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When I first started in IB, a Partner in FDD that I’d met once told me:
- IB is the used car salesman that puts together a story about the car and highlights it’s features, hides it’s flaws, and paints a great future for the potential buyer
- FDD is the car inspector/mechanic that takes a part the car piece by piece, looking for issues…
I absolutely hate the analogy because used car salesman is awful but it’s not inaccurate.
FDD is about facts, identifying issues in EBITDA/WC, and post-close synergies if strategic/cost rationalization if PE.
IB is about creating a story and helping a buyer see value in the business. IB requires more “BS”…
Learning curve isn’t steep because the job isn’t difficult. It’s breaking away from your FDD hat and trying to be less rigid/more creative.