What does a day in the life of an M&A advisory consultant look like? You're about to find out.
in this episode, we chat with Garrett Adame, a Senior Associate at Palm Tree. Garrett shares a candid behind the scenes look at his work and life at the firm. He also breaks down the firm's intense interview process, how promotions work, what the firm's working model is currently, his favorite project so far, and much more.
The firm is actively hiring for a number of consulting roles; see open roles and apply today.
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Transcription: Day in the Life of a Palm Tree Associate
MC: Stephanie Knight
Garrett, we want to welcome you to Strategy Simplified today.
Palm Tree: Garrett Adame
Yeah, thanks for having me.
MC: Stephanie Knight
Would love if you could help us kick off this conversation by helping us get to know you a little bit better. Could you share a brief overview of your background?
Palm Tree: Garrett Adame
Yeah, definitely. So I grew up born and raised in Santa Clarita, California. It's a smaller suburb of Los Angeles. Decided to take advantage of college and see a different part of the country. So I went to the Ohio State University, graduated in three years with a bachelor's in accounting there, and then ultimately decided LA was my home. So move back to Los Angeles, starting with PwC in their assurance practice.
I focused in what they call TMT industry, its tech and entertainment. Worked on a couple of big jobs there, moved my way up to senior Associate. Got a little tired of it, it felt a little repetitive in nature. So ultimately, I decided to leave. I found Palm Tree and started as an analyst in 2020, right before COVID hit and been moving my way up ever since.
MC: Stephanie Knight
So this, of course, is one of a series of conversations we're having with Palm Tree. But for our listeners who haven't been introduced yet, could you tell us just a little bit more about the firm overall?
Palm Tree: Garrett Adame
Yeah, so our whole mantra is we are trying to be a one stop shop for private equity. The way I like to describe Palm Tree is we have three sides of the house. We have our pre-transaction financial due diligence, which is basically your quality of earnings, sales analysis fin ops assessment, helping the private equity firm understand is this a good transaction, and is this the right business to buy. That's where I started my career at Palm Tree. And then I switched over to what we call TNT, which is our consulting arm, transitions and transformations. That's more of the post transaction work.
So office of the CFO, 13 week cash flow models, all those fun things. And then the third side of the house is our investment bank. Fairly new, I think we're promoting that pretty heavily. I think it's an opportunity for Palm Tree to kind of finish up that whole one stop shop for private equity. And I think we're doing a lot of good things there. We just closed our first deal there and kind of announced that across LinkedIn. So looking forward to the growth opportunities there.
MC: Stephanie Knight
For you personally, Garrett, is that something that you'd be interested to dip your toe in? Or are you enjoying your time and TNT?
Palm Tree: Garrett Adame
I think for me I'm enjoying my time and TNT. Wouldn't mind helping out in the investment bank if the opportunity ever came, but I think I found my spot in TNT. I've really enjoyed it. I like being kind of the right hand man for the CFO at these portfolio companies. I think I add a lot of value. My work is very appreciated, usually. And that's kind of why I chose this path. And that's that's why I'm here. So I think TNT is for me. That's kind of where I see myself.
MC: Stephanie Knight
I would love to dive into your journey a little bit more. You just mentioned you started at PwC and then transitioned into a role with Palm Tree. Can you tell us a little bit more about why you decided to make that transition.
Palm Tree: Garrett Adame
Yeah, definitely no regrets. Loved starting my career at PwC. I think it was a good move for me. I got a really broad stroke understanding of business in general, best practices. PwC is massive so they have really good training programs. And I think you kind of get to take your time learning how to be a professional and doing that transition from college to the professional world. Whereas at a smaller firm, you have to make an immediate impact, because you're needed. There's a reason they're hiring you.
So it was kind of nice starting at PwC, I got to move a little bit slower in the beginning. It ultimately didn't make sense for me. I felt like I wasn't being challenged enough which is kind of why I left. And usually when people ask me this question, I always tell them PwC, they're a big four accounting firm, they will make you the best at one thing. That's kind of their ideas. You pick the specific industry you want to work in. The horizontals, the verticals, like you got to get really specific and will make you the best at that thing.
At that time in my career, I didn't know exactly what I wanted to do. And I still don't know exactly what I want to do. So I'm kind of looking for more of a broad stroke. And I think that's what Palm Tree was able to offer that; PwC wasn't. So that's why I ultimately left.
MC: Stephanie Knight
But you've been able to leverage that accounting background and experience that you have at Palm Tree. Tell us a little bit more about that. How critical is a substantial accounting background to succeeding at Palm Tree? Could someone succeed without an accounting background and just an inquisitive mind? Tell us a little bit more about that accounting aspect.
Palm Tree: Garrett Adame
Yeah. So this is a good question, because everyone at Palm Tree will give you a different answer. My answer is I think accounting is very important. I think it's the universal language of business, I can pick up an audit report now and I'm able to understand that business fairly well just from reading that because I understand the ins and outs. I know what goes into those numbers. I know the general language of what these accounts mean, and things like that. So I think it's really important.
Now with that being said, we have people come in that don't know any accounting, they have no background. Maybe it's internal FPNA is their only background, or modeling or investment banking, whatever it may be. They have no problem picking it up and understanding. My teams, I usually encourage them to try to learn more accounting, whether it's through me or other resources, just because that's my style.
So it's not necessarily crucial or critical for our work, but for me, it's easier to have a conversation if I can talk debits and credits, or it speeds the conversation up because it's a universal language. Everyone understands it, if you understand accounting. So I think it's pretty critical. And for me, it's been helpful. And I think our clients appreciate it when we have accounting knowledge too, because CFOs and internal accounting, that's kind of their language of talk as well.
MC: Stephanie Knight
And so certainly still applying that background and experience but now in a different way. You've already mentioned how, at PwC, you were anchored to a specific intersection, right? Kind of had to make that choice, what do you become wanted to become an expert in. And it sounds like you've got more choice or more opportunities to gain a broader exposure at Palm Tree. Are there other differences between the work that you think are important to point out?
Palm Tree: Garrett Adame
Yeah, I think being at a smaller firm in general, I think your work is more impactful. My team size is generally smaller, I would imagine then what PwC throws together. Therefore, my role as a senior associate is kind of unique. I'm kind of coaching downward, and making sure that the execution at that level is being completed in a quick and thorough manner. I'm also executing things and then I'm also communicating upward to make sure that my VP, Senior Vice President and MDs are all in the loop of status, and potential issues.
Any complaints that might be out there, I'm making sure that everyone is aware of the status of my project. So it's kind of a unique role. And I don't think at PwC, for example, at any larger firm, I think it's a lot more structured. And you don't have to play that utility role of doing it all. And I think that's helped me grow. And I think I have grown faster than I would have if I would have stayed at a larger firm, just because I'm more impactful at Palm Tree. I think that's for anyone, anyone at Palm Tree, not just me.
MC: Stephanie Knight
Can you talk us through that career pathway a little bit more. You started to speak to what the role includes as a senior associate. Would love to hear you talk just a little bit more about that utility role it sounds like that you're in now. And maybe even if you could share as much as you understand average tenure at different level, what does that progression look like?
Palm Tree: Garrett Adame
Yep. So it's definitely changing since I started. So I'll give you the current structure and kind of how that layout is, because it's different than when I started. So right now we have an analyst role, which is pretty much reserved for straight out of college, and maybe one or two years of experience, depending on what that experience was. Then you go to senior analyst, associate, senior associate, VP, Senior Vice President, and so on.
As far as how long do you need to stay at each level before you can move up, it's it's extremely merit based, which is something I loved. Because when I was at a bigger firm, it was no, it doesn't matter how well you do or what you're doing, you got to do the two years, three years, whatever it may be in order to move up. And I felt a little restricted. I felt like I was doing work that might have been at next level. And I was getting really good reviews, very little negative feedback. And I was kind of sitting there like, well, what can I do to move up down because I'm ready. And you're only giving me at next level in every, every category. So how can I move up?
Whereas at Palm Tree, all my promotions have come pretty unexpected. I'm just head down doing my thing and trying to perform. And then they tell me, Hey, you're you've been doing a really good job, you're getting promoted. And it's a nice surprise, right? It comes quick, and it's really, it's instant gratification of the hard work that you're doing. And I think that's the nice thing about Palm Tree. Yep. That, that recognition for your efforts and seeing that pay off in terms of a promotion, I can imagine being very rewarding. Yeah, and a lot of firms and companies say that as well. Right? There's difference between doing and saying, and that was my first worry about coming as a small company telling me that they're gonna promote when ready, and that's kind of their whole thing. But they really did. And I think they do for everyone. So it's, it's good.
MC: Stephanie Knight
Walk us through an average day. What's an average day in the life of Garrett at Palm Tree?
Palm Tree: Garrett Adame
Lots of phone calls. No, I mean, most of my day, again, like the role I'm in now, as a senior associate, as a lot of communicating. On my current deal right now, I'm helping with the sale, and I'm communicating with the investment bank, the management team, the financial due diligence team, and our team. So it's a lot of communication. It's a lot of organization, it's a lot of PMO going and making sure that our work streams are on track.
And then if I have any problems, it's who do I go to to get this resolved? Is it someone internal at Palm Tree that has the knowledge that I don't? Or maybe the experience that I don't? Is it I need to go coach, my analyst on Hey, we need to get X, Y and Z done now. That's that's kind of a standard day for me. I don't know if you want more specifics than that, but a lot of communication.
MC: Stephanie Knight
Yeah, let me ask a follow up question. I've heard you talk about project management type responsibilities a few times. Is that something that you personally have background training in ,specific certifications, or is that something where you've been able to experience some learning and professional development at Palm Tree around that? Or is it just been on the on the job learning? How have you grown in that area?
Palm Tree: Garrett Adame
Yeah, tough area to grow into. It's tough to teach. We don't have any formal certifications that we require at my level, or at the next level. I've been learning more on the job from who I report to directly. I try to surround my people myself with people that I want to be like, people that I think are successful, and characteristics that I don't have that I want to have. So I learn through them.
And I'm very upfront about asking questions of, hey, I noticed you built this this way. Why did you do that? How are you tracking and managing me so well? Like I don't understand how you know everything that I'm doing when I don't even tell you everything I'm doing. So I try to learn from them. But I also think we do have we call lunch and learns on Fridays, where one of our MDs usually gives a presentation on a specific topic. And I think PMOing is one of those topics that we have had in the past. And so it's more of a formal PowerPoint, where you get direct learning from our Managing Director of how they like to manage projects. Is a Gantt charts and, whatever it is, it's style based. You got to do what's right for you. It's not a one size fits all, at least, that's what I've learned.
MC: Stephanie Knight
Yeah, that's good. And that knowledge sharing from senior leaders in the firm that your leadership would take the time to want to do that and share their experiences and that type of skills transfer is very important.
Palm Tree: Garrett Adame
Yeah, I think all of our, we call it our Managing Director committee, there's five or six of them, and they are all very willing and able to help with any questions, any skill set gaps that you have. They have a very good open door policy through and through, and I think it makes it very helpful for everyone at Palm Tree.
MC: Stephanie Knight
And tell us a little bit more about those interactions. Internally at the firm, externally with your clients. You and I are sitting here talking in the summer of 2022, post COVID-ish. We're still kind of in this weird COVID era. What do those interactions look like? You mentioned the phone, is it video calls, do you have any in person interactions?
Palm Tree: Garrett Adame
Yep, so for me a little bit different. So I'll give you my perspective first, and then I'll give you probably the average or the general person at Palm Tree. So I actually live in New York, where we don't have an office, it was kind of a special case approval for me to be able to live there. And I was very grateful for the opportunity to do that and kind of experience another new city. So my interactions are a little bit different. Mine are usually virtual, whether it's over the phone or camera, I think we all try to keep our cameras on as much as we can. But no foul if you if you don't have it on type of thing.
Our biggest offices are in LA and Chicago. I think, generally, we're trying to get people back in the office, two to three days a week, again, not a one size fits all. It's whatever you want, we tried to tailor to the individual. And if you don't want to go the office, you don't have to. But at least there is a collaborative workspace you can be in in case you want that face-to-face interaction. And I think that'll be very team based and style based again. Does that VP enjoy more in-person meetings, and therefore the whole team is going to come in? Or does that VP not really care and everyone can be virtual. So I think it's different for everyone.
MC: Stephanie Knight
So also, in terms of the work, we'd love to hear maybe just a quick little story or vignette about an experience that sticks out to you. Maybe a favorite project that you've been on, or something where you felt a lot of accomplishment by achieving a tough challenge.
Palm Tree: Garrett Adame
Yeah, I got a good one, actually. So I am still working on it. But the deal is already announced. And it's all public information. I helped with the Club Car integration for Platinum Equity. And that's that's been a fun one. That's been a good one. It's still ongoing, it's over a year now, very ad hoc based. But the coolest thing that stood out to me, it was really hard project, it was a lot of work in a good way. And we added a lot of value, their team needed a lot of help, they had a lot of gaps roll out. It was a carve out. So it was very, very a lot of lot of work. And another reason I left audit in general was I always felt like a nuisance in audit. It's always you're asking questions of like, Hey, can I have this, can I have this. I need to check your work, or you did this wrong. It's always me telling you something's wrong. And I left because I wanted to feel more appreciated for my work.
And the coolest thing was is we were probably about halfway through one of our work streams at Club Car. And the CFO grabbed me and he brought me downstairs and he brought me to the gift shop and said buy yourself a nice shirt Pick something out that you want. Whatever it is in here, just grab it and I'll buy it for you. And he gave me like a nice five minute conversation of like you are a part of Club Car. In our eyes you are helping us so much, and you're really appreciated and we just wanted to make sure you know you're a part of the team. That was cool. That was super nice.
It was exactly what I was looking for. That's why I left. That's why I'm here. And it was direct feedback of, you're doing a good job. And from a client, that was really cool. So I actually have like two or three gifts from them. Small little things, but it means something. And it's cool to be integrated as a as a team member. And that's probably the coolest experience I've had at Palm Tree so far.
MC: Stephanie Knight
Oh, very cool. Crazy enough, I've advised Club Car as well in my career, and I had a great experience with them. Well, you said that that one's been going on for over a year. How does that compare to the average engagement length, project length in your area of the house in TNT. Is that common?
Palm Tree: Garrett Adame
No, I don't think it's very common. I mean, when we do get in there, we have an SOW that we sign. And it's a very strict set of workstreams that we're engaged to accomplish. We have a timeline and a budget. Usually, while we're there, we're finding more work, always. Because there's always more things to be improved. There's always things that they need help with. And once we're actually on the ground there, we can help scope those things in. So when I got the Club Car, and I was traveling there, and I was on site, I noticed other things that they needed help with.
And so we brought those things into scope, we started helping them with it. And one thing turned into the next. And now we're just there on an ad hoc basis. Their team's still fairly small, they still need help processing things and getting our input and feedback, even if it's just a quick call of hey, I ran into this problem, Garrett. What's your thoughts? Sometimes it's as easy as that and it's a 30 minute call, and that's it. So we're really just engaged on an ad hoc basis now with them. And I think that's cool that we were able to do that. I don't think it's uncommon, but it's definitely not the average project. Average project, at least in the TNT world is I would say, like, I think 10 to 13 weeks.
MC: Stephanie Knight
Okay, so much different, much different. At that senior associate level, Garrett, are you starting to be expected to do sales work, like what it sounds like you participated in with the Club Car client relationship? Or is that something that happens more at the VP level?
Palm Tree: Garrett Adame
More at the VP level, I think as I'm trying to move to the VP level. If I'm able to do it, that would be something that would kind of prove that I'm ready for the next step type of thing. I also just like networking and doing that type of work in general. So it's just something I do on all my projects. But at a senior associate level, I don't think it's expected.
MC: Stephanie Knight
Okay. Yeah, absolutely. But that merit based promotion system, right, you're trying to continue to grow and advance. And so you need to start taking on those responsibilities to the next level.
Palm Tree: Garrett Adame
And you know, I might change my answer. Actually, I think at the senior associate level, it's not expected that you bring in, I don't even know the correct term for this. It's not expected to bring in new clients or fresh projects. But when we've already won the project and you're on the ground, it probably is expected for a senior associate to be able to find those new work streams. That's a little bit easier, right? We've already won them. We have our foot in the door. Now go find more in that door. But the new door opportunities, those probably not expected at the senior associate level.
MC: Stephanie Knight
Makes perfect sense. So I understand that Palm Tree is growing and expanding. And with that, certainly wanting to add to the team. You're hiring quite aggressively right now. From your perspective, could you tell us any more about that and what the firm's looking for?
Palm Tree: Garrett Adame
Yeah, I want to add to the teams for sure. We're always pushing hard. We're all hard workers. We have lots of work coming in the door, so the more people we can get, the better. I think it's not going to slow down. I think it's only going to grow more. Our MDs are doing a great job of getting lots of projects is what I've seen. But yeah, every week, we have our all hands call which is the entire firm, we give updates on all of our projects. And it seems like every single week, we have at least 1-3 new people joining the firm. And that's pretty cool. Because when I started in January of 2020, I think we only had like 40 or 50 full time employees.
And then we went on a hiring freeze during COVID. And I think now we're like let's do this. We're ready to ramp up. We have really good deal flow. So we're pushing pretty much at all levels right now I believe to hire anyone we can. Palm Tree has been priding themselves on quality over quantity, so we're not desperate by any means. We'd rather take our time and find the right person as opposed to just hiring in the masses. So it's still competitive. Our interview process is intense. And we still have a really good filtering process, I think.
MC: Stephanie Knight
All right, Garrett.Well tell us a little bit more about that intense interview process. What sort of things could people expect?
Palm Tree: Garrett Adame
Yeah, so it's a little bit different than when I started. I think now we've got it either to three or four rounds of interviews. The first one will probably be more of like a culture fit, kind of more casual and just getting to know each other. Making sure that it's a good fit for both people. The next one is a little bit more technical of an interviewer. We'll ask some business related questions, M&A, private equity, depending on what the interview level is for. Then we also give you a case study, which I believe now we give four hours to do.
Pretty intense, pretty difficult, in my opinion. Very Excel heavy, again, depending on the role and the level. But I think they're all pretty Excel heavy in general. And then we have another interview where we go over that case. Then the final interview, I believe, is with an MD. And that's just a one last discussion, let's make sure everyone is happy here, and that it's a good fit for everyone. And then the offer.
MC: Stephanie Knight
That four our case experience, that's something where when the timer starts, you get the information for the first time, or you get to review it and work through it hours or days in advance, and then come in and present to it.
Palm Tree: Garrett Adame
No, timer start when we send the email as my understanding. Yep, we send the email and it's tough. Like, I'm pretty sure it's difficult to finish the whole project in four hours. But we want to see how far can you get and what are you prioritizing. Are you prioritizing finishing it, or are you prioritizing getting what you can finish in the allotted time good. Because those are two different routes you can take, not that there's a correct one. But you're gonna have to be able to speak to that of why didn't you finish? Oh, because I was focusing on this, this and this and making sure I was getting these check figures, right, or whatever it may be. And we'll evaluate whether that was the correct approach.
MC: Stephanie Knight
Absolutely. I see that there are offices in LA, that's the really the heart of the company. But also Chicago, Detroit, Dallas. How rare is it that you came on board in New York? Is that something that the firm you think is still open to hiring outside of these cities?
Palm Tree: Garrett Adame
No, I don't think so. I think long term eventually too I'll have to relocate to one of these office locations. But no, I think we're really trying to keep it within LA, Chicago, Dallas, Detroit,.I think Dallas and Detroit right now, we don't have a physical office location either. But we're working on finding those if it makes sense. And we're really trying to expand out those offices first, before we move on to the next one. And those also came up pretty quick. Those office openings Detroit and Dallas happened pretty closely together. And it's kind of cool to be a part of, again, to see the growth and have an impact, and kind of grow with the firm.
MC: Stephanie Knight
So who knows, maybe other office openings on the horizon as well.
Palm Tree: Garrett Adame
I wouldn't be surprised.
MC: Stephanie Knight
And then, Garrett, as we start to wrap up this conversation, what else do you think that interested people need to know as they consider this career path, this line of work, considering whether or not Palm Tree is the right place for them?
Palm Tree: Garrett Adame
Yeah, so two different questions: Palm Tree, if it's right for you, and then the line of work. I'll start with the line of work. One of our core values that I really like is staying frosty, is what we call it. It means a lot of different things. So the piece that sticks out most to me is kind of rolling with the punches. You can get a call on a Sunday afternoon where the CFO says, hey, I want you on site this week. Alright, well, Sunday afternoon, you won't be there Monday morning. So I gotta book my hotel, flight, things like that. You've got to be ready for anything and everything.
Not saying that you can't have a conversation of hey, this is a last minute thing I had plans, like I might need to move some things around. I might not be able to be there Monday, but I'll be there Tuesday. There's definitely flexibility, but I think in M&A and private equity specifically, you just got to be ready for anything and everything, and you got to stay frosty and roll with the punches. And sometimes it's tougher than others, and other times it's more relaxed. So I think you just got to be ready for that. Now, as far as Palm Tree versus another firm, I think that's where culture and vision comes into play of does this group seem intelligent, smart, are they similar to me? Did I bond well with the people that interviewed me or the discussions I've had? I think that's really where you'll see Palm Tree set aside from others. I think we have very diverse backgrounds. And I think that's cool.
And whenever I'm on a project, and if I don't know something, there's someone at Palm Tree, even though we're relatively small, there's someone at Palm Tree that knows the answer. And I think that's pretty cool. Because of the way we hire and our diverse backgrounds, we have someone that's done pretty much everything. So it's pretty cool to have that diverse skill set at such a small firm.
MC: Stephanie Knight
Absolutely. Garrett, we really appreciate you taking the time to tell us more about your professional background, Palm Tree, and then the ins and outs of the firm. Just our final piece here, we've got a couple of fun questions. We love to get to know our guests on a personal level. I understand that you are a marathon runner, right? Or have completed at least one. So tell us a little bit more about that experience. Why did you do it, what was rewarding?
Palm Tree: Garrett Adame
Yep, I'm a retired long distance runner. But yeah, I ran the LA Marathon, I think in 2013. My high school didn't have sports. It was very academic focused. And I wanted to get involved in something. So there was a program in my hometown that was to run a marathon ,and they actually covered the racing fees. They got you shoes, they trained you. They did everything. We had this intense workout plan and eating plan. So it was really fun.
And I had a team. And that's something I wasn't going to be able to get at my high school. So that's why I did it. It was nice that I did it because it's it was a cool accomplishment. And it was a really fun marathon. I think it was because you start in Dodger Stadium downtown, and you run to Santa Monica Pier. So you get to go through basically all of LA, Beverly Hills, Hollywood, Venice, you're running through all the landmarks of Los Angeles. And I thought that was pretty cool.
MC: Stephanie Knight
Well, that sounds like quite a feat indeed. Congratulations on that. And then, Garrett, if you had ended up somewhere else in your career path and journey, what can you imagine a completely different career path for you would have looked like?
Palm Tree: Garrett Adame
Yeah. The first thing that pops in my head, which I feel is a little probably everyone's answer, so I'll give two here. But I think something in the food industry, like some kind of food blogger or food enthusiast, chef, something like that would be kind of cool. I enjoy food. I think I'm kind of a foodie. But my entire family has been involved in the aviation industry. So my dad, he's a pilot for United Airlines. My mom used to sell private jets and my stepdad works on planes. So I think something in the aviation industry would be a nice fit for me. I thought like fighter pilot or something like that would be kind of cool. But maybe in a in another universe, another life, that's that's what I would do.
MC: Stephanie Knight
Absolutely. Or maybe a future iteration of your career path as well. Love it. Garrett, again, just really great to get to know you today. Thanks for coming on the podcast.
Palm Tree: Garrett Adame
Yeah, thanks for having me. Really enjoyed it.