Leo Berwick: Your First Call for Modeling

Leo Berwick is a specialized financial modeling provider that integrates tax, accounting, and financial complexities under one roof. Our tax-centric financial modeling eliminates traditional deal advisor silos, ensuring a seamless and efficient process.

We deliver industry-leading, transparent financial models, led by seasoned M&A professionals with deep technical infrastructure expertise. Our team specializes in U.S. corporate and partnership tax rules, helping clients navigate tax strategies and investment complexities.

Whether you’re on the buy-side or sell-side of a transaction or restructuring, or looking to update your operating models during your hold period, Leo Berwick should be your first call for financial modeling.

Whether you’re on the buy-side or sell-side of a transaction or restructuring, or looking to update your operating models during your hold period, Leo Berwick should be your first call for financial modeling.

What We Can Do For You.

Financial Modeling

Infrastructure Deal Modeling

  • Transparent, commercially oriented deal models integrating tax structuring and repatriation strategies from day one.
  • Comprehensive three-statement models with customizable inputs, outputs, and dashboards.
  • Modeling of payment mechanisms, contractual terms, and economic rate regulation structures.
  • Structured input sets and business cases to evaluate upside and downside scenarios.
  • US GAAP- and IFRS-compliant outputs for accounting recognition.
  • Modeling of covenant terms and cash distribution structures.

Capital Investment Decision Modeling

  • Discounted cash flow (DCF) models to evaluate investments in development stage assets, expansions, and new growth areas.
  • Consideration of hurdle rates, payback periods, and key investment underwriting factors.
  • Integrated tax advisory on credits, income & non-income taxes, and tax-efficient structures.

Asset Management Modeling

  • DCF models to support portfolio valuations and investment decisions.
  • Integration of key deal assumptions and financial inputs to maintain underwriting consistency.
  • Dashboards and NAV calculations for asset managers.
  • Seamless import of investee financial data.

Tax Modeling

Partnership Modeling

  • Structure new partnerships and optimize tax efficiencies in restructurings.
  • Model income, loss, and distribution provisions within partnership agreements.
  • Optimize tax basis recovery and minimize tax liabilities.
  • Design compensation and incentive structures for partners and management.
  • Model partnership taxable income and loss allocations, including targeted income distributions.
  • Maintain Section 704(b) and tax capital accounts, tracking partner outside basis.
  • Identify post-deal tax considerations and strategies to reduce gain taxation on partnership exits.

Corporate / Blocker Modeling

  • Model corporate tax liabilities, including E&P, NOLs, and distribution classifications.
  • Evaluate interest expense limitations, BEAT, and FIRPTA implications.

Renewables-Specific Tax Areas

  • Review and enhance tax components of financial models for stand-alone and portfolio projects.
  • Comparative modeling of Investment Tax Credit (ITC) vs. Production Tax Credit (PTC).
  • Buy-side valuation and exit modeling, including fund-level tax considerations.
  • Modeling of “flip” partnerships, inverted leases, and structured investments.
  • Valuation modeling of state income, franchise, sales, and property tax considerations.

Tax Legislation & Model Maintenance

  • Stay ahead of legislative, executive, and judicial tax developments.
  • Maintain financial models post-closing, incorporating updates to federal and state tax laws.

Financial Model Review Services

Our review services integrate specialist analysis with software-driven diagnostics to mitigate financial model risks. We offer:

Model Scan

  • Rapid diagnostic of model risks—both formulaic and commercial.
  • Ideal for sell-side models being relied upon by investors.

Commercial Model Review

  • Non-formulaic review of commercial assumptions, key inputs, and outputs.
  • Focus on cash flow waterfalls, revenue & expense modeling, and contractual mechanisms.

Model Evaluation Procedures

  • Targeted formula review tailored to high-risk areas.
  • Selective in-depth review of complex Excel formulas and model logic.
  • Cost-effective alternative to a full model audit during time-sensitive deal processes.

Full Model Review

  • Comprehensive formulaic validation of financial models.
  • Ensures no hidden formula errors that could impact valuation and decision-making.
  • More economical alternative to a full model audit.

Tracking model maintenance.

Leo Berwick can perform a comprehensive review of all US tax components in your financial model during the life cycle of an investment. We can ensure that all tax calculations and assumptions are consistently reflected post-closing and incorporate all updates toUS federal and state income tax laws, business activities, or other material changes to asset performance.

Let’s work together.

You want an M&A expert who gets it. A commercially minded expert who understands deals. A partner who shares your drive for minimizing risk, maximizing value, and accelerating returns.

That’s Leo Berwick. The first call you make for any deal.

Get In Touch