Does FDD always feel like a sh*t show? On either buy side or sell side.

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Not always. I’ve done 2 buysides where *literally* everything in the Target’s financials tied out. Literally everything tied. One of the Companies was run by a former audit partner from PwC and the other was just some guy that started a business and new his accounting. I get nostalgic thinking about those 2 deals

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I had two go pretty smoothly in 10 months and I think about those all the time haha

Are you in middle market... Then yes

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Sometimes in sell sides, you feel like you're polishing turds and writing some careful words to let a user know it's a turd

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Depends on the deal team and management. Some people are more organized than others. But, you also don't remember the simple deals because they usually go by quickly.

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Be the change you want to see. I usually offer changes and why they would be better. For instance, I really like to have my internal data room have a Follow up requests folder with any items received after meetings. It's small improvement but I can tell what was received prior to meetings and after easily.

This is where soft skills come into play to improve processes. Most of PA only cares about large improvements but there's always small changes that make all of our lives easier.

Public accounting in general always feels like a $hit show

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True, it felt like that when I was in big 4 too

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