Brian DeChesare

MARCH 13, 2024

Over the past few decades, growth equity (GE) has gone from an afterthought to a major asset class for huge investment firms. Some argue that GE offers the best of both worlds: the opportunity to fund innovation and growth – as in venture capital – plus the ability to limit downside risk and invest in proven companies – as in private equity.

Equity 90

Equity Start-ups Marketability Banking 90

Brian DeChesare

MAY 11, 2022

There are few topics as heated as age and investment banking. What should I do with my life if I’m too old for banking?”. If you are older than these age ranges and still want to win a traditional investment banking role, you should start by asking yourself, “Why?” Do I have any chance if I’m above the age of X?

Banking 98

Banking Start-ups Finance Private Equity Firm 98

Musings on Markets

MAY 7, 2023

I also used the banking framework to argue that good banks have stickier deposits, with a higher precent of these deposits being non-interest bearing, that they invest in loans and investment securities on which they earn interest rates that cover and exceed the default risk in these investments.

Banking 63

Banking Price to Book Dividends Book Value 63

Brian DeChesare

AUGUST 3, 2022

As investment banking internships wind down each year, interns everywhere wake up and mysteriously come up with a similar idea: “I want to switch banks for my full-time role! Unfortunately, switching banks, groups, or locations after your internship is much easier said than done. Why Switch Banks?

Banking 77

Banking Start-ups Enterprise Value Marketability 77

Equidam

SEPTEMBER 13, 2023

But how do founders see this roadmap? How steep should the proverbial hockey stick be? The lack of knowledge on how founders see the future stems out of the little data about startups financial projections. Building a startup into a sustainable business requires multiple years of commitment.

Start-ups 120

Start-ups Banking Marketability Technology 120

Chris Mercer

MAY 19, 2023

This post was originally written for Mercer Capital’s Family Business Director Blog and offered advice to family business directors based on my observations following the failure of Silicon Valley Bank on March 10, 2023. This failure was followed by Signature Bank on March 12, 2023, and First Republic Bank on May 1, 2023.

Banking 98

Banking Treasury Start-ups Marketability 98

Brian DeChesare

SEPTEMBER 14, 2022

For example, if you work in Debt Capital Markets or Leveraged Finance or a closely related area such as corporate banking , technically, you are a “credit analyst.”. how much in products/services they can order before submitting cash payments) and how your company’s cash flow will be affected.

Finance 74

Finance Banking Corporate Finance Start-ups 74

Brian DeChesare

AUGUST 23, 2023

Almost nothing is worse than recruiting for investment banking internships , winning an offer, preparing , completing the internship, and then not getting a return offer. Unfortunately, it’s also quite common: in some years, over 50% of interns fail to get a return offer.

Banking 52

Banking Start-ups Finance Marketability 52

Brian DeChesare

JUNE 21, 2023

Investment banking in Dubai stands out for attracting remarkable hype on social media. Specifically, should you aim for entry-level investment banking roles in Dubai rather than London, New York, or other financial centers? Investment Banking in Dubai: The Top Banks The usual U.S.

Banking 96

Banking Start-ups Finance Equity 96

Brian DeChesare

JUNE 15, 2022

Oh, and most importantly, you won’t get any respect if you’re in one of them. Yes, if you’re working at a large bank, it’s generally best to be in a “front office” (client-facing) role. First, note that these terms apply only to investment banks and related finance firms (private equity firms, hedge funds, etc.).

Banking 90

Banking Treasury Start-ups Finance 90

Lighter Capital

AUGUST 17, 2023

How to Grow a SaaS Startup in a Capital Crunch Step 1: Manage existing cash flow Bootstrapped or venture-backed, nearly every tech startup must raise capital to grow. How to Grow a SaaS Startup in a Capital Crunch Step 1: Manage existing cash flow Bootstrapped or venture-backed, nearly every tech startup must raise capital to grow.

Banking 98

Banking Finance Marketability Equity 98

Brian DeChesare

MARCH 2, 2022

As investment banking recruitment has moved up earlier – especially in the U.S. These factors have made the off-cycle investment banking internship a popular strategy for many students. vs. elsewhere, and it also differs at different types of banks. vs. elsewhere, and it also differs at different types of banks.

Banking 59

Banking Start-ups Finance Equity 59

Brian DeChesare

SEPTEMBER 7, 2022

If you want an investment banking internship , you need a previous investment banking internship, usually at a smaller firm. And as the recruiting process has moved up , this problem has gotten worse because you need these “pre-internships” even earlier to have a good shot at the large banks later.

Finance 84

Finance Banking Start-ups Marketability 84

Lighter Capital

JULY 22, 2023

One of the most appealing features of SaaS startups is their sticky revenue streams, which make them less risky investments. When opportunity strikes, how do you extend your runway to reach that next level? Banks are notoriously , averse to lending to SaaS startups. For investors, SaaS means security. Maturity date.

Finance 98

Finance Equity Equity Financing Banking 98

Valutico

FEBRUARY 27, 2024

More importantly, we’ll dig deeper into how discount rates can influence investment choices and how they’re used to figure out a company’s worth. For central banks like the Federal Reserve, it helps control the economy. What is a discount rate? The “discount rate” does two main things.

Discounted Cash Flow 52

Discounted Cash Flow Risk Premium Risk-free Rate Weighted Average Cost of Capital 52

Brian DeChesare

DECEMBER 21, 2022

Just look at the financial markets, the crypto meltdown, deal volume at banks, inflation, energy prices, Russia/Ukraine, supply chains, and the hiring environment in tech and finance. But let’s start with my favorite topic: “ranking” banks, schools, and maybe a TV series or three. Bank, School, Dragon, and TV Rankings.

Banking 80

Banking Start-ups Finance EBITDA 80

Appraisers Blog

AUGUST 15, 2023

Having learned lessons from the past, now instead of flipping out foreclosure notices left and right, we get artificially propped up markets where the foreclosures are staggered, and never seen by regular citizens, because, like always, like before, the lending communities primary obligation is to investors, not borrowers. History repeats.

Appraisal 68

Appraisal Banking Finance Marketability 68

Equidam

JUNE 8, 2023

In January of last year, we wrote about how the supply of capital had saturated many other asset classes, and early stage equity was becoming more attractive to a greater number of investors. We shared a hope that this abundance of capital would lead to greater levels of investment in overlooked areas. Today, valuation matters again.

Start-ups 78

Start-ups Finance Equity Marketability 78

Brian DeChesare

MARCH 8, 2023

But a few related areas, such as commodity desks at banks, commodity trading advisors (CTAs), and physical commodity trading shops could put up a good fight for that “most cyclical” title. Commodity trading desks within sales & trading at the large banks. power, energy (oil, gas, NGLs, etc.),

Finance 104

Finance Start-ups Banking Alpha 104

Viking Mergers

JANUARY 2, 2023

Jackson recalls, “I didn’t know what I was getting myself into. After the exit event at Rio Bravo, Jackson worked for a few years at a boutique investment bank where he analyzed companies. “I get those people. I typically have an idea of what they’ve been through to get here. But, we learned a lot.”

Business Valuation 130

Business Valuation Banking Finance Marketability 130

Brian DeChesare

APRIL 6, 2022

Ask anyone joining a large bank which group they’re most interested in, and consumer retail investment banking is a likely answer. The benefits of the group are almost like the benefits of getting into investment banking : brand/prestige, technical skills, and exit opportunities.

Banking 96

Banking Start-ups Equity Marketability 96

Brian DeChesare

JANUARY 19, 2022

FSG Investment Banking: What the Financial Sponsors Group Does The Financial Sponsors Group vs. the Financial Institutions Group The Financial Sponsors Group vs. Leveraged Finance vs. Debt Capital Markets Recruiting: Who Gets Into the Financial Sponsors Group? Table Of Contents. So what’s the difference?”.

Private Equity Firm 72

Private Equity Firm Banking Equity Finance 72

Brian DeChesare

AUGUST 16, 2023

As with investment banking in Hong Kong , I can summarize private equity in China in one sentence: “If you’re not Chinese, don’t even think about it, and even if you are Chinese, it’s best if you have great connections within the CCP and want to stay in China long-term.”

Equity 70

Equity Banking Start-ups Private Equity Firm 70

Brian DeChesare

DECEMBER 14, 2022

One topic that I’ve never fully explained on this site is the investment banking target school. But that’s not always the case, and it gets confusing because target schools differ by region (U.S. And why do banks focus so heavily on a few schools? Definitions: What are “Investment Banking Target Schools”?

Banking 52

Banking Finance Start-ups Corporate Finance 52

Viking Mergers

OCTOBER 28, 2022

A recent bank survey revealed that 98% of small businesses can’t put a figure on their company’s value. If the majority of your personal net worth is invested in your company (which is the case for the majority of business owners) that means your business is your most valuable asset – which makes it worthwhile to know its fair value.

Business Valuation 130

Business Valuation Start-ups Finance Banking 130

Brian DeChesare

AUGUST 10, 2022

With the possible exception of FIG , oil & gas investment banking generates the highest number of panicked emails and questions. Historically, these panicked questions were usually variations of: “Will I get pigeonholed? How do I move around? Different banks classify their oil & gas groups differently.

Banking 82

Banking EBITDA Dividends Equity 82

Brian DeChesare

FEBRUARY 16, 2022

One of the more controversial industry groups is public finance investment banking. The controversy starts with the name: Is public finance “really” investment banking? You could argue this either way, but the short answer is yes , public finance still counts as investment banking.

Finance 65

Finance Banking Equity Marketability 65

Brian DeChesare

JULY 12, 2023

Depending on your source, a VC case study might consist of a “cap table” exercise where you calculate the company’s ownership over many investment rounds and the proceeds to each group upon exit… …but it could also be a qualitative discussion of a market, an evaluation of a specific startup, or even a simple 3-statement model.

Banking 52

Banking Marketability Compliance Finance 52

Lighter Capital

AUGUST 10, 2023

There’s no getting around it: Startups have to spend money to make money. Below, we’ll show you how to calculate your startup’s burn rate and give you tips for reducing your cash burn so your burgeoning business can thrive. It helps you understand how long your cash will last — in other words, how much runway you have.

Start-ups 93

Start-ups Finance EBITDA Debt Financing 93

Viking Mergers

MARCH 8, 2023

Our 5-part M&A Deal Killers series digs into the top business deal breakers in business sales and how you can identify, prevent, and resolve them. After the years of hard work that you have invested in your business, you deserve a seamless and profitable sale. Today’s focus is Deal Killer #2: Unresolved Issues.

Comps 130

Comps Compliance Banking Finance 130

Brian DeChesare

DECEMBER 7, 2022

The first thing to understand about investment banking in Hong Kong is that it’s unlikely you’ll ever be able to work in investment banking in Hong Kong. Hong Kong is still an important financial center, but banks there now focus almost exclusively on mainland China in terms of deals, clients, and new hires.

Banking 52

Banking Equity Start-ups Finance 52

Brian DeChesare

NOVEMBER 1, 2023

They do not invest in risky biotech startups attempting to cure cancer (at least not within their traditional PE portfolios). These firms lie in the territory of life science venture capital firms that invest in high-risk, early-stage companies. Some PE firms also invest in this vertical, typically via separate groups (see below).

Equity 59

Equity Private Equity Firm Start-ups Banking 59

Lighter Capital

JULY 20, 2023

While a well-capitalized venture with several million dollars in the bank can behave like a large, established company from the jump, a bootstrapped startup has to manage cash more carefully, growing at a rate they can afford and control. It’s best to start with the basics.

Debt Financing 52

Debt Financing Finance Equity Equity Financing 52

Value Scope

APRIL 9, 2021

If I buy a rare sports car for, say, $100,000, and I get to view it every time I walk into the garage, what is its value? How do you measure that? It may go up or down in value, but you get to look at it every day. It may go up or down in value, but you get to look at it every day. It transcends FMV.

Fair Market Value 130

Fair Market Value Marketability Finance Intangible Assets 130

Value Scope

APRIL 9, 2021

If I buy a rare sports car for, say, $100,000, and I get to view it every time I walk into the garage, what is its value? How do you measure that? It may go up or down in value, but you get to look at it every day. It may go up or down in value, but you get to look at it every day. Transcending Fair Market Value.

Fair Market Value 130

Fair Market Value Marketability Finance Intangible Assets 130

Brian DeChesare

SEPTEMBER 20, 2023

Most articles are copied/pasted/tweaked text, others appear to be written by ChatGPT, and others repeat generic questions you might get in an interview for a janitorial position. No Right or Wrong Answers – Some technical questions have correct answers, but many market and investment ones do not. Which market is attractive?

Start-ups 59

Start-ups Equity Marketability Terminal Value 59

Brian DeChesare

JANUARY 13, 2022

If you’ve been reading this site for a long time, you probably thought that I’d never return to the topic of investment banking fitness. And that has created good and bad news if you want to stay in shape or get in shape while working crazy and stressful hours. The large banks think they might return to the office “eventually.”.

Banking 59

Banking Start-ups 59