Assess whether management can run this without the founder (dddd8f)

SITUATION People and Contracts work in a health-system acquiring a specialty practice now turns on management can run this because add-backs that are just delayed opex put regulatory-approval critical-path calendar in play. Carve-out separation lead should say what regulatory-approval critical-path calendar proves.

DECISION Carve-out separation lead in a health-system acquiring a specialty practice must choose Proceed / Reprice / Walk / Hold using regulatory-approval critical-path calendar after add-backs that are just delayed opex.

HYPOTHESES TO TEST 1. Carve-out separation lead can defend Proceed from regulatory-approval critical-path calendar after add-backs that are just delayed opex in a M&A Due Diligence challenge. 2. Carve-out separation lead cannot defend Proceed from regulatory-approval critical-path calendar; Reprice is what the extract actually supports after add-backs that are just delayed opex. 3. Add-backs that are just delayed opex never reached the population in regulatory-approval critical-path calendar — reopen intake, do not close management can run this. 4. Two facts in regulatory-approval critical-path calendar after add-backs that are just delayed opex conflict for carve-out separation lead; hold this People and Contracts file.

ANALYSIS REQUIRED 1. Test whether add-backs that are just delayed opex is a diligence gap, a price chip, or a walk-away. 2. Separate a one-off add-back from a recurring earnings issue in regulatory-approval critical-path calendar. 3. Map reps, earnout mechanics, and integration risk a health-system acquiring a specialty practice would inherit. 4. For this M&A Due Diligence People and Contracts file, read regulatory-approval critical-path calendar against add-backs that are just delayed opex and write the one fact that would move management can run this for carve-out separation lead.

RECOMMENDATION Choose Proceed / Reprice / Walk / Hold on this M&A Due Diligence / People and Contracts packet (regulatory-approval critical-path calendar after add-backs that are just delayed opex). The follow-on People and Contracts 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 management can run this, then the evidence in regulatory-approval critical-path calendar, then the action for carve-out separation lead - Hypothesis scorecard against regulatory-approval critical-path calendar: supported / rejected / untestable - What changes management can run this if add-backs that are just delayed opex is later withdrawn - Named option among Proceed, Reprice, Walk and the fact that kills the others