Just heard from a friend of mine who started a new job four months ago with a firm owned by Private Equity. Here is what he had to say:
Things have gone well for me….already 4 months into the role…how time flies by! However, since we are PE backed, a liquidity event is probably out there over the next 18-24 months, so I may be back on the market at some point.
I know that the whole Private Equity thing is center stage in our current presidential politics, that’s not the purpose of this post. (Although many would say that introduction of PE / VC into organizational dynamics has been a ‘Bain’ to our existence …) My friend’s comment is a reminder that you are obligated to stay proactive with your career because the winds of change can blow suddenly. And working for a Private Equity based firm is the poster child for why this is true.
I just personally experienced the same thing with my job change. My former company was recently acquired by a Parisian based PE firm. It was not the only reason I left but it was an important sign that it was time to move on. While I don’t agree with this approach to business (in my experience, employees at PE firms have a tendency to be overworked and are often reminded that their jobs are at risk if certain financial targets are not met), the PE firm that bought my company was not evil. I met two of the owners and actually thought they were decent people. But it was clear that they weren’t owners, they were investors. That meant things were going to change dramatically and ultimately it would not be a good fit for me. Or worse.
So, it was time to get proactive or else find myself reacting to the changes. And, that’s never a good place to be. Is it?
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I’m on my toes…trying not to stub them.