From Acquisition Search to First 100 Days

This distinct practical track applies the four financial courses to one fictional target, Northstar Commercial Door Services. It is a comprehensive syllabus plus a worked pilot, not ten shallow placeholder lessons. The pilot follows one decision from search criteria through a conditional LOI, diligence, lender analysis, closing gates and a first-100-days plan. It deliberately does not guarantee that the acquisition closes.

Lifecycle syllabus

Stage	Skill and required output	Evidence and decision gate	Core-course connection
1. Define criteria	Acquisition mandate and required economics	Owner capability, geography, equity budget, minimum liquidity	1/6, 3/1
2. Search industries and businesses	Search funnel, industry thesis and screening rules	Cyclicality, licensing, customer access and realistic supply	4/1–3
3. Review listing, teaser and CIM	Claims-to-evidence map	Reported versus normalized earnings; missing source perimeter	2/1–4
4. Screen and approach seller	Initial screen and authorized communication plan	Identity, confidentiality and contact protocol	4/4
5. Preliminary value and finance	DCF/comp range and funding feasibility	Loan service, cash taxes and sponsor capacity	1/1–6, 3/2–4
6. Prepare and negotiate LOI	Commercial term matrix	One price basis, permitted consideration, limited exclusivity	4/4
7. Diligence	Financial, tax, legal, commercial and operating issues register	Customer consent, licenses, margins, stock and liabilities	2/1–6, 4/3–5
8. Underwrite and commit funding	Lender evidence package and conditions	Policy classification, verified earnings, collateral and guarantees	3/2–6
9. Sign and close	Agreement workstreams, funds flow and checklist	All assigned approval gates met; no invented commitment	4/4–6
10. Transfer and operate	First-100-days cash and operating plan	Customer retention, staffing, safety and service continuity	2/5, 3/4, 4/6

Pilot and assessment

Read the fictional document packet, complete the pilot decision assignment, then consult the worked instructor resolution. Use the core workbook methods, adapting inputs rather than copying an answer. Keep source claims, verified exercise facts and unresolved operating conditions separate.

The pilot includes a meaningful valuation disagreement, concentrated customer profit, missing contract consent, reliance on the seller's credential, and an overstated broker earnings claim. A supported decision not to close is a valid outcome. No messages are sent and no real parties or confidential information are represented.

Prioritized development backlog

Priority	Future full lesson	Concrete acceptance criteria
P0	Search economics and funnel	30-target fictional dataset, screening model, conversion assumptions and sourcing workload
P0	Diligence practicum	Invoice-level ledger, AR aging, customer contracts and reserve/cutoff solutions
P0	Weekly liquidity practicum	13-week dated collections/payments and financing constraints reconciled to opening cash
P1	Legal execution simulation	Counsel-reviewed fictional agreement issue list, consent tracker and indemnity trade-offs
P1	Lender submission simulation	Complete evidence checklist and categorized policy/lender/case inputs
P1	Operating transition simulation	Technician roster, service routes, capacity and customer-retention decisions
P2	Industry search extensions	Alternative industries with comparable economics and licensing differences

These items are a backlog, not completed deliverables. Do not describe this pilot as a complete ten-chapter course. The four financial courses remain the core curriculum.