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Private equity is buying everything from vet offices to tech conglomerates

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Re: Private equity is buying everything from vet offices to tech conglomerates

#191

Post by jfidbfidvdid »

JumpCrisscross wrote: post #136

I have a pet theory: there are managerially-minded university graduates who value prestige more than power or pay. In the post-War era, they became beige-suited company men. In my generation, they went corporate finance. Today, they work for private equity. Banking was great. Everyone–from liberal arts to engineering majors–could putz around for years in a pre-defined and prestigious path with moderately above-market…

too complex. world is simple.

boom-bust cycles enable capital to buy everything in the bust period. every thing.

legal entities keep shifting to join news tax avoidance tricks. it's not a static game.

Re: Private equity is buying everything from vet offices to tech conglomerates

#192

Post by primax »

slimsag wrote: post #178
TylerE wrote: post #170

Earlier quoted context omitted.

Better than doing the same work with heavier patients in nursing homes for $12/hr.

The level of mental trauma endured by vets I doubt is matched by elderly care nurses.

My wife worked in aged care. There are plenty of nasty or racist old people in aged care that make their job awful

Re: Private equity is buying everything from vet offices to tech conglomerates

#193

Post by petsfed »

epups wrote: post #169
briandoll wrote: post #79

A friend of mine is a Vet at a place recently sold to a PE firm. If your wait times are crazy long, if you can't get through on a phone, if you realize your vet's office has parted ways with the great vet you used to see -- that's the PE firm counting beans and destroying the service for customers in an effort to squeeze every dollar out of the system. As a specific obviously bad example -- Vet services in California…

Why wouldn't your friend just open up a practice and compete with this dysfunctional company?

And take on all the overhead of running a company, when they already have a maybe 1:1 ratio of patient contact hours to unbillable admin?

And anyway, even the doctors of veterinary work aren't rolling in money. Private practices sell to investors because they have the mountains of cash that the sole proprietor does not. Its just the devils bargain people strike all the time.

Re: Private equity is buying everything from vet offices to tech conglomerates

#194

Post by tiffanyh »

JohnFen wrote: post #188
TrackerFF wrote: post #183

Earlier quoted context omitted.

Yes, they are called "Insecure overachievers". They are the bread and butter of investment banks, management consulting firms, big law firms, etc. They are also the reason that partnerships still thrive. A couple of years ago I was talking with this (big law) partner at a dinner, and we came in on the topic around partnership - and he just said it straight: The competition / rat race towards partnership is 100% skewe…

> Prestige is a powerful motivator. I know this to be true because I've seen so many people given BS titles instead of raises and be happy about it as if they got something of real value. But I don't understand it at all. Apparently, I lack the "prestige" gene.

My favorite title bump is “Head of X”.

Because rarely the person is ever the actual head.

Re: Private equity is buying everything from vet offices to tech conglomerates

#195

Post by ProjectArcturis »

briandoll wrote: post #79

A friend of mine is a Vet at a place recently sold to a PE firm. If your wait times are crazy long, if you can't get through on a phone, if you realize your vet's office has parted ways with the great vet you used to see -- that's the PE firm counting beans and destroying the service for customers in an effort to squeeze every dollar out of the system. As a specific obviously bad example -- Vet services in California…

[flagged]

Re: Private equity is buying everything from vet offices to tech conglomerates

#196

Post by SNosTrAnDbLe »

andix wrote: post #28
SNosTrAnDbLe wrote: post #5

I have firsthand experience of how PE ruins startups. We were a small startup and unfortunately our founder decided to go with a PE firm rather than a VC firm for a round of funding. The latter were upfront about job cuts but the PE firm did not say anything until them took over. The founder got a good paycheck but we were left holding the bag. There was a bloodbath and they ruined the culture, the product and the mo…

Was it at least a good deal for the founder? I feel your pain about what happened. I've seen comparable things a few times first hand. My learning was: just leave once the change starts, only stay if you're getting something out of it. It's not my company, I'm only in charge of my life, I'll find something better soon. I think I would not recommend to run once PE is mentioned, it can also change for the better, but i…

Thanks! It was a really sweet deal for the founder as he left as far as I know and I suspect for their direct reports as well.

Its been a while but it still brings out some bitterness. I did leave after an year but the damage had been done by then.

Re: Private equity is buying everything from vet offices to tech conglomerates

#197

Post by JohnFen »

andix wrote: post #28
SNosTrAnDbLe wrote: post #5

I have firsthand experience of how PE ruins startups. We were a small startup and unfortunately our founder decided to go with a PE firm rather than a VC firm for a round of funding. The latter were upfront about job cuts but the PE firm did not say anything until them took over. The founder got a good paycheck but we were left holding the bag. There was a bloodbath and they ruined the culture, the product and the mo…

Was it at least a good deal for the founder? I feel your pain about what happened. I've seen comparable things a few times first hand. My learning was: just leave once the change starts, only stay if you're getting something out of it. It's not my company, I'm only in charge of my life, I'll find something better soon. I think I would not recommend to run once PE is mentioned, it can also change for the better, but i…

> My learning was: just leave once the change starts

As a customer, rather than an employee, that's what I learned too. If a PE firm buys a company that I do business with, the best thing for me to do is to stop doing business with them.

Re: Private equity is buying everything from vet offices to tech conglomerates

#199

Post by notacoward »

TrackerFF wrote: post #183
JumpCrisscross wrote: post #136

I have a pet theory: there are managerially-minded university graduates who value prestige more than power or pay. In the post-War era, they became beige-suited company men. In my generation, they went corporate finance. Today, they work for private equity. Banking was great. Everyone–from liberal arts to engineering majors–could putz around for years in a pre-defined and prestigious path with moderately above-market…

Yes, they are called "Insecure overachievers". They are the bread and butter of investment banks, management consulting firms, big law firms, etc. They are also the reason that partnerships still thrive. A couple of years ago I was talking with this (big law) partner at a dinner, and we came in on the topic around partnership - and he just said it straight: The competition / rat race towards partnership is 100% skewe…

That sounds like the "elite overproduction" which is commonly held to be one of the two factors increasing likelihood of a revolution (the other being popular immiseration).

https://www.theatlantic.com/ideas/archive/2023/06/us-societa...

As much as I like the idea of PE scum putting their own necks into the guillotines, though, I'm skeptical of whether this theory really works.

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