Companion files · The Private Markets Career Guides
Inside Transaction Services: Quality of Earnings, EBITDA Adjustments, Net Debt, Normalized Working Capital, the Report, the Purchase Agreement and the Career.
These are the companion files of the book. One workbook rebuilds the Quellmark case, the fictional label and packaging manufacturer whose buy-side due diligence the book follows from the engagement letter to the closing statement: the quality of earnings bridge, revenue quality, net debt and the debt-like items, twelve months of working capital and the peg, capex and cash conversion, and the closing statements. A toolkit holds the checklists of Appendix B in an editable form.
The archive holds the workbook, the toolkit and 00_START_HERE.md. No macros, no circular references, no external links. The workbook recalculates in Excel, LibreOffice or Google Sheets.
Chapters 4 to 11 and 13
One Inputs sheet holds every assumption: reported figures, the drivers of each adjustment, revenue analysis, net debt items with an agreed flag, monthly working capital, closing balances and capex. Sheets for the QoE bridge, revenue, net debt, working capital, the closing statements and capex, and a Checks sheet that puts the figures printed in the book beside the cells that compute them.
Download the workbook19 KBAppendix B
Scoping checklist, core information requests, management meeting questions, adjustment tests, debt-like items, working capital, report review before sending and the purchase agreement definitions read-through.
Download the toolkit40 KBRead first
What each file holds, which sheet answers which chapter, and the two inputs to change first.
Download the read-me2 KB| The bridge | Reported EBITDA of $21.8 million, $24.0 million in the seller's memorandum, $21.4 million after diligence |
| The equity bridge | An enterprise value of $204.0 million less net debt and $7.6 million of agreed debt-like items: $162.0 million on 31 March 2026 balances |
| The peg | $27.2 million proposed by the seller, $29.0 million from the analysis, $28.4 million agreed |
The files are provided as they are, without warranty of any kind. The model is illustrative: Ashgrove Pell, Tallis Ridge Capital Partners, Quellmark Labels and every other name in the case are fictional, the model is simplified, and the figures are the book’s assumptions, not market terms. Nothing here is accounting, investment, legal or tax advice.