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Try a complete LBO modeling test. Free.

Build a five-year cash-flow model, repay two lenders in order, and explain one operating change that improves sponsor returns.

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No signup. No card. Use desktop Excel.

This opens the case overview. You start the timer inside your attempt.

Created by Andrew Gallagher, former middle-market PE Senior Associate.

One complete attempt, from brief to worked answer.

The candidate materials, walkthrough and review files are all free.

  1. Open the case workspace

    Choose the independent attempt or walkthrough. Your candidate packet contains the instructions and starting Excel workbook.

    Candidate brief + Excel template

  2. Make your attempt

    Choose Start attempt when you begin reading the candidate brief. Build the model and explain what drives the return, with the answers kept closed.

    Independent timed practice

  3. Review and work it through

    Compare with the completed model and review files. Follow the five-lesson walkthrough to trace each stage of the calculation.

    Worked answer + guided walkthrough

Prefer to learn as you build? Start with the untimed walkthrough. For a fresh timed attempt, take the test before opening the walkthrough or worked answer.

Open the complete free case

Before you start

What do I need to know already?

You should be comfortable with basic Excel and LBO mechanics. Use desktop Excel for the workbook and your browser for the case workspace.

Do I need an account or payment details?

No. Open the case, download the candidate files and choose how to practice. The worked answer and walkthrough are free too.

Can I work at my own pace?

Yes. The five-lesson walkthrough is untimed, and the case includes an offline walkthrough. If you want to test yourself without seeing the answer first, complete the timed attempt before opening either walkthrough or Review.

Is this a live interview or a graded submission?

It's self-directed practice using a live-test format. You check your work against the reference files. There is no live interviewer or personalized grading.

What do the paid cases add?

Fresh companies, different starting materials and different assignments. Choose a blank-sheet build, purchase-accounting exercise, take-home case or investment memo to match the format you're preparing for.

Ready for a fresh case?

Move from a supplied template to a blank workbook and three linked financial statements.

A next step after the free case

60-Minute Clean-Sheet Three-Statement LBO

Juniper Trace Technology Services

A sponsor is considering a founder-owned IT services business. Model the acquisition and its financing, follow the cash through a recession, and calculate what the sponsor receives at exit.

$39 USD · One-time purchase

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