The pen-and-paper LBO from the interview room, against the clock. Work out the price, the paydown, the exit and the returns, then send the same deal to a friend.
An interviewer gives you a few numbers (EBITDA, the purchase multiple, how much debt, how fast the business grows) and asks for the sponsor's return, with only a pen. They care most about whether you set it up in the right order: price, equity, paydown, exit, then MOIC and IRR. New to it? Start with the step-by-step lesson or play with the LBO dials.