# Brennock_CFO_Model.xlsx: start here

## What the file is

The companion workbook of *The Private Equity-Backed CFO* (Julian R. Sterling). It models Brennock Supply, the fictional distributor the book follows, quarter by quarter for six years after a private equity sponsor buys it. Every figure the book prints from the model is recomputed by live formula. Amounts are US dollars in millions. Year 1 is quarters 1 to 4. Year 0 is the twelve months before closing.

Blue numbers are inputs you may change. Black numbers are formulas. Dark gold numbers are reference values copied from the book, shown for comparison only.

## Which tab answers which chapter

| Tab | What it holds | Chapters |
|---|---|---|
| Start Here | How to use the file, and its current status | |
| Inputs | Every assumption, the case selector, the seven value levers, the exit quarter and multiple | All |
| Drivers | The four cases' drivers: growth, margins, days, synergies, one-offs, overhead actions | 2, 11, 13 |
| Quarterly | The year-0 entry and the 24-quarter engine, with an annual summary at the end | 2, 3, 4, 6, 9, 10, 11 |
| Covenant | The compliance certificate for any quarter (default year 4, Q1) | 4, 9, 12 |
| 13 Week | The weekly cash flow for any quarter (default year 3, Q2) and the three in-quarter levers | 5, 6, 12 |
| Exit | QoE EBITDA, value, equity, the management pool, IRR, the CFO's payout, the value bridge | 7, 14, 15, 16 |
| Levers | How one lever moves the exit and the headroom, next to the book's lever table | 6, 7 |
| Kittering | The interview case | 17 |
| Checks | Arithmetic tests and the book's printed figures; ends with ALL CHECKS OK | Appendix A |

## How to switch case

Type 1 (Plan), 2 (Actual, the book's main case), 3 (Severe) or 4 (Budget) in the CASE SELECTOR at the top of the Inputs tab. Every tab follows. The file opens on case 2.

To test a lever, keep the case on 2, change one lever on Inputs and read the Levers tab. To change the exit, type an exit quarter (16, 20 or 24) or an exit multiple override on Inputs. To look at another quarter, type its number on the Covenant or 13 Week tab.

## Recalculation

The file recalculates when you open it. It has no macros, no data tables and no circular references, so it works the same in Excel, LibreOffice and Google Sheets. To go back to the book's figures, download the file again.