How should you structure and pace a 1-hour paper LBO or short case exercise?

The grader is watching your process as much as your output, so structure IS the answer. Suggested allocation for an hour

• ~10 minutes reading and framing — identify what's given (price, leverage, basic operating assumptions), what's asked, and say your plan out loud if it's live
• ~30 minutes on the core build, in a fixed order you've rehearsed: entry economics, then how the business performs over the hold, then what that means at exit — writing assumptions down clearly as you go
• ~10 minutes sanity-checking — do the numbers pass a smell test, did you answer the actual question
• ~10 minutes on the conclusion: a clear recommendation with the two or three drivers it hinges on. Universal grading criteria: clean, labeled assumptions; arithmetic accuracy over sophistication; calm narration if live; and a decision at the end. Classic failure modes: diving in before reading fully, burning 50 minutes on mechanics and delivering no recommendation, silent panic when a number looks off (talk through it — recovering visibly scores points), and adding complexity nobody asked for.