Financial Modeling for Private Equity
A Detailed LBO Model in the Lower-Middle Market
There's a reason this course is featured in the Wharton Online Private Equity Certificate Program, Wall Street Prep, and FTI Consulting Training: it's the real deal.
Starting with a real phone call from our Managing Partner, we are tasked with building an LBO Model (brick-by-brick) to help determine if the deal is financeable and calculate investor returns.
With nearly 13 hours of content, this course will separate you from the pack: it's a rigorous FP&A and Private Equity education in one.
1 Intro & About Me
2 Course Overview
3 Private Equity Overview
4 MP Call
5 WST Macros (see text for 2023 update ⤵️)
6 Raw Data Pt1
7 Raw Data Pt2
8 Raw Data Pt3
9 Statement of Cash Flows Pt1
10 Statement of Cash Flows Pt2
11 EBITDA Overview
12 EBITDA, As Defined
13 EBITDA Management Adjustments
14 EBITDA Diligence Adjustments Pt1
15 EBITDA Diligence Adjustments Pt2
16 EBITDA Diligence Adjustments Pt3
17 Income Statement Forecast Build
18 Income Statement Forecast Overview
19 Income Statement Forecast Revenue
20 Income Statement Forecast Gross Profit & COGS
21 2015 Pro Forma Adjustments
22 2016 Pro Forma Adjustments
23 SG&A Analysis
24 Variable Expense Build
25 Fixed Expense Build
26 New Hire Build
27 Tax Expense & Income Statement Zoom Out
28 Balance Sheet Build
29 NWC Layout
30 NWC DSO & AR
31 NWC DPO & DOH
32 NWC Prepaid & Accrued Expenses
33 NWC Ratio
34 NWC Inventory Turnover
35 NWC Cash Conversion Cycle
36 NWC Target
37 Depreciation & Capex Pt1
38 Depreciation & Capex Pt2
39 Depreciation & Capex Pt3
40 Quick Clean Up
41 Bonus Accrual Pt1
41.1 Note on Bonus Accrual
42 Bonus Accrual Pt2
43 Bonus Accrual Pt3
44 Tax Accrual Pt1
45 Tax Accrual Pt2
46 Balance Sheet Follow-up Questions
47 Transaction Overview
48 Purchase Price Build
49 Sources & Uses Layout
50 Debt Sources
51 Known Inputs & Fees
52 Finishing Sources & Uses
53 Pro Forma Equity
54 Blended Cash Interest
55 Pro Forma Balance Sheet Overview
56 Pro Forma Balance Sheet Layout
57 Multiples with Fees
58 Pro Forma Balance Sheet Sources
59 Pro Forma Balance Sheet Uses
60 NewCo IS Adjs
61 NewCo BS Adjs
62 NewCo SCF Adjs
63 NewCo IS Fill-Ins
64 NewCo BS Fill-Ins Retained Earnings
65 NewCo BS Fill-Ins Equity
66 NewCo BS Fill-Ins Debt
67 NewCo BS Fill-Ins CircFix on Cash
68 NewCo BS Fill-Ins Def Fees & Goodwill
69 NewCo BS Fill-Ins Cash & Cleanup
70 Check Build
71 Debt Schedule Layout
72 Cash Flow Sweep Layout
73 Cash Flow Sweep Build
74 Revolver Layout
75 Revolver Build Pt1
76 Revolver Build Pt2
77 Revolver Build Pt3
78 Revolver Build Pt4
79 Senior Build Pt1
80 Senior Build Pt2
81 Senior Build Pt3
82 Senior Build Pt4
83 Mezz Build Pt1
84 Mezz Build Pt2
85 Def Fin Fees
86 Debt Schedule Link Up
87 Circularity Breaker
88 Home Stretch Clean Up
89 Covenant Layout
90 Current Ratio Covenant
91 FCCR Covenant Layout
92 FCCR Covenant Build Pt1
93 FCCR Covenant Build Pt2
94 Leverage Ratio Layout
95 Leverage Ratio Build
96 Returns Overview
97 Global Waterfall Layout
98 Global Waterfall Debt Payoff
99 Global Waterfall Preferred Equity
100 Global Waterfall Common
101 LP Waterfall Layout
102 LP Waterfall Build
103 Equity Return Layout
104 LP Return Build
105 Seller Return Build
106 Sponsor Return Build
107 Final Clean Up
108 Monthly Summary Pt1
109 Monthly Summary Pt2
110 Monthly Summary Pt3
111 Annual Summary
112 Assumptions
113 Recommendation Prep
114 Final Recommendation
115 Recommendation Email
116 Epilogue & Thank You
Bonus Accrual Comparison