At first glance, Smith & Nephew (SN.) is the type of business you’d be interested in owning a slice of. It makes things that solve problems and improve people’s lives that not too many other companies do. It is also very profitable. After a period of struggling to move forward, a new chief executive looks like he is moving the company in the right direction again. He has a reputation of being a dealmaker, which begs the question as to whether he will turn the company into a healthcare giant or end up selling it to someone else.