The Scoop

Along with its advisory role in deals within its target industries, Broadview also functions in something of a wonkish role, publishing a semiannual tech M&A report, which covers M&A activity and trends in the IT, communications, and media industries. The firm has also entered into a venture capital joint venture with Electra Fleming, a private equity group. The VC fund, Kennet Capital, invests in mid-sized European IT companies (with revenues between about $2 million to $15 million). The firm landed a big-name banker when the former head of technology M&A at Donaldson, Lufkin & Jenrette, Steven Brooks, left DLJ in March 1999 to build Broadview Capital Partners, a late-stage private equity fund related to Broadview International.

Getting Hired

Broadview recruits analysts and associates at leading schools in the U.S. and Europe. Calendars for presentations and on-campus interviews can be found at www.broadview.com. Unlike some other investment banks, Broadview prefers one-on-one interviews to two-on-ones. The process for analysts involves an on-campus interview (or one at the firm's headquarters) and then a "super day," usually a Saturday, with four to six interviews.

Despite the firm's focus on the IT industry, insiders say that "they don't specifically look for a tech background." Explains one contact: "I would say you need to have a passion for tech, there's just as much talk about acronyms like ISDN [ed note: that's Integrated Services Digital Network] as there is about P/E ratios." "They'll ask, say, to 'Tell me something about technology that interests you.' If you say the Internet is the coolest thing in the world, they'll ask you to qualify that."

The firm hires undergrads into a two-year analyst program. Analysts begin with a three-week training program in the New Jersey office, which brings analysts from all of the firm?s offices together. "It's all taught by internal people," reports one contact. "It's a lot of finance, some [tech] industry stuff." If an analyst does a third year, which the firm reportedly encourages, he or she can switch offices. The firm will pay business school tuition for outstanding analysts who pledge to return, insiders say. The firm also promotes a few analysts to the associate level without requiring that they receive an MBA.

In the past, associate classes at Broadview were comprised of "engineers that went back for MBAs," but as the firm grows, insiders say, it is looking at more business school students with straight finance backgrounds. Reports one insider: "When you come on as an associate at Broadview, they expect you to become a partner." A company official outlines the career path to partnership: one and a half years until making senior associate, at which time an associate begins to specialize in a sector like software or hardware; then approximately two years to principal; and then two to three years to partnership. All told, the path to managing director takes five and a half, to six and a half, years from one's start date.

Our Survey Says

Lucky niche

Broadview is a rapidly growing firm. Explains one insider: "Basically Broadview turned a corner from concentrating on a niche that nobody gave a shit about to a niche that everybody gave a shit about. They got kind of lucky in that tech went nuts." Still, the firm is far from a machine, and insiders note that its lifestyle maintains the characteristics of a small firm. Says one contact about the firm?s growth in the past several years: "If you take a look at Wall Street and say, at the typical Wall Street bank the people are sort of nasty, and the hours are grueling, if that's a 10, Broadview went from being a 1 to a 4 or a 5." Says that contact: "The hours are maybe 60 to 65 a week-- that's a week at Club Med compared to Wall Street." Another contact pegs the hours a little higher. "You have the occasional all-nighter, it's all about a deal cycle. It's minimum 60 or 70." "Still," says that contact, "it's not expected that you'll be there on the weekends. Though most people do put some time in the weekends, on Fridays, it's not like, 'I?ll see you tomorrow.'"

No CEO fear

The firm's small size also influences issues like career path and responsibility, insiders report. "Because you're in a small environment, if you're talented, everyone will know that," explains one insider. "The people who are moving quickly, everyone knows about." One former analyst recounts leading a six-hour meeting with the CEO of a client. "I'm not saying that's typical, but if you know your shit, you'll get to do some cool stuff," says one insider. "One of the great things about working at Broadview is that after, you have no fear. You get on the phone with CEOs, and you have no fear, because you're doing this all the time at Broadview."

Fort Lee?

Broadview is headquartered in Fort Lee, New Jersey, just across the George Washington Bridge from Manhattan. "Fort Lee itself sucks, no doubt about it, but I don't think it really matters when you're in the office all day," says one insider. There are other reasons that the location may be less than desirable, contacts note. Because most young bankers - "and even some of the marrieds" - live in Manhattan, "you have to file estimated taxes in New York once a quarter. It's such a pain, the CFO sat us down and told us how to do it." But the actual travelling is not a headache. "It's a nice reverse commute. It's, like, 15 minutes to the Upper West Side," reports one contact. Also, the firm pays for "a car home after 8 p.m. Most people would catch rides in with people in the morning, and take the car at night." Says one insider about the cab rides home: "It's a New Jersey taxi cab. The people who don't have cars know all the drivers and their life stories." For drivers and those not inclined to lending sympathetic ears, Broadview offers "free parking in the building."

I love New York

Although the firm's headquarters may be located in suburban New Jersey, insiders say Broadview bankers maintain social lives more representative of their Manhattan homes. "You meet up with each other in the city on Friday or Saturday night," says one insider, "and there are a lot of firm events. They have a welcome picnic, and a Halloween party and a holiday party." Reports another insider: "There's a partner there who shoots hoops with all the analysts. Of course, we suck because we're all investment bankers, but he can practically dunk -- and he goes out with you to the bar after." And, according to insiders, the firm's CEO, Paul Denninger, likes to mix it up too. At the firm's functions, "he's the last person to leave the dance floor, he outlasts me," says one analyst. "He's just very cool. In some ways, you say, 'Wait a minute, I don't want to see the CEO on the dance floor.' But on the other hand, it's cool."

A broad bill of fare

Aside from firm functions, other perks Broadview bankers can take advantage of are the dinners when staying late. There's no real "rule" on how late a banker must stay in order to qualify for the dinner. There are also no strict policies on how much a banker can bill for dinner. As one insider points out, "it's New Jersey. It's not like New York, where you could actually bill a very expensive meal. And you know, people are reasonable." Another perk at the firm's headquarters are weekly educational and training analyst lunches on Fridays. "The firm buys lunch for everyone," explains one insider. "It's usually good -- it's not Burger King. We've had sandwiches or Italian or sushi. They've gotten very creative."

Employment Contact

Anne Celmer
Recruiting Manager
Broadview Associates1
One Bridge Plaza
Fort Lee
NJ
07024

Products and Services

Mergers & Acquisitions Advisory;Private Equity

Key Competitors

BancBoston Robertson Stephens;Hambrecht & Quist;SG Cowen;Wasserstein Perella & Co.

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