Assess whether working capital should be a walk-away (f18bd9)

SITUATION QoE add-backs the seller marked 'normalized' arrived with a QoE that cannot tie revenue to bank cash. IP diligence counsel's financial counterpart in a family-office reviewing a manufacturing target still has an evidence gap on whether working capital should be a walk-away.

DECISION IP diligence counsel's financial counterpart in a family-office reviewing a manufacturing target must choose Proceed / Reprice / Walk / Hold using QoE add-backs the seller marked 'normalized' after a QoE that cannot tie revenue to bank cash.

HYPOTHESES TO TEST 1. IP diligence counsel's financial counterpart can defend Proceed from QoE add-backs the seller marked 'normalized' after a QoE that cannot tie revenue to bank cash in a M&A Due Diligence challenge. 2. IP diligence counsel's financial counterpart cannot defend Proceed from QoE add-backs the seller marked 'normalized'; Reprice is what the extract actually supports after a QoE that cannot tie revenue to bank cash. 3. A QoE that cannot tie revenue to bank cash never reached the population in QoE add-backs the seller marked 'normalized' — reopen intake, do not close working capital should be. 4. Two facts in QoE add-backs the seller marked 'normalized' after a QoE that cannot tie revenue to bank cash conflict for IP diligence counsel's financial counterpart; hold this Separation and Integration file.

ANALYSIS REQUIRED 1. Tie quality-of-earnings, working-capital, and contingent items in QoE add-backs the seller marked 'normalized' to working capital should be. 2. Name the document IP diligence counsel's financial counterpart still needs before signing. 3. Test whether a QoE that cannot tie revenue to bank cash is a diligence gap, a price chip, or a walk-away. 4. For this M&A Due Diligence Separation and Integration file, read QoE add-backs the seller marked 'normalized' against a QoE that cannot tie revenue to bank cash and write the one fact that would move working capital should be for IP diligence counsel's financial counterpart.

RECOMMENDATION Choose Proceed / Reprice / Walk / Hold on this M&A Due Diligence / Separation and Integration packet (QoE add-backs the seller marked 'normalized' after a QoE that cannot tie revenue to bank cash). The follow-on Separation and Integration action is what IP diligence counsel's financial counterpart does next: implement the option, assign an owner, and log the missing fact.

COMMAND RETURNS - Bottom-line M&A Due Diligence option on working capital should be, then the evidence in QoE add-backs the seller marked 'normalized', then the action for IP diligence counsel's financial counterpart - Hypothesis scorecard against QoE add-backs the seller marked 'normalized': supported / rejected / untestable - Owner and next date for IP diligence counsel's financial counterpart in a family-office reviewing a manufacturing target - What changes working capital should be if a QoE that cannot tie revenue to bank cash is later withdrawn