6-Step Plan For How To Be Merger Banker
或许蒂姆•英格拉西亚(Tim Ingrassia)不再喜欢“投资银行家”这个头衔，但毫无疑问他对这个职位自有一套有趣的描述方法。Associated Press英格拉西亚是高盛集团(Goldman Sachs Group)美洲并购业务的负责人。他在杜兰大学(Tulane University)公司法学院发表演讲时，用足够的洞察力和隐喻使一帮深感困扰的交易撮合人打起精神，照下面方法想问题：首先，让过去的成为过去。英格拉西亚说，我会承认2006年2007年卖公司是很好玩的事。他展示了一张幻灯片，上面是人们在交易大厅里喧闹的场面。他对大笑的听众说，你站在那里卖公司，人们就拿着钱朝你冲过来，没有太大的挑战性，不过能赚钱。永远没有大功告成之时。英格拉西亚说，他常对自己的团队成员说，在并购合约上进行的95%的磋商是为了最后结果中的5%。没有人再碰运气了。他说，现在我要说100%的合约都要在交易达成之前每天检查一遍。以前的情况是，合约签完字，交易就达成了，但现在我们知道在交易没有板上钉钉之前，就不算达成。脚踏实地。英格拉西亚说，接受新的游戏规则是困难的。比如，私人资本运营公司是他的一流客户，它们常常对他说自己与别的公司有多不同。最终它们都是一样的，都是为了钱。相信奇迹。银行家将会以他们想出创新性的点子来达成交易的能力分出等级。英格拉西亚说，我们实际上就像炼金术士……高质量专注和实施力会获得更大的回报。他随后展示了一张画有香草蛋卷冰淇淋和一杯精制的 代的图片。他说，创造力是最重要的。没有普通的香草冰淇淋。普通香草冰淇淋奏效时，那是非同一般的情况。不过这不是我们现在的市场状况。我们所处的市场更像是加上黑樱桃的樱桃巧克力冰淇淋。制作 代比做一个冰淇淋要更难。团队精神。新的交易范例是：更多的律师，更少的银行家。他过去曾嘲讽过这种说法，他过去常说交易的进展就像是传递接力棒，在银行家手里呆上3个月，然后传给律师，在那里呆上3天。现在，开始一项交易是团队性的工作，买家卖家律师和公关人员共同努力将其实现。他说，我们是个团队，在交易的双方都是如此。这意味着你要习惯团队中有很多律师和你甚至不认识的人。他说，我有23年都没和员工退休收入保障法(ERISA)律师会过面，只是在做一笔交易时，和这方面的律师呆过同一房间里。坚定信念。英格拉西亚的演讲意在回答并购“杯子”是半满还是半空的问题。他的结论是：我认为是满的（停顿了一下），你只是需要一个不同尺寸的杯子罢了。Heidi N. Moore相关阅读失业银行家如何开源节流 2009-03-16高级人才逃离华尔街大机构 2009-03-12 本文涉及股票或公司document.write (truthmeter('2009年04月08日09:30', 'GS'));高盛集团英文名称：Goldman Sachs Group Inc.总部地点：美国上市地点：纽约证交所股票代码：GS
Tim Ingrassia may not like the title investment banker any more, but he sure has an amusing way with a job description.Goldman Sachs Group's head of mergers and acquisitions for the Americas, speaking at the Tulane University Corporate Law Institute, came prepared with enough insights and metaphors to keep the assembled, beleaguered deal makers cheered-up and thinking:First, Let Go of the Past: 'I will confess it was fun to sell a business in 2006 and 2007,' Ingrassia said. He showed a slide of people clamoring on a trading floor. 'You'd stand there selling a business and people would run at you with money,' he said to laughs. 'It wasn't challenging, but it was profitable.'The Work Is Never Done: Ingrassia said he used to tell his team that 95% of negotiating an M&A contract was to prepare for 5% of the outcomes. No one takes any chances any more. 'Now, I say 100% of contracts will be read every single day until the deal closes,' he said. 'It used to be that you got a deal done when it was signed, but now we know a deal isn't done until it is done.'Stay Grounded: Ingrassia said it has been difficult to accept the new rules of engagement. Private-equity firms, for instance, are some of his best clients and often tell him how they are different from each other. 'And, at the end of the day, they're the same. It's all money.'But Believe in Magic: Bankers will be differentiated by their ability to come up with creative ways to make deals happen. 'We are fundamentally alchemists...There will be a greater reward for quality, attention and making things happen,' Ingrassia said. He later featured a picture of a vanilla cone and an elaborate sundae. 'Creativity is king. There's no plain vanilla. When plain vanilla works, it's extraordinary. But that's not the market we're in. We're in Cherry Garcia with a maraschino cherry. It's fundamentally harder work to make a sundae than scoop a cone.'There Is No 'I' in Team: Here is 'the new deal paradigm: More lawyer, less banker.' He quipped that in the past, he used to say the evolution of a deal was like 'passing the baton,' with 'three months from the bankers, and then we would pass it on to three days to the lawyers.' Now, getting a deal started is a huddle in which buyers, sellers, lawyers and PR people are all together trying to make it happen. 'We're in a huddle and we're in a huddle on both sides of the deal.' And that means getting used to having lots of lawyers and people you didn't even know on the deal team: 'I went 23 years without meeting an ERISA lawyer and just worked on a deal where the ERISA lawyer was in the room,' Ingrassia said.Keep the Faith: Ingrassia's speech was designed to address the question of whether the M&A glass is half full or half empty? His conclusion: 'I think it's full' (comedic pause) 'You just need a different size glass.'Heidi N. Moore
Tim Ingrassia may not like the title investment banker any more, but he sure has an amusing way with a job description.Goldman Sachs Group's head of mergers and acquisitions for the Americas, speaking at the Tulane University Corporate Law Institute, came prepared with enough insights and metaphors to keep the assembled, beleaguered deal makers cheered-up and thinking:First, Let Go of the Past: 'I will confess it was fun to sell a business in 2006 and 2007,' Ingrassia said. He showed a slide of people clamoring on a trading floor. 'You'd stand there selling a business and people would run at you with money,' he said to laughs. 'It wasn't challenging, but it was profitable.'The Work Is Never Done: Ingrassia said he used to tell his team that 95% of negotiating an M&A contract was to prepare for 5% of the outcomes. No one takes any chances any more. 'Now, I say 100% of contracts will be read every single day until the deal closes,' he said. 'It used to be that you got a deal done when it was signed, but now we know a deal isn't done until it is done.'Stay Grounded: Ingrassia said it has been difficult to accept the new rules of engagement. Private-equity firms, for instance, are some of his best clients and often tell him how they are different from each other. 'And, at the end of the day, they're the same. It's all money.'But Believe in Magic: Bankers will be differentiated by their ability to come up with creative ways to make deals happen. 'We are fundamentally alchemists...There will be a greater reward for quality, attention and making things happen,' Ingrassia said. He later featured a picture of a vanilla cone and an elaborate sundae. 'Creativity is king. There's no plain vanilla. When plain vanilla works, it's extraordinary. But that's not the market we're in. We're in Cherry Garcia with a maraschino cherry. It's fundamentally harder work to make a sundae than scoop a cone.'There Is No 'I' in Team: Here is 'the new deal paradigm: More lawyer, less banker.' He quipped that in the past, he used to say the evolution of a deal was like 'passing the baton,' with 'three months from the bankers, and then we would pass it on to three days to the lawyers.' Now, getting a deal started is a huddle in which buyers, sellers, lawyers and PR people are all together trying to make it happen. 'We're in a huddle and we're in a huddle on both sides of the deal.' And that means getting used to having lots of lawyers and people you didn't even know on the deal team: 'I went 23 years without meeting an ERISA lawyer and just worked on a deal where the ERISA lawyer was in the room,' Ingrassia said.Keep the Faith: Ingrassia's speech was designed to address the question of whether the M&A glass is half full or half empty? His conclusion: 'I think it's full' (comedic pause) 'You just need a different size glass.'Heidi N. Moore