find lucrative businesses to invest in. They like to be bright, they want all the facts (but be brief), and if you are not going to add value to the deal, "be gone". They are usually well connected in the business community, sit on many boards, and typically have a background in finance, investment banking, or operational/management experience in the companies they own. 

What they need: Investment opportunities. Typically there is a lot more money available from high net worth investors, pension funds, etc. then there are actually sound and lucrative investments. They are typically looking for really bright folks to help evaluate investment opportunities, and good managers to assist in turning around distressed assets. 

What I can add: I am extremely good with numbers and models, it is part of the reason I went into engineering. I scored in the 95% of MBA applicants on the entrance exam, the GMAT. There typically isn't an investment or management decision that I haven't been able to quantify through some sort of financial model (typically in excel). Apart from that, I have operational experience with IT, utilities an security. I have worked in utilities taking low performing areas and turning them into high performing areas. I have the right credentials (MBA), but perhaps lack the investment background. I am playing already in a new venture called Motiv808. I can consume and redistribute a lot of information quickly.

How I can demonstrate it:

Marketing Medium - my website: create a website and blog that chronicles my experience. As an example... a couple of people have told me to take the Canadian Securities Course and WallStreetPrep courses to try to break in. I could discuss my experience as I go through the courses. While I am doing the courses, I will also follow private equity discussions on linked in, and other bloggers (there really aren't that many) and post comments. Those comments will have links to my website and blog so recruiters and PE/VC folks read all about me. Another idea I have is actually Participate in a "deal" / intern, free of charge to bolster my resume, and blog about the experience. As an end goal, have my website become sort of an epi-centre for private equity ramblings in the Vancouver or New York area.

Medium - my linked in account: list the  value I add. Start participating in the private equity forums and ask questions about where deals are found, etc. 

Medium - my resume: it looks pretty good, considering it is lacking any private equity experience.

So, here my marketing plan of action:
1. Get some "Private Equity Head Shot" photos taken (thank you Brandon) and post them to linkedin, my website and a blog.
2. Register a really cool domain name that has to do with private equity (strategygrowth.com)
3. Create a blog, and a first blog post.... hmmm marketing plan sounds good
4. Update my linkedin profile to state that I am interested in Private Equity and Venture Capital. Register for groups in that area.
5. Get business cards with the same look and feel as blog and website

I know that this seems like a lot of work just to start a job hunt. I somewhat agree, but I think that blogging and actively contributing to the private equity community, even during the career search will help me build connections into the industry, increase my knowledge, increase my confidence, and create action! So, even if I get a job the old fashion way, by submitting a resume to someone and landing an interview, there is not much downside with this approach. From what I have read, there is not "typical" way to get a job as a venture capitalist or with a private equity firm, so I will let you know...

"The brand image"

I will let you know when I get those headshots from Brandon!

-Brian.