Key Takeaways

- A great financial model is a 5-year, 3-statement (income, balance sheet, cash flow) monthly projection with detailed revenue formula representation

- Present models strategically as a numerical narrative, focusing on high-level strategy and creating space for investor questions/concerns

- Balance attractiveness and reasonability in projections; under-promise and over-deliver is often preferable

- Common pitfalls: "magic growth" without details, single-statement models, and unrealistic revenue predictions