Case Buddy
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Prep Tools · Printable Outlines

Fill-in outlines, one per case type.

A one-page prep sheet for each case type. Every sheet pairs the reference — how to approach the framework and the math, finance, and accounting you'll reach for — with blank areas you fill in to organize yourself before each practice case. Type into them, or print them blank and write by hand.

Full framework detail

How to download & use these

  • To download: click a Print button and choose “Save as PDF” as the destination — or send it to a printer.
  • Each sheet prints on its own page, so you get a clean stack: one reference sheet + 7 outlines.
  • Fill it before you practice: jot the objective, your tailored tree, and the numbers as the case unfolds.
  • Reference stays put: the approach and formulas are pre-printed so you're never guessing how to start.

Reference · Keep this on the desk

Universal case reference

The spine every case rides, plus the accounting & finance you reuse across types.

The case spine — Open → Structure → Solve → Recommend

  1. 1. Clarify

    Repeat it back

    Restate the objective, ask for magnitude + timeframe, confirm the metric. Two questions max — then move.

  2. 2. Structure

    Buy 60 seconds

    Take 30–60s of silence, draw a tailored MECE tree on paper, then walk the interviewer through it top-down.

  3. 3. Hypothesize

    Call your shot

    Say where you think the answer lies and which branch you'll test first. A hypothesis gives you a rail to follow.

  4. 4. Analyze

    So what?

    Use the data and exhibits to kill branches, do the math cleanly, and say 'so what?' out loud after every number.

  5. 5. Recommend

    Answer first

    Lead with the answer (BLUF), give 2–3 quantified actions, then name the risks and next steps.

Accounting — the P&L walk

  • RevenuePrice × Volume
  • − COGSVariable: materials, direct labor, shipping
  • = Gross profit
  • Gross margin = Gross profit ÷ Revenue
  • − SG&A / operating expensesMostly fixed: overhead, admin, marketing
  • = EBITDAProxy for operating cash flow
  • − Depreciation & amortizationNon-cash
  • = EBIT (operating profit)
  • Operating margin = EBIT ÷ Revenue
  • − InterestCost of debt
  • − Taxes
  • = Net incomeBottom line
  • Net margin = Net income ÷ Revenue
  • ›Fixed cost stays flat with volume (rent, overhead); variable cost scales with each unit (COGS, labor).
  • ›Contribution margin = Price − variable cost per unit — what each sale adds toward fixed cost + profit.
  • ›Margin ≠ markup. Margin is on price (Price = Cost ÷ (1 − margin)); markup is on cost (Price = Cost × (1 + markup)).
  • ›Gross → Operating → Net margin: each strips out one more cost layer (COGS, then opex/D&A, then interest/tax).

Finance — quick reference

Break-even (units)Fixed cost ÷ Contribution margin per unit
Payback (years)Investment ÷ Annual profit
ROIAnnual profit ÷ Investment
Value / NPV (perpetuity)Cash flow ÷ (r − g)

Enter/invest when ROIC > WACC (the hurdle rate).

Enterprise valueEV = Equity value + Net debt
Valuation multipleEV ÷ EBITDA
CAGR(End ÷ Start)^(1 ÷ years) − 1
Rule of 72Years to double ≈ 72 ÷ growth rate (%)

Case type · Profitability

Profitability Framework — prep outline

Diagnose why profits are falling (or how to grow them) by decomposing into Revenue and Cost branches.

Memory hook

“Two branches, one culprit”

  • P = R − CProfit is Revenue minus Cost — draw both branches before analyzing.
  • R = P × VRevenue = Price × Volume (then Volume = customers × frequency).
  • C = F + VCost = Fixed (rent, overhead) + Variable (COGS, labor).

Step-by-step play

  1. 1Clarify first: is the decline in $ or %, how big, and since when? (Magnitude → Definition → Timeframe.)
  2. 2Say the spine out loud — Profit = Revenue − Cost — and lay both branches down before touching data.
  3. 3Ask for revenue and cost trends, then use the data to KILL one branch. If revenue is flat, the problem is cost — say so.
  4. 4Decompose the surviving branch: Revenue into Price × Volume; Cost into Fixed + Variable. Find the line growing fastest.
  5. 5Quantify the outlier with a counterfactual: 'if it had grown normally, profit would be X.' That gap IS the problem.
  6. 6Recommend 2–3 specific, quantified levers — answer first (BLUF), then the supporting math.
1

Prompt & objective

2

Clarifying questions to ask

Prompts for this case type: Is the decline in revenue, costs, or both? · Is it driven by price or volume on the revenue side? · Which cost category grew faster than revenue?

3

Structure — your tailored, MECE tree

Reference scaffold

Profit

  • Revenue

    Price · Volume

  • Costs

    Fixed · Variable

Draw yours here

4

Hypothesis — call your shot

“I think the answer lies in ___, so I'll test the ___ branch first.”

5

Quant — math · finance · accounting

Everything hangs off Profit = Revenue − Cost. Decompose each side, benchmark how fast each line grew, and quantify the outlier with a counterfactual.

ProfitProfit = Revenue − Cost
RevenueRevenue = Price × Volume
VolumeVolume = Customers × Frequency × Units per visit
CostCost = Fixed + Variable
Contribution marginCM = Price − Variable cost (per unit)
CM %CM% = (Price − Variable cost) ÷ Price
Break-even volumeBE units = Fixed cost ÷ CM per unit
Operating marginOp margin = Operating profit ÷ Revenue
CounterfactualNormal = Prior × (1 + benchmark); Anomaly = Actual − Normal
% change%Δ = (New − Old) ÷ Old

Work area

6

Recommendation — answer first (BLUF)

2–3 supporting reasons / numbers

Risks & next steps

Watch for these pitfalls

  • ›Jumping to solutions before isolating the root cause
  • ›Forgetting to use data to eliminate branches first
  • ›Treating all cost increases as equal without quantifying
  • ›Missing mix effects (product/segment mix can explain flat average prices)

Case in Point Ch. 4 — Profitability Cases

Case type · Market Entry

Market Entry Framework — prep outline

Evaluate whether and how to enter a new market — covering attractiveness, competitive position, and economics.

Memory hook

“AWE — then How”

  • AAttractive? — market size, growth, competitive intensity, regulation.
  • Wcan we Win? — our specific capabilities, brand, cost position, partners.
  • EEconomics — ROI vs. the investment and vs. other uses of the cash.
  • HowEntry mode — build, buy, partner, or license (often a phased beachhead).

Step-by-step play

  1. 1Clarify scope: which segment (pin it with a price point) and which geography? These change everything.
  2. 2Lay out AWE and say you'll start with attractiveness, because it sizes the prize.
  3. 3Size the market (TAM) and check growth + competitive intensity — is the prize big and growing?
  4. 4Pressure-test 'can we win' against OUR capabilities, not generic strengths.
  5. 5Only now run the economics: investment, time to breakeven, ROI vs. alternatives.
  6. 6Recommend enter / don't enter AND how to enter — usually a phased beachhead to cap risk.
1

Prompt & objective

2

Clarifying questions to ask

Prompts for this case type: What is the size and growth rate of the target market? · Who are the incumbents and how entrenched are they? · What capabilities do we have that are relevant?

3

Structure — your tailored, MECE tree

Reference scaffold

Market Entry Decision

  • Is the market attractive?

    Market size & growth · Competitive intensity · Regulatory environment · Profitability of incumbents

  • Can we win?

    Capabilities fit · Brand / reputation · Supply chain & ops · Partnership options

  • Is it worth it?

    Expected ROI / ROIC · Time to breakeven · Capital required · vs. alternatives

  • How to enter?

    Organic / greenfield · Joint venture · Acquisition · Licensing / franchise

Draw yours here

4

Hypothesis — call your shot

“I think the answer lies in ___, so I'll test the ___ branch first.”

5

Quant — math · finance · accounting

Size the prize, then screen the economics. Work from market size → your share → your profit, and compare returns to the cost of capital and to alternatives.

Your annual profitProfit = Market size × Share × Margin
Simple paybackPayback (yrs) = Investment ÷ Annual profit
ROIROI = Annual profit ÷ Investment
ROIC vs. hurdleEnter if ROIC > WACC
Required shareShare = Target profit ÷ (Market size × Margin)
Break-even volumeBE units = Fixed entry cost ÷ CM per unit
NPV (perpetuity)NPV = Annual cash flow ÷ (r − g) − Investment

Work area

6

Recommendation — answer first (BLUF)

2–3 supporting reasons / numbers

Risks & next steps

Watch for these pitfalls

  • ›Analyzing all countries equally instead of prioritizing
  • ›Confusing market size with addressable opportunity
  • ›Recommending entry before checking the economics
  • ›Ignoring regulatory and cultural barriers

Case in Point Ch. 6 — Market Entry Cases

Case type · M&A

M&A Framework — prep outline

Evaluate whether a merger or acquisition creates shareholder value by examining strategy, synergies, and price.

Memory hook

“Why buy · what's it worth · what's the prize · what's the catch · what's the price”

  • StrategyWhy this target, why now? Does it fill a real gap?
  • StandaloneWhat is the target worth on its own? (DCF / comparables.)
  • SynergiesCost synergies are reliable; revenue synergies are not — haircut them.
  • RisksIntegration, culture clash, regulatory approval, customer churn.
  • PriceDoes the price still let US keep the value we create?

Step-by-step play

  1. 1Clarify the goal: grow, defend, enter a market, or buy a capability?
  2. 2Start with strategic rationale — if there's no strategic logic, the math rarely saves it.
  3. 3Value the target standalone before adding a single synergy.
  4. 4Size synergies separately (cost vs. revenue), stress-test at ~50% realization, minus integration cost.
  5. 5List the deal-breaker risks and how you'd de-risk each.
  6. 6Compare price paid to (standalone + captured synergies). Recommend with a clear walk-away number.
1

Prompt & objective

2

Clarifying questions to ask

Prompts for this case type: Does this target fill a strategic gap or expand our capabilities? · What is the target worth on a standalone basis? · Are cost synergies realistic and quantifiable?

3

Structure — your tailored, MECE tree

Reference scaffold

M&A Decision

  • Strategic rationale

    Why this target? · Why now? · Strategic alternatives

  • Standalone value

    Revenue quality · Cost structure · DCF / comparables

  • Synergies

    Cost synergies · Revenue synergies · Integration cost

  • Risks

    Integration risk · Culture clash · Regulatory approval · Customer retention

  • Price

    Bid vs. intrinsic value · Competing bidders · Financing structure

Draw yours here

4

Hypothesis — call your shot

“I think the answer lies in ___, so I'll test the ___ branch first.”

5

Quant — math · finance · accounting

Value the target standalone, add only the synergies you can actually capture (haircut them), net out integration cost, and check the price leaves value for you.

Enterprise valueEV = Equity value + Net debt
Entry multipleMultiple = EV ÷ EBITDA
Intrinsic value (Gordon)Value = FCF₁ ÷ (r − g)
Synergy valueSynergies = Σ annual synergy × realization% ÷ (r − g)
Synergy paybackPayback = Integration cost ÷ Annual realized synergy
Max price to payMax = Standalone value + PV(captured synergies)
LBO return (MOIC)MOIC = Exit equity ÷ Entry equity

Work area

6

Recommendation — answer first (BLUF)

2–3 supporting reasons / numbers

Risks & next steps

Watch for these pitfalls

  • ›Overestimating revenue synergies (cost synergies are more reliable)
  • ›Ignoring integration costs when calculating synergy value
  • ›Not stress-testing synergies at 50% realization
  • ›Treating 'strategic fit' as sufficient without economic validation

Case in Point Ch. 7 — M&A Cases

Case type · Pricing

Pricing Strategy Framework — prep outline

Determine optimal pricing by analyzing value to customer, competitive benchmarks, and cost floors.

Memory hook

“The 3 C's: floor, anchor, ceiling”

  • CostVariable cost per unit = the price FLOOR — don't sell below it for long.
  • CompetitionCompetitor & substitute prices = the market ANCHOR.
  • Customer valueWillingness to pay = the CEILING — and it varies, so segment it.
  • + ElasticityHow much volume moves when price moves — sanity-check every change.

Step-by-step play

  1. 1Clarify the objective: maximize profit, gain share, or launch a new product?
  2. 2Set the floor: what's the variable cost per unit?
  3. 3Find the anchor: what do direct competitors and substitutes charge?
  4. 4Find the ceiling: willingness to pay — and segment customers, because it differs.
  5. 5Pick a point between floor and ceiling, then model the volume impact with elasticity.
  6. 6Recommend the price AND the structure (tiered / usage-based), with the profit impact quantified.
1

Prompt & objective

2

Clarifying questions to ask

Prompts for this case type: What is the maximum willingness to pay across customer segments? · What do direct competitors charge, and how do we compare on value? · What's our variable cost per unit — what's the price floor?

3

Structure — your tailored, MECE tree

Reference scaffold

Pricing Decision

  • Customer value

    Willingness to pay · Segment differences · Value vs. alternatives

  • Competitive benchmark

    Direct competitor prices · Substitute products · Price positioning

  • Cost floor

    Variable cost per unit · Fixed cost contribution · Target margin

  • Market dynamics

    Price elasticity · Volume impact of price change · Long-term positioning

Draw yours here

4

Hypothesis — call your shot

“I think the answer lies in ___, so I'll test the ___ branch first.”

5

Quant — math · finance · accounting

Price sits between a floor (variable cost) and a ceiling (willingness to pay). Set it for a target margin — not a markup — and pressure-test the volume impact with elasticity.

Price floorFloor = Variable cost per unit
Price for a target marginPrice = Cost ÷ (1 − margin)
Markup pricePrice = Cost × (1 + markup)
ContributionCM = Price − Variable cost
Break-even volume (price change)BE volume = Old total CM ÷ New CM per unit
Price elasticityE = %Δ quantity ÷ %Δ price
Revenue-maximizing pointRevenue peaks where E = −1

Work area

6

Recommendation — answer first (BLUF)

2–3 supporting reasons / numbers

Risks & next steps

Watch for these pitfalls

  • ›Setting price based only on costs (ignores value and competition)
  • ›Ignoring price elasticity — a 20% price increase may destroy more volume than it earns
  • ›Treating all customers the same (segment by willingness to pay)
  • ›Underestimating how price changes affect brand perception

Case in Point Ch. 5 — Pricing Cases

Case type · Growth

Growth Strategy Framework — prep outline

Identify the best sources of revenue growth: existing customers, new customers, new products, or new markets.

Memory hook

“Squeeze the base before you chase the new”

  • Existing customersRetention, frequency, basket size, cross-sell — the cheapest growth.
  • New customersSame product, new channels / segments / geographies.
  • New productsLine extensions, platform plays, partnerships.
  • InorganicM&A — a last resort, not a first move.

Step-by-step play

  1. 1Clarify the target: how much growth, by when, organic only or any means?
  2. 2Diagnose where growth stalled — acquisition or retention? Fix the leaky bucket first.
  3. 3Walk the ladder in order: existing customers → new customers → new products → M&A.
  4. 4Size each lever's potential (TAM, CAC, time-to-revenue).
  5. 5Prioritize by ROI and feasibility — fastest, cheapest, most certain first.
  6. 6Recommend a sequenced plan, not a laundry list of every option.
1

Prompt & objective

2

Clarifying questions to ask

Prompts for this case type: Where is current growth coming from, and where has it stalled? · Is the issue acquisition (new customers) or retention (existing customers)? · What is the TAM of the current vs. adjacent markets?

3

Structure — your tailored, MECE tree

Reference scaffold

Growth Levers

  • Existing customers

    Increase retention / reduce churn · Increase purchase frequency · Increase average order value · Cross-sell / upsell

  • New customers

    Same segment, new channels · New geographic markets · Adjacent customer segments

  • New products

    Line extension (adjacent) · Platform / ecosystem play · Partnerships & licensing

  • M&A growth

    Acquire competitor · Acquire to enter new segment

Draw yours here

4

Hypothesis — call your shot

“I think the answer lies in ___, so I'll test the ___ branch first.”

5

Quant — math · finance · accounting

Growth math is about compounding and unit economics: where growth comes from, what a customer is worth, and decomposing a change into its multiplicative drivers.

CAGRCAGR = (End ÷ Start)^(1 ÷ years) − 1
Avg customer lifetimeLifetime = 1 ÷ churn rate
Customer lifetime valueLTV = ARPU × Gross margin × (1 ÷ churn)
LTV : CACHealthy when LTV ÷ CAC ≥ 3×
CAC paybackPayback (months) = CAC ÷ monthly margin per customer
Comp / same-store salesComp = Traffic × Conversion × Avg ticket
Profit from share gainΔProfit = ΔShare × Market size × Margin

Work area

6

Recommendation — answer first (BLUF)

2–3 supporting reasons / numbers

Risks & next steps

Watch for these pitfalls

  • ›Jumping to new markets before fixing retention (leaky bucket problem)
  • ›Underestimating the cost and time of new market entry
  • ›Treating M&A as a first resort rather than last resort for growth
  • ›Not prioritizing levers by ROI and feasibility

Case in Point Ch. 9 — Growth Strategy

Case type · Operations

Operations Framework — prep outline

Improve throughput, reduce costs, or fix a process by mapping the value chain and identifying bottlenecks.

Memory hook

“Map it, find the jam, clear the jam”

  • MapDraw the end-to-end process and cycle time per step.
  • BottleneckFind the step where work queues longest / is furthest from benchmark.
  • Root causeAsk why the jam exists — design, staffing, tech, or upstream?
  • FixSequence the fixes: quick process wins → staffing → capital / tech.

Step-by-step play

  1. 1Clarify the goal metric: throughput, cost, quality, or lead time?
  2. 2Map the full process end-to-end before touching any single step.
  3. 3Find the bottleneck — the constraint sets the pace of the whole system.
  4. 4Root-cause it with 5 Whys: is the jam caused here, or upstream / downstream?
  5. 5Generate fixes and sequence them: cheap process changes before capital spend.
  6. 6Quantify the expected improvement per fix and recommend the sequence.
1

Prompt & objective

2

Clarifying questions to ask

Prompts for this case type: Where in the process does work queue up longest? · Which step is furthest from industry benchmark? · Is the bottleneck caused by this step or by an upstream/downstream constraint?

3

Structure — your tailored, MECE tree

Reference scaffold

Operations Analysis

  • Process mapping

    End-to-end flow · Cycle times per step · Handoff points

  • Bottleneck ID

    Step with highest queue · Step farthest from benchmark · Upstream / downstream causes

  • Capacity analysis

    People utilization · Equipment utilization · Facility / space

  • Root cause

    Process design flaw · Staffing / skill gap · Technology limitation · Systemic / upstream

  • Solutions

    Quick wins (process) · Medium-term (staffing) · Long-term (capital / tech)

Draw yours here

4

Hypothesis — call your shot

“I think the answer lies in ___, so I'll test the ___ branch first.”

5

Quant — math · finance · accounting

Ops math is capacity vs. demand. Find the bottleneck — the slowest step sets the pace of the whole system — then size the gap and fix only that step.

CapacityCapacity = Resources × Available time ÷ Time per unit
ThroughputThroughput = slowest station's rate
UtilizationUtilization = Demand ÷ Capacity
Takt timeTakt = Available time ÷ Demand
Little's LawWIP = Throughput × Flow time
Capital paybackPayback = One-time cost ÷ Annual savings
Resources neededUnits = Demand × Time per unit ÷ Available time

Work area

6

Recommendation — answer first (BLUF)

2–3 supporting reasons / numbers

Risks & next steps

Watch for these pitfalls

  • ›Treating the bottleneck symptom without finding the root cause
  • ›Proposing capital investment before testing process changes
  • ›Ignoring cross-functional dependencies (ER case: boarding is an inpatient problem)
  • ›Not quantifying the expected improvement for each intervention

Case in Point Ch. 8 — Operations Cases

Case type · Market Sizing

Market Sizing Framework — prep outline

Estimate the size of any market using bottom-up or top-down decomposition, then sanity-check your answer.

Memory hook

“Segment, build, sanity-check”

  • MethodPick top-down (scale from a population) or bottom-up (build from units).
  • BuildUnits × Rate × Price — write the equation before any arithmetic.
  • SegmentSplit lumpy groups so you don't average apples and oranges.
  • Sanity-checkRe-derive a different way or compare to a known benchmark.

Step-by-step play

  1. 1Clarify what you're sizing: revenue, units, or value? Over what period?
  2. 2Choose the cleaner path — bottom-up if you can count units, top-down from a population otherwise.
  3. 3Write the equation out loud before doing math (e.g., stations × machines × txns × price).
  4. 4Segment anything lumpy (hub vs. local, urban vs. rural) instead of using one average.
  5. 5Do the arithmetic in round numbers and keep the zeros under control.
  6. 6Sanity-check the answer, then state it with appropriate — not false — precision.
1

Prompt & objective

2

Clarifying questions to ask

Prompts for this case type: What exactly are we sizing — revenue, volume, or value? · Bottom-up or top-down — which gives cleaner, more estimable inputs? · How do I segment to avoid averaging heterogeneous groups?

3

Structure — your tailored, MECE tree

Reference scaffold

Sizing Approach

  • Choose method

    Bottom-up: build from atomic units · Top-down: scale from aggregate

  • Bottom-up path

    Count of units (stores, people, etc.) · × Rate (purchases/year) · × Price per unit · = Total market

  • Top-down path

    Population / universe · × Penetration / qualification rate · × Avg spend per person · = Total market

  • Sanity check

    Run alternate approach · Compare to known benchmark · Internal consistency check

Draw yours here

4

Hypothesis — call your shot

“I think the answer lies in ___, so I'll test the ___ branch first.”

5

Quant — math · finance · accounting

Pick a path (bottom-up or top-down), write the equation before the arithmetic, segment anything lumpy, and always sanity-check the answer a second way.

Bottom-upMarket = Units × Rate × Price
Top-downMarket = Population × Penetration × Usage × Price
Segment then sumMarket = Σ (segment size × segment rate)
AnnualizeAnnual = per-day × 365 (or per-period × periods)
Replacement demandUnits/yr = Installed base ÷ Average lifespan
Sanity checkRe-derive the other way, or compare to a known benchmark

Work area

6

Recommendation — answer first (BLUF)

2–3 supporting reasons / numbers

Risks & next steps

Watch for these pitfalls

  • ›Starting with math before stating the approach
  • ›Using a single average for highly heterogeneous groups (hub vs. local station)
  • ›Never sanity-checking — the interviewer will always ask
  • ›False precision: giving a 7-digit number from estimated inputs

Case in Point Ch. 11 — Market Sizing