Joon Holdings
Finance · Pro forma · Partnership structuring
A four-tab capital workbook that turns a partnership into a structured business.
Joon Holdings needed a financial model that could survive scrutiny from partners, lenders, and operators. Shelter 84 built it.
The problem
Joon Holdings sits across multiple revenue streams and ownership stakes. Tracking it on a single Notion page or in someone's head was the original setup. That worked at the smallest scale and broke the moment a real conversation with a partner or lender opened up.
The need: a real financial model. Not a Notion table dressed up with formulas. An actual workbook with capital structure clearly visualized, a 12-month pro forma with working math under every cell, partnership profit splits modeled across multiple scenarios, and the whole thing legible enough that a non-finance person could open it and understand the business.
Off-the-shelf templates don't work for this. Each business has its own capital structure, its own partnership terms, its own scenario logic. The model has to be built specifically.
What we built
Tab 1: Capital structure
- Visual breakdown of every contribution, every stake, every preferred return.
- Color-coded by partner type (operator, capital, sweat equity).
- Auto-summed totals that update as inputs change.
- Notes column tied to the operating agreement so the model and the legal document stay in sync.
Tab 2: 12-month pro forma
- Live, formula-driven across every cell. No hard-coded numbers in output rows.
- Revenue assumptions modeled by line of business with monthly granularity.
- Expense assumptions categorized and tied to revenue or fixed.
- Cash flow, P&L, and basic balance sheet all flowing from the same input set.
- Edit one input, every downstream cell recalculates.
Tab 3: Profit-split model
- Partnership distribution waterfall built from the operating agreement terms.
- Preferred returns calculated automatically.
- Carried interest tier tracked per partner.
- Scenario inputs let the model run profit splits at low, mid, and high revenue cases.
Tab 4: Scenarios
- Eight pre-built scenarios with editable inputs.
- Best case, base case, conservative case, plus partner-specific stress tests.
- Output tables that summarize what each partner takes home in each scenario.
- Designed to be a conversation tool, not just a forecast.
Why it works
Most financial models built by analysts are unreadable by anyone except the analyst. Most spreadsheets built by founders break the moment they're handed off.
The Joon Holdings workbook was designed to survive both. Every formula is documented inline. Every assumption is labeled. Color coding makes the input cells obvious so non-finance people can update them without breaking anything.
The other reason it works: the partnership structure was modeled honestly. We didn't build a model that flatters one partner over another. The waterfall reflects exactly what the operating agreement says, which makes it usable as a partnership-level conversation tool, not just an internal forecast.
Where it stands
In active use by the Joon Holdings partners.
The model has been used in partner conversations, capital-raise discussions, and ongoing operational decisions. As the business has grown, the workbook has been extended without being rebuilt — which was the design goal.
What this case study proves about Shelter 84
We do financial modeling. Not because every brand needs it, but because real businesses do.
For founders raising capital, restructuring partnerships, or making operational decisions that hinge on numbers, a real model is the difference between guessing and knowing. We can build that model alongside the brand, the store, and the ops layer.
If you're a partnership-structured business, a real estate operator, or a founder going into a fundraise, this is a service we offer that most brand studios don't.
Need a model that holds up? Schedule a call.