About

A buyout is a balance sheet with a price tag on it. A fund borrows most of the price, pays the rest, and earns its return from growth, debt paid down and a good exit. All of it rests on one number the seller hands over: earnings. When that number is dressed up, the fund overpays.

So this course has two acts. The first prices and funds a buyout. The second opens the data room, where each chapter is one way the numbers lie: add-backs, revenue pulled forward, costs hidden as assets, debt kept off the books, cash that isn’t there. Each trick comes with the real fraud that made it famous. Biscuit Barrel is fictional, and nothing here is advice.

It’s made by the same person as balancesheet.art, which teaches the statements this course takes apart. If something is confusing or you have an idea, the Feedback link at the bottom of every page comes straight to me. I read all of it.