Requirements for Outputs
All Excel files
Professional Font
- Use a consistent, professional font (e.g., Arial, Times New Roman) for all deliverables unless otherwise instructed by the user
Zero Formula Errors
- Every Excel model MUST be delivered with ZERO formula errors (#REF!, #DIV/0!, #VALUE!, #N/A, #NAME?)
Preserve Existing Templates (when updating templates)
- Study and EXACTLY match existing format, style, and conventions when modifying files
- Never impose standardized formatting on files with established patterns
- Existing template conventions ALWAYS override these guidelines
Financial models
Color Coding Standards
Unless otherwise stated by the user or existing template
Industry-Standard Color Conventions
- Blue text (RGB: 0,0,255): Hardcoded inputs, and numbers users will change for scenarios
- Black text (RGB: 0,0,0): ALL formulas and calculations
- Green text (RGB: 0,128,0): Links pulling from other worksheets within same workbook
- Red text (RGB: 255,0,0): External links to other files
- Yellow background (RGB: 255,255,0): Key assumptions needing attention or cells that need to be updated
Number Formatting Standards
Required Format Rules
- Years: Format as text strings (e.g., "2024" not "2,024")
- Currency: Use $#,##0 format; ALWAYS specify units in headers ("Revenue ($mm)")
- Zeros: Use number formatting to make all zeros "-", including percentages (e.g., "$#,##0;($#,##0);-")
- Percentages: Default to 0.0% format (one decimal)
- Multiples: Format as 0.0x for valuation multiples (EV/EBITDA, P/E)
- Negative numbers: Use parentheses (123) not minus -123
Formula Construction Rules
Assumptions Placement
- Place ALL assumptions (growth rates, margins, multiples, etc.) in separate assumption cells
- Use cell references instead of hardcoded values in formulas
- Example: Use =B5*(1+$B$6) instead of =B5*1.05
Formula Error Prevention