When might a working capital adjustment occur after a business acquisition?

A working capital adjustment typically occurs in the context of a business acquisition to ensure that the financial health of the acquired company is consistent with what was projected during the negotiation phase. This adjustment is generally made to rectify discrepancies in the working capital that might affect the ongoing operations of the business.

In this case, a working capital adjustment would be necessary if there is an observed inventory shortfall. An inventory shortfall can indicate that the company does not have enough stock to meet its operational requirements or sales commitments, which can directly impact cash flow and overall business performance. Therefore, addressing this shortfall through a working capital adjustment is crucial for the acquirer to maintain stability and continue operations without disruption.

The other options do not directly relate to immediate financial adjustments tied to the core operational health of the business post-acquisition. Changes in management training needs, employee salary increases, or a seller’s decision to withdraw from an agreement are more about personnel management or contractual obligations rather than the financial standing or operational capabilities that working capital adjustments address. Therefore, the correct answer reflects a scenario where the business's operational capacity might require immediate financial remediation through working capital adjustments.