Target has a large cash balance, but a lot of cash is required to run the business. If I modeled a take private LBO, I'd use "Balance Sheet Cash: Current Cash Less Min Cash" in the Sources column, and I would have a "Fund Cash Balance: Min Cash" in the Uses column.

Does that make sense in a takeover of an SMB? What's the "right" way to model balance sheet cash in these transactions?

Somehow I'd think a seller would just say, "No, that's my cash, you can't use it to pay me!"