Assess whether related-party sales should be backed out of valuation (f0ea67)

SITUATION A PE platform evaluating a founder-led SaaS add-on cannot treat a peg set at a seasonal high as incidental context on QoE add-backs the seller marked 'normalized'. Buy-side QoE lead must close related-party sales should be from that extract under M&A Due Diligence / Earnings and Revenue Quality.

DECISION Buy-side QoE lead in a PE platform evaluating a founder-led SaaS add-on must choose Proceed / Reprice / Walk / Hold using QoE add-backs the seller marked 'normalized' after a peg set at a seasonal high.

HYPOTHESES TO TEST 1. QoE add-backs the seller marked 'normalized' reads as Proceed once a peg set at a seasonal high is lined up to the same M&A Due Diligence population. 2. QoE add-backs the seller marked 'normalized' is closer to Reprice after a peg set at a seasonal high; Proceed would over-claim this Earnings and Revenue Quality extract. 3. Walk is still live in QoE add-backs the seller marked 'normalized' for buy-side QoE lead in a PE platform evaluating a founder-led SaaS add-on. 4. QoE add-backs the seller marked 'normalized' is missing the fact buy-side QoE lead needs after a peg set at a seasonal high; stop this M&A Due Diligence close.

ANALYSIS REQUIRED 1. Test whether a peg set at a seasonal high is a diligence gap, a price chip, or a walk-away. 2. Separate a one-off add-back from a recurring earnings issue in QoE add-backs the seller marked 'normalized'. 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 Earnings and Revenue Quality file, read QoE add-backs the seller marked 'normalized' against a peg set at a seasonal high and write the one fact that would move related-party sales should be for buy-side QoE lead.

RECOMMENDATION Buy-side QoE lead should take Reprice on related-party sales should be unless QoE add-backs the seller marked 'normalized' after a peg set at a seasonal high already proves Proceed for this Earnings and Revenue Quality packet in a PE platform evaluating a founder-led SaaS add-on. Keep Walk live only while QoE add-backs the seller marked 'normalized' is missing the decision related-party sales should be turns on. The working test on QoE add-backs the seller marked 'normalized' is whether Test whether a peg set at a seasonal high is a diligence gap, a price chip, or a walk-away.

COMMAND RETURNS - Bottom-line M&A Due Diligence option on related-party sales should be, then the evidence in QoE add-backs the seller marked 'normalized', then the action for buy-side QoE lead - Hypothesis scorecard against QoE add-backs the seller marked 'normalized': supported / rejected / untestable - Regulatory or exam hook Earnings and Revenue Quality would cite - Earnings and Revenue Quality finding in QoE add-backs the seller marked 'normalized' that a second reviewer can re-perform