ONLINE IN PERSON
A month ago I began a part-time MBA program, and while I believe there is a benefit to having this degree in the long-term, I am struggling to find employment in the now-term. I decided it would be better to broaden my experience during my unemployment, so I recently expanded my employment searches to include internships. I figured internship experience in a new industry or job function coupled with my MBA could help strengthen my chances of one day landing a quality full-time position.
A week ago I spotted an interesting internship opportunity. It was within a private equity (PE) firm that specializes in buying brands and leveraging their Intellectual Property (IP). Among other responsibilities, they basically license their acquired brands out to manufacturers and retailers that believe their products would sell better if associated with a known brand (ex. Jeep strollers sell for a higher price than a generic branded stroller). This looked like a fantastic opportunity for me. I have a background in licensing and business development already and thought that this company could teach me more about financial modeling, the valuation of brands, how to structure M&A and acquisition deals and how to acquire and manage private equity.
I submitted my resume and cover letter and hoped to hear back. Sure, it was just an internship, but I knew I was qualified and knew this would be a great chance to learn. That same day I heard back from them asking me to come in at 9AM the following day to talk more. They even said they were very impressed with my background – NBD.
I did my research on the company’s current brands and recent deals. I made sure I was well rested and wore a freshly pressed suit. I was at their office at 8:45AM with extra resumes printed out on quality card stock (Remember: 15 minutes early is on time. On time is 15 minutes late). While going up in the elevator I told myself not to get too excited; this was an internship and was probably unpaid. I told myself I was interviewing for an opportunity to make more money down the road, not today.
I was greeted by a 22ish-year old professional (let’s call him “Ripley”) in jeans and a button up. My first thought was “Sweet, a company where I can wear jeans. They are young, successful and cool.” Ripley brought me into a conference room decked out in branded apparel, soft goods, luggage, electronics, etc. I thought I could get used to this. I sat down and expected to meet with other office people. It turned out the interview was just me and Ripley.
The interview seemed normal through the first 5 minutes. Then I asked what the PE firm would want from their intern. Ripley rather chose to answer with what the PE firm did and what brands they housed (information I knew and figured I should be expected to know coming into the interview). When pressed again, he opened up.
Ripley explained that I would technically be taking the internship with his company, a consulting agency that works for the PE firm. Let’s call his consulting agency “The False Impression Group.” He explained that he formed his consulting practice to work with the PE firm and made a commission-type salary for new business he brought into the PE firm. When I asked who was in his agency, he said it was just him (reminds me of Entourage’s Murphy Group).
My first thought was, why would the PE firm hire a consulting agency of one person rather than hire Ripley directly. I figured something was amiss. Before I had time to think this through further Ripley explained that he would expect his intern to not only handle administrative duties (i.e. phone calls, data entry, lunch orders), but would have other responsibilities like fetching Ripley’s laundry and car from time to time. Ripley explained that “The False Impression Group” works hard and that the intern was expected to work full-time, 50-60 hours per week (Keep in mind: this is an unpaid internship). But to be clear, Ripley assured me I would learn a ton.
While this was sinking in, Ripley explained to me that he would require me to sign a non-disclosure agreement and a non-compete agreement (By this point it was clear to me that I was not interested in this opportunity).
I decided to challenge Ripley’s proposition and his company in general. I asked him to explain to me why I would limit my potential for full-time paid employment by signing a non-compete for an unpaid internship (Answer: because I would learn a ton from Ripley). I asked him why I would be expected to work full-time when he was just a one person company (Answer: there is so much to do). I even went as far as to ask why he had his own agency rather than working directly for the PE firm (Answer: he didn’t want to limit himself. His could be more successful than them).
Upon further discussion, it turns out Ripley is a son and grandson of successful manufacturers in Manhattan. At one point he said, “I am Syrian. Do you know what that means? It means we know everybody in this industry.” I wish I responded with “I am Irish. Do you know what that means?” Sadly, I didn’t.
I gathered from this that Ripley’s father knows the PE firm and asked to get his son a job. Rather than pay him benefits and a salary, the PE firm likely suggested they would pay Ripley a commission on all new business he brought them, but that they would not put him on staff. Ripley most likely took this opportunity to start his own consulting practice, though I cannot find a website or anything on his company on the web. Anyway, this is all speculation anyway.
To tie this all together, I basically met a company online, we hit it off and decided to meet up. Upon meeting, however, I realized that although I was truthful about who I was, the company totally misled me. I feel it is the equivalent of looking at a picture of a 10 on eHarmony only to meet her and find out she is a 2. I guess the moral of the story is: If it looks too good to be true, it probably is.
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