The first job in add-on acquisition is not to underwrite every interesting company. It is to triage. A disciplined acquirer separates targets that fit the thesis now, targets worth monitoring, and targets that should be passed with the reason documented.

Go/watch/pass triage keeps sourcing focused. It forces the buyer to define a thesis box, score strategic fit, assess whether the timing is actionable, estimate competitive intensity, and identify the diligence questions that must be answered before deeper underwriting.

In this topic, you'll build a repeatable screening scorecard, define watch-to-go triggers, distinguish proprietary add-ons from auctioned deals, identify walk-away signals, and package go targets for escalation to valuation, lending, and CFO advisors.