By Jacob Murad (March 5, 2024, 11:22 AM EST) -- In my work as a mergers and acquisitions lawyer, I have noticed there is a concept that is consistently argued about at every stage of negotiations including after a transaction closes — the concept of “working capital” in business transactions. The trouble with the term is its malleability in definitions: it is an accounting term, used by those who operate businesses, but drafted in legal documents by lawyers who understand neither. Let’s start at the beginning....