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Enterprise Value vs Equity Value: Complete Guide to Business Valuation Metrics

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EV bridge: Equity Value → + net debt → + preferred stock → + NCI → − non-operating assets → (+ leases/debt-like when consistent) → Enterprise Value.

Understanding enterprise value vs equity value separates competent analysts from those who fumble through deal discussions. These two fundamental valuation metrics measure different aspects of company value, yet confusion between them derails countless investment committee presentations and M&A negotiations. Enterprise Value (EV) captures the value of a company’s core operations available to all capital providers. … Read more

Net Operating Working Capital (NOWC): The PE Operator’s Guide with Definitions / Examples

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Every $1 reduction in net operating working capital (NOWC) generates $1 of immediate free cash flow without touching EBITDA. For middle-market private equity operators, this isn’t just a finance textbook concept… it’s the difference between covenant compliance and a difficult conversation with your lender. NOWC is a key indicator of a company’s short-term liquidity and … Read more

Off-Cycle Private Equity Recruiting Timeline (2025) — Middle-Market Playbook

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The mega-fund recruiting circus gets all the headlines. But here’s what nobody tells you: off-cycle is the norm for middle market and lower middle market private equity firms—not a backup plan. Large firms, such as mega funds, dominate the headlines and set the pace for on-cycle recruiting, while most other firms in the middle market … Read more

Private Equity Case Study (MM): $150M Distribution LBO — Step-by-Step + Model

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Distribution businesses live and die by working capital. In this case study and Excel walkthrough, we tackle a $150 million distributor LBO to see what makes these deals unique. We’ll walk through the downloadable hands-on model to show how improving day-to-day operations, like vendor rebates and route density, drive returns. Download the Excel model now to … Read more

Mega-Fund vs. Middle-Market Private Equity Careers: A 2025 Guide to Where 80% of Deals Actually Happen

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Illustration comparing middle-market vs. mega-fund private equity, showing the majority of deal-flow arrows pointing towards the smaller middle-market firm, representing where most middle-market private equity careers is where most deals happen

77% of U.S. buyouts in Q1 2025, or nearly 8 out of 10 deals, happened in the middle market, and ~70% were below $500M in enterprise value per PitchBook’s latest data. This stat blows up the “mega-fund or bust” myth that resonates through the deep, dark Wall Street Oasis forums, and points to middle-market private … Read more

The Outsider’s Insider Perspective – Coming Soon

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This section is for the ones who didn’t follow the traditional playbook — and still made it in. I’ll be sharing real stories, takeaways, and frameworks from my own journey breaking into private equity without a target school, blue-chip internship, or polished network. Whether you’re navigating imposter syndrome, figuring out how to position your story, … Read more

Tools & Templates – Coming Soon

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Need a clean LBO model? A resume that actually works? A checklist to track your off-cycle process? This section will house the exact tools I used (and wish I had earlier) to break in and level up. From Excel templates and resume examples to recruiting trackers and technical prep — you’ll find them all here … Read more