Wondering if any of you work for businesses owned by (evil) private equity firms. I don’t…but I may have an opportunity to significantly better my financial standing by taking a position with one. I’m a CPA in private business…mid-management in a medium size company owned by a multinational but still closely held business. Got a call about similar job in what looks like maybe a smaller company with smaller staff/dept but a considerable pay bump.
In a previous life (career), I audited companies pre/post-acquisitions as well as endowments with large PE portfolios so I’ve seen 2nd hand how brutal they can be. I’m curious if anyone here has 1st hand experience.
I don’t want to jump, get all excited about being hood-rich and then be out of a job 2 years from now. I’m also in a relatively scarcely populated area which is great for training (low traffic) but not so great when looking for well paid specialized jobs.
I have a friend who works for a PE firm and here is all I will add for your thought process and bullet points as you mull the move. PE has been devouring companies for about a decade now and at some point they are going to start selling these off. There are some smart minds that think right now is the time to do it. Of course you will do this, but if you are not fluent int he sector this company exists within get to know it, find out who the 800 lb. gorilla is and see what the trends are saying. Moving to one of these companies when the firms decide to harvest profits would be a sickening feeling potentially.
I work for a company acquired by a PE firm. From my perspective, this firm and their people are some of the best business minds I have ever worked with. Now having said that, its been a big adjustment working for them - they want a real return on their investment, shocking I know.
I think you need to understand their culture and what kind of companies they acquire, etc. If it fits, rock on and go for it.
My company was a privately owned company that was acquired by private equity in SIngapore. I’m not a CPA, but I am the controller. I was brought on to transition it from a closely held company run by its owner to a corporate entity accountable to multiple stakeholder by creating a strong control environment and documented policy and procedures. It is a risk. I took the job thinking it would last one year or go big time. It is a year and a half. I’m not going to lie, it is chaotic, the ever present risk of being unemployed looms over your head. The CEO (former owner) has threatened to fire me on multiple occasions, but the regional CFO (my boss), global CFO, and the managing director of the fund that owns us have taken my side in every instance. I love my job, and was fortunate to stay on after my wife relocated to Scottsdale.