Walk me through a basic LBO model

You might want to add a bit more detail if just asked to explain it verbally. See below for the steps:

Make assumptions for entry and exit multiples, debt / equity ratio, interest rate and hold period

Create a sources and uses table and determine Sponsor Equity

Adjust the balance sheet for the new debt and equity figures. Also, add in Goodwill on the Assets to make both sides balance

Project out all three financial statements, determine FCF for each year

Calculate exit valuation based on exit multiple and calculate equity return