Cohort 2610 Application

Apply to the MergeWorks M&A Fellowship

12 weeks. Deal-work from Week 2. Real LOIs by Week 6. Real capstone by Week 12. Not a lecture series.

Read this before you apply. This application is longer than most because MergeWorks is longer than most. We've run 4 cohorts. We know exactly which weeks fellows quit on and why. The questions below are built to test for the exact traits that break at those weeks. If you cannot answer them honestly and specifically, this is not the right cohort for you — and that's a useful filter for both of us. Expect to spend 45–60 minutes on this application. Generic answers do not advance to the interview round.

1 · Who you are

First name*

Last name*

Email*

Phone (optional) For time-sensitive deal-work coordination only.

Current school + grad year, OR current role + employer* LinkedIn URL*

What Weeks 1–4 actually look like

50 sourced deals, your voice on video with real owners, and the first drop-off wall.

Week 1 Vertical assignment. Full industry research report due Friday.

Week 2 50 sourced community deals, actual spreadsheet, graded Friday.

Week 3 15 community + 15 operating targets. First MW Deal Review session.

Week 4 Live seller roleplay on the main call. 10 paired roleplays recorded outside the call.

Where fellows drop off in Weeks 1–4 The "sourcing wall" at Week 2 and the "voice wall" at Week 4. In prior cohorts, roughly 1 in 4 fellows who were going to drop out did so between Week 2 and Week 4. The pattern is identical: enthusiastic in Week 1, overwhelmed in Week 2 when 50 deals have to actually ship, embarrassed in Week 4 when they realize they have to be on camera roleplaying as a buyer. The questions below are built to screen for this.

2 · Have you done the work before?

We are not looking for prior M&A experience. We are looking for proof that you have ever actually shipped something, talked to a stranger for a professional reason, and know what adjusted EBITDA means.

Have you ever cold-called, DM'd, or emailed a stranger for a professional purpose?*

Yes, regularly Yes, a few times No, never

If yes, describe one specific instance in 3–6 sentences. If no, explain what has stopped you.* Specifics: who, what channel, what was the ask, what happened. "I did outreach for my college club" is not a specific instance. Describe one thing you have personally built or shipped — any scale.* A side project, a report that moved a decision, a club you started, a product you launched, a deal you sourced. Not team projects where you were a contributor. Specifically what did you make exist. 150–300 words.

Case prompt · attempt it even if you're not sure A seller shows $1.2M in revenue and $380K in reported EBITDA. In the first call they casually mention that $80K of that figure includes the owner's personal car lease, their family health insurance, and a $45K "salary" paid to the owner's spouse who does not work in the business. What is the adjusted EBITDA, and why? Walk through your logic — show how you'd defend each adjustment to a seller who might push back.

Your answer to the EBITDA case* A wrong-but-reasoned answer scores higher than a vague one. If you've never seen EBITDA before, say so and reason from first principles anyway.

What Weeks 5–8 actually look like

Mandatory 1:1 with MW. First LOI on a real deal. The financial-model wall.

Week 5 Mandatory 30-min 1:1 with MW. First recorded 12-question owner interview on video.

Week 6 First real LOI drafted via the portal LOI Builder on a no-SBA creative stack. Monetization Roadmap in Canva.

Week 7 Financial DD. P&L normalization. Add-backs. Owner-comp adjustments. Group memo due.

Week 8 Operational + customer DD. 15-signal red-flag framework. Value-creation list.

Where fellows drop off in Weeks 5–8 The "model wall" at Week 7 is the hardest week in the cohort. Fellows who have never built a financial model, never read a messy owner P&L, and never had to defend a number live on a call hit a confidence crash here. In prior cohorts, roughly 1 in 6 drop at Week 7. This is survivable with grit, but we need to know you have it before Week 7, not after.

3 · Why this specific cohort

Which track?*

Standard Track · Fridays 5:30–7:00 PM EST · 8–12 hrs/wk · community acquisitions ($5M and under) as training reps. Best for undergrads + early-career professionals. Advanced Track · Fridays 7:00–8:30 PM EST + weekly 1:1 · 10–15 hrs/wk · $20M–$50M live MergeWorks deals from Day 1 · QoE prep, full-stack DD, investor-ready target list. For MBA students + working professionals with 2+ years of relevant experience.

Why this specific track? What will you contribute?* 250–500 words. Reference something specific about the track you picked. Reference something specific about yourself. Generic "I love entrepreneurship" essays do not advance. Target vertical / industry (first choice)* What specific industry are you most interested in sourcing acquisitions in? Specific is better. "Home services" > "small businesses." "Dentistry in the Carolinas" > "healthcare." List your top 3 strengths with proof.* Format each: what it is · how you apply it · a specific outcome. Example: "Content creation — Produced 50+ short-form videos for a SaaS brand, grew their LinkedIn following by 3,000 in 3 months." We're looking for how you self-assess, not for a highlight reel.

What Weeks 9–12 actually look like

IC memo. Data room. Capstone presentation live to MW leadership. Reference letter + Co-Sourcer offers extended.

Week 9 Investor readiness. Pitch deck + investor pipeline + 5–10 min capstone video walkthrough.

Week 10 How MW funds deals · capital-stack literacy · the 216 creative funding strategies.

Week 11 Internal M&A operating system. SOPs for screening, DD, LOI workflow. AI agent prompt library.

Week 12 Capstone Day. Live IC presentation to MW leadership + select portfolio operators. Co-Sourcer offers extended.

What finishing actually means A completed capstone that MW can act on. A reference letter from Chien or Trisha. Deposit refunded. Co-Sourcer tier eligible if you performed. Top performers return as Trainers / Lead Future Cohorts. Fellows who miss 3 or more Friday sessions do not finish — regardless of effort elsewhere.

4 · Can you be in the room?

Tick every Friday session you can attend live. Missing 3+ = failed cohort, no deposit refund. If you can't honestly tick at least 10 of these, this is not the right cohort for you.

5 · The honesty question

What would realistically cause you to drop out mid-program?* The honest answer is a signal of self-awareness, not a disqualifier. "I don't know" is not an acceptable answer. "Finals week in December if my grades slip" is. "A full-time job offer with a Dec 1 start date I haven't told my employer about yet" is. Everyone has a breaking point — tell us yours so we can design around it.

Acknowledgments · tick all 3 to submit

I understand there is a $500 enrollment deposit payable at acceptance. It is refunded on completion. If I withdraw early, the deposit is not refunded — I may re-apply for a future cohort instead. I understand that missing 3 or more Friday sessions means I fail the cohort — no deposit refund, no reference letter, no completion credit. I understand this is a deal-work heavy program, not a lecture series. I am committing to the weekly outreach calls, the paired roleplay recordings, the live owner interviews on video, the real LOI drafting, the financial DD model, and the live capstone presentation.