Andorra Advisory GroupAndorra Advisory Group

Sample workbook

See the actual work before you buy it.

Most advisory firms describe their deliverable. Here are four pages of one, from a real engagement, with the client's name and anything identifying taken out. The figures are the real figures.

Two of the four pages

This is what it actually looks like.

Where the money goes, and where it comes from

Every facility starts here. Uses on the left, sources on the right, and a balance check that has to come to zero. A lender will not read past this page if it does not.

Sources and uses of funds from a real serviceability workbook, client name removed
From a real workbook. Client name and identifying details removed; the figures are unaltered.

Which earnings figure the case is built on

Seven possible bases, one of them selected. Note the gap between the five-year projected average and the historical actual: that difference is the whole argument in this deal, and it is the first thing a credit assessor will find.

Adjusted EBITDA basis selector showing projected earnings against historical actual
From a real workbook. Client name and identifying details removed; the figures are unaltered.

The full four pages

The other two are the ones that decide it.

The pages above set the scene. The two in the pack do the work: the covenant tests with the sensitivity table, and the ratios with written commentary on what each one means for the file.

  • Sources and uses of funds, with the balance check
  • The adjusted EBITDA basis, and the seven options it was chosen from
  • Debt service: covenant tests, sensitivity by rate, and the stress tests
  • Financial ratios with written commentary on what each one means for the file

Worth knowing before you open it: this facility passes on the projected earnings and fails on the historical actual. We left that in. A sample where everything passes would tell you nothing about how the work is done.

One email with the link, and that is all. You are not being added to a list, and we will not chase you about it.

What we took out, and why

The client’s name, the entity names, the individuals, the locations and the lender. What is left is the arithmetic, which is the part worth seeing. We did not touch a single figure, because a sample with invented numbers is a brochure.

The fee we confirm is the fee you pay.

We put a fixed fee in writing before any work starts. If the work turns out to be larger than we scoped it, that is our error and our cost, not yours. If your records are materially incomplete, we tell you before we start rather than after we invoice.

What would this cost for your matter?
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