Has anyone had trouble defining minimum operating cash within transaction figures? I am negotiating an agreement with a company and I have considered that the owner can do a cash sweep before the transaction of the entire amount of the available cash minus the minimum operating cash (estimated as a % of the personnel and OPEX for one year).

I was wondering whether the EqV should be increased by this minimum operating cash or not. From what I understand this is the same concept as the avg WC adjustment in the NFD. Companies have standard WC levels as well as cash and this should not be added to the final price of the company.

Does anyone have experience or thoughts about it?