With my internship coming to a close, I have started to reflect on my experiences so far and what I hope to achieve following my time at Watermill. A typical intern day runs from 9-5, allowing for some variation based on deal flow and the timing of meetings. Each week kicks off with an investment committee meeting Monday afternoon in which the team is updated on active deals and introduced to new deals by the interns. We read through company CIMs and prepare a deal summary to present to the team. Watermill invests in companies that have $50 to $500M in revenues, and a majority of the deals we look at are in the manufacturing industry, but we are always open to strategic opportunities in other industries as well. We learn about industries we didn’t know existed and companies that deal with products we wouldn’t expect to have an entire industry devoted to. One example is of a company that manufactured everything from organizational office supplies and chair mats, to bicycle reflectors and HVAC ducts. It is interesting to see the wide variety of products that a single company can be involved with.
Time as an intern is spent mostly looking at new deals and preparing summaries, but we also have the opportunity to complete valuation models, listen in on banker calls, perform due diligence, draft IOI letters, and conduct relevant research for members of the team. The entire team at Watermill is dedicated to ensuring that the interns have a positive and worthwhile experience while here. There are always new projects for us to tackle and information to learn.
Coming from a liberal arts background at Amherst College, I didn’t have the finance or accounting foundation that a business student has. Although it has been challenging to bring myself up to speed with the terms and basic concepts, the team is very open to showing us the ropes and making sure we understand the business. With this hands-on experience, I already feel more equipped to tackle the world of finance and bring these skills with me to my next challenge. At the very least, this internship has reinforced my interest in finance and desire to continue working in this industry, whether it be private equity, investment banking, or another avenue. I look forward to continuing this learning experience, positive that I will come away with valuable knowledge and skills.
By: Morgan Machiele, Watermill Summer 2017 Intern