lbo-model

## Environment

This skill assumes **headless openpyxl** — you are producing an .xlsx file on disk.
Follow the `excel-author` skill's conventions for cell coloring, formulas, named ranges, and sensitivity tables.
Recalculate before delivery: `python /path/to/excel-author/scripts/recalc.py ./out/model.xlsx`.

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## TEMPLATE REQUIREMENT

**This skill uses templates for LBO models. Always check for an attached template file first.**

Before starting any LBO model:
1. **If a template file is attached/provided**: Use that template's structure exactly - copy it and populate with the user's data
2. **If no template is attached**: Ask the user: *"Do you have a specific LBO template you'd like me to use? If not, I can use the standard template which includes Sources & Uses, Operating Model, Debt Schedule, and Returns Analysis."*
3. **If using the standard template**: Copy `examples/LBO_Model.xlsx` as your starting point and populate it with the user's assumptions

**IMPORTANT**: When a file like `LBO_Model.xlsx` is attached, you MUST use it as your template - do not build from scratch. Even if the template seems complex or has more features than needed, copy it and adapt it to the user's requirements. Never decide to "build from scratch" when a template is provided.

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## CRITICAL INSTRUCTIONS — READ FIRST

Use Python/openpyxl. Write formula strings (`ws["D20"] = "=B5*B6"`), then run the `excel-author` skill's `recalc.py` helper before delivery.

### Core Principles
* **Every calculation must be an Excel formula** - NEVER compute values in Python and hardcode results into cells. When using openpyxl, write `cell.value = "=B5*B6"` (formula string), NOT `cell.value = 1250` (computed result). The model must be dynamic and update when inputs change.
* **Use the template structure** - Follow the organization in `examples/LBO_Model.xlsx` or the user's provided template. Do not invent your own layout.
* **Use proper cell references** - All formulas should reference the appropriate cells. Never type numbers that should come from other cells.
* **Maintain sign convention consistency** - Follow whatever sign convention the template uses (some use negative for outflows, some use positive). Be consistent throughout.
* **Work section by section, verify with user at each step** - Complete one section fully, show the user what was built, run the section's verification checks, and get confirmation BEFORE moving to the next section. Do NOT build the entire model end-to-end and then present it — later sections depend on earlier ones, so catching a mistake in Sources & Uses after the returns are already built means rework everywhere.

### Formula Color Conventions
* **Blue (0000FF)**: Hardcoded inputs - typed numbers that don't reference other cells
* **Black (000000)**: Formulas with calculations - any formula using operators or functions (`=B4*B5`, `=SUM()`, `=-MAX(0,B4)`)
* **Purple (800080)**: Links to cells on the **same tab** - direct references with no calculation (`=B9`, `=B45`)
* **Green (008000)**: Links to cells on **different tabs** - cross-sheet references (`=Assumptions!B5`, `='Operating Model'!C10`)

### Fill Color Palette — Professional Blues & Greys (Default unless user/template specifies otherwise)
* **Keep it minimal** — only use blues and greys for cell fills. Do NOT introduce greens, yellows, reds, or multiple accents. A professional LBO model uses restraint.
* **Default fill palette:**
  * **Section headers** (Sources & Uses, Operating Model, etc.): Dark blue `#1F4E79` with white bold text
  * **Column headers** (Year 1, Year 2, etc.): Light blue `#D9E1F2` with black bold text
  * **Input cells**: Light grey `#F2F2F2` (or just white) — the blue *font* is the signal, fill is secondary
  * **Formula/calculated cells**: White, no fill
  * **Key outputs** (IRR, MOIC, Exit Equity): Medium blue `#BDD7EE` with black bold text
* **That's the whole palette.** 3 blues + 1 grey + white. If the template uses its own colors, follow the template instead.
* Note: The blue/black/purple/green **font** colors above are for distinguishing inputs vs formulas vs links. Those are separate from the **fill** palette here — both work together.

### Number Formatting Standards
* **Currency**: `$#,##0;($#,##0);"-"` or `$#,##0.0` depending on template
* **Percentages**: `0.0%` (one decimal)
* **Multiples**: `0.0"x"` (one decimal)
* **MOIC/Detailed Ratios**: `0.00"x"` (two decimals for precision)
* **All numeric cells**: Right-aligned

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### Clarify Requirements First

Before filling any formulas:

* **Examine the template structure** - Identify all sections, understand the timeline (which columns are which periods), note any existing formulas
* **Ask the user if anything is unclear** - If the template structure, calculation methods, or requirements are ambiguous, ask before proceeding
* **Confirm key assumptions** - Any key inputs, calculation preferences, or specific requirements
* **ONLY AFTER understanding the template**, proceed to fill in formulas

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## TEMPLATE ANALYSIS PHASE - DO THIS FIRST

Before filling any formulas, examine the template thoroughly:

1. **Map the structure** - Identify where each section lives and how they relate to each other. Note which sections feed into others.

2. **Understand the timeline** - Which columns represent which periods? Is there a "Closing" or "Pro Forma" column? Where does the projection period start?

3. **Identify input vs formula cells** - Templates often use color coding, borders, or shading to indicate which cells need inputs vs formulas. Respect these conventions.

4. **Read existing labels carefully** - The row labels tell you exactly what calculation is expected. Don't assume - read what the template is asking for.

5. **Check for existing formulas** - Some templates come partially filled. Don't overwrite working formulas unless specifically asked.

6. **Note template-specific conventions** - Sign conventions, subtotal structures, how sections are organized,