Wharton-2023-2024 casebook for casing stuff

WHARTON CONSULTING CLUB
CASEBOOK 2023-2024
KNOWLEDGE FOR ACTION

Editors’ Note
Dear Wharton Consulting Club Member
We are happy to present this year’s casebook to aid you in your preparation. This casebook will provide you with a brief
overview of consulting recruiting and interview preparation, as well as a number of practice cases.
Please note that this is meant to supplement the excellent work done by our and other schools in earlier casebooks, so we
encourage you to use diverse resources to prepare.
Additionally, we wish to thank Bain and EY Parthenon for providing some of their former interview cases to the casebook.
Finally, a few words of advice. Remember - recruiting is a marathon, not a sprint. While it may sometimes feel so, you’re not
alone in this process. Take care of your mental health and lean on your peers, and fellow 2Ys, for support. We are all
cheering for you!
We wish you a productive and successful recruiting experience.
Coty Wallach, Ram Sriram, Rishabh Israni and Soumya Dubey
WCC Resource Development Team (2023-24)

TABLE OF CONTENTS
Item Page Type Difficulty Format Industry
Case Interview Introduction 7
Behavioral Interview Introduction 28
Case 1: Pulp Friction 33 Profitability Easy Interviewee-Led Retail
Case 2: Bring Your Own Bus 43 Market Entry Easy Interviewee-Led Manufacturing
Case 3: Sweat Equity 52 Revenue Growth Easy Interviewee-Led Fitness
Case 4: Stick A Needle In My Eye 61 Market EntryN Easy Interviewee-Led Healthcare
Case 5: (Not So) Quiet Quitting 70 HR Medium Interviewer-Led Government
Case 6: SoapCo* 77 Revenue Growth Medium Interviewee-Led Consumer Goods
Case 7: Must The Show Go On? 90 Profitability Medium Interviewee-Led Entertainment
* Former Bain Interview Case

TABLE OF CONTENTS
Case 8: Beyond Borders 103 Market Entry Medium Interviewee-Led Manufacturing
Case 9: Going Nuts 111 M&A Medium Interviewer-Led Food
Case 10: Circling The Drain 120 Profitability Medium Interviewee-Led Healthcare
Case 11: Highway To Hell 131 Market Entry Medium Interviewee-Led Transportation
Case 12: Flickering Fortune 140 Profitability Medium Interviewer-Led Consumer Goods
Case 13: The Claim Game 151 Market Entry Medium Interviewee-Led Insurance
Case 14: CraftCo* 159 Profitability Medium Interviewer-Led Consumer Goods
Case 15: Build, Baby, Build! 169 Profitability Hard Interviewee-Led Sports
Case 16: Eye Can See Clearly Now 179 M&A Hard Interviewee-Led Healthcare
* Former EY Parthenon Interview Case

TABLE OF CONTENTS
Case 17: To Bid, or Not To Bid 189 Market Entry Hard Interviewer-Led Retail
Case 18: Cents and Sensibility 199 Profitability Hard Interviewee-Led Government
Appendix
Case Math Drills 210
Chart Drills 217
Brainstorm Drills 226
Sample Behavioral Interview
Questions
231

Common Interview Formats*
• MBB firms rely on power rounds (multiple interviews in one day)
• Bain
○ 3 total interviews
○ 2 interviewee led case-interviews lasting 40 minutes each
○ 1 behavioral interview with 5-8 questions lasting 40 minutes
• BCG
○ Each interview starts with 2-3 behavioral questions lasting 15 minutes in total
○ Followed by 40 minutes of an interviewee led case-interview
• McKinsey**
○ Each interview starts with one behavioral question picked out of previously shared prompts
○ The interviewer does a deep dive on a single story that addresses the prompt (for 15 minutes), with
multiple questions and detailed interactions with the interviewee
○ Followed by 40 minutes for an interviewer led case-interview
* based on previous year experiences for US offices
** Some McKinsey offices may not hold power rounds, but two separate rounds with 2 interviews each

Introduction to the Case Interview

What is a case?
Business problem: The case interview is a method used by management
consulting firms to evaluate a candidate's ability to analyze complex business
issues, develop strategies, and communicate Answers effectively
Conversation driving to a recommendation: The best cases are a structured
dialogue between the candidate and the interviewer that help the candidate come
to a specific conclusion
Evaluation of analytical and communication skills: The case interview enables
the interviewer to evaluate a candidate's ability to analyze data and articulate
recommendations
Just one part of the recruiting process: While this may seem daunting, it is
helpful to remember that the case interview is just one part of the recruiting
process.

Types of cases
INTERVIEWER-LED
Interviewer drives the case. The candidate
should suggest next steps, but follow the
interviewer on where to go next
Many times do not require a recommendation at
the end
INTERVIEWEE-LED
The candidate drives the direction of the case
through their questions
Recommendation is almost always required
Generalizations based on candidate experience
Bain EY Parthenon
BCG LEK
Deloitte Strategy&
Accenture
McKinsey
Oliver Wyman

Case Prompts
Profitability
Revenue growth
Declining profits
Cost optimization
Not an exhaustive list
Market study
Market entry
Product launch
Growth strategy
Mergers and acquisitions
Valuation
Return on investment
Synergy analysis

Case Industries
Consumer/Retail
Not an exhaustive list
Manufacturing
Energy
Financial Services
Telecommunications & IT
Media & Entertainment
Healthcare & Life Sciences
Transportation
Govt./Non-profit
Having familiarity with common industries may help you generate business insights leading to
“brownie points”. The following casebooks provide briefs on common industries - Kellogg (‘23),
Darden (‘22) and Ross (‘22)

Case Interview Components
12
Background, Setup,
and Recap
● Active
listening/taking
thorough notes
during prompt
● Summarize the
problem
● Ask clarifying Q’s
● Anticipate
structure
Framework
Development &
Explanation
● Structure
thoughts in
organized
manner (<2 min)
● Give interviewer
high level
overview of
buckets
● Drill down into
each bucket
● Develop
hypothesis &
prioritize
Brainstorming
● Probe for
information
● Organize
brainstorming into
multiple buckets
● Be MECE -
mutually
exclusive,
collectively
exhaustive - with
your ideas
Synthesis &
Rec
● Drive case to
conclusion
● Be answer
FIRST, then
provide
supporting facts
from case
● Take a definitive
stance
● Utilize hard data
from case
● Address risks &
next steps
Math Exhibits
& Analysis
● Provide overview
of information
● Point out
insightful details,
utilize data from
charts
● Note conclusions
● Walk through
math problem
steps BEFORE
you calc
2-3 minutes 4-5 minutes 3-5 minutes 8-10 minutes 2-3 minutes

Components of the Case Interview

Clarifying questions
15
Case Opening and Framework
Business model: How does the business make money?
Geography: Where are we operating?
Objective: What is the goal/target that the client has set?
Timeline: By when do we need to meet the objective?
Asking 2-3 clarifying questions after hearing the prompt provides useful information that can feed
into your frameworks. We recommend choosing from the below buckets:

Case Type 1: Profitability
Overview
Framework
Problem: Client’s earnings / profits has declined or stopped growing
Objective: Recommend ways to increase profits / grow
1. Market
Industry
● Growth trends
● Market size
● Specific regulations
Competition
● Market shares
● Competitive
advantage/weakness
● Entry barriers
2. Revenue
Price
● Pricing trends
● Compare to market
Volume
● Demand v Capacity
● Sales trends
Product Mix
● Demand v Capacity
● Sales trends
3. Cost
Fixed Costs
● PPE
● Overhead
● SG&A
Variable Costs
● COGS
● Labour
● Utilities
Supplier Power
Market Benchmark
4. Customers
Customer Segment
● Demographics
● Characteristics
● Preferences
● Willingness-to-pay
Channels
● Sales mix
● Operational efficiency
● Customer reach
● New opportunities
Always order buckets based on perceived importance to the case

Overview
Framework
Problem: Client is considering entering a new market
Objective: Recommend whether or not to enter (considerations: financial
attractiveness, implementation success, risk assessment)
1. Market
Industry
● Growth trends
● Market size
Competition
● Competition intensity
● Competitor response
● Entry barriers
2. Financial
Current State
● Current profitability
● Financial capitals
New Market
● Capital investment
● Potential revenues
● Potential costs
● ROI on investment
3. Capabilities
Business Competency
● Market knowledge
● Comp advantages
Technical Competency
● Scaling operations
● Expansion management
● Other technical
capabilities needed
4. Entry Strategy
Entry Methods
● Direct entry
● Acquisition
● Joint Venture
Considerations
● Market entry timing
● Piloting options
● Centralized vs
Decentralized control
● Risks
Case Type 2: Market Entry

Overview
Framework
Problem: Client is considering acquiring another company
Objective: Evaluate the target company and recommend whether or not to
pursue the deal
Market
Are buyer and target in
the same market?
Industry
● Growth trends
● Market size
Competition
2. Deal Evaluation
Target’s Financials
● Revenue growth
● Cost reduction
Target’s Competency
● Management culture
● Technical capabilities
● Business expertise
Deal ROI
● Price vs Breakeven
3. Strategic Fit
Acquisition Rationale
● Vertical integration
● Horizontal integration
● New market entry
Synergies
● Cost driven
● Revenue driven
● Technical acquisition
● Response to competitor
move
4. Risk Assessment
A. Buyer capability
● Prior acquisition
experience
● Capital expenditure
A. Post acquisition
● Company cultural fit
● Integration process
● Organizational structure
change
● SEC regulations
Case Type 3: Merger & Acquisition
1. Market

Structuring
Structuring is about breaking down a complex question into more manageable parts; it is important
for both framework-building and brainstorming
There is no one right way to structure frameworks, but good structuring is always:
Mutually Exclusive, Collectively Exhaustive (MECE):
ME: Buckets do not contain overlapping or repeated information
CE: Buckets are comprehensive in addressing information needed to solve the problem
Answer-focused: The problem is clearly defined, and the framework focuses on answering that
specific problem
Case-specific: Buckets and points are tailored to the specifics of the client and problem

Structuring
Suggested mechanism:
After asking clarifying questions, take 1.5-2mins to draw your framework
Talk through your framework (<2min) with logical flow and transitions
Talk across your buckets (left to right), then down your data points (top to bottom); numerate your
points
Objectives:
Aim for a clear, logical structure that could be visually presented
Incorporate explanations of why you included certain points
Utilize case facts from the prompt and use case-specific nomenclature
Be conversational in your delivery
Incorporate interviewer feedback, if given

Case Math
It’s a conversation
Talk through thought process prior to starting calculations
Keep conversation going while doing the math - let the
interviewer know what you are doing
Demonstrate Case Leadership
Every number calculated should have an associated insight
What else do we need to know?
How does this help answer the question?
Keep your cool
All 2Ys have goofed up in math, even in their final round interviews
What is important, is spotting your mistake, and not letting it impact the rest
of the case

Charts
Best practices
Take a moment to digest the chart
Focus on key information
Communicate top-down:
answer first
supporting evidence
relation to overall goal
Common pitfalls
Immediately reading back the chart
Listing information without structure
Lack of second-level insights:
stopping at the numbers
failure to drive case forward
Charts test important skills in the consulting toolkit
● Quickly skim through a wide range of data
● Elicit key information
● Derive top-down takeaways
Chart interpretation are commonly coupled with calculations

Common Chart Types
Value comparison: stacked bar, clustered bar
Relationship identification: scatterplot, bubble
Composition analysis: pie, 100% bar, Marimekko (mosaic)
Change illustration: waterfall, line
Familiarize yourself with the following common chart types, which are frequently encountered in
case interviews

Brainstorming
You might be asked open-ended questions mid-case, and asked to “brainstorm” Answers
● What do you think drives profitability in this market?
● What are some challenges or risks with introducing this new product?
You may have time to organize your thoughts (<60 seconds). Sometimes, you may not

Brainstorming
There are certain frameworks that might be useful during brainstorming:
● Financial vs Non-financial considerations
○ Financial: Revenue Drop, Costs increase
○ Non financial: Dilution of brand equity, loss in employee morale
● “3Cs” - Company, Customer, Competitors
○ Company: Chane the hiring strategy
○ Customer: Understand unmet customer needs
○ Competitor: Analyze product portfolio to check competitiveness
● “4Ps” - Product, Price, Place, Promotion
○ Product - Retool product to address customer demand
○ Price - Change price according to customer elasticity
○ Place - Explore sales per distribution channel
○ Promotion - Find sales per marketing dollar
● Internal vs External factors
○ Internal - Related to functioning of the company
○ External - Anything not related to the company’s functioning

Tips for Case Interviewers
Your peers have trusted you to case them, please ensure they have a fruitful and pleasant
experience!
● Prepare: Spend time before the case interview reading through the case, making
sure you understand the flow and the calculations
● Be patient: Give adequate time for the candidate to structure their thoughts. Provide
candidates with timing for key sections such as framework and brainstorming
● Be Supportive: In case the candidate is stuck, guide them towards the answer,
providing adequate hints
● Document: Jot down any observations, you’ll be surprised how much you forget at
the end of 30 minutes. Use the scoring criteria (next slide) to structure your feedback

Tips for Case Interviewers | “Scoring” a Case Interview
Case Structure
Quantitative / Analytical skills
Creativity
Case ownership / Leadership*
Collaboration / Coachability
We recommend using a five-pronged framework to give feedback to candidates at the
end of the case interview
*less relevant for interviewer led cases

Introduction to the Behavioral Interview

Behavioral Interviews
Use fit prep to boost a strength or shore up a weakness
• Showcase EQ: Cases test your IQ - fit is your chance to show EQ
• Be Memorable: Answer all questions with a story/ example - show vs. tell. Stories are
compelling way to articulate and demonstrate fit for firm. And let personality shine!
• Delivery Matters: Be authentic, confident, structured and succinct. Demonstrate
presence in front of a client
• Firms really care: Consulting is a highly interpersonal business
• You’re always in control (unlike cases): Use fit questions as a source of confidence

The interviewer should understand the “so what?” before and after your story
The key is to be structured and try out different outlines to see what works for you
Headline: Tell the interviewer where the
story is going (~15%)
Situation: Set up the problem or conflict/
give background (~15%)
Action: What did you do? (~55%)
Result: Highlight the outcome, the impact
on the organization and what you learned
(~15%)
STAR
• Situation
• Task
• Action
• Result
Framework for personal stories
SCARF
• Situation
• Complication
• Action
• Result
• Future Lessons

Common questions during the behavioral interview
Most questions asked during the behavioral interview fall into one or more categories of the IMPACT
framework
I - Individual contribution
M - Managing teams
P - Persuading peers/managers
A - Analytical skills
C - Challenging situations
T - Teamwork and collaboration
Preparing 1-2 stories for each category is a helpful strategy. The Appendix fleshes out specific examples
of questions in each category

Additional Resources
The following resources will help you in preparation:
● Peer school casebooks: 2Ys have used Kellogg, Ross, Columbia and Darden casebooks in
the past
● Rocketblocks: For drills on charts, market sizing and math
● Casecoach: For videos on each component of the case, frameworks, structuring drills
● Behavioral interview question bank: For preparing for the behavioral component of the
casing process

Case 1: Pulp Friction
Type: Profitability
Difficulty: Easy
Format: Interviewee-Led
Industry: Retail

Pulp Friction - Prompt
● The client is focused on US sales only
● TissueCo’s profitability margin dropped below its competitors before the COVID-19 outbreak
but has further worsened after COVID-19
● TissueCo produces tissues that are standard, extra soft, and tissues with lotion
● There is no specific goal to improve profitability
● The expected CAGR in 2021 is 5.8%
Problem Statement
Additional Information (Provide Upon Request)
Your client, TissueCo, is a large facial tissue manufacturer that sells to retailers. While the US
facial tissue market suffered operational challenges due to Covid-19, the market is forecasted to
recover and grow in 2021. While TissueCo has seen some improved numbers as they adapt to
the pandemic, their profitability margin has fallen below their main competitors Kelly-Clark and
Proxy and Gumbo. The CEO has invited you to help them out.

Pulp Friction - Structure
1. Facial Tissue Market
A. Industry
● Growth trends
● Market size
● Recent changes in
customer behavior /
trends
B. Competition
● # of competitors and
market share
● Profit margin / Cost
structure
C. Regulatory environment
2. TissueCo 3. Financial Analysis
4. Growth
Opportunities
A. Product differentiation
● Product characteristics
(e.g., soft, lotion,
anti-viral)
● Packaging options (e.g.,
horizontal or vertical box,
pocket)
B. Customer segment (e.g.,
at home, vs away from home)
C. Marketing strategy
D. Distribution strategy
(e.g., supermarkets,
convenience stores, online)
A. Revenue analysis
● Pricing strategy
● Volume dynamics
● Break-down by client
groups and locations
B. Cost structure
● Fixed (e.g. rent, SG&A)
● Variable (e.g. labor, raw
materials, utilities)
A. Sales growth
opportunities
● Lower prices
● New or improved
characteristics
● Different packaging
B. Margin improvements
● Reduced volume per
package
● Technology to reduce
production costs
Framework

Pulp Friction - Brainstorming
1. Upgrade marketing
strategy
A. Campaign
● Aggressive marketing
campaign and promotions
B. Channels
● Expand to new social
media channels to reach
and cultivate younger
audiences (a more
germ-aware generation)
2. Change pricing
(model)
3. Increase distribution
efficiency
4. Expand value
proposition
A. Pricing
● Maintain price, but slightly
slower volume per
package
● Bundle packages
together and/or offer
bundles together with
hand-sanitizer
B. Pricing model
● Subscription model (e.g.,
Amazon weekly)
A. Distribution
● Online channels (online
retailers and D2C)
● Volume dynamics
B. Partnerships
● Build partnerships with
sectors affected by the
rising concern of sickness
(airlines, workspaces,
schools)
A. New kinds of tissues
● Anti-viral
● More sustainable
B. New kinds of packaging
● The box could include a
coupon for the next
purchase
Sample Revenue Growth Ideas
Interviewer notes:
- A strong candidate will remark that given low differentiation between facial tissues, high brand awareness and active
marketing are likely key drivers of sales
Question 1: What revenue growth ideas can you suggest?

Question 2: The rise in the number of bacterial and viral infectious diseases, COVID-19 being top
of mind, has led to the rise in demand for antiviral products. The client is considering launching a
new product line to meet this demand, anti-viral tissues. How big do you think the US market in $
dollars is for anti-viral facial tissues?
Pulp Friction - Math
Sample approach on next slide; allow candidate flexibility with assumptions or provide inputs if
asked

US Population ~320M people
% population that is very
germ-conscious
10%
# of colds / flu per year per
persons and duration
~2 colds per year that last 5 days
# tissues used per day while
sick
~20 tissues
# tissues used per year for
other reasons (e.g., allergies)
~50
tissues
# tissue used per year 320M * 10% * [(2*5*20)+50] ≈ 8B
# tissues per box 100
# of boxes 80M
$ Avg price per box $5
$ Total market $400M
Sample approach Additional Information (Provide Upon
Request)
Market sizing
● US population is 320M
● ~10% of the population uses tissues, so
around 32M people
● Avg price for a box of tissues with 100
tissues is $5
Interviewer Notes:
● A strong candidate will highlight the higher
WTP of germ-conscious consumers which
could help improve profitability (in spite of
smaller market share)
● Alternate approaches are okay as long as
candidate splits the demographics into
multiple segments and considers multiple
use cases for tissues

Question 3: [Present Exhibit A] The rise in the number of bacterial and viral infectious diseases,
COVID-19 being top of mind, has led to the rise in demand for antiviral product. The client is
considering launching a new product line, anti-viral tissues. Will this increase their profitability?
● Total sales in 2020 were $3.1B (candidate can and should round to $3B to simplify
calculations). Show Exhibit A for revenue share and costs for other tissue segments. The
candidate should calculate profit margins of all categories
● Anti-viral tissues are forecasted to generate $150M in sales and $30M in profit

Calculations
Product Calculations Profits ($) / Profit Margin (%)
Standard 3B * 65% * 10% $195M
Super soft 3B * 25% * 15% $112.5M
Lotion 3B * 10% * 20% $60M
Overall 195M + 112.5M + 60M = 367.5M / 3B ≈ 12%
Anti-viral 30M / 150M 20%
The antiviral product line is forecasted to have a 20% profit margin, thus increasing the
profitability of the company.

The TissueCo CEO has arranged a meeting to discuss your findings shortly. What is going to be
your final recommendation?
Pulp Friction - Recommendation
Answer
Recommendation: In order to improve profitability, our recommendation is that the client launch the new antiviral
tissues. 1) Demand for antiviral products has been increasing due to the recent pandemic; 2) Germ-conscious
consumers’ WTP is higher and we forecast a higher profitability margin of 20% compared to Standards 10% and
Super Softs 15%.
Risks:
- While we forecast profitability, competitive
response could force us to lower prices.
- The current rise in demand due to the increased
sensibility during the pandemic could subside over
the next few years.
- Clogs in the supply chain for antiviral products
could limit production and increase COGS
Next steps:
1. Evaluate the competitive landscape and build a
sensitivity analysis based on different competitive
responses
2. Take a deep dive into the market model to identify
main growth drivers and determine which ones will be
more sustainable
3. Map out TissueCo’s supply chain, identify possible
weak points, and offer potential workarounds.

Pulp Friction - Exhibit A
TissueCo financial metrics
Product line Sales share, % Profit margin, %
Standard
Super soft
Lotion
65%
25%
10%
10%
15%
20%

Case 2: Bring Your Own Bus
Case Type: Market Entry
Difficulty Level: Easy
Industry: Manufacturing

Bring Your Own Bus - Prompt
● BYB is the #2 player in the market by revenue, #3 by volume
● There are only 3 competitors in the market with relatively equal share. However, BYB was the
clear leader 5 years ago
● BYB’s price are 25-50% higher than its competitors
● The market has a fairly steady long-term 3% growth rate driven by GDP / population growth
● The customers are almost exclusively local cities and towns in the US
Problem Statement
Your client is a private equity fund considering the acquisition of the Big Yellow Bus Co, one of
the leading manufacturers of school buses in the US. The client has engaged your firm to help
determine whether or not to proceed with the investment.

Bring Your Own Bus - Structure
1. School Bus Market
A. Industry
● Growth trends
● Market size
customer behavior /
trends
B. Competition
● # of competitors and
market share
● Profit margin / Cost
structure
C. Regulatory environment
2. Big Yellow Bus 3. Financial Analysis 4. PE Transaction
A. Product differentiation
● Different kinds of buses
● Bus attributes vs
competitors
● Extra services (e.g.,
maintenance, warranties)
B. Customer (key
demographics)
C. Marketing strategy
● Salesforce effectiveness
and customer journey
D. Management expertise
A. Revenue analysis
● Pricing strategy
● Volume dynamics
● Break-down by client
groups and locations
B. Cost structure
● Fixed (e.g. rent, SG&A)
● Variable (e.g. labor, raw
materials, utilities)
A. Deal Price
● Financing
● Expected ROI
● Opportunity cost
B. Growth opportunities
● Revenue synergies
● Cost synergies
● Cultural synergies
Framework
Sample business insights
- “In my experience, there isn’t a lot of differentiation between yellow school buses. As such, I would assume that the cost structure
would drive the key competitive advantage.”
- “I would assume that our main customers would be price-sensitive school districts. Therefore, the pricing strategy is going to be an
important factor in the growth or decline of market share.”

Question 1: How large is the market for school buses in the US?
Bring Your Own Bus - Math
US Population ~320M people
Life expectancy ~80 years
People per decade ~40M people
School age commuters (~15 years) ~60M children
% Taking buses ~33%
School-age children taking buses ~20M children
Children per bus ~50
Buses required 400K buses
Average life of buses 10 years
Buses sold per year 40k
Sample approach
Interviewer notes:
Strong candidates will recognize that this is a
good size market with consistent growth.
However, to get a fuller picture, they would
ask about competitors and market share
trends

Question 2: [Present Exhibit A] Based on the available data, what does the competitive landscape
look like?
Bring Your Own Bus - Exhibit
Answer
There are two major takeaways:
● BYB’s share of revenue is higher than its share of volume
○ This is because its prices are higher than peers by 20%. This is important because its a commodity
product and customers are highly price-sensitive.
○ 5 years ago, BYB’s market share was at 60%. The decline in share is precipitous.
● BYB’s cost structure is high relative to peers
○ The gross margin is a big differentiation and BYB needs to focus on reducing its COGS
○ Some possible hypotheses:
■ Materials, equipment, and labors will probably be most significant cost drivers. Competitors
could be more successful in outsourcing or achieving economies of scale
■ Competitors A & B could be a part of larger industrial trucking firms where there are
synergies

● Customer perception trends indicate an uphill battle for BYB to gain market share
● The single most important metric for customer satisfaction is price, which is the one where
BYB’s perception is lowest compared to competitors
● BYB has great perception among all other parameters, but those are not factors that are
driving customer purchase decisions
● Perceptions for Competitor B are almost the mirror image of BYB - BYB can stand to
analyse Competitor B’s marketing and strategy to grow market share
Question 3: [Present Exhibit B] Based on the available data, what do the customer perception
trends indicate?
Bring Your Own Bus - Exhibit
Answer

What is your final recommendation?
Bring Your Own Bus - Recommendation
Recommendation
Recommendation: We recommend that the PE fund NOT acquire Big Yellow Bus Company.
Reason #1: Even if the transaction is at an attractive price, BYB is in a difficult competitive position. BYB is
losing share to two lower-cost competitors with significant built-in cost advantages given their ownership
structures.
Reason #2: Further, price is the biggest driver for purchase decisions as buses become increasingly
commoditized and local cities & towns become more price sensitive in the face of budget deficits.
Conclusion: Overall, not an attractive investment.The client can look into Competitor B for investment
Risks:
● Public perception might swing towards
buses with higher safety, reliability and
quality, making BYB attractive
Next steps:
● Conduct a detailed customer perception
survey to stress test current data

Bring Your Own Bus - Exhibit A
Competitive Landscape
Big Yellow Bus Co Competitor A Competitor B
Market share analysis
Market share ($) 30% 29% 40%
2023 Market share (units) 25% 30% 50%
2018 Market share (units) 60% 18% 22%
Margin analysis
Normalized bus price 150 120 100
Gross margin 25% 35% 36%
Operating margin 15% 25% 26%

Bring Your Own Bus - Exhibit B
Customer Preferences and Perceptions*
Importance to
Customer
Customer
Perception
Big Yellow Bus
Customer
Perception
Competitor A
Customer
Perception
Competitor B
Parameter
Price 5 1 4 5
Brand awareness 1 5 3 2
After sales support 1 4 2 1
Quality 3 3 3 3
Safety 3 4 3 3
Reliability 2 4 2 2
*Perceptions on a scale of 1-5

Case 3: Sweat Equity
Case Type: Revenue Growth & Market Entry
Industry: Consumer Goods

Sweat Equity - Prompt
Your client is a gym franchisor. The client focuses on small gyms (average of 3000 square feet) with
standard fitness equipment, but no group fitness classes. The gyms are typically located in local
strip malls. They are open 24 hours per day and 7 days a week. Members enter the gym via an
access card and staffing at the gym is minimal. The business is growing rapidly. Our client has
asked for your help to understand where to grow their business and how to improve profitability in
this highly competitive market.
● Our client’s primary goal is to grow their business and improve profitability
● Gym membership is a flat monthly fee
● Our client has franchisees across the U.S.
Problem Statement

Sweat Equity - Structure
Problem Statement
Framework
1. Market Opportunity
Market size and growth
● Size of the market
● Growth expectations
● Current and upcoming trends in
the market
Competition in the market
● Market
concentration/fragmentation
● Ease of market entry/barriers
● Key differentiating factors
2. Financial Analysis
Revenue Streams
● Monthly membership fees
● Personal training
● Merchandise (if any)
● Vending machines/snacks
Cost Structure
● Fixed Costs: space rental, fitness
equipment, franchise fees, SG&A
● Variable Costs: utilities, labor,
maintenance
3. Target Customers
Customer segmentation
● Demographic segmentation
● Geographic segmentation
● Behavioral segmentation
● Socioeconomic segmentation
Customer preferences
● Willingness to pay
● Basic vs upscale gyms
● Additional services and product
offerings
Business insights
- Since client’s gym only offers standard fitness equipments, they are targeting customers who want lower price and basic fitness
products and services
- Client’s gym is only very minimal in terms of staffing and equipments that cutting cost could be more challenging here. The biggest
cost contribution here is probably rent

Question 1: Our client wants to determine which geographic location to focus their growth efforts.
Based on the customer segment analysis presented (provide Exhibit A), what advice do you have
for the client?
Sweat Equity - Exhibit
Answer
Key Takeaways:
● Rural segment is very attractive because of the
lower cost, high availability of gym space, and
low competition
● Even though convenience for members is low
in rural areas, the customers still have relatively
high fitness interest which is favorable for our
client
● Given our client’s current no-frills business
model, a low cost and low competition market is
the best option for growth

Question 2: Our client is currently not making any profit. If our client wants to increase revenue by
10%, how many more members on average does a location need to acquire?
Sweat Equity - Math
Monthly Membership Dues $40 / month
Vending Machine $5 / month
Personal Training $15 / month
Revenue Per Member
Rent $2 / sq ft / month
Equipment $144k initial cost
(3 year depreciation, $0 salvage value)
Labor $20 / hour (2 people on staff at a time)
Utilities $400 / month
Franchise Fees $300 / month
Marketing $100 / month
Cost

Sweat Equity - Math
Calculations
Revenue Total: $60/month
Per Member $60 / month
Cost Total: $37,680
Rent 2*3000 = $6,000 / month
Equipment (144,000-0)/3/12= $4,000 / month
Labor 2*20*24*7*4 = $26,880 / month
Others Costs 400+300+100 = $800 / month
Key Takeaways:
● Additional 62 members is about 10% of current
number of members
● This numbers seem achievable, especially if
the client targets rural areas where there is still
relatively strong interest in fitness with low
competition
Current # of Members 37680 / 60 = 628 Members
New Revenue with 10% increase $41,448 / month
New # of Members 41448/60 = ~ 690 Members
Additional Members Needed 62 Members

Question 3: What are some potential revenue growth opportunities the client can pursue?
Sweat Equity - Brainstorming
Answer
1. Price
● Increase current membership
fees
● Utilize tiered membership based
on accessibility
● Consider multi-period discounted
pricing
● Add initiation fee for the first
month
2. Quantity
● Increase # of gyms franchised
● Offer family plans to gain more
members
● Partner with corporate
companies to offer discounted
memberships
● Use referral bonuses to acquire
more members
3. Product/Service
● Juice and snack bar
● Selling merchandise (clothing,
weights, yoga mats, etc.)
● Adding group workout classes or
other training services
● Offer day pass options for short
term gym usage

Please provide a recommendation for our client
Sweat Equity - Recommendation
Recommendation
Recommendation
1. Based on our client’s current business model, it makes more sense to focus on
expanding franchising effort in rural markets where cost and competition are low
2. Our client could improve profitability by 10% if they can increase membership by 62
members per gym which seems to be feasible goal
3. Our client could explore attracting more members by adding new product/service
offerings such as new workout classes, or by offering more attractive pricing plans
Risks
● Adding new services/products might make client’s gym less distinct from competitors
● Target audience might not want the new services/product offerings
Next Steps
● Conduct a customer preference survey to understand what new services/products best
align with target customer interests
● Identify best rural market locations to add new franchise locations

Sweat Equity - Exhibit A
Customer Segment Analysis

Case 4: Stick A Needle In My Eye
Case Type: New Product Launch
Industry: Healthcare

Stick A Needle In My Eye - Prompt
VaxCo, a leading vaccine manufacturer, has innovated a hybrid method of vaccine delivery, where
instead of using a vial for storing the vaccine and a syringe for injecting it, a vial with a needle would
be used to both store and inject the vaccine by a nurse. VaxCo has hired us to understand whether
a market exists for such a product, and how to price it.
Problem Statement
● VaxCo has spent $5M in R&D for this hybrid method. The method is ready, and is patented
● VaxCo is yet to obtain regulatory approvals from medical agencies for this hybrid method
● Currently, VaxCo only manufactures vaccines and the vial it goes in, and has no syringe
manufacturing experience, but with suitable investments, has the capability to manufacture
the needled vials in-house
● Typically, vaccines are administered to the patients via syringes by nursing staff. Doctors take
up that responsibility in rare instances

Problem Statement
Framework
1. Market Potential
A. Market study
● Market sentiment analysis
● Understand whether there exists
dissatisfaction with status quo
B. Market size
● Direct sales pipeline to existing
customers
● Indirect sales pipeline to other
vaccine manufacturers
2. Pricing strategy
A. Cost-based pricing
● Understand manufacturing cost
for status quo and hybrid method
● Price hybrid method cheaper than
status quo to undercut market
B. Value-based pricing
● Understand potential for premium
on ease of operation
● Charge premium over status quo
to reflect the ease of operation
3. Capabilities and Risks
● Investments required for
manufacturing hybrid vials
● Probability and cost of regulatory
approvals
● Customer behavior shift
● Additional training required for
safe administrations
Interview Notes:
- An ideal candidate should be able to come up with a framework that covers both cost-based and value-based strategies for
product pricing
- Astute candidates will point out that the true market potential lies with selling to current rivals to drive market shift towards hybrid
vials
Stick A Needle In My Eye - Structure

* COGS = cost of goods sold
Stick A Needle In My Eye - Math
Candidate should ask for relevant data to make pricing calculation. Provide only requested data.
Traditional vaccine vial cost to customer = $14/vial
Traditional vaccine vial COGS*= $7/vial
Syringe cost to customer = $6/syringe
Hybrid vaccine vial COGS = $10/vial
Question 1: Before assessing market potential, we would like to understand how VaxCo should
price their new product. What do you believe is the most optimal price for the hybrid vials?
Answer
If not obvious, share that the traditional vaccine involves buying both the vaccine vial and the syringe

Stick A Needle In My Eye - Math
Sample price calculations:
Option 1: Keep margin same
Current margin for traditional vaccine = (14-7) = $7 per vaccine
Keeping margin same, price for new hybrid vaccine = 10+7 = $17 per vaccine
Note that this price is less than what customers currently pay, ask why firm should not increase the price.
Option 2 : Keep end price to customer same
Current price = 14 + 6 = $20 per vaccine [Customer needs to buy both traditional vaccine vial and syringe
currently]
COGS for new hybrid vaccine = $10 per vaccine
Margin for new hybrid vaccine = 20-10 = $10 per vaccine
Note that since the price is same as currently paid, ask why customers should switch to the hybrid vaccine.
Question 1: Before assessing market potential, we would like to understand how VaxCo should
price their new product. What do you believe is the most optimal price for the hybrid vials?
Answer

Stick A Needle In My Eye - Exhibit
Candidate should push back against assumption of positive stakeholder feedback since the primary
stakeholder (nursing staff) has been overwhelmingly negative.
If candidate has not uncovered yet that the nursing staff are the main stakeholders since they
administer the vaccines and the other stakeholders are only tangentially relevant, nudge them
towards that line of thinking, and provide that information if it proves to not be intuitive.
Strong candidates should push back and ask for deeper analysis for nursing staff’s disapproval. Ask
them to brainstorm potential reasons.
Question 2: We conducted a stakeholder survey across a representatively large sample and three
of our four key stakeholders seem to favor the hybrid vaccine vial. Given such positive stakeholder
feedback, what should VaxCo keep in mind before deciding how to launch the product through the
right channels? (Provide Exhibit A)
Answer

Stick A Needle In My Eye - Brainstorming
Strong candidates will structure their response:
1. Patient-related
a. Safety: They might think this method is not as safe as previous delivery
b. Drug delivery: This makes it difficult to use one vial to deliver partial doses to different people,
for fear of contamination
2. Nurse-related
a. Training: Nurses may not feel inclined to learn a new method of injecting vaccines, since they
are already overworked
b. Job security: Nurses may feel threatened by medical innovation and worry this may cause job
loss
Question 3: What could be potential reasons for the nursing staff’s disapproval?
Answer
Interviewer Notes:
If the candidate has not caught on to the challenges with partial dose delivery, mention this during the brainstorm.
Additionally, share that 30% of vials are actually used to deliver partial doses.

Stick A Needle In My Eye - Recommendation
The CEO of VaxCo is on their way to the meeting room, what recommendation do you have for
them?
Recommendation
Recommendation
No, VaxCo should not roll-out the hybrid vaccine vial without further stakeholder
analysis despite the potential to increase profit margins as the primary stakeholder
(nursing staff) seems to be extremely disapproving of the product.
Risks
● Nursing staff could hamper adoption
● Re-training of nursing staff challenging
● Even with all stakeholders on board, regulatory approvals could prove
challenging
Next Steps
● Understand stakeholder concerns and find out ways to work around them
● Discuss with R&D department whether there are workarounds possible to
address concerns or whether the money spent for R&D represents a sunk cost

Stick A Needle In My Eye - Exhibit A
Stakeholder survey across 3000 hospitals
“Making vaccine delivery process easier and reducing
complexity would be very helpful.” - Dr.Anonymous
“No reason why there should not be technological
developments in this space. Has there been any
improvement in vaccine delivery since the 1900s? This
seems to be it!” - Patient Anonymous (works in tech)
“This would require re-training for a lot of our nursing
staff and make partial doses, which are 30% of all
doses, harder to administer.” - Nurse Anonymous
“A hybrid vial seems to a good way to push hospital
costs down in addition to taking innovative steps in the
right direction! Huge fan of the proposal.” - Admin,
Anonymous Hospital

Case 5: (Not So) Quiet Quitting
Case Type: HR
Case Format : Interviewer-Led
Industry: Government

(Not So) Quiet Quitting - Prompt
Problem Statement
Our client is the US Department of the Interior, which is responsible for the National Park Service.
The NPS employs 4 types of rangers: Law Enforcement, Education, Maintenance, and
Administrative.
The client is concerned that job retention is low among the rangers.
They would like you to explore how big the problem is and think about ways to improve it.
● The Park Service is responsible for maintaining all the national parks in the continental United
States
● The Department of the Interior has no specific targets in mind, but would like to implement
Answers immediately
Interviewer Notes:
This is an example of an interviewer led case that does away with a traditional framework at the start, and the
recommendation at the end. Pose the first question to the candidate once they are done asking clarifying questions

Question 1: What are some of the costs to the park service associated with Rangers leaving?
Sample Answer
● People Costs
○ Direct: Sunk costs of recruiting former rangers, severance payments, hiring and training costs
○ Indirect: Decline in morale, damage to the reputation of the parks industry
● Operational Costs
○ Direct: Higher maintenance costs due to inexperienced employees
○ Indirect: Loss of institutional knowledge of park operations
(Not So) Quiet Quitting - Brainstorming
Interviewer Notes
- “Great” response should have a structure and include 4-5 ideas about potential costs.
- Push interviewee to consider more costs if provided with only 1-2

Question 2: (Share Exhibit A) What insights do you see from these numbers?
Answer
(Not So) Quiet Quitting - Exhibit
Law
Enforcement 98 rangers leaving * $35,300/ranger leaving = $3.46M cost of leaving rangers
Education 175 rangers leaving * $6,200/ranger leaving = $1.09M cost of leaving rangers
Management 215 rangers leaving * $3,500/ranger leaving = $0.75M cost of leaving rangers
Maintenance 251 rangers leaving * $3,500/ranger leaving = $0.88M cost of leaving rangers
Interviewer Notes
Strong candidates will share the below insights before asking to calculate the total costs of rangers leaving.
- Lowest overall number of rangers are leaving from Law Enforcement, but they cost the most
- Maintenance and Administrative rangers had the most rangers leave, but they cost the least
- Focus should thus be on retaining law enforcement rangers

Question 3: What should the NPS do to increase retention?
(Not So) Quiet Quitting - Brainstorming
Potential Recommendations
Strong candidates will be structured in their brainstorm, and think about measures
that can be implemented immediately, as is NPS’ ask
● Short term financial incentives
○ Implement overtime
○ Improve benefits: salary, travel, health insurance, etc.
● Long term career growth opportunities
○ New leadership tracks to escalate law enforcement rangers to leadership positions
○ Mentorship opportunities to link leaders and rangers
○ Better matching between rangers and assignments based on needs
● Improve off-the-job quality of life
○ Source rangers from local areas rather than require them to move/travel
○ Employment opportunities for spouses of rangers

Question 4: The NPS has planned to spend $200,000 on a mentorship program that connects
newly hired rangers with senior rangers, in order to ease their first weeks on the job and provide
guidance. NPS estimates it will lead to 2% less in overall attrition. Should it implement the program?
(Not So) Quiet Quitting - Math
Answer
Overall attrition cost = 3.46 + 1.09 + 0.75 + 0.88 = $6.18M
2% reduction in attrition implies a reduction of $123,000 in costs
The cost of $200,000 is greater than the financial benefits of the program.
Implementing the program does not make financial sense.
Strong candidates will also include a discussion on non-financial considerations.
Candidates can argue that as a government organisation, the NPS is not driven only by financial
considerations. The intangible benefits of lesser attrition (morale, reputation, institutional knowledge)
could push the NPS to implement the mentorship program

(Not So) Quiet Quitting - Exhibit A
Ranger Type Law Enforcement Education Maintenance Administrative
# Quit in 2022 98 175 215 251
Total rangers in 2022 2100 3750 8615 9143
Cost per lost
ranger ($)
$35,300 $6,200 $3,500 $3,500

Case 6: SoapCo
Case Type: Revenue Growth
Difficulty Level: Medium
Industry: Retail

SoapCo* - Prompt
● Product Mix: SoapCo only plays in the Decorative Bar segment, where it has about 10%
market share
● Geography: SoapCo sells only in the US
● Goal: SoapCo’s current revenue is $5M per year, which it would like to triple in 5 years
Problem Statement
Our client is SoapCo. Soap Co is a market leader in the Decorative Bar segment of the soap
market. SoapCo has grown profitably over the past several years. However, sales in the
‘Decorative Bar’ market have slowed over the last year. Their management aspires to be one of
the largest soap manufacturers in the U.S. over the next 5 years. Where should Soap Co focus to
achieve its growth goals?
*Former Bain interview case

SoapCo - Structure
1. Company Financials
A. Current revenue
● Market size and share
● Current distribution
segments (online, retail)
and customer base
(households, artisans)
customer behavior /
trends (shift to liquid
soap, environment
friendly products)
2. Growth Vectors 3. Capabilities
4. Competitive
Landscape
A. Market growth (Growth
outlook by segment, channel
and customers)
B. Products (can the client
manufacture new products in
line with customer trends)
C. Consumers (are there
profitable groups like boutique
retailers, artists, rich
individuals we don’t sell to)
D. Channels (opportunities
for increased retail presence
at key customer locations,
SEO for online sales)
E. Geography (outside US)
A. Manufacturing
● Increase or modify
production capacity to
meet customer
requirements
● Improved distribution to
retailers to increase stock
and fill rates
B. Marketing (targeted
towards specific customer
segments - online ads, social
media influencers)
C. Regulatory concerns to
enter new markets
A. Key players
● Size (revenue, profits)
● Segments targeted (how
do these differ from ours)
● Product lineup (how is
that different from ours)
● M&A activity among
competitors
Framework

It is unlikely that Soap Co can gain significantly more share within the Decorative Bar segment
● Soap Co is the leader in Decorative Bar with 10% market share
● All the market segments are similarly fragmented
● Other market leaders have 10-15% share in their respective segments
● Even if Soap Co expands Decorative Bar share to 15%, revenue will only increase by $3M,
short of target goal
Hence, Soap Co should explore entering new segments
Once candidate has recognized this, move to the next question.
Question 1: [Share Exhibit A] What insights does the exhibit provide on the segment SoapCo is in?
SoapCo - Exhibit
Answer

Soap Co is well-distributed in most segments except Discount
● Increasing Discount distribution may help Soap Co reach goal
● Discount market = 10% * $700M total market = $70M
● $70M * 40% not customer = $28M of addressable market SoapCo not present in
● Decorative bar customers may not be a match with the discount segment
Hence, increasing distribution alone will not achieve growth goal
Once candidate has realized that, move to the next question.
Question 2: [Share Exhibit B] What insights does the exhibits provide on SoapCo’s distribution
channels?
SoapCo - Exhibit
Answer

Soap Co has strong capabilities in Bar and some capabilities in Liquid
● Capabilities should be compared to segments in Exhibit A to figure out attractive segments
to enter
Strong case takers will suggest calculations to size opportunities of segments Soap Co can enter.
After case taker has identified segment expansion and possibly increased distribution as growth
levers, present Exhibit D
Question 3: [Share Exhibit C]. What insights does the exhibits provide on SoapCo’s capabilities?
SoapCo - Exhibit
Answer

See next slide for detailed Math
● Body Bar, Liquid Hand and Liquid Body are all acceptable Answers depending on
justification
● Strong candidates won’t calculate revenues for all segments, but will only perform
calculations for segments that SoapCo has current capabilities to manufacture
● Additionally, strong candidates will not only evaluate the financial opportunities, but also
qualitative considerations: brand power, consumer profile, competitive response,
merchandising options,etc.
Question 4: [Share Exhibit D]. What are the expected revenues from expanding into other
segments? Which one segment do you recommend SoapCo to expand into?
SoapCo - Exhibit
Answer

Question 4: [Share Exhibit D]. What are the expected revenues from expanding into other
segments? Which one segment do you recommend SoapCo to expand into?
SoapCo - Math
Answer

Question 4: The SoapCo CEO has arranged a meeting to discuss your findings shortly. What is
going to be your final recommendation?
SoapCo - Recommendation
Recommendation: SoapCo cannot triple revenue by remaining only in Decorative Bar. Even if SoapCo expands
Decorative Bar share to 15%, revenue will only increase by $3M. SoapCo must enter (Body Bar, Liquid Body,
Liquid Hand) segment and achieve ~10% market share, representing ($28, $15, $11M) in incremental revenue
Risks:
1. Assumes Soap Co can attain sizeable shares in
new segments within 5 years. Competitive
response, customer accommodations, etc. can
challenge this goal
2. Assumes consumers will continue current
purchasing behaviors of soap segments. Concerns
around environmental impact, brand preferences,
etc. could change SoapCo’s outlook in
select segment
-
Next steps:
1. Assess competitive landscape in Body Bar, Liquid
Hand, and Liquid Body segments to understand likely
competitive response to Soap Co entry
2. Conduct consumer research to understand how soap
purchase behaviors may change in future
Answer

Case 7: Must The Show Go On?
Case Type: Profitability
Industry: Entertainment

Must The Show Go On? - Prompt
Problem Statement
Our client is Brutus', one of the largest gaming and resort companies in the world. Tenn and
Peller have been the headlining show at the Janeiro Hotel since 2001, and they are currently the
longest-running headlining show in Vegas history. Brutus', who owns the Janeiro Hotel where the
duo performs in the 1,500 seat T&P Theater, is wondering if their act has become stale. Tenn &
Peller's annual contract is about to expire, and before Brutus' has a meeting with the duo, they
have asked our firm’s advice on whether or not to re-sign them for another year.
● As one of the largest entertainment companies on the Strip and around the world, Brutus'
solely cares about the company’s bottom line profitability
● As is the Vegas standard, all contracts are for a one-year time period
● The show has plateaued with no change in bottom line profitability in the past five years
● Brutus' biggest competitor is GMG Resorts, which also operates about 33% of the Strip
● T&P competes against a whole bevy of nighttime entertainment, such as other shows,
nightclubs, and gaming

Must The Show Go On? - Structure
1. Revenue from T&P
show
A. Price
● Types of tickets
● Price of tickets
B. Volume
● Capacity of the theatre
● Sell through of said
capacity by ticket type
2. Costs
3. Knock-on effects on
revenue
4. Alternatives for
Brutus'
A. Variable
● Consumables (props,
handbills, etc.)
● Labor (cleaning,
ushers, stagehands,
etc.)
● Utilities (electricity, etc.)
B. Fixed
● Marketing
● SG&A
● Annual contracts
● Insurance
● Increased room
occupancy
● Gambling footfall
increase
● Dining
● Souvenirs
● Concessions
● Book another
performing act
● Alternate use of the
space (more casino
space, conference
rooms, etc.)
Framework
Interviewer notes
- Great candidates will go beyond just the direct P&L impact to Brutus', and try to understand what other benefits (knock
-on effects) the show provides

Question 1: How much revenue does the Tenn and Peller Show generate?
Answer
1. Seat Logistics
● The theatre has 1500 seats
● There are three seat categories,
A, B, and C
○ A - best seats, 300
○ B - 800 seats
○ C - back of theatre,
400 seats
● Fill Rate
○ A - 100%
○ B - 80%
○ C - 50%
2. Seat Pricing
● Category A Seats
○ Priced at $120
● Category B Seats
○ Priced at $75
● Category C Seats
○ Priced at $55
3. Other Considerations
● Number of Shows
○ 6 shows per week
○ 40 weeks per year
● These figures have been static
for the past 5 years, which is
why Brutus' is worried about
stagnation
Must The Show Go On? - Brainstorming
Ask candidates to brainstorm key revenue drivers, and only share the below numbers when the
candidate mentions them. Share that other drivers of revenue (concessions etc) are insignificant

Question 1: How much revenue does the Tenn and Peller Show generate?
Answer
Must The Show Go On? - Math
Category A
Revenue
Revenue = 300 seats * 100% Sold * $120/show = $36,000 in revenue for Category A tickets
Category B
Revenue
Revenue = 800 seats * 80% Sold * $75/show = $48,000 in revenue for Category B tickets
Category C
Revenue
Revenue = 400 seats * 50% Sold * $55/show = $11,000 in revenue for Category C tickets
Total Revenue Revenue = $36,000 + $48,000 + $11,000 = $95,000/show * 6 shows/wk * 40 wk/yr = $22.8M in
revenue

Question 2: What are the costs of the Tenn and Peller show?
Answer
1. Salaries
● Tenn and Peller each make
$2,000,000 per year
● Their salaries have stayed the
same over the past 5 years
2. Other Fixed Costs
● Utilities cost $52,000 per
year
● SG&A cost $15,000 per
month
● SG&A is paid year-round
● Costs have stayed the same
over the past 5 years
3. Variable Costs
● The crew (ushers etc.) cost
$2,000 per show
● Housekeeping costs $1,000
per week
● Props cost $200 per show
● Housekeepers only needed
40 weeks/yr (same as show)
● Costs have stayed the same
over the past 5 years
Ask candidates to brainstorm key cost drivers, and only share the below numbers when the
candidate mentions them

Question 2: What are the costs of the Tenn and Peller show?
Answer
Tenn and
Peller
Annual Salary = $2,000,000 p/actor/yr *2 actors = $4,000,000/year
Fixed Costs
=$52,000/yr (Utilities) + $15,000/m * 12 m/yr (SG&A) = $232,000/yr
Variable Costs
=$2000/show * 6 shows/wk *40 wks/yr (Staff) + $1,000/wk * 40 wk/yr (housekeeping) +
$200/show * 6 show/wk *40wks/yr (Props) = 480,000 + 40,000 + 48,000 = $568,000/yr
Total Costs TC = $4,000,000/yr + $232,000/yr + $568,000/yr = $4,800,000/yr

Question 3: What is the profit for Brutus'? What is the profit margin?
Answer
Total Revenue Total Revenue = $22.8M/year
Total Costs
Total Costs = $4.8M/year
Total Profit Total Profit = Total Revenue - Total Costs = $22.8M/yr - $4.8M/yr = $18M/yr
Margin Profit Margin = Profit/Total Revenue) = 18/22.8 = ~79% profit

Question 4: What can Brutus' do to make the current show more profitable?
Candidate should brainstorm revenue drivers, cost drivers, and synergies
Answers
Revenue
● Ticket Prices
○ Increase prices?
● Quantity Sold
○ Switch some B seats into A’s, C’s into B’s (higher margin seats)
○ Offer bundle discounts
○ Put on more shows
● Other sources of revenue
○ Retool concession stand
○ Add gift shop with better Souvenirs
○ Shorten the show so viewers gamble more (higher margin activity)
○ Bundle tickets with dinner or other activities (like an overnight stay)
Costs
● Revisit contract with T&P
● Check union vs non union labor

Question 5: Brutus' has the opportunity to switch the T&P show for one featuring the recent winner
of America’s Got Talent. Should they?
Candidate should brainstorm revenue drivers, cost drivers, and synergies
How long is a contract for the new AgS show? As is the Vegas standard, all contracts are for a one
year time period
Are there any costs to making the switch? Putting in a new show will require a reconfiguration of the
theater and a one time marketing blitz. This would cost $2.4M to do and would occur before the first
show
What are the revenues of the new show? The new show would bring in $90,000 in ticket sales per
show. All other sources of revenue (concessions, etc) are insignificant
What are the costs of the new show? The new show would cost a total of $3M per year

of America’s Got Skills. Should they?
Answer
Difference in
Revenue
= $90,000/show - $95,000/show = -$5,000/show * 6 shows/wk * 40wk/yr = -$1.2M/yr
Difference in
Costs Difference in Yearly Costs = $3M - $4.8M = -$1.8M
Total Difference
in Profit Profit Difference = $-1.2M - (-$1.8M) = +$600,000/yr by switching
Other
Considerations
Upfront Switching Costs = $2.4M = 4 years before net profit is achieved over staying with T&P

of America’s Got Skills. Should they?
Decision - Switching to AgS
Tenn and Peller is stale - Audiences might demand an interesting new show, like the winners of AgS
AgS is more profitable - By switching to AgS, Brutus' can make $600,000 more per year in profit
Decision - Keeping T&P
Switching is too slow - 4 additional years of ticket sales to become profitable is a very long time in such a
competitive market
T&P is already profitable - Tenn & Peller already bring in $18M of profit per year, with a margin of nearly 80%
Moving forward we can work on increasing revenue / decreasing costs for T&P
Candidates can argue either ways, below are Recommendations.

Must The Show Go On? - Recommendation
Please provide your recommendation to the client
Candidates can argue either way, below is the recommendation to stick to T&P
Recommendation
Recommendation
The client should re-sign T&P for another year. T&P is already profitable, bringing in $18M
of profit per year, with a margin of nearly 80%. Switching to an alternate show is too Slow -
4 additional years of ticket sales to become profitable is a very long time in such a
competitive market
Risks
● T&P has been running for a while - audiences might get bored and revenues may drop
● The client will be leaving money on the table by not switching to a more profitable show
Next Steps
● Work with T&P to refresh the show with new bits
● Find auxiliary sources of revenue to complement ticket sales

Case 8: Beyond Borders
Industry: Manufacturing

Beyond Borders - Prompt
ShoeCo, a leading U.S. shoe manufacturer, is currently manufacturing its entire product line
domestically. Because of increased labor costs and competitive pressure, the manufacturer is now
interested in understanding whether they should offshore some or all of their production and, if so,
where should they offshore to. What factors should the client consider as it compares onshore to
offshore manufacturing?
● Client scope: The client currently specializes in shoe manufacturing, but also
manufactures some apparel as well
● Geography: The client currently sells its products in developed markets (North America,
Europe, and Australia) where speed of delivery is paramount
● Competitive landscape: Most of the clients’ competitors currently do not offshore their
production due to manufacturing and managerial complexity
● Product: The client earns $500M in revenue from 5 product lines, that sell at an average price
of $50 per product.
Problem Statement

Framework
1. Demand
● Demand volatility
● Demand growth
● Demand diversity
(foreign vs. domestic)
● Competition (foreign
vs. domestic)
● Required service
level
Business insights
- An ideal candidate should be able to come up with a framework that is appropriate for assessing a shoe manufacturer, and be able
to ask relevant questions in each aspect to assess the situation properly
- It’s important to consider not just the operations aspects of shoe manufacturing but also factor in the macroeconomic and regulatory
aspects to present a MECE framework
Beyond Borders - Structure
2. Supply
● Supply volatility
● Supply lead time /
responsiveness
● Availability of suppliers
● Direct labor vs. total
costs
● Capital investments
and economies of
scale
3. Capability
● Access to human
capital (knowledge
and skills)
● Manufacturing infra
● General infra (roads,
electricity, ports)
● Process innovation
4. Macro and
regulatory
● Tariffs, quotas, and
other protectionism
● Trade and global
institutional
agreements
● Exchange rates
● Political stability
● Cultural affinity and
managerial alignment

Question 1: Offshoring to either Vietnam or the Dominican Republic have emerged as lucrative
options. An important factor in considering offshoring decisions comes down to unit profitability.
Based on preliminary market studies, here are operating costs associated with those regions:
● United States: COGS*: 35%, Labor: 35%, Logistics: 15%
● Vietnam: COGS: 22%, Labor: 13%, Logistics: 35%
● Dominican Republic: COGS: 30%, Labor: 23%, Logistics: 27%
Based on the operating financials, is the decision to offshore sensible? If so, which region makes
most sense?
Answer
Beyond Borders - Math
Operating Margins: United States: 15%; Vietnam: 30%; Dominican Republic: 20%
Candidates should reflect that Vietnam offers best operating margins but before recommending offshoring,
they should redirect towards capital considerations (set-up costs and other CapEx) and non-financial
considerations (lead time, tariffs, quality)
*COGS = Cost of Goods Sold

Question 2: Is operating margin a sufficient proxy to make the offshoring decision? What could be
some other considerations that should be weighed into this decision?
Answer
1. Lead time
Provide data if candidate
mentions lead time:
● US: 2 weeks
● Vietnam: 8 weeks
● DR: 3 weeks
2. Quality
Provide data if candidate
mentions quality or yield:
● US: 99% yield
● Vietnam: 96% yield
● DR: 97% yield
3. Other factors
● Many other answers
possible: supply chain
network, tariffs, CapEx, etc.
● Probe candidate to list
additional factors or provide
hints until they list lead time
Beyond Borders - Brainstorming
Below are possible factors to consider in addition to operating margins:

Beyond Borders - Brainstorming
Question 3: (Share data on lead times, if the candidate hasn’t asked for it already) Does the lead
time data swing the offshoring decision in any way? Why/why not?
Candidates should reference to the initial clarification information that the customer base is in
developed countries and that makes quicker turnarounds important. Also, higher lead times lead
to higher working capital costs. Hence, DR should be the lead option to explore.
Answer

Beyond Borders - Math
Question 4: The client has estimated that it would take an investment of $50M to set up a plant in
DR. How much of the production needs to be offshored to DR to break even in 3 years?
Answer
Candidates first need to find the profit per product sourced from DR.
Selling price = $50, Operating margin = 20%
Profit per product = $10
Total investment required = $50M
Total product to be sold = $50/10 = 5 million units in 3 years = 1.67 million units annually
Total units sold per year currently = 500/50 = 10 million units
Hence, 16.7% of the production needs to be outsources yearly to DR.
Interviewer notes:
Candidates can disregard time value of money, and assume selling price does not change. Share data on
revenue and price per product, if that candidate did not ask for it in clarifying questions.

Please make a recommendation for our client.
Recommendation
Recommendation
Yes, the client should continue to explore offshoring
● Offshoring, especially to the Dominican Republic, provides an option to save operating
costs in a cost-competitive industry, maintaining similar lead-times despite a slight drop
in quality measures
● The client would need to offshore ~17% of its production annually to justify investment
in production capacities in DR
Risks
● Fashion is a fast-evolving space and the impact of lead-time increase on product
design-to-market timeline needs to be assessed
● Offshoring manufacturing comes with political pressure and potential backlash
● Manufacturing in developing markets opens up potential risk of IP theft
Next Steps
● Understand capital requirements to execute proposed offshoring plan
● Prepare offshoring phase-out to avoid disruption - which products to offshore first,
pressure test revised distribution network, and re-assess unit profitability actuals
● Understand ways to improve quality to six-sigma quality standards
Beyond Borders - Recommendation

Case 9: Going Nuts
Case Type: M&A
Case format : Interviewer-Led
Industry: Retail

Going Nuts - Prompt
Problem Statement
A US snack foods company specializing in snacking peanuts, PeanutCo is planning to acquire
another company specializing in snacking almonds, AlmondCo. PeanutCo is currently the market
leader in snacking peanuts and has annual revenues of $50 million, but the overall segment is
growing slowly compared to the broader market and they want to diversify. Your firm has been
engaged to assess the merits of the plan.
● Are we only looking at the snacking almond market?
○ Yes – all other almonds (e.g., for cooking) are excluded
● Since the snacking peanut market growth is slowing, is this trend affecting the entire snacking nut
industry?
○ No. The almond industry is not impacted because almonds are considered to be higher in
nutrients
● 1 snack almonds packet weighs 16 ounces, Price of 1 packet: $8
● PeanutCo wants to diversify its revenue while not hampering current profitability

Framework
Industry
● Growth trends
● Market size
Competition
2. Deal Evaluation
Target’s Financials
● Revenue growth
● Cost reduction
Target’s Competency
● Management culture
● Technical capabilities
● Business expertise
Deal ROI
● Price vs Breakeven
3. Strategic Fit
Acquisition Rationale
● Vertical integration
● Horizontal integration
● New market entry
Synergies
● Cost driven
● Revenue driven
● Technology driven
● Competitor driven
4. Risk Assessment
Buyer capability
● Prior acquisition
experience
● Capital expenditure
Post acquisition
● Company cultural fit
● Integration process
● Organizational structure
change
Going Nuts - Structure
1. Market

Question 1: What is the market size for almonds in the United States?
Sample Approach
Going Nuts - Math
Customer Type Do Not Consume Casual Consumers Regular Consumers Avid Consumers
% of US Population 75% 10% 10% 5%
Population Size 225M People 30M People 30M People 15M People
Number of Almond
Packs
Consumed/person/year
0 25/year 60/year 120/year
Total Consumption/year 0 750M 1800M 1800M
Market Sizing
● Total packets ~ 4.5B
● Price per packet = $8
● Market size ~ 36B
● If asked, share size of US population = 300M
● Alternate approaches are fine as long as candidate cuts the US
demographics in multiple segments, and provides rationale for
consumption

Question 2: Peanut Co. plans to pay $2 billion to acquire Almond Co. Is this a reasonable amount?
● Guide the candidate to calculate ROI of this investment (If they do not know about ROI, share that it is
the ratio of initial investment to annual profits)
● For ROI, candidate needs to calculate the annual profit, for which the below information can be
provided on request
○ The almond market size is roughly 36B
○ Almond Co’s current market share = 10%
○ Almond Co’s profit margin = 20%
○ Revenue and Cost structures stay the same over the next few years
○ Disregard time value of money
Going Nuts - Math

Question 2: Peanut Co. plans to pay $2 billion to acquire Almond Co. Is this a reasonable amount?
Answer
Going Nuts - Math
Almond Co
Profits
Revenue = 10%*36 = $3.6B
Profit margin = 20%
Profit = Revenue*margin = $3.6B*20% = $720M
Payback
Period Payback Period = Purchase Price/Yearly Profit = $2B/$0.72B ~ 3 years
3 years is a reasonable time period for payback.
The candidate should now ask to explore synergies on costs and revenue, which would further
make the acquisition attractive

Question 3: What are the arguments for and against acquiring AlmondCo?
Going Nuts - Brainstorm
● Acquire AlmondCo
○ Revenue Synergies
■ Cross sell almond products to existing peanut customers
■ Leverage current distribution network to expand reach of Almond Co. and drive sales
○ Cost synergies
■ Can extend innovation from peanuts to almonds (e.g., flavor, packaging, etc)
○ If competitor acquires Almond Co and succeeds, Peanut Co’s competitive position would
be weaker
● Do not acquire AlmondCo
○ Potential for cannibalization of existing sales
○ Potential of brand dilution
○ Ties up free cash, which could be used to grow current business
Push the candidate until they mention cannibalization risk.
Answer

Question 4: The client has estimated that acquiring AlmondCo will lead to a cannibalization of 5%
of its current sales. What is the impact to the business as a result?
Going Nuts - Math
PeanutCo’s current sales are 50M annually (included in the prompt).
Cannibalization will thus reduce sales by 2.5M annually.
To check impacts on profits, candidates will need the operating margin for PeanutCo. Once they
ask, share that it is 30%
Cannibalization will thus reduce profits by 750,000. What this means, is that all the gain in
profits on acquiring AlmondCo are wiped off by cannibalization of PeanutCo’s sales.
Answer

Going Nuts - Recommendation
Question 5: Please provide your recommendation to the client
Recommendation
Recommendation
The client should not acquire AlmondCo. The gains in profit post acquiring AlmondCo
($720,000) are wiped off by cannibalization of PeanutCo’s sales ($750,000).
Risks
● PeanutCo will continue to exist in a market growing slower than average without any
diversified source of revenue
● AlmondCo’s profitability might improve through synergies with PeanutCo’s business
Next Steps
● Evaluate other potential targets
● Explore potential synergies to reduce cost for AlmondCo

Case 10: Circling the Drain

Circling the Drain - Prompt
Princeton-Plainsboro Hospital is a large single-site hospital in New Jersey serving a wide range of
patients. The hospital's board is concerned because they have noticed a decline in the hospital's
earnings from medical services even though the number of patients has remained static. The
hospital has hired you to help them figure out what the problem is and to come up with a strategy
for increasing earnings.
Problem Statement
● Patients have a variety of insurance - from private insurance, to public (government)
insurance (Medicare/Medicaid) to being uninsured
● The hospital provides outpatient services, and inpatient surgeries which include hips and
joints replacement, cosmetic surgery and elective procedures for weight loss. Additionally, it
has a state of the art emergency room, ICU and Neonatal ICU (for babies)

Circling the Drain - Structure
1. Market
A. Market Size
● Market growth (global and
local)
● Demand (segmented by
services or patient type e.g.,
long-term vs short-term care,
check-ups vs operations)
B. Competitors
● Number and size
● Differing services offered
● Price per service, margin for
similar services
C. Trends
● Private and public insurance
● Pandemics, supply shortages,
etc.
2. Financials 3. Growth opportunities
A. Pricing strategy
● Increasing the price and/or offer
more flexible payment plans
● Bundle services
B. Volume dynamics
● Marketing towards patients who
need more expensive services
D. Cost reduction
● Improve efficiency and patient
turnover
● Move certain services online
D. Expansion
● Expand organically, or through
M&A
Framework
A. Revenue
● Price (avg price per operation
or department)
● Volume (number of patients,
insurance vs cash mix, service
mix)
● Payment timelines (how long to
receive payment - private vs
public insurance, uninsured)
B. Cost
● Variable (consumables, drugs
etc.)
● Fixed (rent, equipment, utilities,
malpractice insurance)

Question 1:What was the operating margin for the hospital in 2017, and what is it in 2022?
[Provide Exhibit A]
Circling the Drain - Math
● Per patient costs:
○ 2017: $4,000
○ 2022: $4,800
● Patient Mix by Insurance type was constant over time:
○ Private: 50% - Public: 40% - Uninsured: 10%
*Interviewer notes:
Make sure the candidate reads the correct numbers from the graph for revenues, since this may require a bit of
extrapolation.

Answer
Product Calculations Operating Margin %
2017
Average per patient revenue for all patients = 6,800*(50%) +
5,300*(40%) + 3,300*(10%) = $5,850.
Margin = (Rev-Costs)/Rev = ($5,850-4,000)/$5,850 = 31.6%
31.6%
2022
Average per patient revenue for all patients = 6,300*(50%) +
3,700*(40%) + 3,300*(10%) = $4,960.
3.2%
● Takeaways: overall, revenues are dropping
○ Operating margin has dropped ten fold from 32% to 3.2%
○ Biggest problem is drop in public insurance (Medicare/Medicaid) reimbursement amounts.
○ Private reimbursement also fell
○ Costs are rising steadily over time

Question 2: How can the hospital increase its profitability?
Circling the Drain - Brainstorming
Increase Revenue
A.Price
● Charge more for services (could partner with other
hospitals in state when negotiating reimbursement
rates)
B. Marketing
● Attract more high margin private insurance patients via
advertising, etc.
C. Expansion
● Corporate development (M&A or joint venture) with local
speciality clinics serving private insurance patients with
high reimbursement rates
B. Lobbying
● Lobby the government to raise public reimbursement
rates
Decrease Costs
A. Suppliers
● Partner with other hospitals in the state when
negotiating prices
B. Customer targeting
● Target lower cost patients with selective advertising, etc.
(e.g. target young rather than old)
C. Synergies through M&A
● Find efficiencies / synergies somewhere with a
purchase of a clinic
● Outsource some services that can be handled more
efficiently elsewhere (urgent care clinics).
Interviewer Notes: Move to questions 3 and 4 when candidate mentions reducing costs and M&A, respectively.
Push the candidate if they don’t come up with these drivers
Answer

Question 3: The hospital is considering partnering with CMS (Center for Medicare and Medicaid) to
become part of an Accountable Care Organization (ACO). ACOs are typically able to offer care for
patients enrolled with public insurance at lower costs (through care coordination), but need to pay
out of pocket if patient bills exceed a specified threshold. The hospital has run the numbers and
believes for 80% of its patients under public insurance, costs will go down by 30%. For the
remaining 20% of patients, costs will shoot up to $10,000 per patient. Should the hospital become a
part of the ACO?
The question (intentionally) has a ton of information, most of which is not relevant
Per patient cost in 2022 = $4800
Under an ACO, the average cost per patient would be (80%)*(70%)*(4800) + 20%*10,000 =
$4,688
Since this is lesser than the average cost without ACO, the hospital should enrol in the ACO.
Answer

Question 4: The client is considering acquiring MedCo - a local specialty clinic that has desirable
(profitable) patients. What will be the impact to profitability if MedCo is demanding $40M, all in
cash?
● Per patient cost for MedCo is $3000, since MedCo has a younger clientele:
● MedCo’s Patient Mix by Insurance type:
○ Private: 80% - Public: 15% - Uninsured: 5%
● MedCo serves 5,000 patients a year

Calculations
Item Calculations
Profit per patient
Average per patient revenue for all patients = 6,300*(80%) + 3,700*(15%) + 3,300*(5%) =
$5760.
Total profits
Profit per patient = $2760
Profit per year = $13.8M
● Takeaways:
○ Post acquisition, there is an increase in annual profits of 13.8M
○ The acquisition cost of $40M will be recouped in ~3 years
○ There is potential for further reduction of costs through synergies and economies of
scale

Recommendation
Recommendation
Our analysis observed that the operating margin has dropped ten fold from 32% to 3.2%
and that the biggest problem is in the public insurance reimbursement amounts. In
response, we recommend
● Partnering with other hospitals to renegotiate reimbursement rates and
● Adjust the marketing strategy to attract more high margin private insurance patients
● Work with the government to become a part of the ACO
● Consider acquiring MedCo. that focuses on high margin operations, to improve annual
profit by 13.8M
Risks
● Lobbying efforts could incite public backlash and would need to make a convincing
case as to why the rates are to0 low
● Targeting higher margin activities could provoke a competitive response
Next Steps
● Develop a marketing campaign to educate consumers as to the costs and values of the
services in order to justify to the increase in reimbursement rates
● Initiate negotiations to acquire MedCo
Circling the Drain - Recommendation

Circling the Drain - Exhibit A
2017 2018 2019 2020 2021 2022 2023

Case 11: Highway To Hell
Industry: Transportation

Highway To Hell - Prompt
BuildCo, a leading Brazilian highway construction company is looking to expand internationally.
Economic growth in Brazil has stalled, and in order to continue to grow both top-line revenues and
bottom-line profitability, the client wants to diversify its portfolio and decrease its exposure to the
Brazilian economy. What factors should the client consider as it thinks through its international
expansion options?
Problem Statement
● BuildCo operates only in Brazil, and have scoped opportunities in South America. Their staff speaks
primarily Portuguese
● The client currently only focuses on building and operating public roadways
● BuildCo primarily wants to diversify its revenue. It has no specific goals on revenue or ROI
● The clients’ customers are always municipal, state, or national governments. They bid, usually
through competitive RFPs
● While BuildCo wants to consider all geographies, they have a bias towards opportunities in South
America

Framework
Culture and
management
complexity
● Language and
cultural barriers
● Countries fitting
organizational
culture
● Management
adaptability
● Geographical
distance from
home base
Highway To Hell - Structure
Pipeline and
economic prospects
● Project pipeline
● Size, complexity
and future value of
projects
● Target country’s
growth estimates
and trends
● Existing
infrastructure
Political
environment
● Existing
regulations
● Political volatility
and potential
hostility
● Ease of doing
business in target
country
Competitive
environment
● Existing market
landscape
● Industry
concentration
● Potential bidding
dynamics

Question 1: (Share Exhibit A) After several conversations with the client and an initial analysis by
our team, we’ve decided that opportunities outside of South America are not worth pursuing
because of cultural differences and managerial complexity. The team has gathered the following
data in order to assess which countries in South America would be the most attractive. Based
on the graph, which markets should our client focus their efforts on? Which should it definitely
eliminate?
Highway To Hell - Math
Correct answers for BuildCo to focus on here are Mexico, Colombia, Chile and Peru (upper right
quadrant).
All other countries are to be avoided.
Answer

Question 2: Assuming the client chooses to enter one or more of these markets, how should it
approach market entry? What are the primary pros and cons of each market entry approach?
Greenfield expansion / Primary Investment:
● Pros: Provides the most control, avoids reputation and legacy issues with existing firms
● Cons: The client has limited knowledge about foreign markets, difficult to exit the market
once invested into assets
Merger / Acquisition:
● Pros: Provides a way to get local market knowledge, faster way to enter the market
● Cons: Provides less direct control, merger or acquisition might later be blocked by
regulations, disrupting business
Answer

Question 3: (Share Exhibit B) How does this data help you decide what investment route to follow?
Answer
Input Primary investment M&A
Annual revenue $30,000,000
(300*5*20,000)
$50,000,000
Annual opex $9,000,000
(30,000,000*30%)
$20,000,000
(50,000,000*40%)
Annual profit $21,000,000
(30,000,000 - 9,000,000)
$30,000,000
(50,000,000 - 20,000,000)
Payback period ~7 years
(150,000,000/21,000,000)
~8 years
(250,000,000/30,000,000)
ROIC 14%
(21,000,000/150,000,000)
12%
(30,000,000/250,000,000)
Candidate can either calculate the ROIC, or the payback period.
Once candidate has come up with the numbers, ask them for recommendation.

Please present our findings and recommendation to the client.
Recommendation
Recommendation
The client should enter a South American market (preferably Mexico, Chile, or Colombia)
through a primary investment:
● Mexico, Chile, Peru, and Colombia all have large pipelines and attractive business
environments relative to other South American markets.
● A primary investment in one of these markets will likely yield a higher ROIC and
shorter payback period relative to existing M&A opportunities
Risks
● There might be significant wait before the client can start up in the new country
● The govt. of the new country might block foreign investment to protect local firms
Next Steps
● Evaluate if further negotiations may yield a lower price for an M&A opportunity
● Assess likelihood of winning deals as a primary investor in the new country.
Highway To Hell - Recommendation

Highway To Hell - Exhibit B
Parameter Primary investment M&A
Number of toll stops built on the highway 300 NA
Average toll collected per car per toll stop $5 NA
Expected traffic (vehicles/year) on each toll
stop
20,000 NA
Annual revenue received from partner firm as
per contract*
NA $50,000,000
Annual operating expenditure (% of revenue) 30% 40%
Initial Investment needed $150,000,000 $250,000,000
Discount rate 0% 0%
* Under the terms of the M&A contract, BuildCo will receive a lump sum “revenue” payment each year. In
return, it will need to operate and maintain the existing highways and toll stops
Forecasted Cash Flow

Case 12: Flickering Fortune
Industry: Consumer Goods (supply chain)

Flickering Fortune - Prompt
Your firm has been engaged by Vivid, a consumer electronics screen manufacturer, for a pricing
optimization project. Vivid’s main product is HDTV (high-definition TV) screens. Its main customers
are well-known TV manufacturers in Asia and the US, who buy other components, build the finished
TVs and sell them to retailers who use global distribution channels to reach end-users.
Problem Statement
● Objective: Client is looking at pricing in search of opportunities to grow revenue
● Patents: Vivid technology is patent-protected, and for manufacturers to switch suppliers would
require costly plant reconfiguration
● Revenue trends: While sales volumes have been increasing, revenue has remained flat
● Competitive landscape: No insights available

Flickering Fortune - Structure
Framework
FInancials
Revenue
● Pricing structure
● Quantity
Cost
● COGS
● Discounts
● Sales incentives
Customers
● Segmentation
● Technology trends
● Willingness to pay
● Switching costs
Product
● Feature sets
● Quality
● Substitutes
Competition
● Relative performance
● Market share
● Benchmarking for
relative pricing

Flickering Fortune - Brainstorming
● The client has realized significant reduction of costs, but has also experienced decreasing
economies of scale (37.5%, 20%, 10% savings year on year).
● Profit margins have increased every year across the value chain, but we still need the
wholesale price to understand client profitability (the client sells to manufacturers, not end
consumers)
Question 1: We have gathered some information on the client’s costs. What do you infer from the
following data?
Production costs for HDTV screens:
2021: $400/screen
2022: $250/screen
2023: $200/screen
2024: $180/screen (forecasted)
The retail price (street price) each year has been $1,000/screen
Answer

Flickering Fortune - Exhibit
Almost 40% of sales violate the 40% discount ceiling, and there’s a peak at the stated limit.
This implies that salespeople are discounting as much as they can get away with. This hints at a
potential volume-based incentive in place for the sales team, and Vivid should consider a
profit-based component to sales compensation.
Question 2: [Provide Exhibit A] Your case team has collected data comparing contract prices at
which the screens were sold to manufacturers and the corresponding contract volumes. Additionally,
the client’s product marketing team has set a discount authority ceiling of 40% for the sales team.
What does the graph reveal about sales agent behaviour and marketing strategy?
Answer

Flickering Fortune - Math
Question 3: [Provide Exhibit B] The HDTV supply chain (SC) consists of a supplier for backlighting,
Vivid, our client who provides the screens, the TV manufacturer, and the retailer. Given the average
selling price of the Vivid screens is $228/screen, with the information gathered so far, what do you
infer regarding the distribution of surplus (profit) in the supply chain?
Answer
Avg Price – Cost = Profit
$228 - $200 = $ 28
(A) (B)
Sum of known SC components
$200 + $20 = $220
$200 + $28 = $228
$300 + Profit = $300 +
Profit
$150 + $30 = $180
Subtotal: $928
Retail price – subtotal =
Manuf. profit
$1,000 – 928 = $72

Flickering Fortune - Brainstorming
Manufacturing customers exhibit both a high willingness-to-pay for Vivid’s quality and a high
switching cost to any other supplier. There’s a clear opportunity for Vivid to explore a price
increase.
Vivid’s salesforce is subject to a high-pressure sales quota with the aim of increasing market
share. As we’ve seen, this is likely creating a discount-heavy sales culture which leaves profit on
the table due to excessive price erosion.
Question 4: [Provide Exhibit C] What insights can you gather on Vivid’s value-add and
compensation strategy for the sales team?
Answer

Flickering Fortune - Recommendation
Recommendation
Recommendation
● Scope to increase selling prices while retaining customer base
● Sales alignments need re-visiting to incentivize profit-maximization and
disincentivize margin erosion via heavy discounting
Risks
● Switching costs might be overestimated
● Rivals or upstarts could undercut Vivid
Next Steps
● Validate switching costs
● Conduct price sensitivity analysis
● Implement new sales incentivization program

Flickering Fortune - Exhibit A
Sales volumes vs Discounts

Flickering Fortune - Exhibit B
HDTV value chain
Supplier
(backlighting)
Vivid
(screens) TV Manufacturer Retailer
Cost: $200 $200 $300 $150
Profit: $20 (A) (B) $30

Flickering Fortune - Exhibit C
“Although other screen technologies are
cheaper, this product gives the quality we
need to charge the prices we charge on the
street.”
“We built a $1 billion plant to produce
HDTVs this year. The plan only works with
VIVID’s screens”
“Although we have discount floors in the TV
division, when we are getting closer to the end
of the quarter, I need to close the deals to
reach my sales quota. The competition is too
strong in this market and I need to give the
discounts.”
“We can give higher discounts every year
because our costs go down every year too.”
“If the management keeps asking us to grow
our market share, we need to lower our prices
to increase our sales, it’s the law of demand,
basic economics!”
Customer interviews (manufacturers)
Internal interviews (sales)
Interview insights

Case 13: The Claim Game
Format: Interviewer-Led
Industry: Insurance

The Claim Game - Prompt
The Indian insurance market is heavily underpenetrated. The majority of insurable, adult population
either is not insured and this has serious consequences. The government of India is thinking of
using the Indian postal network as a creative way of reaching the underserved insurance population.
The infrastructure already exists and this can be leveraged for distributing much-needed insurance
products. The objective would be to provide a safety net to as many people as possible in the
underserved markets. What considerations should the government keep in mind?
Problem Statement
● Primary objective is not to monetize insurance offerings, but instead to improve quality of life
by providing insurance-based safety nets. However, profitability is seen as an important metric
● Insurance, for the purpose of this case, covers both life and non-life insurance such as health,
crop insurance, etc.

The Claim Game - Structure
Framework
Market Sizing
● Total underserved
population by Age /
Income / Social classes
● Willingness to Pay
● Coverage
Indian Postal Penetration
● Serviceable Post Offices
● # of agents
● Sales to different social
classes
Profitability
● Costs - Commission,
Salary, Claim rates
● Revenue - Premium
collected
● Non-financial
considerations: financial
stress, moral hazard

The Claim Game - Math
Allow candidates to assume uniform distribution of income within each social class, so that
midpoint is representative of the average income
Total market size = Market size for Aspirers + Market size for Strugglers
Market size = Average household income x Number of households x Expenditure percentage
Market size (Aspirers) = $15K x 80M x 1.5% = $18B
Market size (Strugglers) = $5K x 120M x 1% = $6B
Total Market Size = $24B [Note that market size refers to total premium amounts]
Question 1: [Provide Exhibit A] In terms of social classes, the underserved population is defined as
the “aspirers” and the “strugglers”. If the Indian Government decides to sell insurance to so aspirers
and strugglers, what is the total income of the market interested in buying insurance (in USD)?
Answer

The Claim Game - Math
Captured market = 66% x $6B + 33% x $18B ~ $4B + $6B = $10B
Probe candidate to brainstorm additional, non-claim costs that would be incurred while running the
program. Should the candidate accurately indicate insurance agent salaries, commissions, and other
operational costs as some of the potential costs, give them the below data:
- Insurance agent payroll = $15,000 per agent (15,000 x 100,000 = $1.5B)
- Agent commissions = 10% of total premium amount ($1B)
- Operational costs = $5,000 per post office ($5000 x 100,000 = $500M)
Total costs = Non claim costs (1.5 + 1 + 0.5 = $3B) + Claims ($8B) = $11B
Although the program appears unprofitable, strong candidates will refer to primary goal of
creating safety net for the underserved
Question 2: The Indian government has a network of 150,000 post offices, two-thirds of which can
hire one insurance agent and thus be used to penetrate the underserved insurance market. The
Govt. believes that within the first three years of launch, they can capture 66% of the Strugglers
market and 33% of the Aspirers market. Assuming they pay out 80% of the total premium in claims,
is the program profitable?
Answer

The Claim Game - Brainstorming
Potential positive externalities:
● Safety net removes possibility of medical bankruptcy
● Leads to lesser financial stress and higher productivity
● Indirectly boosts economy and GDP
● Improves national health outcomes
Potential ways to reduce deficit:
● Consolidate post-office coverage or insurance agent coverage to reduce costs
● Encourage private sector participation
Question 3: Given the program is unprofitable, what are some externalities that can be used to
justify the roll-out of this program? Are there ways the Govt. can make up for the deficit?
Answer

The Claim Game - Recommendation
Recommendation
Recommendation
● Since the primary objective is to create safety net, the Govt. should go ahead with the
insurance program for the underserved social classes
● After the three-year rollout, the Govt. would capture $10B of the $24B market, at a cost
of $11B
● The additional cost could be considered an investment in public health leading to
positive externalities, or the deficit could potentially be reduced
Risks
● Might put excessive load on medical system
● Moral hazard concerns
Next Steps
● Understand ways to reduce deficits, potentially by capturing larger market share
● Explore potential pricing programs that increase access without increasing costs
● Lay out implementation strategy

The Claim Game - Exhibit A
Segment Annual Household
Income
Number of
Households
(Millions)
Percentage of income willing
to spend on insurance
Globals > $40K 12 2%
Consumers $20K - 40K 38 1.5%
Aspirers $10K - 20K 80 1.5%
Strugglers < $10K 120 1%

Case 14: CraftCo
Industry: Retail

CraftCo* - Prompt
● Craft Co’s products are typically marketed towards young adults ages 18-35
● It was seen as the first major player in this market, but new competitors began to enter by the end of 2020
● There is no specific ROI or objective that our client is aiming to achieve related to this analysis, but they are
most interested in short-term strategies in the next 1-3 years as opposed to longer-term opportunities
● Craft Co. is currently focused solely on the U.S. market
Problem Statement
Our client, Craft Co., is a subscription service that will send customers kits for adult crafting and DIY projects
(e.g., watercolor painting, woodworking). Customers pay a monthly fee based on the number of kits they would
like, Craft Co. sends them a box with craft supplies. Craft Co. had grown its customer base rapidly during the
COVID-19 pandemic, but has seen a dip in recent quarters as new competitors have entered the field. Our client
would like our help in answering two questions (i) how has Craft Co. performed recently? and (ii) what strategies
can it implement to grow profitability and increase share?
*Former EY Parthenon Interview Case

CraftCo - Structure
1. Company Financials
A. Revenue
● Price (Monthly fee for the
kits, discounts for annual
subscription services)
● Quantity (Number of kits
sold for each product
type)
● Current distribution
segments (online, retail)
B. Costs
● Fixed (manufacturing
equipment, marketing,
rent costs)
● Variable (COGS,
shipping, utilities )
2. Market Dynamics 3. Execution Strategies
A. Market growth (Growth
outlook by segment, channel
and customers)
B. Products (can the client
manufacture new kits in line
with customer trends)
C. Consumers (are there
profitable groups like artists,
rich individuals we don’t sell
to)
A. Increase revenue
● Increase of price of
monthly subscriptions
● Increase of quantities
sold through launch of
new products and
marketing
B. Reduce costs
● Reduce fixed costs
(renegotiate rent
agreement, optimize
marketing spend)
● Reduce variable costs
(negotiate with suppliers,
bulk discounts)
Framework

Total number of subscribers are needed to calculate profitability. When candidate asks, share that it is $75M.
CraftCo thus incurred a loss of $8.2M in Q3 of 2023.
Question 1: [Share Exhibit A] How would you estimate Craft Co.’s monthly profitability in Q3 2024?
CraftCo - Exhibit
Answer

„
Push the candidate to share at least 4-5 ideas to become profitable
Brainstorm ideas:
● Revenue growth
○ Increase revenue from existing customers by price increase, buying more kits per month
○ Enter new geographic markets outside the US
○ Expand into new channels (e.g., children's kits, cooking kits)
● Cost control
○ Analyze marketing mix and effectiveness to reduce spending without losing subscribers
○ Negotiate supplier agreements to get bulk discounts
Question 2: How can Craft Co. become more profitable?
CraftCo - Brainstorm
Answer

● Subscriber levels have seen a steady decline in 2023, even though interest in crafts likely increased due to
the pandemic
● Earlier growth could be due to strong investment in marketing and lack of initial competitors and/or
pandemic-related demand increase across the market
Question 3: [Share Exhibit B]. How would you describe Craft Co.’s pattern of subscriber growth?
CraftCo - Exhibit
Answer
● Craft Co. outperforms competitors on price and quality, but underperforms on delivery and convenience
● Exhibit C in context with profitability analysis suggests Craft Co. has likely lost customers to higher-priced
competitors positioned as “premium”, therefore there may be opportunity to increase price to restore
profitability since Craft Co. is perceived as high-quality
Question 4: [Share Exhibit C]. Based on Exhibit C, what do you notice about Craft Co.’s
performance?
Answer

Stabilization levers
● Addressing reasons for dissatisfaction:
○ Improving on delivery speed (changing delivery partners, opening up more number of smaller
warehouses)
○ Improving on time required for craft (selecting simpler options, providing more detailed instructions)
● Addressing new entrants:
○ Better differentiating its product relative to new entrants
○ Loyalty incentives for existing customers
○ Acquiring one of its competitors
Question 5: How might Craft Co. stabilize its subscriber decline?
CraftCo - Brainstorming
Answer

Case 15: Build, Baby, Build!
Difficulty Level: Hard

Build, Baby, Build! - Prompt
Philadelphia is among the host cities for the FIFA World Cup 2026 to be held in the US. Currently,
the MLS team Philadelphia Union plays at the Subaru Park in Chester, PA, and your client, the city
council, has turned to you, debating whether to build a new stadium within the city limits in time for
the World Cup and whether such a move would help boost a stagnating Philadelphia economy.
Problem Statement
● Primary goal of the Philadelphia city council is to help boost the economy
● The city council will proceed with the stadium build if it pays for itself within a 10-year period
● The council currently has three sites in mind – Center City (urban, commercial locality),
Chinatown (urban, less commercial), and the Philadelphia Sports Complex (city outskirts)
● If a suitable site is approved, rezoning is not considered a challenge
● Ticket proceeds will not go to the city council, but they will receive a stadium rental fee
● Subaru Park was built 20 years ago, with no further information on stadium life available

Problem Statement
Framework*
1. Costs
A. Capital expenses
● Land costs (by location)
● Construction costs
● Permitting and re-zoning costs
B. Recurring expenses
● Stadium maintenance costs
● Utilities costs (electricity, WiFi,
water, etc.)
● Labor costs
2. Revenues
A. Direct revenue
● Stadium rental
● Concessions licenses
● Club shop license
● Stadium tours
● Stadium naming rights
● Advertisement hoardings
B. Indirect revenue
● Neighborhood sales tax increase
● Public transit revenue increase
3. Other considerations
● Potential GDP boost with cash
influx into otherwise-stagnating
economy
● Sustainability of revenue flow (tied
to stability of Philadelphia Union
and other soccer teams in region)
● Potential price war with Subaru
Park and other stadiums for
stadium rental contracts
Business insights
- An ideal candidate should be able to come up with a framework that covers both financial and non-financial considerations,
keeping in mind that the primary incentive for the city council is to boost the economy
- It is crucial to consider both direct and indirect sources of revenue, from both a matchday and non-matchday perspective
Build, Baby, Build! - Structure
*Nudge candidate until they cover the cost and revenue buckets in red before proceeding, provide hints as needed

City council’s estimates of sales tax generated in proposed stadium neighborhoods over
2025-2035:
● Center City: $800M
● Chinatown: $500M
● Philadelphia Sports Complex: $300M
Build, Baby, Build! - Math
Question 1: We conducted a study that showed that the neighborhood housing the stadium
experienced a 50% increase in local sales tax generation. Before we discuss sales tax estimates,
what would be the expected directional order of sales tax generations in the neighborhoods
surrounding the three locations.
Interviewer note: Once candidate guesses the directional order, ask them to calculate sales tax increases based
on our study and provide below data
Answer
Sales tax increases:
● Center City: $400M
● Chinatown: $250M
● Philadelphia Sports Complex: $150M

Question 2: Including the sales tax increases, what is the total revenue generated over the ten-year
period? (Provide Exhibit A)
Revenues over ten-year period:
● Stadium rental fee:
- Philadelphia Union: $30M/year * 10 = $300M
- FIFA World Cup 2026: $50M
- US Men’s and Women’s National Teams: $10M/year * 10 = $100M
● Concessions licenses: $15M/year * 10 = $150M
● Stadium naming rights: $300M
● Tax increase (based on chosen location): $400M (Center City) or $250M (Chinatown) or $150M
(Philadelphia Sports Complex)
Total revenues = $1300M Center City; $1150M Chinatown; $1050M Philadelphia Sports Complex
Answer (Continued)
Interviewer note: Ensure candidate uses only the sales tax increase instead of the total sales tax as the
increases alone could be attributed ot the stadium

Costs over ten-year period for building new stadium:
● Land costs: Center City: $450M, Chinatown: $300M, Philadelphia Sports Complex: $180M
● Construction costs: $600M
● Stadium maintenance costs: $45M/year * 10 = $450M
Total costs = $1500M Center City; $1350M Chinatown; $1230M Philadelphia Sports Complex
Building a stadium presents a negative NPV for each of the locations:
● Center City: ($200M), Chinatown ($200M), Philadelphia Sports Complex: ($180M)
An excellent candidate will debate the non-financial merits by noting that though Philadelphia Sports
Complex offers a slightly less negative NPV, Center City offers the highest tax revenue increase and thus
might be preferred by city council.
Question 3: Based on the city council’s cost estimates, does building a stadium seem attractive over
a ten-year period? Which location makes the most sense? (Provide Exhibit B)
Answer
Interviewer Note: Ask candidate to calculate costs for all three locations and even in case of negative NPV,
provide preference

Question 4: What are some ways in which the city council can boost the revenue flow or reduce
costs? Which line items among the current cash flow could be a potential cause for concern?
Answer
Build, Baby, Build! - Brainstorming
Nudge candidate to provide non-sporting events (concerts, business events and offsites, etc.) as potential
avenue for revenue generation during the off-season, and exploring alternate locations with cheaper land
and construction costs as ways to reduce costs.
Probe for additional creative answers for increasing revenues or decreasing costs, and reveal $15M/year as
the total amount from all those measures.
Strong candidates will note that NPV is still negative with this additional $150M over 10 years.
Current cash flow assumes the Philadelphia Union and the US National Teams will sign a 10-year contract
with the new stadium - potential for price war with Subaru Park and other stadiums threatens this
assumptions.

Recommendation
Recommendation
No, the client should not proceed with the construction of a new stadium as it presents a
negative NPV in each of the three locations.
Alternative recommendation: Yes, the client should proceed with the construction of a new
stadium in Center City despite the negative $50M NPV as the stimulus provided to the
economy would act as a huge intangible benefit.
Risks
● Revenue flows uncertain
● Cost overruns not budgeted
● “Phantom stadium” potential boondoggle for city
Next Steps
● Understand proposed sites better to re-evaluate costs
● Investigate alternative options to constructing new stadium (repurpose/revamp existing
stadium)
Build, Baby, Build! - Recommendation

Build, Baby, Build! - Exhibit A
*The city council believe the Philadelphia Union and the US National teams will sign a 10-year contract
City council’s estimates of key revenue line items (2025-2035)
Revenue line item Frequency Amount ($)
Stadium rental fee
- Philadelphia Union* Yearly $30M
- FIFA World Cup 2026 One-time $50M
- US Men’s and Women’s
National Teams*
Yearly $10M
Concessions licenses Yearly $15M
Stadium naming rights One-time $300M

Build, Baby, Build! - Exhibit B
City council’s estimates of key cost items (2025-2035)
Cost line items Amount
Land costs:
- Center City $450M
- Chinatown $300M
- Philadelphia Sports Complex $180M
Construction costs $600M
Annual stadium maintenance costs $45M

Case 16: Eye Can See Clearly Now
Case Type: M&A

Eye Can See Clearly Now - Prompt
Your client, a PE firm, is considering an investment in Dr Kelso’s Ophthalmology Practice, located
outside Philadelphia. Dr. Kelso’s Practice is requesting $15M for a 50% stake in the business.
Should they make the investment?
● What is ophthalmology? How does Dr. Kelso’s business make money?
○ An ophthalmologist is an eye doctor
○ Dr. Kelso’s practice provides a full range of ophthalmology services (exams, surgeries)
● What is the ownership structure today?
○ Today, Dr. Kelso and 3 other doctor partners are equity owners in the business
○ They are only paid their share of the profits. They do not take a salary
● What are the PE firm’s objectives?
○ To make a good ROI on the investment
● Does the PE firm have similar investments?
○ The firm has invested in other hospitals, but they do not offer ophthalmology as a service
Problem Statement

Eye Can See Clearly Now - Structure
1. Market
A. Market Size
● Number of customers
(Insurance vs cash)
● Market growth
B. Competitors
● Number and size
● Focus - full suite of
services vs focused
● Affiliation with referrers
C. Trends
● Teleconsultation
● Growth of cosmetic
surgeries like LASIK
2. Financials 3. Synergies
A. Revenue
● Price (avg service fee,
insurance vs cash
price)
● Volume (number of
patients, insurance vs
cash mix, service mix)
B. Cost
● Variable (drugs,
consumables etc)
● Fixed (rent, equipment,
utilities, labor etc.)
C. Deal terms
(ROI/payback period)
A. Revenue Synergies
● Increase rates via
greater market power
● Increase volume via
patients from other
portfolio investments
● Increase collection rate
via better business
management
B. Cost Synergies
● Decrease practice
management costs
through scale with
other assets in portfolio
Framework

Question 1: The PE firm prepared a financial projection (shown in the below table) for revenues
and costs for Dr. Kelso’s practice for next year before the deal takes place. As a first step, what is
the implied valuation of the company today?
Eye Can See Clearly Now - Math
Revenue $20M
Costs $16M
Product 2022F
● WACC = 13%
● Growth Rate= 3%
● Taxe Rate = 20%
● Assume 0 depreciation, debt, or investment in CapEx

Answer
Revenue $20M
Costs $16M
Operating Profit $4M
Taxes (20%) $0.8M
Net Profit* $3.2M
Product 2022F
*Note that net profit is equivalent to FCF because we assume no depreciation or capital expenditure
Calculations:
Value = FCF / (WACC-g)
Valuation = 32M
PE stake at 50% is worth $16M.
The firm is investing $15M to get $16M, which is a
return of (1/15) ~7%. This return is less than the
WACC, indicating a poor investment.

Question 2: If the PE firm acquired a stake in Dr. Kelso’s practice, how could they increase the
value of the company?
Candidate should brainstorm at least 4-5 revenue drivers, cost drivers, and synergies
Eye Can See Clearly Now - Brainstorming
Answer
A. Revenue Synergies
● Increase reimbursement rates via greater market power
● Increase volume via combination with referrals
● Increase collection rate via better business management
B. Cost Synergies
● Decrease practice management costs through scale with other assets in portfolio

Question 3: After initial research the PE firm believes they can improve revenue by 5% via
improved pricing and collections. In addition, through cost synergies, they believe they can reduce
practice management costs by $1M. What would the PE client’s stake be worth with these
changes?
Revenue Revenue = 1.05 * $20M = $21M; Costs = $16M - $1M = $15M
Operating
Profit
Operating Profit = $6M; Taxes = $1.2M
Net Profit $4.8M; Valuation = $48M. PE stake = $24M
Takeaway The return on investment is (9/15) =60%, greater than WACC, implying a good investment
Additional
Insights
An outstanding candidate would also perform a sensitivity analysis: say, if volume declines by
~10% from $21M in revenue to $19M in revenue (due to increase in prices), then the value of
the business declines to just $32M, the PE firm’s stake drops to $16M (equal to previous stake),
and the PE firm would earn a return less than WACC (bad investment)
Answer

Question 4: Today, Dr. Kelso and 3 other doctor partners are equity owners in the business. They
are only paid their share of the profits. They do not take a salary. How would compensation for Dr.
Kelso and his 3 partners change after the deal? How do you think this would impact patient
volume? Assume the firm can realize the synergies indicated in the previous question
Eye Can See Clearly Now - Brainstorming
Current Setup Dr. Kelso and partners receive no salary; compensation today (pre-deal) = Net profits of the
business, $3.2M
New Setup After the deal, with $4.8M net profit, the partners receive a $15M payout from the PE firm for
50% of their stake, and 50% of the profit stream, or $2.4M per year
How does this
affect
motivation?
As 50% equity owners, the doctors have less incentive to work hard. They only get 50% of
incremental profits from their efforts
How will this
affect volume?
Given this incentive change, we would expect patient volume to go down, and after receiving
a $15M payout, even less incentive to work hard (They’ll have new ski houses to enjoy!)
Takeaway Given the reduced profit, doctors’ incentive decreases, which drives down patient volume, and
reduction of volume leads to the value of the business decreasing.
Answer

Question 5 (Time Permitting): How can the deal be changed to make sure we keep current
volume growth at 3%?
Eye Can See Clearly Now - Brainstorm
● Incentive-based salaries / bonus tied to volume
● Vest the payout over multiple years and make it conditional on patient volume
● Hire new doctors/other staff to improve leverage per doctor
Answer
Operating profit = $5.4M, or $0.6M lower
Taxes = $1.08M; Net Profit = $4.3M (ok to round);
Valuation = $43M; PE stake = 21.5M; ROI = 43% (still greater than WACC)
Answer
Question 6 (Time Permitting): The client determines that they need to pay $0.6M in
performance-based compensation to Dr. Kelso and his partners to keep them sufficiently
incentivized and continue to grow volume. With this change, what would the value of the PE
firm’s stake be?

Candidate can make an argument either way, but provided below is a recommendation to invest
Eye Can See Clearly Now - Recommendation
Recommendation
Sample
Arguments
● Strong ROI of 60% with synergies
● Good ways exist to de-risk effort dis-incentives
Sample Risks
● Synergies may not get realized
● Incentive programs a drag on bottom line
Sample Next
Steps
● Explore which incentive structures will be the most effective and is agreeable to the
doctors

Case 17: To Bid, Or Not To Bid
Difficulty Level: Medium to Hard
Industry: Retail

To Bid, Or Not To Bid - Prompt
A PE fund is thinking about acquiring a clothes retail specialist which is a leader in the French
market. The French clothing retail market is composed of 2 segments:
1. Urban: trendy, high quality, quite expensive
2. Suburban: mass market, lower quality, low prices
The PE fund has hired us to help them assess whether this opportunity is worth bidding for.
Problem Statement
● The Client has no specific financial target or timeline
● The target has total annual sales of $800M across 800 stores. It consists of 4 brands on each
of the urban and suburban market segments

Problem Statement
Framework
1. Market
A. Industry
● Market size & growth
● French clothing retail trends
● Market segment characteristics
● Competitive landscape
B. Market Drivers
● Buyer & supplier powers
● New entrants & substitutes
● Distribution channels
2. Target
A. Quantitative
● Revenue models
● Key financials/specific assets
● Cost structure
B. Qualitative
● Competitive advantage
● Capabilities & resources
● Management structure/culture
● Expertise & knowledge
3. The Deal
A. Synergies
● Revenue synergies
● Cost synergies
● Operational synergies
B. Risks
● Implementation
● Regulation-trust
● External factors
● Management culture clash
Interviewer Notes:
- An ideal candidate should be able to come up with a framework that is appropriate for assessing a clothing retail company, and be
able to ask relevant questions in each aspect to evaluate the target properly
- It’s important to consider the synergies and risks of a deal even if the target is financially attractive. There could be potential
problems down the road if the deal does not fit well with the PE fund
To Bid, Or Not To Bid - Structure

Question 1: The market is flat in value over the last 5 years (~$25B), but volumes have been
growing over the same period (~2% per year). What could explain this?
Answer
1. Customers
Customers are looking for lower
price and promotions
2. Competition
● New competitors in the
market are driving down the
price
● Competitors are achieving
price parity by pricing similar
products similarly
3. Supply Chain
Decrease in landed cost
achieved through outsourcing to
lower cost base countries,
decrease in raw material costs
To Bid, Or Not To Bid - Brainstorming
The only reason that can explain this situation is a decrease in price that offsets that increase in
volume. Below are possible drivers of price reduction.

Question 2: An important metric in retail is floor space, specifically “sales/sq feet”. For one given
brand, we have:
● 15 suburban stores - average size of 1600 sq ft and average profitability of $1,500 per sq ft
● 20 urban stores - average size of 800 sq ft and average profitability of $2,750 per sq ft
What is the total annual sales for this brand? Additionally, what is the average profitability (in terms
of sales/sq feet) for the brand?
Answer
To Bid, Or Not To Bid - Math
Suburban segment: 1,600 * $1,500 * 15 = $36M
Urban segment: 800 * $2,750 * 20 = $44M
Total annual sale = $80M
Average profitability = Total sales / Total Size = $80M / (15*1600+20*800) sq ft = $2,000 / sq ft

Question 3: The PE fund looked into the target company’s investment plan over the last few years
(see exhibit A). Overall operating margin kept decreasing over the past years and the PE fund is
worried about that. Is the fund right to worry about it? Why or why not?
To Bid, Or Not To Bid - Exhibit

To Bid, Or Not To Bid - Exhibit
● There is little need to worry
● There is a “ramp up” in the first few years, with increasing brand awareness and operating margin
● Brand reached full potential at an average operating margin of 25%
● Average margin will tend to decrease as the brand continues to expand, since the footprint will be a
mix of matured stores and new stores
● Opening new stores is financially expensive and will impact average operating margin in the
beginning as the store goes through a ramp up period
● The fund should also look at individual store operating margin to ensure mature stores are
maintaining healthy operating margins
Answer
Additional Information to be provided upon request:
● All stores are similar
● No cannibalization or coordination diminishing returns
● Opening new stores impact mainly fixed costs

To Bid, Or Not To Bid - Brainstorming
● The total margin should increase as the expansion slows down and more existing stores would reach
their mature state. The overall impact of opening new stores on total operating margin should
decrease
● An ideal candidate should be able to draw on this question to identify the conclusion and implication.
Candidate should state that if the target’s total operating margin increased after year 7 and 8, then the
fund should not worry as the decrease in total operating margin in previous years was due to rapid
expansion
Answer
Question 4: If there were 3 additional stores in year 7 and 2 additional stores in year 8, what do you
expect to happen to the overall operating margin?

Recommendation
Recommendation
Yes, the client should continue to look into this deal
● Despite the total market being flat, the business volume is increasing. The decrease in
price may drive the less competitive players out
● During this time, the target seems to have maintained a healthy margin and the interim
drop in margin was due to the rapid expansion
● It looks like there is still room for further expansion until the market becomes saturated
Risks
● This is a competitive and rapidly changing market that the client still doesn’t know very
much about and does not have the requisite expertise in
● The target company’s margin while healthy, is still fairly low even when the new stores
reach full potential
Next Steps
● Conduct a market competitive analysis to understand how other competitors are playing
in the market
● Analyze target company’s organizational structure and culture to evaluate
management/portfolio fit
To Bid, Or Not To Bid - Recommendation

To Bid, Or Not To Bid - Exhibit A
Target’s Investment Plan

Case 18: Cents and Sensibility

Cents and Sensibility - Prompt
The city of Philadelphia is planning to sell the rights to all of its parking meters for 20 years to a
private company. The idea is that in exchange for a lump sum, the city of Philadelphia would turn
over the operation and revenue stream of its 40,000 parking spaces to a private operator. The deal
will bring in a big amount of cash for a cash-strapped city and relieve it of the responsibility of
maintaining meters – something it isn’t very good at. The city is planning to use a competitive
bidding process with the highest bidder winning the contract. Additionally, the contract also requires
a high-tech upgrade replacing the old coin-based meters with new machines that accept cash, cards
and digital NFC payments, which is a service enhancement that should be incorporated in the bid.
Your consulting firm has been hired by the company Parking GenNext to give a reasonable price to
win the competitive bid, and help estimate whether the ROI is attractive. How would you go about
estimating it?
Motivation for the case: In 2008, Chicago, trying to balance its budget, sold the rights to all of its parking meters for
75 years to Morgan Stanley for $1.15 billion. The bank has recouped its investment as of 2023, with 60 years left.
Problem Statement

Framework
1. Revenue
● Pricing by region
● # Parking spaces
● Occupancy rates
● Potential ways to
increase revenue flows
Cents and Sensibility - Structure
2. Expenses
● Cost of new meters
● Meter maintenance cost
● Labor costs
● Potential ways to reduce
expense flows
3. Deal specifics
● Bid price
● Non-financial
considerations for deal
● Potential competition
for auction
4. Risks and Capabilities
● Execution bandwidth
● Managerial capabilities
● Demand trend shifts to
more cabs or public
transportation
Proceeds from collections: Company keeps all proceeds from parking meter collections for 20
years after buying rights for the lump sum amount
Parking space tiers, pricing, number of spaces: Difference currently by regions, data to follow
Prior experience for Parking GenNext: No prior experience in PA, but run similar operations in
Chicago
Bidding rivals: Rivals expected, but not our primary concern
Expected ROI: Parking GenNext would like to make $2 B net profit from this deal over 20 years

Question 1: How much revenue would the parking spaces generate over the next 20 years?
(Provide Exhibit A)
Answer
Cents and Sensibility - Math
Region # Spaces Usage (Hrs/day) Price ($) Annual Revenue* ($)
Rittenhouse Square 10,000 12 3 ~130 M
Center City 14,000 5 2 ~50 M
Rest of Philadelphia 16,000 7 1 ~40 M
Annual Revenue from parking spaces ~220 M
Revenue over 20-years from parking spaces ~4,400 M
Allow reasonable approximations as long as candidate arrives close to $4.4B. While candidates can propose
discounting future cash flow to present value, inform them that discount rate is zero
* Annual Revenue = # Spaces * Daily usage * Price * 30 days * 12 months

Question 2: How much would setting up and operating the parking spaces cost over the next 20
years?
Answer
Tell candidate to assume lifetime of new parking meter is 20 years. Provide hints and probe for inputs, eg: “what are
the costs involved with setting up and running parking meters”, “from what you’ve seen your city, what is the ratio of
number of parking spaces per parking meter”... Once candidate has identified correct levers, provide
information in bold to arrive at the right cost.
Fixed costs:
New parking meters with new payment features. 1 meter covers 8 spaces. Meters required = 40,000/8 = 5,000
Each meter costs $200K. Therefore, total fixed costs = 40,000/8 * 200,000 = $1 B
Variable costs:
- Monthly maintenance cost per meter = $500 => Total maintenance cost = 500 * 5000 * 12 * 20 = $0.6 B
- Labor costs = Number of employees (500, 1 per 10 meters) * Annual Wages (40,000) * 20 = $0.4 B
Total costs over 20 years = Fixed costs ($1 B) + Variable costs ($1 B) = $2 B

Question 3: Parking GenNext’s government liaisons inform you that $1.5 B would be a winning bid
in the auction. At that purchase price, would the firm meet its ROI requirements?
If candidate answers affirmatively, probe the reasoning, otherwise ask for ways to increase revenue
or decrease costs to meet Net Profit requirements.
Answer
Cents and Sensibility - Brainstorming
Revenues over 20 years = $4.4 B; Costs over 20 years = $2 B; Purchase price = $1.5 B
Net Profit = $0.9 B [Short of $2 B ROI requirement by $1.1B]
Probe candidate to brainstorm ways to bridge $1.1 B gap. Potential answers include price
adjustment, increasing meter coverage to require fewer meters, using meters as advertising spaces,
etc.
Once candidate mentions price adjustment, ask for potential impact of increasing price (answers
include public backlash, lower utilization, and more). Then provide Exhibit B.

Question 4: Which pricing plans should each of the regions be assigned?
Optional question (if time is available): Once candidate answers question around pricing plans,
ask if there are any benefits to having lower utilization
Answer
The best pricing plan for each region would be the one yielding the highest multiple of Price and
Usage. Therefore, Rittenhouse Square - Plan B, Center City - Plan A or B, Rest of Philadelphia -
Plan A or B.
New annual revenue (ballpark numbers acceptable):
Rittenhouse Square: 10,000 * 6 * 7 * 30 * 12 = ~$151 M
Center City: 14,000 * 4 * 3 * 30 * 12 = ~$60 M
Rest of Philadelphia: 16,000 * 3 * 4 * 30 * 12 = ~$69 M
Revenue increase over 20 years = ($280 M - $220 M) * 20 = $1.2 B => ROI requirements are met!
(Optional): Lower utilization could allow cost reduction (eg: eliminating need for 5,000 parking
meters by consolidating regions where demand drop is expected or by increasing staff coverage)

Question 5: Please present our findings and recommendation to the client.
Recommendation
Recommendation
Yes, the client should purchase the rights to operate Philadelphia’s Parking Meters for the
next 20 years at the bid price of $1.5 B. Upon purchase, the client should incorporate
changes to new pricing plans in order to meet ROI requirements of $2 B over 20 years.
Alternative recommendation: No, the client should not purchase the rights to operate
Philadelphia’s Parking Meters for the next 20 years at the bid price of $1.5 B. The ROI
requirements would only be met by an aggressive price increase which might not play out
as expected.
Risks
● Public backlash
● Price sensitivity analysis not accurate
● Government intervention on pricing change
Next Steps
● Pressure test sensitivity analysis
● Explore alternate ways to increase revenues and decrease costs
Cents and Sensibility - Recommendation

Cents and Sensibility - Exhibit A
Number, daily usage, and price of parking spaces by region
Parking space region Price ($ per hour)
Rittenhouse Square 3
Center City 2
Rest of Philadelphia 1
Note: Assume no growth in # meters or change in
pricing or usage over the 20-year period

Cents and Sensibility - Exhibit B
Price sensitivity analysis for parking spaces
Existing Pricing
Plan
Plan A Plan B Plan C
Region
Price
($)
Usage
(Hrs/Day)
Price
($)
Usage
(Hrs/Day)
Price
($)
Usage
(Hrs/Day)
Price
($)
Usage
(Hrs/Day)
Rittenhouse
Square
3 12 5 8 6 7 7 5
Center City 2 5 3 4 4 3 5 2
Rest of
Philadelphia
1 7 2 6 3 4 4 2
Note: Each parking space region will have its own pricing plan, ie - Region 1 could have Plan A, Region 2 could
have Plan B and Region 3 could have Plan C at the same time

Problem Set 1
1. You're considering a upfront $5 million investment to switch to an alternative product B that will
bring in additional $2 millions in revenue but cost $750K more than the current product A to
produce. What is the payback period for this investment?
2. A competitor brand sells product for $8 with a $6 margin. Our product sell for $12 and our unit
cost is $4. By what dollar value do we need to cut costs to have the same percentage profit
margin as our competitors?
3. A new hybrid can travel 50% more miles per gallon (MPG) in comparison to the original car
which travels 10 MPG. What is the annual cost saving if the owner on average drives 12,000
miles and fuel costs average $3.00/gallon
4. A microwave costs $100 to produce. The producer made a total profit of $6 million by selling
microwaves. If the markup percentage is 20%, how many microwaves did the producer sell?
5. A company with revenue of $99 million is operating at a loss that is equivalent to 10% of its
costs. By how much does cost need to decrease so that 10% of its costs are profits?

Problem Set 2
1. A Private Equity (PE) fund is considering a $100M investment in a company expected to generate
profits of $10M in the first year. The fund typically invests keeping a return of 12% in target. Is this a
feasible investment for the company?
2. A multiplex is planning to launch a line of casual clothing with a store in its complex. The expectation
is that the store footfall should increase by $200,000 annually. Based on the following data, should
the multiplex continue with their launch plan? To estimate the actual footfall increase, the multiplex
hired a market research company which generated the following results:
Possible increase in
attendance
Annual revenue ($) Probability
3% 135,000 20%
5% 225,000 40%
7% 315,000 30%
9% 405,000 10%

Problem Set 2
3. A burger company sells 30,000 burgers per year with price of each being $3. The company
makes a margin of 50% on burgers and is planning to also stock donuts in its stores now. It
expects to sell 50,000 donuts each at a price of $2 and a 60% margin. It is expected that 10%
fewer burgers will now be sold as customers might switch from consuming burgers to donuts.
Should the burger company go ahead with selling donuts?
4. Our client is expecting to spent $300,000 on internet marketing for their new album in CD
format. The cost of manufacturing the CD is $2/CD, distribution is $3/CD and royalty to the
band are expected to be $3/CD. Each CD sells for $12. How many CDs do our client need to
sell to break even on its investment?

Answers - Problem Set 1
1. Profit: $2M (Revenue) - $750K (Cost) = $1.25 M
Payback period: $5M/$1.25M = 4 years
2. Competitor margin = $6/$8 = 0.75
Our new margin = 0.75*$12 = $9
Our new cost = $12 - $9 = $3
We need to cut cost by $1 to be competitive
3. Original fuel cost = 12,000 miles/10 MPG*$3 = $3,600
New fuel cost = $3,600*(10/15) = $2,400
Annual fuel savings = $3,600 - $2,400 = $1,200
4. Unit selling price price = 120% *$100 = $120
Unit sold = $6 million / $120 = 50,000
5. We know that Operating cost - 99 = 10% * (Operating cost)
This means, Operating costs = 110M
New Profit: 99 - Operating costs = 10% * (Operating cost)
New Operating costs = 90M
Operating cost reduction =20M

1. To make this decision, the fund needs to calculate ROIC - Return on Invested Capital
ROIC = Return / Invested Capital
In this example, ROIC = $10M/$100M = 10% which is less than the target 12%. Hence the fund
should not invest in this company basis ROIC
2. To make this decision, we would need to calculate the expected value of the revenue increase. If
expected value > target ($200,000) investing in the new business line makes sense
Expected value = Sum of expected value of individual cases
Expected value = 20%*$135,000 + 40%*$225,000 + 30%*$315,000 + 10%*$405,000 = $252,000
which is greater than the target $200,000, hence investment can be considered

3. One product eating into other product’s sales is called cannibalization, 10% in this example
To make this decision, we should calculate the net impact on burger company’s profitability
Current earnings by selling burgers = 30,000 * $3 * 50% = $45,000
Expected earnings by selling donuts = 50,000 * $2 * 60% = $60,000
Expected loss in burger sales due to cannibalization = 10% * $45,000 = $4,500
Since $60,000 > $4,500, the burger company can consider stocking donuts
4. We need to calculate break-even volume here
Breakeven volume = Investment / (Profit per unit)
Profit per unit (also known as Contribution Margin) = $12 - ($2 + $3 + $3) = $4
Breakeven volume = $300,000 / $4 = 75,000 CDs

Practice Problem 1
Prompt: Your client is a chemical company, ChemCo. Revenue for one of their segments has been
growing at 3-5% per annum for the last few years. The CEO is unhappy with this and wants to
achieve 10% growth in revenue in the next year. You have been hired to help bridge this gap and
achieve this target. What are some implications from this Exhibit?

Answer - Practice Problem 1
● Total revenue per category has a strong correlation with R&D spend per category
● ChemCo has the lowest R&D spend among competitors
● Revenue growth can be achieved by increasing R&D spend
● It is important not to just chase revenue growth, but grow profitably and sustainably. ChemCo
should also anaylse its operating margins to decide how much to increase R&D spend

Practice Problem 2
Prompt: The CEO of Fire Proof Inc. wants to find new ways to diversify her revenue. Currently, Fire
Proof only sells fire resistant jackets, gloves, hard-hats, and tools to government sponsored fire
departments nationwide. The CEO believes the company can expand their operations to make
equipment for other industries. Which type of equipment would you recommend they look into?
Source: Darden Casebook

● Riot shields is an attractive segment with significant overlap, high growth rates and not too
crowded a market
● Bullet proof vests and weapon holsters are reasonable options too. The crowded market
landscape makes it difficult to gain significant market share and hence reduces attractiveness
● Officer uniforms should be avoided as it is a declining market

Practice Problem 3
Prompt: Our client is a large national health care payer exploring the launch of a new disease
management program. The idea is to hire and train a team of “health coaches” to specialize in a
single disease area (heart disease, diabetes, etc.). Studies show that once a month contact with
each patient reduces health spending by 5%, on average. Using Exhibit 1, discuss which segments
and disease areas are most important to explore.

● The 65+ segment, while not a major part of the population, should be targeted as they
presumably use healthcare most frequently. Significant health care spending reduction can
happen in this segment
● Diabetics is the key ailment in this group, which should be targeted, followed by chronic pain
● The group segment is the largest part of the population. Further information is needed on how
much they spend on healthcare before deciding to target them.

Practice Problem 4
Prompt: Where should our client focus their efforts on in order to improve ROE moving forward?

● Operating inefficiencies are biggest drivers of low ROE and should be targeted first
● These are closely followed by margin deterioration
● ROE is higher in 2056 partly due to “Fines and other” group, which presumably is not linked to
core operations and may not recur in the future. Operational concerns are hence more dire
than they appear.

Brainstorm Exercises
227
1. You are nearly finished with a case for a shaving company that sells its products
to younger men. Profits are down due to lower sales: all products are type of
men’s razors sold in retail stores nationally. How would you go about improving
sales?
2. You are helping a movie theater solve their declining profitability problem. After
analyzing some financial data, you realize that the declining profitability is driven
mainly out of dwindling revenue. What are some ways your client can improve
revenue?
3. You client is a PE firm looking to invest in an Airforce and Defense company that
manufactures military grade helicopters. Based on the analysis so far, this seems
like a good opportunity for your client, but the client wants to better understand
additional growth potential of this target company. What are other potential
avenues the Airforce and Defense company should consider to sell helicopters?

Answer Q1
1. Marketing of Current Products
a. Social media (influencers)
b. Free samples
c. Billboards
2. Launching New Products
a. Women’s razors
b. Products targeting older men
c. Different sizes products (travel pack)
d. Shaving cream, soap, other complements
3. Exploring new channels for new and existing products
a. E-commerce (Amazon)
b. Hotels
c. Specialty stores/ Salons

Answer Q2
1. Improving pricing of current products
a. Tier pricing for different movies and days
b. Tier pricing for different seat options in the theater
c. Offer monthly movie pass and loyalty program
2. Increasing volume of current products
a. Secure free marketing through movie production companies
b. Partner with online ticket vendors (ex: Fandango)
c. Partner with credit card companies (ex:opening early access)
3. Exploring other revenue streams (new products)
a. Offer more food and beverage options
b. Rent out movie theaters for events
c. Sell movie merchandise in the theater
d. Cultural and management alignment

Answer Q3
1. Public Sector
a. Other US federal departments: coastguards, homeland security
b. Other state governments: state police, fire department
c. Non-US avenues: armed forces of overseas governments
2. Private Sector
a. Oilfield Services
b. Leisure and Travel (private tours & transportation)
c. Media companies/News channels
d. Shipping packages (UPS, FedEx, Amazon deliveries)
3. Non-profit sector
a. Emergency medical services
b. Transport supplies for disaster relief

Sample Behavioral Interview Questions

Individual Contribution
1. Tell me about your proudest accomplishment
2. How would you describe your top 2 strengths and top 2 weaknesses?
3. Tell me about a time you set an ambitious goal, and what did you do to achieve it?
4. What is the biggest asset you can bring to your project team?
5. What makes you a good fit for consulting?
Managing Teams / Leadership
1. Tell me about a time when you made an unpopular decision
2. Tell me about a time when you managed a difficult team member or client
3. What is an example of a time when you led a team through a difficult situation?
4. Tell me about a time when you had to provide someone negative feedback
5. Tell me about a time when you lead a team where there were a lot of differing opinions

Persuasion / Influence
1. Describe a time you had to convince someone who had an opposing viewpoint
2. Tell me about a time you had a disagreement with your manager
3. How do you convince others to change their viewpoint?
4. Tell me about a time when you had to get buy-in from stakeholders
5. Tell me about a time you had to influence someone over whom you did not have formal authority
Analytics / Problem Solving
1. What is an example of a project that you worked on that was highly analytical?
2. Tell me about a time when you used data and analytics to solve a problem
3. Tell me about a time when you had to simplify technical data
4. Tell me about a time when you used data to drive a conclusion.
5. Describe an example of when you had to work on a technical project with someone who did not have
analytical skills. How did you manage the interactions?

Challenge / Failure
1. Tell me about a time when you had to overcome an obstacle
2. Tell me about a time when you were wrong and someone had to convince you
3. Tell me about a time when you had to navigate a difficult situation under time pressure
4. Tell me about a time you didn’t succeed as a leader
5. Tell me about a time when you failed to meet a deadline or goal
Teamwork / Collaboration
1. Tell me about a time when you had to work with people from different backgrounds
2. Tell me about the usual role you play in a team
3. How have you dealt with differences in a team?
4. Tell me about a time when you had to work with a teammate whom you clashed with
5. Tell me about a time when you were in a difficult teamwork situation. How did you respond?

Wharton-2023-2024 casebook for casing stuff

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