DegreeLinked Book

DEGREELINKED: THE STUDENT NETWORK & MARKETPLACE
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Michael Herlache MBA
Doctor of Business Administration Candidate
VP, M&A at AltQuest Group
Svitlana Herlache
Analyst, M&A at AltQuest Group
DegreeLinked
The Student Network & Marketplace

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For my wife, Svitlana, whom is my treasure.

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About the Author:
Michael Herlache is the VP of M&A at AltQuest Group, a middle market boutique
investment bank located in Fort Lauderdale, Florida. He lives in his home in Florida with
his wife, Svitlana. Michael has an MBA in Finance from Texas A&M University and is
getting his Doctorate in Business Administration with a focus on finance. To learn more
about AltQuest Group, please go to www.AltQuest.com.
For those interested in going through a formal perpetuity training program associated
with this text, the Unicon University (www.VCFounders.com) course’s syllabus is based
upon the content of this book.

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Contents
PERPETUITY:
Chapter 1: How to Build a Perpetuity Methodology
Chapter 2: DegreeLinked
Chapter 3: Traction Methodology
PERPETUITY SCIENCE:
Part I: Perpetuity Methodology
Chapter 1: What is Business?
Chapter 2: What is a Perpetuity?
Chapter 3: What Education Teaches vs. What Education Should Teach
FOUNDATIONS OF VALUATION:
Part I: Tracking Value (Accounting)
Chapter 3: Tracking Value with Accounts
Part II: Analyzing Value (Finance)
Chapter 4: Analyzing Value with Finance
Part III: Modeling Value
Chapter 5: Finance with Excel
Chapter 6: Financial Statement Modeling
BUILD-SIDE:
Part I: How to Build a Perpetuity?
Chapter 49: How to Build a Benefit Stream?
Chapter 50: How to De-Risk the Benefit Stream?
Chapter 51: The Value Perpetuity
Part II: Perpetuity Analysis
Chapter 52: How to Be a CEO?
Chapter 53: How to Be a Consultant?
Part III: Perpetuity Modeling & Valuation
Chapter 58: Valuation Methodologies
Chapter 59: Framing Valuation
Part IV: Perpetuity Engineering
Chapter 54: How to Be an Engineer?

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Chapter 54: Knowledge Engineering
Chapter 55: Content Engineering
Chapter 56: Platform Engineering
Part V: Perpetuity Management
Chapter 57: Perpetuity Management
Chapter 61: Index Building & Benchmarking
Chapter 62: Financial Data Sources
Part VI: The Market for Perpetuities
Chapter 60: The Market for Perpetuities
SELL-SIDE:
Part I: How to Sell a Perpetuity?
Chapter 18: Investment Banking
Chapter 19: How to Become an Investment Banker Methodology
Part II: The Middle Market
Chapter 20: Middle Market Breakdown
Part III: M&A Multiples
Chapter 21: M&A Multiples
Part IV: Investment Banking Coverage Methodology
Chapter 22: Investment Banking Coverage Methodology
Chapter 23: Index Building & Benchmarking
Chapter 24: Financial Data Sources
Chapter 25: Industry or Sector Newsletter
Chapter 26: Industry or Sector Report
Chapter 27: Rolodex Building
Part V: M&A Origination Methodology
Chapter 28: M&A Origination Methodology
Part VI: Mandate/Target Matching Methodology
Chapter 29: Mandate/Target Matching Methodology
Part VII: Deal Structuring
Chapter 30: Deal Structuring
Part VIII: M&A Process
Chapter 32: M&A Process
Part IX: Investment Bank Management
Chapter 33: How to Build a Boutique Investment Bank?
Chapter 34: Running the Boutique Investment Bank
Part X: Deliverables & Coverage
Chapter 35: Investment Banking Deliverables
Chapter 36: Adjusted EBITDA

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Chapter 37: Valuation
Chapter 38: Teaser
Chapter 39: CIM (Confidential Information Memorandum)
BUY-SIDE:
Part I: How to Buy a Perpetuity?
Chapter 40: The Principle of Investing
Chapter 41: How to Be a Warren Buffett?
Chapter 42: The Operating Model
Chapter 43: The Financial Buyer aka Private Equity (LBO)
Chapter 44: The Strategic Buyer aka Corporation (Merger)
Chapter 45: Perpetuity Science & Portfolio Theory
Chapter 46: How to Start a LMM Search Fund?
CASES:
Part XVIII: Cases
Chapter 47: Cases

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Preface
We have all heard about the buy side and the sell side of finance, but who is actually
building the perpetuities. What if there was a third side of finance? What if there was a
build-side, with individuals possessing IB/PE and platform development talents to use in
the building of perpetuities? Shouldn't that be the logical course of events with
individuals taking their knowledge of valuation and industries and putting them to use
in building the next unicorns?
So what would this look like? IB/PE professionals joining startup labs such as the one I
run called Founders Ventures (www.VCFounders.com) to work on concepts that have a
legitimate chance of being a unicorn. Rather than leaving one's job to join a
questionable startup, join a startup lab and be directly involved in the build-side, even if
it part-time. The work of the build-side is syndication.
Shouldn't we all be working towards getting on the build-side?

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Perpetuity
The primary output in a capitalist economy is the perpetuity. The inputs include industry
as the uses and the capital markets as the sources of capital. The perpetuity is an asset
with a benefit stream that extends into the future continuously.

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Chapter 1:
How to Build a Perpetuity Methodology
At Founders Ventures, we are often asked, “How to build a perpetuity?” so we decided to
take our approach and build an official methodology around the process.
How to Build a Perpetuity Methodology:
1. The Case for a Perpetuity
2. MVP
3. Value Perpetuity
4. Financial Perpetuity
5. Growing Financial Perpetuity
6. Diversified Perpetuity

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Chapter 2:
DegreeLinked
DegreeLinked
Challenge & Opportunity: Applying to undergraduate and graduate school is a time-
consuming and tedious task. It requires first selecting the right school and then filling
out numerous applications including different essays. 75% of prospective students say
that they would have applied to more schools if the admissions process were less
tedious and time-consuming. DegreeLinked simplifies the university admissions process
by standardizing and consolidating it into one singular platform. Connect directly with
university admissions representatives, share academic performance and write one
application used for all target universities at www.DegreeLinked.com
Key Question: How to Connect Students with University Admissions & Employment
Opportunities?
DegreeLinked Methodology:
Provide a networking platform that connects former, current and prospective students
with university admissions and employment opportunities. The student marketplace
allows universities to run the admissions process through the platform and students get
to make one application for all target universities.

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In terms of the methodology that is used by DegreeLinked, we have the DegreeLinked
Methodology as described in the book, DegreeLinked: The Student Network &
Marketplace:
In terms of messaging on social networks to drive followership, we utilized branded
photos to generate brand awareness:

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In terms of building the perpetuity we are building a following first based upon our
methodology on various social platforms including Facebook, Twitter and Instagram:

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In terms of converting followership into usership, the following are the conversion
metrics after we started requesting that our followers become users:

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Chapter 3:
Traction Methodology
Traction Methodology:
I. Facebook + Instagram + Twitter: “Follow followers’ followers”: Follow back at
20%
II. Deliverables & Snapshots of Progress (Methodology & Followership)
a. Deliverables:
i. Animated video commercial
ii. Book
iii. Perpetuity presentation
iv. Demo video with founders
v. Infographic
vi. Thumbnail and bar
vii. Png selfies of founders with logo/icon
III. Post snapshots of followership on one platform on the other platforms (social
proofing)
IV. Personal message to try platform: “Yes” at 6% follower to user
V. Valuation at $1 to $10 per user
Example:
Follow 1,000,000
X 20% follow back
= 200,000 followers
X 6% follower to user conversion
= 12,000 users
@ ~$5 per user
= $60,000 valuation of platform

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Perpetuity Science
The standard MBA curriculum at most business schools is broken down along siloed
subjects such as accounting, finance, management, operations, and marketing and
attempts to teach students how to be a mid-level manager at a large corporation for the
rest of their lives. Unfortunately, these jobs are mostly gone, having been shipped
overseas or automated. This MBA curriculum is thus outdated and not appropriate for
the 21st century when most individuals will have multiple jobs and roles throughout
their careers and lives.
The more appropriate field of study which has yet to make it to business schools is
known as Perpetuity Science. Perpetuity Science is the body of knowledge,
methodologies, and optimization models related to the building, selling, and buying of
perpetuities. It explains how perpetuities can be built, managed and exited from to
create wealth. Perpetuity science is a paradigm shift in business and finance education in
that it replaces the siloed subjects traditionally taught in undergraduate and graduate

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business schools with a holistic methodology that integrates industry and the capital
markets into one framework.
Instead of a disparate business taxonomy along the lines of economics, finance,
accounting, marketing, etc., we have an initial taxonomy broken down in relation to the
perpetuity, namely:
Build-side – the building of perpetuities (entrepreneurs, corporations)
Sell-side – the selling of perpetuities (investment bankers, wall street)
Buy-side – the buying of perpetuities (private equity, corporate M&A)
Within each of the three, we have various methodologies and optimization models that
may touch on various subjects such as accounting, finance, economics. By starting with
perpetuity science however, the student can better synthesize the various moving parts
of industry and the capital markets.
When first learning about industry and the capital markets, one should first understand
the nature of the perpetuity, which is the basis for industry & the capital markets. The
perpetuity can be modeled with the following formula:
Perpetuity value = CF / r
Where CF represents the benefit stream associated with the perpetuity and r represents
the discount rate associated with the perpetuity’s risk of receiving the benefit stream.

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After understanding the nature of the perpetuity in general, we can then analyze the
nature of the perpetuity within each industry. The nature of the CF, r, value chain, and
value being offered will be different. We investigate each industry according to these
variables by building an index for each industry and then sub-sector within the industry.
After building the index and sub-sector indices we can then begin analyzing the value
chain and leaders in each part of the value chain. We then build financial statement
models for the leaders in each section of the value chain and understand the drivers of
performance.
We analyze each leader or target in relation to the phases of perpetuity in terms of
where they are now and the next steps that they can take to move to the next phase. In
doing so, one begins to think in terms of being a CEO. The CEO’s role is to bring the
company/opportunity through the stages of the perpetuity by building recurring benefit
streams (i.e. cash flows) and at the same time de-risking those benefit streams. In doing

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so, the valuation of the perpetuity moves from backward looking towards forward
looking and the valuation is thus maximized (based upon a multiple of future earnings).
The CEO should thus be familiar with Perpetuity Science and the phases of the
perpetuity.
As the perpetuity changes, the formula for valuing the perpetuity changes as well. There
are five phases of perpetuity building. As we move through the phases, the role of the
owner of the perpetuity becomes more passive and the valuation becomes larger due to
size of EBITDA increasing, EBITDA multiple increasing, and the discount rate decreasing.
The perpetuity becomes less dependent on the owner to exist and run as an
organizational structure is formed coinciding with the division of labor, processes are
automated, and revenue becomes recurring.

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Phases of the Perpetuity:
I. Syndication (Getting to PMT)
II. Job Shop (From PMT1 to PMT2, PMT3, etc)
III. Perpetuity (From PMTi to CF/r)
IV. Growing Perpetuity (From CF/r to CF/r– g)
V. Diversified (Perpetuity 1 + Perpetuity 2)
The goal of Perpetuity Science is the building, growing, management, exit and buying of
perpetuities, so ultimately, while learning about Perpetuity Science itself, we are also
actively looking for:
1. Perpetuities to create
2. How to advance a perpetuity to the next phase
3. Perpetuities that should be exited from
4. Perpetuities that should be purchased

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Ultimately, Perpetuity Science transforms the individual from a one-dimensional
functional worker into a multi-dimensional value-creator able to execute on either of the
three sides of the perpetuity; build side, sell side, or buy side.
The Perpetuity Scientist vs. The Functional Specialist
The Perpetuity Scientist builds assets that generate passive benefits whereas the
functional specialist uses labor to generate active benefits. The quality of life of the
perpetuity scientist is thus higher than the functional specialist. It is the perpetuity
scientist that drives the primary value with functional specialists simply serving a role in
the process of building or operating a perpetuity.
The Perpetuity Scientist has the three capabilities associated with the key question of
each side of the perpetuity:
Build-Side:
Key Question: How to Build a Perpetuity?
Capability: The capability to build a perpetuity
Sell-Side:
Key Question: How to Sell a Perpetuity?
Capability: The capability to sell a perpetuity
Buy-Side:

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Key Question: How to Buy a Perpetuity?
Capability: The capability to buy a perpetuity
Capabilities that each business student should have are associated with the 3 key
questions of Perpetuity Science:
Perpetuity Science:
I. Build side: How to build a perpetuity?
II. Sell side: How to sell a perpetuity?
III. Buy side: How to buy a perpetuity?
The key questions are associated with capabilities to be built learning perpetuity science.

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From this methodology, Investment Banking University has built a body of knowledge
which turned into the course, How to Become an Investment Banker. The book,
Investment Banking, is meant to accompany the course which can be taken online, in the
weekend workshop, or in the month-long training.

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When asking the key question, “How to Become an Investment Banker?”, we are really
asking four questions simultaneously:
1. How to use finance to model the concept in a perpetuity format?
2. How to physically build the perpetuity?
3. How to sell/exit the perpetuity?
4. How to buy a perpetuity?
For each question, Investment Banking University has developed proprietary
methodologies which are the basis for building a capability which is the ultimate answer
to the question.
When the individual implements these models and builds the capabilities in finance, the
build side, the sell side and the buy side, one may claim to have become an investment
banker.

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Part I:
Perpetuity Methodology
Consistent with Perpetuity Science, the Perpetuity Methodology is broken down
between the three aspects of the perpetuity and also has the foundations of valuation to
tie it all together:

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Chapter 1:
What is Business?
When thinking about business we have to acknowledge the sources and uses associated
with a corporation where sources represent the capital markets and uses represents the
asset mix of the corporation. Business can be thought of as a process where the output
is a benefit stream with a given level of variability. This benefit stream with a given level
of variability is known as a perpetuity. Thus, the model for business is the perpetuity.
Since we know that a perpetuity is the model for business (the integration of industry
and the capital markets), we can then build a body of knowledge around the perpetuity
which serves as the basis for the science of the perpetuity (Perpetuity Science):

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The body of knowledge known as Perpetuity Science can be broken down in the
following manner:
The rest of this text goes into detail regarding the taxonomy of Perpetuity Science and
investigates each component.

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Chapter 2:
What is a Perpetuity?
Nature does not provide for man, so he must use reason to obtain value. Since his task
is both survival and pleasure, man must use philosophy and science to determine what
is valuable and then to build something to obtain said value. That which he builds
should not require the same work continually to operate; this is the basis for the
perpetuity. A perpetuity is an asset that generates a benefit stream continuously into the
future. Perpetuity is the basis for intrinsic value.
All of mans progress is towards the creation of assets that add value on behalf of the
human on a continuous basis into the future without the human having to replicate
previous work to receive benefits. This phenomena is referred to as the perpetuity. This
speaks to the advancement from the active benefit stream towards the passive benefit
stream (perpetuity). The perpetuity is both a philosophical and scientific phenomena
which embodies mans progress in both philosophy and science.

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Perpetuity can thus be broken down into:
1. Perpetuity Philosophy
2. Perpetuity Science
For the purposes of this book, we will be focusing on Perpetuity Science.
Standard of Living: Perpetuities
The Goal
To increase standard of living without sacrificing quality of life.
How to Get the Goal

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In order to increase standard of living without sacrificing quality of life, one is to build,
sell or buy perpetuities.
Perpetuity
Perpetuities increase standard of living without sacrificing quality of life by possessing
recurring revenue and automated work processes to achieve the revenue.
I. Building Perpetuities
The building of perpetuities is known as being on the build-side; commonly referred to
as entrepreneurship or corporations.
II. Buying Perpetuities
The buying of perpetuities is known as investment or being on the buy-side. The players
here are Private Equity (PE) or Corporate M&A Departments for major corporations.
III. Selling Perpetuities
The selling of perpetuities is known as the sell-side. The players here are investment
bankers (Wall Street).
The Lab of Perpetuities
The experimentation and optimization tool of finance is known as Excel.
Excel
Is the scientific computational tool of finance to aid us in the modeling and valuation of
perpetuities.
Demand for Perpetuities
There is always demand for perpetuities and especially by institutional investors which
means that the market for corporate control more closely mirrors the DCF (intrinsic
value) of the perpetuity (corporation). Institutional investors can pay higher multiples in
order to realize returns over longer periods of time.
Types of Perpetuities
Perpetuities can be created from companies that possess some aspect of recurring
revenue and automated work processes associated with product creation.
At a high level, types of perpetuities include:

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I. Commodity
a. Durables
b. Non-durables
II. Platform
a. Digital
b. Physical
III. Content
a. Educational
b. Entertainment
IV. Service
a. Analysis
b. Allocation
c. Engineering
d. Logistics
e. Management
f. Advocacy
g. Relationship
V. Infrastructure
a. Private
i. Real estate
b. Public
From the types of perpetuities, when applied to the main value themes of human
existence we arrive at industries associated with the perpetuities (according to Aswath
Damodaran at NYU):

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When looking at the different industries in which perpetuities are located, it becomes
helpful to understand the nature of the perpetuities including risk (as represented by the
discount rate in the perpetuity formula), return, growth, margins, multiples, and cash
flow:

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Risk (discount rate) on the following page:
Return:
Growth:

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Margins (Cash flow):
Multiples:

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Business: The Science of the Perpetuity
Introduction to Business
Business is the science of the perpetuity
Perpetuity value = CF / Discount rate
As you can see we can increase value by increasing CF (increasing revenues, decreasing
COGS, SG&A) or decreasing the discount rate.
The Corporation’s Goal
1. Become a perpetuity - as characterized by recurring revenue as automated work
processes.
2. Become a growing perpetuity
Value of growing perpetuity = CF / r – g
g decreases the discount rate
One should make the distinction between a perpetuity and a commodity. A commodity
is associated with a single benefit (cash flow) or a finite benefit stream, whereas the
benefit stream of a perpetuity is continuous into the future.
What is Intrinsic Value?
Something is intrinsically valuable inasmuch as it is a perpetuity. Perpetuity provides
certainty that the benefit stream will be recurring in the future and is thus, the basis for
intrinsic value. Perpetuities allow us to improve our standard of living while not
sacrificing quality of life by continually dealing with a problem/opportunity in nature
and yielding passive benefits.
How to Become Wealthy?

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The secret that the wealthy know and the middle class is unaware of is the perpetuity. A
perpetuity is an asset that generates a benefit stream continuously into the future. This
yields passive benefits rather than active benefits of which the middle class works for.
The wealthy know Perpetuity Science which is the science of building, selling & buying
perpetuities. There are three sides to the perpetuity:
1. Build-Side - How to Build a Perpetuity? (entrepreneurs, corporations)
a. How to Build a Benefit Stream?
i. Case for Value Perpetuity and Financial Perpetuity
ii. MVP
iii. Value Perpetuity
iv. Financial Perpetuity
v. Growing Financial Perpetuity
vi. Diversified
b. How to De-Risk the Benefit Stream?
i. Customer Concentration
ii. Owner Dependence
iii. Recurring Revenue
2. Sell-Side - How to Sell a Perpetuity? (investment bankers, wall street)
3. Buy-Side - How to Buy a Perpetuity? (private equity, corporate M&A)
Ultimately, the wealthy teach their children how to be 21st century perpetuity scientists
rather than 20th century functional specialists that will remain in the middle class.
In terms of order, the process is usually:
1. Begin on the build-side building a perpetuity which will take 3 to 5 years (initiate
coverage and syndicate within a vertical & sub-vertical)
2. Enter the sell-side and begin in investment banking after university/business school
(within existing investment bank or start own boutique investment bank)
3. From the sell-side, take advantage of strong opportunities and leverage this into a LMM
search fund

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FOUNDATIONS OF
VALUATION
In order to understand the role and work of the investment banker, we need to first have
a strong understanding of the foundations of valuation. This helps us to understand why
it is that the investment banking industry exists and where investment bankers fit into
the bigger picture.

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Part II:
Tracking Value (Accounting)
As a perpetuity is built, it becomes necessary to track the financial existence of the
perpetuity through time. Accounting is the set of concepts, methodologies, and models
that allows us to do exactly that.

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Chapter 6:
Tracking Value with Accounts
Value
The formula for value is:
Accounts and Accounting
In order to track valuation performance of the perpetuity (i..e business), companies
create accounts for each item of it’s financial existence. These accounts are the basis of
valuation. Valuation is the basis of actions taken in a capitalist economy.
Accounts, Accounting & Excel
Excel is the software used to model the accounts of the enterprise and determine the
valuation of the perpetuity (i.e. business).
Account Filings & Public Data
10-K annual
10-Q quarterly
Account Statements: P&L
Income statement (P&L):
Revenues
COGS
Gross Profit
Operating Expenses
EBIT
Interest Cost
EBT
Taxes

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Earnings
Account Statements: Balance Sheet
Assets = Liabilities + Shareholder’s Equity
Total Assets = Total Liabilities + Shareholder’s Equity
Current Assets + Long Term Assets = Current Liabilities + Long Term Liabilities + Value
of Shares Previously Issued + Retained Earnings – Treasury Stock
Account Statements: Statement of Cash Flows
CF from Operating
CF from Investing
CF from Financing
Statement of Cash Flows is the linkage between the income statement and the balance
sheet.
Get D&A from SCF (CF from Operations) and CAPEX from SCF (CF from Investing)
The following is a 10-K from Berkshire Hathaway:
The following is a 10-Q from Berkshire Hathaway:
The following is the IS from Berkshire Hathaway:
The following is the BS from Berkshire Hathaway:
The following is the SCF from Berkshire Hathaway:

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Part VI:
Analyzing Value with Models
(Finance)
As the economic existence of the perpetuity continues to grow, one becomes interested
in the value of the perpetuity. Enter finance, whose concepts, methodologies, and
models allow us to understand the valuation of the perpetuity.

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Chapter 7:
Analyzing Value with Models
Analyzing Value
Strategics, financials, and entrepreneurs undertake investment with the expectation of
NPV & IRR. They accept projects that have positive NPV and IRR higher than the cost of
capital. They actively find and structure positive NPV projects and then match financial
products to them.
The positive NPV project is ideally a perpetuity with the value of the business being the
perpetuity value:
Calculating NPV & IRR is the main analytical work of finance.
*Growth statistic CAGR (Compound Annual Growth Rate) is yearly IRR
From Accounts to Models
To go from accounts (accounting) to a finance number we use models. We only use Free
Cash Flow to determine valuation for major transactions in a capitalist economy
including restructuring, growth, M&A, and capital raising.
To go from account filings to models, we need to “clean the numbers”, “scrub the
financials”, “normalize the financials”. This amounts to recasting accounts to get to a
finance number. We try to get to a finance number to get to a valuation. We get to a
valuation to then take actions in a capitalist economy.

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*We want more add backs to get to a higher valuation
Modeling
After getting valuation, we can then model the different actions we can take in a
capitalist economy to increase the valuation of the strategic, financial or entrepreneurial
firm.
Modeling in Excel
Just like our account statements, our models are built and exist in Excel
Analysis of Account Statements
Analysis of account statements (ratio of analysis) has various uses including from a
liquidity perspective, commercial bank perspective, activity perspective, profitability
perspective, and growth perspective.
Ex. 4x-7x debt multiple for lending purposes
The following is the adjusted financials for Berkshire Hathaway:

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Part VII:
Modeling Value
Continuing deeper into the field of finance we now discuss the actual work associated
with understanding the value of a perpetuity. The work is done by modeling the
perpetuity in Excel.

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Chapter 8:
Finance with Excel
Finance with Excel
Express your decisions using Excel. Excel is the premier business computational tool
Implement financial analysis using the tool for financial analysis, Excel
Valuation process
Heart of finance is time value of money and discounting
Excel Concepts Needed for Finance
Write down variables (defining the parameters of the decision)
Absolute or relative values copying (=A1) (=$A$1) and formulas
Functions (=fx( ))
Data tables (“sensitivity tables”)
Express Decisions with Excel
Implement financial analysis with Excel

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Using a Financial Model for Decision Making: The Investment Decision
Ability to get financing from financial institutions depends on ability to make a financial
model for the new or existing business
The financial model projects future earnings from the organization
Predict the future performance of a firm.
Accounting statements report what happened to the firm in the past. A financial model
predicts what the firm’s accounting statements will look like in the future. Start by
taking the initial accounting statements and inputting them into Excel
Difference between accounting and financial model is in the current assets and current
liabilities. In financial model we are concerned only with operating assets and operating
liabilities. We exclude financing related
Financial model has three components:
Model parameters (value drivers)
Financing decision assumptions (i.e. Mix between debt and equity, what does firm do
with excess cash? Repay debt, payments to shareholders, or as cash balance)
Pro forma financial statements
Cash in the financial model is a plug. The plug is so that the balance sheet balances.
Cash = total liabilities and equity – current assets – net fixed assets
The plug is the balance sheet item that guarantees the equality of the future projected
total assets and future projected total liabilities and equity. Every financial model has a
plug and the plug is almost always cash, debt, or stock.
Financial Model and Valuation Process:
Assumptions (value drivers)
Existing accounting statements (IS and BS)

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Projected financial statements
Free cash flow calculation (FCFs)
Terminal value calculation
Valuation calculation
Sensitivity table for major value drivers to see range of valuation
Once the financial model is complete (i.e. accounting statements have been projected),
we can use the model to:
Value the firm by projecting free cash flows (FCFs)
Determine ability of firm to pay it’s debts (i.e. credit analysis)
Using a Financial Model for Decision Making: The Financing Decision
All companies must decide how to finance their activities
Proportion of debt and equity
The discount rate should be appropriate to the riskiness (i.e. variability or beta) of the
cash flows being discounted.
Discount rate is also called interest rate, cost of capital, opportunity cost.
Compute annualized IRR
The cost of capital of an investment is related to the risk of the cash flows of the
investment. The relationship of individual asset returns to the risk is called the security
market line (SML). You can use SML to get the discount rate for individual investments.
The SML is used for private companies.
The cost of capital of an organization is related to the risk of the combined riskiness of
the investments in the portfolio. The relationship of portfolio returns to the risk is called
the capital asset pricing model (CAPM). You use CAPM to get the discount rate (i.e. cost
of capital). When the investment is a public security, you use CAPM since the buyer of
the security will have a portfolio to diversify away risk.
Portfolio risk is associated with statistics.

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Wealth Maximizing Decisions
Investment decision – What is it worth? NPV of strategic alternative
Financing decision – What does it cost? IRR of financing alternative
Cash is King
Wealth maximization has to do with maximizing cash. Cash in the context or
organizations is known as cash flow.
Return is a word for cash flows
Cash Flow Definition (FCF)
Profit after taxes
+ Depreciation (noncash expense)
+ Change in net working capital (- increase in current assets and + increase in current
liabilities)
Capital expenditures (CAPEX)
+ After-tax interest payments
= Free Cash Flow (FCF)
Role of the Finance Professional
The role of the financial professional is to quantify the cash flows and risk of strategic
alternatives available to the individual or organization.
Investment bankers compute the IRR and NPV of strategic alternatives.
Capital Markets
The capital markets is made up of cash flows and discounts
Capital Markets and Information
Information is valuable in determining investment and financing decisions in the capital
markets. Overall, markets are weak form efficient meaning that their valuations reflect
previous stock price performance (i.e. stock price data) and are sometimes semistrong
meaning that valuations incorporate all public information. Capital markets are not
strong form efficient meaning that valuations do not reflect private information.
Multiple Investment and Financing Decisions: Portfolio

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When there is multiple investment and financing decisions, we have something called a
portfolio. The discount rate can be decreased by diversifying with a portfolio. When the
discount rate is decreased, the valuation of the portfolio increases as cash flows have
maintained more value.
A corporation/organization is simply a portfolio of sources and uses
Modeling a Strategic Alternative
Put all variables (“value drivers”) at the top of the spreadsheet
Never use a number where a formula will also work
Blue for hard codes
Black for links and outputs
Finance: Exchanging Value Through Time
Assets have a time dimension
Future value function =FV( )
Value in the future of a sum of money compounded into the future
Present value =PV( )
Value today of future payments discounted to present
Net present value (NPV) =-First payment + NPV( )
Incremental wealth increase earned by a strategic alternative. NPV tells you economic
value of an investment today. Always use NPV in the investment decision.
Internal rate of return (IRR) =IRR( )
Compound rate of return earned by a strategic alternative
VIII. Rate of Return vs. Cost of Capital
What is the asset’s IRR?
Compare to the cost of capital (Effective annual interest rate – which is the annualized
IRR used to compare financing alternatives aka Compound Annual Growth Rate (CAGR))

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Cost of Capital
Calculate IRR of financing alternatives to determine cost of capital
Need to get IRR in annual terms to facilitate comparison. May have to start with monthly
IRR then annualize
Annualized IRR = (1 + Monthly IRR)^n-1
Finding a Value in a Financial Model
When we want to find a value by setting a particular value to another cell, we use:
Goal seek – Alt, A, G
Financing Alternatives: Loan Amortization
=PMT( )
To calculate the debt payment per period
=IPMT( )
To calculate the interest portion of the payment of debt
=PPMT( )
To calculate the principal portion of the payment
VIII. Financing Alternatives: Direct Comparison
IRR of differential cash flows tells you the cost of the option
IRR tells you the cost of the financing alternative
CAGR is Effective Annual Interest Rate (EAIR) to allow for comparison
Analyzing the Strategic Alternative: Sensitivity Table
Data Table is Alt, A, W, T
Tells you how output changes with incremental changes in the inputs (i.e. variables)
The Financing Alternative: Nominal vs. Real Cost

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In determining the true cost of a financing alternative, it is important to use the real rate
of interest which incorporates inflation. The real rate of interest is determined by using
the real cash flows.
Inflation acts as a discount rate
Strategic Alternatives Analysis
For each strategic alternative, compute the NPV and IRR, then have decision rules for
investing including:
Minimum NPV
Hurdle rate (IRR)
You are using NPV and IRR to make investment decisions but you need the discount
rate. The discount rate is associated with the financing decision
Cash Flows and Risk
Are cash flows riskless (i.e. treasury bills) or are they risky (i.e. market portfolio)
Cost of Capital and Opportunity Cost
The returns of similar investments should be used as the cost of capital
The Discount Rate
An organization’s discount rate is the cost of equity and cost of debt. The cost of the
total capital structure is known as the Weighted Average Cost of Capital (WACC):
WACC = rE* (E/(E+D)) + rD (1-Tc)*(D/(E+D))
Value of Equity
The value of equity is the present value of all future dividends
Sources & Uses
Uses Sources
Free Cash Flows WACC
CAPM to get cost of equity
Accounting Statements: Statement of Cash Flows

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The purpose of the statement of cash flow is to explain the increase in the cash accounts
on the balance sheet as a function of the firm’s operating, investing, and financing
activities.
Valuation Methods: Total Enterprise Value (TEV) vs. DCF
Market valuation:
Total Enterprise Value (TEV) = MVE + MVD + Preferred – Cash
2. DCF Method (intrinsic value) = PV(FCFs) @ WACC + liquid assets
Accounting Value vs. Finance Value
Accounting value of firm is backward looking and thus incorrect to use in valuation.
Finance value is forward looking and consistent with the fact that the owner of an
organization or security has claims on the future cash flows of the business.
FCF and DCF
Free cash flow (FCF) calculations is DCF
Portfolio Analysis and the Capital Asset Pricing Model (CAPM)
Discount rate is a measure of risk associated with:
Horizon
Safety
Liquidity
We get the discount rate by analyzing the distribution of an investment’s returns. We
get the standard deviation which is a measure of variance in returns. Standard deviation
is a component to finding the discount rate:
=STDEVP( )
What does the frequency distribution look like?
Determine risk measure known as beta and plug this into CAPM to get the discount rate
of equity. Derive the cost of debt and then calculate WACC to get the discount rate of
the firm.

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Ex Ante vs. Ex Post Returns
Ex Ante is the expected return
Ex Post is the actual return
VIII. Statistics for Portfolios
=Average( )
To get mean return
=Varp( )
To get variance of returns
=Stdevp( )
To get standard deviation of returns
=Covar( )
To get covariance between two sets of returns
=Correl( )
To get correlation between two sets of returns
Trendline (regression) – click on points of XY graph and right click to Add Trendline with
linear regression and display equation and R-squared on chart
Portfolio Returns and The Efficient Frontier
Statistics are used to determine acceptable and unacceptable portfolios
Diversification lowers standard deviation of the portfolio
Are the returns correlated? If no, then add security to the portfolio (i.e. diversify)
The efficient frontier is the set of all portfolios that are on the upward-sloping part of
the graph starting with the minimum variance portfolio (i.e. the market portfolio).
Choose the portfolio that is on the efficient frontier.
The Efficient Frontier and the Optimal Portfolio

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The best investment portfolio is made up of the risk free asset and a risky asset
representing the market (i.e. the market portfolio)
Determine the market portfolio (the portfolio with the highest attainable sharpe ratio)
Market portfolio is the best combination of risky assets available to the investor
Security Market Line & CAPM
The security market line says that the expected return of an asset is a function of the
asset’s beta (i.e. sensitivity to the market).
Only relevant risk is systematic risk since the investors will all be diversified
Security Market Line & Investment Performance
Security Market Line & Investment Performance
VIII. Security Market Line & Investment Performance Continued
Investment performance:
Risk adjusted performance; excess returns?
Risk Adjusted Performance
Market portfolio proxy is S&P 500
Beta is measure of riskiness of security
Alpha measures excess return

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Market portfolio proxy is S&P 500
Beta is measure of riskiness of security
Alpha measures excess return
It is about investment performance versus the risk involved in the investment
CAPM & Investment Performance
Use CAPM to get the discount rate of equity and compare to cost of financing
alternatives
Is there risk adjusted overperformance or underperformance?
Is performance commensurate with risk?
Excess Return
Excess return is the investment’s spread over the one year treasury (i.e. risk free rate)
Use regression equation to determine if underperformance (negative alpha) or
overperformance (positive alpha)
When regressing asset’s returns against the market portfolio, alpha measures excess
returns over the market portfolio
Beta & R^2
High beta is an aggressive stock
Low beta is a defensive stock
R^2 is percentage of variability that is market related risk when returns are regressed on
the market portfolio
Diversification increases R^2 of the portfolio and decreases nonsystematic risk

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Alpha and Efficient Markets
In efficient markets, there is no alpha and investments earn their risk-adjusted return
CAPM and the Cost of Capital
CAPM = rf + Beta [ E(rm) – rf]
In CAPM, use Beta of asset to calculate cost of equity
WACC is the discount rate based upon the capital structure of the investment
Valuing Securities in Efficient Markets
Market efficiency and the role of information in determining asset prices
Publicly available information should be reflected in market price
Chapter 9:
Financial Statement Modeling
Financial statement modeling refers to the creation of a standalone operating model for
a company. The operating model is built using historical performance (i.e. historical
financial statements). We use the operating model to see pro forma performance of a
company given certain assumptions. These pro-formas are the basis for decision making
within the corporation.
Financial statement modeling best practices:

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Blue is hard codes, black is formulas
Be consistent with millions and billions (keep conventions the same)
Footnote everything in presentation
Keep your model simple (1,000 cells is better than 10,000 cells)
Financial Modeling Steps:
1. Spread historical financial statements
a. 3 to 5 years history for IS, BS, and SCF
b. Public information for company 10K, 10Q
c. If private company, get audited financial statements provided by company
2. Adjust for non-recurrings
3. Build cases into the operating model
a. Best case
b. Base case
c. Worst case
d. Disruption case
4. Build assumptions based upon historical trends in assumptions tab (margins and growth
rates)
5. Project LIBOR and interest rates
a. Spread over LIBOR
b. LIBOR is the base that banks use to price spread their loans to make money (called
“L”)
c. 3 month LIBOR is the standard reference
6. Project IS and BS & two items on SCF (D&A and CAPEX (before gross PPE on BS))
a. Maintenance CAPEX vs. Discretionary (growth) CAPEX
7. Separate debt and interest schedule (calculate debt and interest schedule before
calculating BS items for revolver, term loan, and unsecured debt)
8. Project Working Capital
a. Days payable & Days receivable (360 day method)
9. Project rest of SCF (all items pulled from IS or BS)
a. AR goes up, need negative sign on SCF
b. AP goes up, need positive sign on SCF
c. BS cash is ending cash position on SCF
10. Calculate paydown/drawdown for revolver as minimum (Min function) of CF before
revolver and beginning revolver balance

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11. Operating model is done when you finish SCF. Operating model check (zero for Assets –
(Liabilities + Owners Equity)
NEXT STEP IS TO USE THE OPERATING MODEL FOR VARIOUS ANALYSES INCLUDING
ORGANIC GROWTH & INORGANIC GROWTH (STRATEGIC ALTERNATIVES). THE KEY
QUESTION TO ASK IS: WHAT IS THE BEST STRATEGIC ALTERNATIVE FOR THE
CORPORATION (I.E. HOW TO BE A GROWING PERPETUITY OR PARENT COMPANY OF
MULTIPLE GROWING PERPETUITIES)?
The following is a financial statement model for Berkshire Hathaway:

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BUILD-SIDE
Related to the intentional creation of perpetuities following a methodology, we have
what is known as the build-side. The build-side is associated with the creation and
management of perpetuities. Participants on the build-side include startups, growing
businesses, and established corporations.

70

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Part I:
How to Build a Perpetuity?
The process for building a perpetuity is the following:
1. Challenge/opportunity and case for value perpetuity & financial perpetuity (total
addressable market that exceeds hurdle)
2. Key question associated with challenge/opportunity
2. Methodology that answers key question
3. Platform architecture consistent with methodology
4. MVP (Minimum viable product) of platform
5. Value Perpetuity
6. Financial Perpetuity
7. Growing Financial Perpetuity
8. Diversified Perpetuity
Perpetuity Science & The Perpetuity Scientist

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Within Perpetuity Science, there are definite phases of the perpetuity corresponding to
levels of development of the perpetuity including:
1. Levels of customer concentration where:
a. high levels of customer concentration correspond with a lower EBITDA multiple
and low levels of customer concentration correspond with a high EBITDA multiple
2. Levels of recurring revenue where:
a. high levels of recurring revenue correspond with a high EBITDA multiple and low
levels of recurring revenue correspond with a low EBITDA multiple
3. Levels of owner dependence where:
a. a high level of owner dependence corresponds with a lower EBITDA multiple and
low levels of owner dependence correspond with a high EBITDA multiple
The perpetuity scientist (CEO or consultant) is not only responsible for growing the
benefit stream (CF), but also these de-risking factors that determine the discount rate (r).
In doing so, the perpetuity scientist builds a highly sought after perpetuity for both
strategic and financial buyers corresponding with a premium valuation.
When providing coverage to a target perpetuity and originating an engagement, the
perpetuity scientist should follow these steps:
Stage of the Perpetuity:
1. Syndication:
(Getting to PMT)
Initial revenue generation
The key here is taking a concept that has a large enough total addressable market and
turning it into a single sale as represented by PMT. This demonstrates product market fit
between the minimum viable product/platform and allows the owner to invest
additional time/energy/resources into turning the syndication into a perpetuity. The
syndication’s value to the owner will be related to the NPV/DCF value, however, since
there is an inefficient market for syndications, the value is going to be discounted at a
high rate, in the 80% to 100% range. The syndication is entirely reliant on the owner’s

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active involvement. If the owner no longer works in the syndication, the syndication will
cease to operate.
The market here is inefficient.
2. Job Shop:
(From PMT1 to PMT2, PMT3, etc)
The initial efforts create a job shop
The key here is taking a syndication that has demonstrated product/market fit and
turning it into a job shop with multiple projects as represented by PMT1, PMT2, PMT3.
This demonstrates product market fit between the minimum viable product/platform
and allows the owner to invest additional time/energy/resources into turning the
syndication into a perpetuity. The job shop’s valuation is based upon a multiple of its
EBITDA and is usually in the range of 3x to 5x. The job shop is not entirely reliant on the
owner’s active involvement and there is thus a larger, albeit still inefficient market for the
prospective perpetuity with likely buyers being individuals and LMM strategic and
financial buyers.
The owner’s primary responsibility is to first turn the company into a project or job shop
(PMT representing a given job). The company is looked at solely as the sum of the value
of its projects/jobs meaning that the valuation of the company is backward looking.
3. Perpetuity:
(From PMTi to CF/r)
Transitioning from a job shop to a recurring revenue stream
The key here is taking a job shop with disparate projects (PMT1, PMT2, PMT3) and
turning it into a perpetuity with a predictable if not recurring benefit stream. The
perpetuity’s value is based on a larger EBITDA multiple since there is a semi-strong
efficient market for perpetuities with likely buyers being middle market strategic and
financial buyers. The perpetuity is almost entirely not reliant on the owner’s active
involvement.
From here, the owner is to turn the company into a perpetuity as characterized by
predictable, preferably recurring revenue. This can be done by building an
organizational structure with division of labor, automated processes with technology,

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and a business model that is recurring by nature. When this is accomplished, the
valuation becomes forward looking.
4. Growing Perpetuity:
(From CF/r to CF/r– g)
Going from recurring revenue stream to a growing perpetuity
The key here is taking a perpetuity with a durable benefit stream (CF) and reasonable
amount or variability in that benefit stream (r) and turning it into a growing perpetuity
with a corresponding growth rate (g). The perpetuity’s value is based on an even larger
EBITDA multiple since there is a weak form efficient market for growing perpetuities with
likely buyers being middle market strategic and financial buyers and some public
strategic and financial buyers. The growing perpetuity is almost entirely not reliant on
the owner’s active involvement.
This can be accomplished by building a scalable platform as part of the core business.
The valuation of the company now has to incorporate a growth factor.
5. Diversified:
(Perpetuity 1 + Perpetuity 2)
From one growing perpetuity to growing another perpetuity organically or purchasing
one to grow inorganically
Finally, the owner is to diversify either organically (new product, new business) or
inorganically. If the diversification is organic, the new product/business will naturally
move through the phases of:
1. Syndication
2. Project/job shop
2. Perpetuity
3. Growing perpetuity
Since the valuation is forward looking, it has to incorporate the new product/business’
financial performance. Since the parent company is now becoming diversified, the
discount rate will now decrease which adds value to the parent company.

75

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Chapter 31:
How to Build a Benefit Stream?
The CEO’s role is to bring the company/opportunity through the stages of the perpetuity
by building recurring benefit streams (i.e. cash flows) and at the same time de-risking
those benefit streams. In doing so, the valuation of the perpetuity moves from backward
looking towards forward looking and the valuation is thus maximized (based upon a
multiple of future earnings).
Reasoning to Platform
The ultimate conclusion of reasoning applied to a challenge/opportunity in nature is the
building of a platform which in turn can be turned into a perpetuity.
1. Opportunity/challenge in nature
2. Key question associated with challenge/opportunity
3. Develop methodology that answers the key question
4. Build platform around the methodology
5. Perpetuity
Existing Platform to New Value Theme
A common way to begin on the build-side is to take an existing platform and apply the
concept to a new value theme. We will discuss this in great detail in the cases portion of
this text.
Platform vs. Mod

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Platform is associated with network and is the core value, the connecting of individuals
in an integrated platform. Platform is ultimately the basis for becoming a perpetuity.
Mod is associated with a specific functionality.
The Value of Technology & Science
Technology and science have value inasmuch as they are associated with a perpetuity.
Technology and science in isolation has no value.
The Consumption Process & Growth Hacking
It is important to have appropriate expectations regarding growth and returns. One
does not simply build an MVP and turn on users with a switch. Brands are built one
person at a time and consumption follows a definite process which is the following:
1. Awareness of methodology via being advocated to directly on a social network or via
email
2. Methodology adds value for individual (based in reason) and thus the user decides to be
a follower
3. Followership of brand adds value enough so that when the 'ask' is made, the individual
is willing to experiment with usage
4. Usage adds value enough so that the user becomes an active user
5. Active usage adds value enough so that individual is willing to recommend others to
become users
6. Active users willing to pay for usage
Since there is a definite process to consumption, one's growth hacking methodology
should be consistent with this fact. The Growth Hacking Methodology means manually
connecting with individuals on various social networks including Instagram, Facebook, &
Twitter to first advocate the startup's methodology:
1. Develop thought leadership (methodology)
2. Advocate methodology and first contact
3. Acquire followership

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4. Convert followership into users
5. Convert users into active users
The key here is to advocate the startup's methodology and then show traction on the
methodology which will be used to gain followership from influencers and turn them
into evangelists for the methodology.
Mechanisms like social proof can be helpful as they accelerate willingness to participate
in followership or experiment with usage, but they are not a replacement for one by one
advocacy of a methodology. Social proof kicks in incrementally as the startup hits an
extra zero at the end of its followership and user numbers (ex. 100, 1000, 10000, 100000,
1000000).

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80

81

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Chapter 32:
How to De-Risk a Benefit Stream?

84

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Chapter 33:
The Value Perpetuity
Commodity -> Finite Benefit Job -> Active Benefit Perpetuity -> Passive Benefit
Perpetuity

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Part VIII:
Perpetuity Analysis
On the build-side, we are ultimately concerned with the creation and management of
perpetuities. We first explore the perpetuity analysis, perpetuity building
process/timeline (including sources and uses) and then move towards a methodology
for perpetuity management.
The goal of Perpetuity Science is the building, growing, management, exit and buying of
perpetuities, so ultimately, while learning about Perpetuity Science itself, we are also
actively looking for:
1. Perpetuities to create
2. How to advance a perpetuity to the next phase
3. Perpetuities that should be exited from
4. Perpetuities that should be purchased
Perpetuity analysis is performed with an understanding that a perpetuity’s ideal course
of action at any given time is related to one of the three sides of the perpetuity (Build-
side, Sell-side, Buy-side) which depends on the phase that the perpetuity is in:
I. Industry and sub-industry indices made up of public comps
II. Benchmark comps into Perpetuity Phases
III. Build financial statement models for each
IV. Determine DCF, Comp Companies & Precedent Transactions valuation football
field
V. Compare peers in Perpetuity Phase to intrinsic value to determine if this is a Buy-
Side, Sell-Side or Build-Side deal (where are peer multiples at in relation to intrinsic
value?)
a. If Build-Side: What needs to be done to get to the next phase of the perpetuity?

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b. If Sell-Side: How to exit the perpetuity?
c. If Buy-Side: How to acquire a target perpetuity?
Perpetuity science explains how perpetuities can be built, managed and exited from to
create wealth. As such, it inherently has an owner focus rather than simply a capital
markets focus which is manifested by the dual goals of decreasing the owner’s active
involvement in the day to day of the business and the maximizing of valuation.
Perpetuity Analysis can occur at three levels:
1. Vertical (Industry)
At the level of the industry, we can take the public comps as place them on the Market
for Perpetuities chart:
For example, we can take a look at the Oil & Gas vertical and see where the various
players at:

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2. Sub-Vertical
At the level of the industry, we can take the public comps as place them on the Market
for Perpetuities chart:

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For example, we can take a look at the Oil & Gas machine manufacturing sub-vertical
and see where the various players at:
3. Corporation
As discussed, a corporation is merely a portfolio of perpetuities. As such, we can map
the corporation in terms of its perpetuities and see the stage of each individual
perpetuity:

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An example of Perpetuity Analysis at the corporate level would be Berkshire Hathaway,
which we have mapped below:

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Perpetuity science is where entrepreneurship, strategy & finance come together. It a
field of study complete with a body of knowledge, methodologies, and optimization
models towards improving the individual's quality of life by the building of a perpetuity
that accomplishes two dual goals:
1. ever decreasing involvement of the perpetuity owner in the perpetuity
2. ever increasing valuation of the perpetuity
Perpetuity science is ultimately about maximizing quality of life rather than just wealth
by building perpetuities with recurring revenue streams that are not reliant on the daily
participation of the owner of the perpetuity. We can take a look in a visual format of
what we are trying to accomplish:
As you will notice, the owner’s direct involvement in the perpetuity decreases as the
perpetuity moves through the phases of development. Also, valuation increases as the
perpetuity moves through the phases of development for three reasons; EBITDA
increase, EBITDA multiple expansion, decrease in discount rate.

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The key question is: How to build a perpetuity that minimizes the daily involvement of
the owner and at the same time maximizes it’s valuation.
Though applicable to all industries, the focus industries of perpetuity science are thus
those that do not require significant capital outlays which could otherwise be used to
invest in a diversified portfolio. These industries include:
1. Technology
2. Media
3. Education
4. Business Services
As you will notice, these industries have to do with knowledge working and benefit from
information arbitrage and/or network arbitrage. While it is possible to structure
arbitrage in other industries by preselling various products and services, knowledge
working industries offer genuine information/network arbitrage as well as allowing for
recurring revenue business models rather than being one time commodity or project-
based. You will also notice that margins are much larger in knowledge working
industries which translates into larger EBITDA multiples. Thus, the owner of the
perpetuity is rewarded multiple times more for the value that their perpetuity creates
than they would for commodity or project-based syndications.
Given that the human has a limited amount of time on earth and limited resources
within which to invest (energy, capital), one should invest their time in knowledge
working industries and build perpetuities there first. Only after a perpetuity has been
built in a knowledge working industry should the owner explore other non-knowledge
related industries.
One should thoroughly understand these industries overall and their sub-sectors when
syndicating a new perpetuity. We will go into these industries in detail after explaining
the perpetuity building process, the perpetuity management process, and perpetuity exit
process.
The science of the perpetuity can be broken down into three sequential categories
including:
I. Perpetuity Analysis

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II. Perpetuity Building
III. Perpetuity Management
Perpetuity Exit
Market Analysis
GDP
Industry Spend
Sub sector spending
Sub sector spending by product

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Value Chain Analysis
General
Industry
Sub-sector
Sub-sector by product
Gap Analysis
General
Industry
Sub-sector
Sub-sector by product
Product/Platform Analysis
Base
Mods
Perpetuity Science: A methodology that synthesizes industry and the capital markets in
relation to the perpetuity. The science of building, selling and buying perpetuities.
I. Nature of the Perpetuity
II. Phases of the Perpetuity
III. Sides of the Perpetuity
IV. Perpetuity Analysis:
Industry and sub-industry indices

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Determining where leaders are at in Perpetuity Phases
Build financial statement models for each
Compare Perpetuity Phase to intrinsic value
Determine if this is a Buy Side, Sell Side or Build Side deal (where are multiples at in
relation to intrinsic value?)
What needs to be done to get to the next phase of the perpetuity?

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Chapter 10:
How to Be a CEO?
The CEO should thus be familiar with perpetuity science and the phases of the
perpetuity.
As the perpetuity changes, the formula for valuing the perpetuity changes as well. There
are five phases of perpetuity building. As we move through the phases, the role of the
owner of the perpetuity becomes more passive and the valuation becomes larger due to
size of EBITDA increasing, EBITDA multiple increasing, and the discount rate decreasing.
The perpetuity becomes less dependent on the owner to exist and run as an
organizational structure is formed coinciding with the division of labor, processes are
automated, and revenue becomes recurring.
Phases of the Perpetuity:
I. Syndication (Getting to PMT)
II. Job Shop (From PMT1 to PMT2, PMT3, etc)
III. Perpetuity (From PMTi to CF/r)
IV. Growing Perpetuity (From CF/r to CF/r– g)
V. Diversified (Perpetuity 1 + Perpetuity 2)

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Chapter 10:
How to Be a Consultant?
The consultant’s role is to aid in the building, selling, or buying of a perpetuity. Since
the consultant’s value is in relation to the perpetuity, the consultant’s core
methodology/body of knowledge is Perpetuity Science. Perpetuity Science is the set of
methodologies related to building, selling, and buying of perpetuities which is referred
to as the build-side, sell-side, and buy-side respectively. The key questions related to
each side of the perpetuity are:
The consultant uses methodologies related to each one of these key questions which
serve as the basis for a consulting engagement:
1. Build-Side: How to move a company/opportunity to the next stage of the perpetuity
building process? The methodology for the phases of a perpetuity is the following:

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2. Sell-Side: How to obtain a valuation higher than the NPV of the perpetuity? The
methodology for doing so is to get a buyer to price in the next phase of the perpetuity
into the current valuation (ex. if the perpetuity is at the perpetuity phase, get the buyer
to pay for a growing perpetuity)
3. Buy-Side: How to locate and take ownership of a perpetuity that is being valued at less
than its NPV? The methodology for doing so is to get the seller to accept a price for the
previous phase of the perpetuity (ex. if the perpetuity is at the growing perpetuity phase,
get the seller to sell for at a perpetuity valuation)
What Should You Learn in Business School?
Since the perpetuity is the basis for both industry and the capital markets it follows that
business school thus focus on educating individuals on:
1. The Nature of the Perpetuity
2. The Phases of the Perpetuity
3. The Different Sides of the Perpetuity
The standard MBA curriculum at most business schools is broken down along siloed
subjects such as accounting, finance, management, operations, and marketing and
attempts to teach students how to be a mid-level manager at a large corporation for the
rest of their lives. Unfortunately, these jobs are mostly gone, having been shipped

101
overseas or automated. This MBA curriculum is thus outdated and not appropriate for
the 21st century when most individuals will have multiple jobs and roles throughout
their careers and lives.
The more appropriate field of study which has yet to make it to business schools is
known as Perpetuity Science. Perpetuity Science is the body of knowledge,
methodologies, and optimization models related to the building, selling, and buying of
perpetuities. It explains how perpetuities can be built, managed and exited from to
create wealth. Perpetuity science is a paradigm shift in business and finance education in
that it replaces the siloed subjects traditionally taught in undergraduate and graduate
business schools with a holistic methodology that integrates industry and the capital
markets into one framework.
Instead of a disparate business taxonomy along the lines of economics, finance,
accounting, marketing, etc., we have an initial taxonomy broken down in relation to the
perpetuity, namely:
Build-side – the building of perpetuities (entrepreneurs, corporations)
Sell-side – the selling of perpetuities (investment bankers, wall street)
Buy-side – the buying of perpetuities (private equity, corporate M&A)
Within each of the three, we have various methodologies and optimization models that
may touch on various subjects such as accounting, finance, economics. By starting with
perpetuity science, the student can better synthesize the various moving parts of
industry and the capital markets.
1. The Nature of the Perpetuity: When first learning about industry and the capital markets,
one should first understand the nature of the perpetuity, which is the basis for industry
& the capital markets. The perpetuity can be modeled with the following formula:
Perpetuity value = CF / r
Where CF represents the benefit stream associated with the perpetuity and r represents
the discount rate associated with the perpetuity’s risk of receiving the benefit stream.
2. The Phases of the Perpetuity: After understanding the nature of the perpetuity in
general, we can then analyze the perpetuity within each industry. The nature of the CF, r,

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value chain, and value being offered will be different. We investigate each industry
according to these variables by building an index for each industry and then sub-sectors
within the industry:
3. The Different Sides of the Perpetuity:

103

104

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Chapter 48:
How to Be an Engineer?
Engineer Methodology:
1. Identify challenges/opportunities in nature
2. Form key question
3. Develop methodology to answer key question
4. Build platform consistent with methodology
5. Turn platform into perpetuity

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Part IX:
Perpetuity Management
On the build-side, we are ultimately concerned with the creation and management of
perpetuities. We first explore the perpetuity analysis, perpetuity building
process/timeline (including sources and uses) and then move towards a methodology
for perpetuity management.

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Chapter 15:
The Purpose of the Company
Companies exist to create value
How Companies Create Value
Companies create value by investing capital at rates of return that exceed their cost of
capital. This is the principle of value creation.
The only thing that differs across companies is the implementation (i.e. different asset
and capitalization mix)
Strategy & Finance
Valuation Drivers

108
The Role of the CEO
Valuation

109

110
Perpetuity Management with Discounted Cash Flows
Growth or Restructuring
Perpetuity Management Process

111
Measuring Value Added: ROIC vs. Market Return
Measure return on invested capital (after-tax operating profits divided by capital
invested in working capital, PP&E) and compare it with stock market returns
Measuring Value Added: Economic Profit & NPV
Economic profit = ROIC spread % over cost of capital x invested capital
The objective is to maximize economic profit. When the company is larger, one should
use Net Present Value (NPV) which calculates economic profit in a more robust and
flexible fashion.
Valuation in the Public Markets
Valuation in the public markets has investors paying for the performance they expect
the company to achieve in the future; investors ultimately end up paying more since
their valuations are not based upon the past or cost of the assets.
The CEO should endeavor to have his company in the public markets since the largest
multiples are applied in valuation
Real Markets & Financial Markets
When a public company, the CEO has to both maximize the intrinsic (DCF) value of the
company and manage the expectations of the financial market
Differences between actual performance and market expectations and changes in these
expectations drive share prices. The delivery of surprises produces higher or lower total
shareholder returns
Perpetuity Planning & Control (i.e. Management)
Planning & control system should be put in place to monitor the NPV of every business
unit and summed to get the NPV of the corporation. Economic profit (i.e. NPV) targets
set annually for next three years, progress monitored monthly and managers’
compensation tied to economic profit against these targets

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Value Metrics
Metrics are to drive decisions and guide all employees toward value creation.
Perpetuity Planning & Control (i.e. Management) in Practice
Corporate management sets long-term value creation targets in terms of market value
of a company or total returns to shareholders (TRS)
Strategic alternatives valued in DCF (i.e. NPV)
Intrinsic value of chosen strategic alternative translated into short and medium term
financial targets and then targets for operating and strategic value drivers
Performance assessed by comparing results with targets on both financial indicators and
key value drivers. Managerial rewards linked to performance on financial measures and
key value drivers
Value Metrics: Market Value Added & Total Return to Shareholders
Market Value Added is the difference between the market value of a company’s debt
and equity and the amount of capital invested. Measures financial market’s view of
future performance relative to capital invested in business.
Total Return to Shareholders measure performance against the expectations of financial
markets and changes in these expectations. TRS measures how well a company betas
the target set by market expectations
Value Metrics: DCF vs. Earnings Multiple
DCF is intrinsic value. Earnings multiples are market values.
Earnings alone is inadequate without understanding the investment required to
generate the earnings. Should know ROIC
Cash Flow

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Cash flow equals the operating profits of the company less the net investment in
working capital and fixed assets to support the company’s growth.
Perpetuity Management Capability
1. Analyze where perpetuity is currently at (which phase)
2. Determine which phase is the goal
3. Determine steps to get to next phase of the perpetuity
4. Build Work Breakdown Structure (WBS) to get to next phase working backward from the
next phase
5. Execute the plan
Perpetuity Lifecycle:

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Chapter 16:
Valuation Methodologies
1. Public Company Valuation
2. Comp Companies – Also known as trading comps. Management team gives you 1 to 2
years projections or equity research comp reports to get forward multiples (x Revenue
or x EBITDA ) which may be used as the basis for this valuation. You can get comps from
the general overview as it will discuss the target’s comps in the 10K. Find comps with
good multiples to then tell your story to the marketplace to then get a certain valuation.
a. Select the universe of comparable companies – Choose 7, 8, 10 comps, need their 10K,
10Q, analyst reports to get TEV for each comp then divide by line item to get multiple.
b. Locate financial information on comp companies – Information must come from latest
filing (10K or 10Q). Print out 10K, 10Q, analyst reports.
c. Spread key financial information, ratios and multiples – Calculate TEV (in comp spread
tab). To get MVE, use TSM method. TSM = Exercisable options outstanding x (share
price – strike) / share price.
d. Benchmark comp companies – Get the multiple that the company is trading at for each
metric for each comp and get mean and median of comps for the metrics (ex.
TEV/EBITDA)

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e. Determine implied valuation – Multiply mean and median multiple x the revenue or
EBITDA to get the valuation range for your target company.
Notes:
The better the company, the higher the multiple and the better valuation you get.
In IB/PE/CorpFin, you need to know comp companies and transaction comps. “Here are
the comps in your sector…”
Higher multiple because…
Operating in better markets, better operations
The multiple tells you which company is better, margin analysis tells you why they are
better.
Sell side key question:
“Which comp would you use to guide potential buyers?”
3. Precedent Transactions – comp transactions
a. Select universe of comp transactions
b. Locate deal-related and financial information – Need press release of the deal, 8K, 10K,
and 10Q. Type of payment: cash, stock, cash & stock.
c. Spread financial information, ratios and multiples – Get transaction TEV (implied) &
transaction MVE (implied)
d. Benchmark precedent transactions
e. Determine implied valuation
Notes:
20% to 25% control premium paid with the transaction multiple being an implied one
based upon the valuation.
Determine whether the market is good or bad based upon whether people are paying
good premiums (control premiums).
When a transaction occurs, update client on the latest transaction to show them impact
on the control premiums being paid and implied multiple as well.

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Point to the transaction comps that have the highest control premium.
4. Discounted Cash Flow (DCF)
a. Spread historical financial statements (input historicals) and derive historical ratios,
trends and variables (drivers of future performance; margins and growth rates). Project
financial statements (proforma). Revolver modeling to link IS, BS, and SCF
b. Project free cash flow (FCF)
c. Determine Weighted Average Cost of Capital (WACC) – Discount rate
Cost of equity:
Rf = 10 year treasury
Market risk premium = Rm – Rf. Refer to Ibbotson. Ultimately this is S&P returns over
70, 80, or 90 years
Beta = Levered beta of comps to unlevered median and mean of comps (unlevered
beta); should be .5 to 2.5; 2 year to 5 year betas (taking out capital structure and relever
to actual capital structure. With beta, we are putting capital structure on unlevered beta
mean and median of comps to calculate WACC of own company.
Cost of debt: weighted average of tranches of debt tax effected; found in 10K. Rates
from the notes. If private company, get from clients the tranches and to get rates, go to
DCM to get approximation.
Cost of equity 20% to 25% in private markets. No use of debt is an inefficient use of
capital. Trying to optimize the D/E ratio to minimize cost of financing.
d. Determine terminal value – EBITDA multiple which is going to be almost 80% of the
company value. Terminal value = LTM multiple from comps x EBITDA. Perpetuity growth
rate should be 2.5% to 3% and should not be larger than the size of the GDP of the
country

117
e. Calculate net present value (NPV) and determine implied valuation
Notes:
Need the valuation date; this determines stub year fraction (i.e. period left in the year).
Stub year fraction – investor does not have claim on revenues before that. DCF value
always moving through time consistent with valuation date.
IB interviews test you on DCF. Everything else that you know is a bonus.
Do DCF to find yield to decide whether or not to invest principal.
Creating value:
$ dollars of value increased by…
Changing multiple on valuation
Decreasing the discount rate

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119

120
Chapter 17:
Framing Valuation
We are not looking at each valuation methodology in isolation but are ultimately using
the methodologies together to frame the valuation in a valuation summary format. We
use a “football field” (valuation summary) to frame the valuation which looks like the
following:
Regarding the football field, we add control premiums to comp companies and DCF (%
addition that is equal to the control premium average for the transaction comps) if
doing valuation for selling the company.
Footnote everything (assumptions) in the football field. The football field takes one day
to a few days depending on how easy it is to obtain the precedent transactions data.
Banker should know what valuation the client expects to be at; 10% to 15% spread of
range of valuation (“tighten” the range if needed by eliminating comps that skew the
range)
For each valuation methodology we are going to do a sensitivity analysis to determine a
valuation range:

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Chapter 18:
The Market for Perpetuities
The market for the perpetuity at its initial stages is inefficient, but as it moves through
the stages of a perpetuity, the market becomes more efficient. You can observe the
coinciding cost of capital move from almost 100% going all the way down to 3.5%.
You can observe the EBITDA multiple for the perpetuity increasing as the perpetuity
moves through the phases of the perpetuity.

122

123
SELL-SIDE
As perpetuities continue to grow, the builder of the perpetuity seeks to grow the
perpetuity inorganically or exit the perpetuity. This is the primary role of the sell-side,
which is to aid in the buying and selling of perpetuities. Investment bankers now enter
the picture as this is their core work.

124

125
Part X:
How to Sell a Perpetuity?
On the sell side, the primary responsibility of the investment banker is to aid those
owning perpetuities in analyzing their strategic alternatives related to inorganic growth
or exit.
Which phase is the perpetuity in? (SMB, LMM, MM, UMM, L)
Which buyers are likely interested in the perpetuity? (Individual, Financial, Strategic,
Special Situation)
Each of these buyers have a different valuation range
Individual – Desire 30% to 40% IRR, 3x EBITDA
Financial – 4x to 7x EBITDA
Strategic – 5x to 10x EBITDA
Valuation is a range

126
Determine valuation method (DCF, comp companies, precedent transactions)
Calculate benefit stream (synergistic vs. owner benefit)
Determine required rate of return given the phase of the perpetuity and the buyer
(discount rate)
Convert benefit stream into present value at the discount rate
Sensitize the variables for a range of values to see effect on valuation (sensitivity table)
Strategics and financials establish their filter criteria (hurdle IRRs for financial and
minimum EPS increase for strategics) and test targets against this filter
Strategics have a range of values with standalone value as the lower end and valuation
with all synergies on the higher end. A deal happens usually in the middle

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Chapter 19:
Investment Banking
Since M&A (Mergers & Acquisitions) is the core product of investment banking,
discussions around investment banking typically relate to M&A. M&A is the selling of a
perpetuity in the form of a corporation to either a financial or strategic buyer. Financial
and strategic buyers have what is known as investment/corporate M&A mandates which
detail the size and industry of prospective targets for acquisition. The investment banker
takes these mandates and matches them with targets and takes a fee for doing so.
Investment bankers typically focus on one industry and provide what is known as
coverage by building an index of public companies and tracking changes in targets
relative to the index in terms of:

128
Revenue
EBITDA
Multiples
The investment banker monitors trends in these variables and determines the optimal
time to sell (when multiples are strong) or acquire (when multiples are weak) and
advises target management accordingly. When a target agrees to sell via an investment
banker, this relationship is known as a sell-side mandate and an M&A process will be led
by the investment banker. During the M&A process, there are definite steps and
deliverables including a teaser, CIM, and management presentation. The M&A process
can include many prospective buyers (broad auction) or few prospective buyers
(targeted or negotiated sale).
The investment banking core product is M&A. As such, the investment banker’s role is to
aid in the growth of perpetuities via an inorganic strategy (merger, acquisition).
The real work of M&A is origination, matching and deal-structuring. Financial modeling
and valuation is merely for decision support and deals often get done simply based
upon precedent transactions analysis. Thus, the priority of the investment bankers is to
obtain a base level understanding of financial modeling & valuation but then to
immediately start originating sell side and buy side mandates.
Investment bankers explore strategic alternatives (value creation opportunities) with
corporation’s CEO’s/owners.
Notes:
Valuation Football Field and the Midpoint is the final valuation of the company.
Calculate NPV and IRR to the sponsor in LBO or EPS Change and Balance Sheet Effects in
Merger
Compare NPV and IRR OR compare EPS change and BS effects to other strategic
alternatives and choose the highest return/EPS alternative
Ultimately, as an investment banker, you are to:

129
Use valuation methodologies to determine valuation ranges of each strategic alternative
and see if capital sources match uses. IBankers should provide the client with tight
ranges on valuation.
Use an operating model of the target (and acquirer if strategic) and then tailor it to the
specific client:
Financial (LBO)
Strategic (Merger)
Determine:
NPV and IRR for financial in LBO
EPS change and balance sheet effects for strategic in merger M&A
Run the M&A process
Traditional Investment Bank Responsibilities:
Junior Banker:
Industry coverage
Comps and comp transactions (where are multiples)
Valuation
Mid Banker:
Operating model creation + tailored to transaction client (LBO or Merger)
Manage M&A process
Senior Banker:
Revenue center
Personal contacts at firms to win engagements

130

131
Chapter 20:
How to Become an Investment Banker
Methodology
The following is the How to Become an Investment Banker Methodology:
1. Coverage
a) Index building
b) Vertical report
c) Vertical newsletter
2. Target screen & origination
3. Mandate/target matching
4. Deal structuring
5. Buyer/seller meeting logistics
6. Adjusted EBITDA calculation
7. Valuation
8. Offer analysis
9. Purchase agreement drafting/structuring
10. Due diligence data room
11. Closing & flow of funds
Decide on the industry/industries that you will cover, read/research the value
themes/players/multiples in the industry on the following levels:
1. Large cap
2. Mid cap

132
3. Small cap
4. Middle market
5. Lower middle market
Pick an initial vertical and sub-vertical to cover. With AltQuest Group, our initial
coverage groups were the following:
1. Manufacturing
2. Software
4. Healthcare
After choosing your coverage, the investment banker is then to build an index for each
of the verticals and sub-verticals made up with the public comps. The AltQuest Group
coverage is broken down in the following manner:
1. Manufacturing
a. Durable consumer
b. Non-durable consumer
c. Aerospace & defense
d. Building products
e. Industrial
f. Medical
2. Software
a. Traditional software
b. SAAS
c. Internet
a. Education & Training
b. Business Process Outsourcing
c. Facility Services and Industrial Services
d. Human Resources
e. Information Services
f. Marketing Services
g. Real Estate Services
h. IT Services
i. Specialty Consulting

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4. Healthcare
a. Dental Product
b. Dental Providers
c. Medical Devices & Products
d. Medical Product Distribution
e. Specialty Providers
f. Pharma Services
g. Practice Management
h. Provider Services
i. Long Term & Behavioral Care
The investment banker then spreads each public comp and the financial data feeds into
the median and average for the vertical and sub-vertical which ultimately ends up in the
research (industry report, newsletter), pitchbooks, and CIMs of the investment bank. For
investment banks with an equity research department, financial statement models will
be built for each public comp that is being covered and consensus EPS data taken from
research reports will be used to establish the value of the public comp.
The investment banker ultimately uses the vertical index and sub-vertical index to
perform proprietary research and develop industry reports and newsletters which will
aid in coverage and ultimately origination. The research, which we will go into greater
detail on later in the book focuses on vertical and sub-vertical trends in margins,
multiples, and M&A.
After establishing one's coverage and then building an index for the vertical and sub-
vertical as well as establishing relationships with strategic and financial buyers within the
vertical and sub-vertical, the investment banker may begin advising targets on their
strategic alternatives using information gleaned from the vertical and sub-vertical
indices. Regarding the vertical index and sub-vertical index, the investment banker
ultimately tracks trends in:
Growth rates
Margins
Debt to Equity

134
Multiples
The investment banker takes the index and establishes tiers which turn into peer groups.
This is why we pull public comps; to benchmark a target against the comps. By
comparing a target's level of performance to it's peers and the industry in general the
investment banker can determine when it is ideal to exit the business (when multiples
are strong) and when it is not (when multiples are weak). This is how investment bankers
advise on strategic alternatives.
Getting Started in Investment Banking
For those just getting started in investment banking, it is preferable to start with the
lower middle market and middle market building relationships with financial and
strategic buyers as well as potential targets. This means building your rolodex. Obtain
the investment mandates from the strategic and financial buyers and establish a fee
arrangement for buy-side deals. This will end up being the Lehman scale for the fee on
the buy-side. This is how I built the boutique investment bank, AltQuest Group
(www.AltQuest.com).
For example, with AltQuest Group, I chose to cover manufacturing. If you are starting in
the lower middle market, the goal is to get 10 sell side engagements at any given time.
It took me one year to get 10 sell side engagements working 40 hours per week and not
on weekends. Further, it is going to take you 6 months to one year to close a deal so
stay proactive with origination and mandate/target matching.
To give you an idea of the level of productivity that you should target, the following are
the investment banking statistics from year one with AltQuest Group:
3,000 introduction emails
30 sell side pitches (phone and in person)
10 sell side engagements won
4 IOIs from strategic/financial buyers
As you get better and establish a process, your email conversion rates will go up and
you will be pitching more and your ability to win sell side engagements will go up. I am
at the point now that if a seller is interested in selling, I will either win the sell side

135
mandate or I will structure it as a buy side deal and receive the fee from the
strategic/financial buyer.
Looking forward to year two, here are the projections:
1,000 introduction emails
50 sell side pitches (phone and in person)
20 (+18 existing = 38 total engagements) sell side engagements won
8 IOIs from strategic/financial buyers
2 closed M&A deals
$110,000 in M&A fees received
The statistics assume that you will be working full time at 40 hours per week and not
working on the weekends.
Regarding fees, here is a simplified understanding of fee structure for sell side
engagements. The key to remember here is that you do not make your money when you
quote your fee, you make your money when you close the deal. The point is that I would
rather win an engagement and give up 1% to 2% of the fee than have the seller think
that I am not being fair. The Lehman scale simplifies this a bit but often times the seller
will want to know the exact % that they will be paying you.
Large cap – Lehman scale
Mid cap – Lehman scale
Small cap – Lehman scale
Middle market – Double Lehman structure
Lower middle market – 3% to 10%

136

137
Part XI:
The Middle Market
The majority of perpetuities are in what is known as the middle market, a classification
for mid-sized perpetuities. This is where the majority of the transactions occur and
where the average investment banker will make his living.

138
Chapter 21:
The Middle Market
Because of the wide range of company sizes within the definition, the middle market can
be further broken down into the following:
Overview of Middle Market
Pitchbook defines the middle market as companies with total enterprise value between
$25 million and $1 billion and the “core middle market” as between $100 million and
$500 million.
Lower Middle Market: $5 - $50 million of revenue;
Companies with EBITDA below about $10 million (lower middle market) are typically
family or entrepreneur owned and individual customer wins and losses greatly impact
performance. Many of those sales relationships are concentrated in the family, and
senior management ranks are often populated with family members.
Middle Market: $50 - $500 million of revenue; and
We define the core middle market as companies with $10 to $75 million of EBITDA.
Upper Middle Market: $500 million - $1 billion of revenue.
Upper middle market companies typically have $75 million of EBITDA or more, and are
often publicly held or sponsor backed.

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