Why Ferrazzi Chose Deloitte Over McKinsey

A note to young leaders.

Never eat alone.

In 1992, Keith Ferrazzi was finishing an MBA at Harvard, and facing the kind of dilemma ambitious people hope for and then complain about: McKinsey or Deloitte?

He had offers from both.

On the last day for deciding, Pat Loconto – who ran Deloitte’s consulting practice and would later run the firm – called and asked him to dinner with him and other Deloitte partners at an Italian restaurant in New York.

Over dinner, Loconto made his case. Deloitte would give Ferrazzi room to grow, more responsibility and people worth learning from. It was the customary recruitment pitch, except that it was being delivered by someone Ferrazzi already liked and trusted.

Then Ferrazzi made a counter-offer: “Look, I’ll make you a deal. If I accept your offer, all I ask is that you give me three dinners a year at this very table for as long as I’m at Deloitte. I’m in if you’re in.”

Loconto smiled. “Great. Welcome to Deloitte.”

Notice what was being bought, because it wasn’t dinner. No one turns down McKinsey for the tagliatelle.

Ferrazzi was buying access: three evenings a year, alone, with a chief executive who was prepared to be his mentor. He was also anchoring the ritual to a place – returning to the table where the handshake happened.

Six years later, Ferrazzi became the youngest person to ever make partner at Deloitte Consulting.

Choose the person over the prestige. Prestige is precious. A mentor is priceless.