Modeling Standards

Every template we build follows the same conventions. Learn them once, use them everywhere.

Color Coding

All inputs and outputs follow a consistent color system:

If you see a blue cell, you can change it. If you see black, leave it alone. This convention holds across every sheet in every template.

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Manual Calculation & Refreshing

Our models use manual calculation mode. This means Excel won't automatically recalculate when you change an input—you have to tell it to.

Why manual calculation?

Complex models with monthly cash flows and circular references can slow down significantly in automatic mode. Manual calculation lets you make multiple changes before recalculating once.

To change this setting:

Formulas → Calculation Options → Automatic

We recommend keeping it on manual while working, especially on larger models.

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Global Check System

Every template has a built-in error detection system.

How it works:

Cell A1 on every sheet is connected to a global error aggregator. If any check fails anywhere in the model, A1 displays a number on every sheet—telling you something needs attention.

Where to look:

The Checks sheet lists every validation in the model. Each row tests something that should always be true:

• Revenue minus expenses equals NOI
• Sources equals uses
• Cash flow totals match between sheets
• Waterfall distributions sum to 100%

If you see an error flag in A1, go to the Checks sheet. Find the row that's flagging. That tells you which sheet and which calculation has a problem.

Local checks:

Each sheet also has local checks at the bottom—validations specific to that sheet. These feed into the global system but help you pinpoint issues faster.

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Change Log

Every template includes a Change Log sheet for tracking assumption changes over time.

Why this matters:

On a long-hold asset, you might update your model quarterly for three years. Your board will ask: "What changed since acquisition?" Without a change log, you're digging through emails and old file versions.

With a change log, you have a single audit trail from initial underwriting through every subsequent update.

How to use it:

1. The "Live" row always shows current model values
2. After making changes, copy the Live row
3. Paste as values into the next available row
4. Add a note: what changed, why, and who made the change
5. Press F9 to refresh

What gets tracked:

Key outputs like purchase price, exit value, IRR, equity multiple. The specific metrics vary by template, but the concept is the same: snapshot your model at every meaningful milestone.

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The Wizard Sheet

Every template includes a Wizard sheet—a built-in guide to every cash flow in the model.

What it does:

The Wizard lists every line item that appears in your cash flow, and tells you exactly where to go to change it. No hunting through sheets trying to find the right input.

How to use it:

1. Find the cash flow item you want to change
2. Note the cell reference in the Wizard
3. Use Ctrl+[ (open bracket) to jump directly to that cell
4. To jump back, press F5 then Enter

Why two references?

Some line items are controlled by multiple inputs—a base amount and a growth rate, for example. The Wizard shows both so you know everything that affects that cash flow.

The goal:

You should be able to hand this model to an analyst who's never seen it before, point them to the Wizard, and have them making updates within hours.

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Print Areas

All summary and cash flow sheets have pre-configured print areas. What you see on screen is what prints—no reformatting before your IC meeting.

To print multiple sheets:

1. Hold Ctrl and click each sheet tab you want to print
2. File → Print, or Ctrl+P

To adjust print area: Page Layout → Print Area → Set Print Area

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Keyboard Shortcuts

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Questions? Contact us →