Cash-Free, Debt-Free… But Who Really Gets the Cash? Working Capital Adjustments Are the Silent Profit Killer in M&A
I’ve put together a practical playbook that explains:
  • How to set and test target working capital
  • What really happens to cash and debt in a cash-free, debt-free deal
  • How surplus cash should be handled (without sparking arguments)
  • Worked examples showing how equity value changes under each approach
Download the document here and make sure you don’t leave money on the table.
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Paul Seabridge
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Cash-Free, Debt-Free… But Who Really Gets the Cash? Working Capital Adjustments Are the Silent Profit Killer in M&A
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