Capital and IC
Shareable reference
Walk, restructure, or proceed while the firm still has leverage, before synergy slides eat the exclusivity clock.
Share: https://meridian.keyteller.com/use-cases/kill-criteria-for-a-portfolio-bet
A practical example
HarborField is an 11-site HVAC rollup. Thesis is one dispatch system plus 400 bps of labor from routing already in two shops. Week two: the top customer is 28% of revenue with a change-of-control termination right, dispatch works at 2 of 11 sites, and IP assignment is missing for two contractors. Recommendation: walk, or restructure with a concentration holdback and a site-by-site proof gate. Do not spend weeks 3-7 on synergy slides after the deal is already dead.
What you leave with. A dated kill sheet: walk, reprice, or proceed, with the gates that still have leverage.
Not this. A keyword search of MSAs or a week-seven risks appendix with no call. Calendar for this class of work is measured in weeks, not hours.
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