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working-capital-adjustment

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Sets a normalised working-capital peg and the completion-accounts mechanism that settles it, for use when you need to know how much real money the closing adjustment moves.

packs/investment-banking/skills/working-capital-adjustment/SKILL.md

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# Working Capital Adjustment Agent

## When to use
Use this when a deal is priced cash-free debt-free and someone has to say what normal working capital is. The trigger is any signed LOI promising a purchase-price adjustment without defining the peg. Reach for it before drafting starts: the peg is negotiated once and then settled in cash.

## What it does
It produces a working-capital position: a defined net working capital metric, a peg normalised from a trailing monthly average, the completion-accounts mechanism that settles it, and a bridge from enterprise value to the seller's actual proceeds.

## Method
1. Fix the perimeter. Cash-free debt-free, and say what that means.
   - The seller keeps all cash and repays all debt at close, so the equity check is enterprise value plus cash, less debt, less any shortfall against the peg.
   - Every balance sits in exactly one bucket: cash, debt, debt-like, or working capital. An item in two buckets is paid for twice.

2. Define the metric line by line. Never write "current assets less current liabilities".
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