Assess whether related-party sales should be backed out of valuation (4281e1)

SITUATION After a founder who will not sign a non-compete, revenue-quality bridge from bookings to cash is what carve-out separation lead can touch in a PE platform evaluating a founder-led SaaS add-on. M&A Due Diligence will live with Proceed versus Reprice on this Separation and Integration file.

DECISION Carve-out separation lead in a PE platform evaluating a founder-led SaaS add-on must choose Proceed / Reprice / Walk / Hold using revenue-quality bridge from bookings to cash after a founder who will not sign a non-compete.

HYPOTHESES TO TEST 1. Authorize Proceed now; revenue-quality bridge from bookings to cash already has the discriminator after a founder who will not sign a non-compete. 2. Keep Reprice in force until revenue-quality bridge from bookings to cash is completed after a founder who will not sign a non-compete for carve-out separation lead. 3. Treat revenue-quality bridge from bookings to cash as Walk because both readings appear after a founder who will not sign a non-compete. 4. Refuse a M&A Due Diligence close: carve-out separation lead does not have the decision related-party sales should be turns on in revenue-quality bridge from bookings to cash.

ANALYSIS REQUIRED 1. Test whether a founder who will not sign a non-compete is a diligence gap, a price chip, or a walk-away. 2. Separate a one-off add-back from a recurring earnings issue in revenue-quality bridge from bookings to cash. 3. Map reps, earnout mechanics, and integration risk a PE platform evaluating a founder-led SaaS add-on would inherit. 4. For this M&A Due Diligence Separation and Integration file, read revenue-quality bridge from bookings to cash against a founder who will not sign a non-compete and write the one fact that would move related-party sales should be for carve-out separation lead.

RECOMMENDATION Choose Proceed / Reprice / Walk / Hold on this M&A Due Diligence / Separation and Integration packet (revenue-quality bridge from bookings to cash after a founder who will not sign a non-compete). The follow-on Separation and Integration action is what carve-out separation lead does next: implement the option, assign an owner, and log the missing fact.

COMMAND RETURNS - Bottom-line M&A Due Diligence option on related-party sales should be, then the evidence in revenue-quality bridge from bookings to cash, then the action for carve-out separation lead - Hypothesis scorecard against revenue-quality bridge from bookings to cash: supported / rejected / untestable - Owner and next date for carve-out separation lead in a PE platform evaluating a founder-led SaaS add-on - What changes related-party sales should be if a founder who will not sign a non-compete is later withdrawn