What Northwind actually sells.
The value-creation sheet describes the moves the firm makes that clients pay for — distinct from the deliverables those moves produce.
Sheet abbreviated in the public sample. Identifying detail about Northwind’s clients and counterparties has been omitted; the structural argument is preserved in §§ 02–04 below.
The full sheet documents what Northwind sells across three registers — institutional advisory engagements, project work, and licensed instruments — and the distinct value mechanism each one creates. The sheet’s working claim is that the firm has been selling advisory time on paper while actually selling named senior judgement, and that the gap between the two is what limits the firm’s leverage.