Assess whether related-party sales should be backed out of valuation (41e4f5)

SITUATION A family-office reviewing a manufacturing target cannot treat add-backs that are just delayed opex as incidental context on post-merger systems-integration risk register. Working-capital true-up analyst must close related-party sales should be from that extract under M&A Due Diligence / People and Contracts.

DECISION Working-capital true-up analyst in a family-office reviewing a manufacturing target must choose Proceed / Reprice / Walk / Hold using post-merger systems-integration risk register after add-backs that are just delayed opex.

HYPOTHESES TO TEST 1. Authorize Proceed now; post-merger systems-integration risk register already has the discriminator after add-backs that are just delayed opex. 2. Keep Reprice in force until post-merger systems-integration risk register is completed after add-backs that are just delayed opex for working-capital true-up analyst. 3. Treat post-merger systems-integration risk register as Walk because both readings appear after add-backs that are just delayed opex. 4. Refuse a M&A Due Diligence close: working-capital true-up analyst does not have the decision related-party sales should be turns on in post-merger systems-integration risk register.

ANALYSIS REQUIRED 1. Name the document working-capital true-up analyst still needs before signing. 2. Test whether add-backs that are just delayed opex is a diligence gap, a price chip, or a walk-away. 3. Separate a one-off add-back from a recurring earnings issue in post-merger systems-integration risk register. 4. For this M&A Due Diligence People and Contracts file, read post-merger systems-integration risk register against add-backs that are just delayed opex and write the one fact that would move related-party sales should be for working-capital true-up analyst.

RECOMMENDATION Choose Proceed / Reprice / Walk / Hold on this M&A Due Diligence / People and Contracts packet (post-merger systems-integration risk register after add-backs that are just delayed opex). The follow-on People and Contracts action is what working-capital true-up analyst 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 post-merger systems-integration risk register, then the action for working-capital true-up analyst - Hypothesis scorecard against post-merger systems-integration risk register: supported / rejected / untestable - What changes related-party sales should be if add-backs that are just delayed opex is later withdrawn - Named option among Proceed, Reprice, Walk and the fact that kills the others