Course overview
FDD Bootcamp
Combine the 360-degree view of the overall M&A process from M&A Bootcamp with a detailed understanding of the financial due diligence process and the necessary ‘how to’ tools to perform insightful financial analysis and due diligence from FDD Fundamentals to create a powerful FDD foundation for newer FDD professionals.
Chicago, July 14 - 18, 2025 8:30 AM - 5:30 PM CT
Decoding Private Equity
M&A Professions / Audience
Financial Due Diligence
Universities
Experience Level
Emerging M&A Pros
Delivery
In Person:
4.5 Days
4.5 Days
Course Details
Essential Business Skills
- Habits That Create Value & Their Applicability to Careers in M&A
- Personal Execution Process: Imagining & Managing the Day©
- Fundamentals: Active Reading, Listening, & Note-taking
- Fundamentals: Synthesize & Reflect
- Fundamentals: The Art of Asking Good Questions
- Fundamentals: Framing, Language, & Communication
The M&A Process
- Cast of Characters: Buyers & Sellers, and Their Many Advisers
- Financial vs. Strategic Investors Different Types of Investors & Form of Investment
- Where Investors Sit Along the Risk / Reward Continuum
- Primary vs. Secondary Capital
- Pre-Money vs. Post-Money Valuations
- Business Lifecycle & The Investment Continuum
- Major Milestones in the Transaction Process
- Common Diligence Workflows & Third-Party Advisers
- M&A Process Considerations & Impact
- Diligence Advisory Firms & Process Type
Foundational Questions©
- Introduction to Foundational Questions©
- Foundational Questions© as the Question Behind the Question
- Project / Client Foundational Questions©
- Company / Target Foundational Questions©
- Foundational Questions© Exercise
Learning to Think Like an Investor
- How Businesses are Valued
- Relative and Absolute Value
- Free Cash Flow (“FCF”)
- Three Sought-After Attributes of FCF
- Desirable Business Traits & Their Impact on FCF
- The Importance of Perspective
- Risk & Opportunity
- Billionaires Brawl
Intro to Private Equity
- Private Equity vs. Institutional Private Equity
- Private Equity vs. Public Equity Comparison
- Other Investor Types Similar to Private Equity
How Private Equity Works
- Private Equity’s Prominence & Reach
- How a Buyout Works
- How Institutional PE Works
- Investment Horizon / Hold Period
- How PE Firms are Structured: A Simplified Example
- PE Firms as Broader Multi-Strategy Asset Managers
- PE Firm Activities
- The Investment Box
- The PE Deal Funnel
- AUM vs. Fund Size vs. Dry Powder
- Common Fee Structure in PE
- Other People’s Money
- How PE Returns Are Measured
- The Three Ways PE Firms Make Money
Due Diligence Defined
- Due Diligence Defined
- Intuition Building: Due Diligence Applied to Other Asset Purchases
Select Diligence Frameworks
- Foundational Questions© Revisited
- Prioritization & Decision Gates
- Building Intuition & Establishing Bookends Using Fermi Math
- Finding Insights in Contradictions
- SOPs Create Consistency & Efficiency
- Using Checklists to Reduce Error Rates
Case Study: Prioritizing Diligence to Enhance Decision Making*
*Only available as part of the live course.
Intro to NWC
- Net Working Capital Defined
- NWC and the Cash Conversion Cycle
- Ways Businesses Finance NWC Needs
- How NWC Needs Vary Across Industries & Businesses
- NWC Optimization
- Fluctuations in NWC as Sources & Uses of Cash
FDD Overview
- What is Financial Due Diligence (“FDD”)
- Main Components of an FDD Report (Quality of Earnings, Analysis of NWC, and Debt & Debt-like Items)
- FDD Process Overview & Timeline
- Comparison of General Perspectives on FDD From Corporate vs. Financial Buyer Clients
- Comparison of Accounting vs. Finance
- Comparison of Audited Financial Statements vs. FDD Reports
- Importance of Confidentiality in FDD Work
Getting Clear on Your (FDD) Job
- Role of an FDD Advisory Team to the Client
- Key Roles & Responsibilities of FDD Professional by Experience Level
- Deeper Dive into Roles & Responsibilities of FDD Associates / Sr. Associates
- FDD Process / Project Management—A Deeper Look
- FDD Engagement / Staffing Model
- Being an Independent, Unbiased Resource While Serving Your Client
- Roles & Responsibilities the FDD Job Does Not Include
Buy Side vs. Sell Side FDD Considerations
- Buy Side vs. Sell Side vs. Carve Outs Engagement Comparisons
- Transaction Perimeter
- Databooks vs. Reports vs. Both
- Full Diligence vs. More ‘Phase I’ Type Engagements
- Branded vs. Unbranded Deliverables in Engagements
Main Components of an FDD Report
- Quality of Earnings (EBITDA Adjustments)
- Analysis of Net Working Capital (“NWC”)
- Identification of Debt & Debt-Like Items
- Impact of the Main Components on Price & Terms (Trace Back to LOI and SPA)
- FDD Report as Analyzing Critical Components of Unlevered FCF
- Core Data Sets: Trial Balances and Transaction Level Databases
- Common Starting Points: Reconciliations & Cash Proof
- Other Common Financial Analyses
FDD Process & Timeline
- FDD’s Role in the Deal Process
- Competitive Auction vs. Non-Competitive Process
- Phase I (Key Issues) Report vs. Phase II (Full Scope) Report
- Process & Planning Steps
- FDD Process & Timeline + Key Milestones
- Understanding Client Deadlines That Inform & Dictate Project Timelines (Bid Dates & IC Approvals)
Pre-Diligence
- Spinning Up an Engagement
- Review of Preliminary Info Packets & Foundational Questions©
- Understanding the Client’s Investment Thesis
- Creating the Scope of Work (“SOW”) and Scoping Best Practices
- Internal Team Kick-Off Meeting
- Creating Key Staring Documents: Working Group List (“WGL”), Creating the Information Request List (“IRL”), and Creating a Preliminary Questions List
- IRL Considerations and Best Practices
- Common High Priority Data Requests
- Preliminary Questions List Tips
Diligence
- Virtual Data Room (“VDR”) Review, Management, & Best Practices
- Analysis & Databook Creation
- Common Analyses (Quality of Earnings, Analysis of NWC, and Identification of Debt & Debt-like Items)
- Other Common Analyses (Customer Analysis, Revenue & Gross Margin by Segment, Price vs. Volume vs. Mix, Cash Conversion Cycle Analysis, Industry Specific Analyses, etc.)
- Data Prep & Data Cleaning Tips
- Lead Sheets
- Managing Overseas Teams
- Audit Workpaper Review
- Email Communication Best Practices
- Preparing for Management Visits
- Meeting Agendas & Question Lists
- Active Notetaking Tips in Management Meetings & Calls
- Best Practices & Tips in Asking Questions in Management Meetings & Calls
- Employing Active Listening in Management Meetings & Calls
Report Production & Delivery
- FDD Report Production Process & Best Practices
- Distilling the Data & Prioritizing Key Findings
- Pyramid Principle
- Adherence to Standard Operating Procedures (“SOPs”) to Minimize Rework
- Writing is an Iterative Process: Tips on Writing FDD Reports
- Slide Layout Considerations & Best Practices
- Editing Best Practices
- Panning Out and Attempting to Bulletproof Your Work
- Client Read Out Calls: Considerations & Best Practices
Post-Diligence Support
- Post Report Assistance
- Incorporating FDD Findings into Client Valuation Models
- Updating / Rolling Forward Analysis
- Calls with Third Parties (e.g., lenders, RWI providers)
- Review & Guidance on Purchase Agreement Documentation
- Preparation of Closing NWC Schedule, True-up Calculations, & Advising on Potential Disputes
Hands On FDD Analyses
- Individual & Group Work in Excel, Performing Common FDD Analyses / Databook Creation
- Starting Point Analysis: Processing, Mapping, and Trending Trial Balances
- Starting Point Analysis: Reconciling & Cleaning Data
- Starting Point Analysis: Cash Proof
- Reps on Core Analyses: Quality of Earnings / EBITDA Adjustments, NWC Analysis, and Identifying Debt & Debt-like Items
- Other Common Analyses (e.g., Customer Database / Concentration Analysis, Revenue & Profitability by Product/Service, Channel, or Customer; Price vs. Volume vs. Mix Analysis; Cash Conversion Cycle Analysis, among others)
Certificate
Certificate of completion upon passing grade of 70% on final assessment
Terms of Use
PE Primer uses cookies and similar technologies on this website to improve your website experience, for marketing, to enhance the website’s functionality, and to monitor and record activities and communications on the website. If you continue to use this site, you agree to our Privacy Policy and Terms of Use.