The operator's ledger / A teaching simulation
Run it for
five years.
Explore an operating simulation using identifiers from projects under consideration.
Real project identifiers. All financial figures, events and outcomes are illustrative game assumptions, not actual deal data or investment results.
Choose up to two actions each year, then see what the business is worth at exit. Every choice has a cost. Doing nothing is also a choice.
Choose a project simulation
Three projects under consideration. Five simulated years. Your decisions.
How this game works
Real project identifiers. All financial figures, events and outcomes are illustrative game assumptions, not actual deal data or investment results. In the simulation, you buy with a senior loan and equity, then pay interest and repay principal from operating cash. Automations take time and can fail. Every year brings a seeded random event.
At exit, EBITDA multiplied by an exit multiple gives the business value. Subtract the remaining debt and add cash to find equity value. Revenue growth, margins, the multiple and debt repayment explain the change. MOIC is equity out divided by equity in. IRR is the annualized return over the five years, with no interim distributions.
This is a simplified learning game, not a forecast or investment advice. Taxes, reinvestment and working capital are represented by a single cash-conversion assumption.