Assess whether IP is owned or merely licensed (09e74d)

Situation

The Separation and Integration desk packet is regulatory-approval critical-path calendar after add-backs that are just delayed opex. Carve-out separation lead in a PE platform evaluating a founder-led SaaS add-on must name IP is owned or Merely licensed for this M&A Due Diligence file. Carve-out separation lead in a PE platform evaluating a founder-led SaaS add-on has to name IP is owned or Merely licensed for this M&A Due Diligence Separation and Integration file.

Decision

Carve-out separation lead in a PE platform evaluating a founder-led SaaS add-on must choose IP is owned / Merely licensed using regulatory-approval critical-path calendar after add-backs that are just delayed opex.

Hypotheses to test

• Authorize IP is owned now; regulatory-approval critical-path calendar already has the discriminator after add-backs that are just delayed opex.
• Keep Merely licensed in force until regulatory-approval critical-path calendar is completed after add-backs that are just delayed opex for carve-out separation lead.
• Treat regulatory-approval critical-path calendar as IP is owned because both readings appear after add-backs that are just delayed opex.
• Refuse a M&A Due Diligence close: carve-out separation lead does not have the page IP is owned or merely licensed turns on in regulatory-approval critical-path calendar.

Analysis required

• Name the document carve-out separation lead still needs before signing.
• Test whether add-backs that are just delayed opex is a diligence gap, a price chip, or a walk-away.
• Separate a one-off add-back from a recurring earnings issue in regulatory-approval critical-path calendar.
• For this M&A Due Diligence Separation and Integration file, read regulatory-approval critical-path calendar against add-backs that are just delayed opex and write the one fact that would move IP is owned or merely licensed for carve-out separation lead.

Recommendation

Choose IP is owned / Merely licensed on this M&A Due Diligence / Separation and Integration packet (regulatory-approval critical-path calendar after add-backs that are just delayed opex). 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.