What happens after a term sheet is signed? Gene
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Posted On: 07/20/2019 10:09:35 AM
What happens after a term sheet is signed?
General description of the process:
https://www.inc.com/christopher-mirabile/basi...anics.html
Excerpt:
Your Ticket to Ride
Once a term sheet is signed it is usually intended to be open for a stated period of time and becomes the basis on which other investors in the deal syndicate are solicited. (More about the syndication process in future installments of this series.) Sometimes a later investor will insist on changes to the term sheet in exchange for becoming involved. However, later investors will generally give deference to the deal lead who authored the term sheet and it will survive the syndication process unchanged. Once enough money has been pledged to the round, counsel for investors and the company will begin working on the definitive documents. When those definitive documents are completed, the term sheet has served its purpose of memorializing the fragile initial agreement and becomes nothing more than a souvenir of that magical moment when it first looked like someone might actually believe in you and your vision.
Christopher Mirabile (@cmirabile) is the Chair of the Angel Capital Association and an early stage investor in Boston MA, USA. He is the co-Managing Director of Launchpad Venture Group and the co-Founder of angel portfolio management tool www.Seraf-Investor.com.
General description of the process:
https://www.inc.com/christopher-mirabile/basi...anics.html
Excerpt:
Your Ticket to Ride
Once a term sheet is signed it is usually intended to be open for a stated period of time and becomes the basis on which other investors in the deal syndicate are solicited. (More about the syndication process in future installments of this series.) Sometimes a later investor will insist on changes to the term sheet in exchange for becoming involved. However, later investors will generally give deference to the deal lead who authored the term sheet and it will survive the syndication process unchanged. Once enough money has been pledged to the round, counsel for investors and the company will begin working on the definitive documents. When those definitive documents are completed, the term sheet has served its purpose of memorializing the fragile initial agreement and becomes nothing more than a souvenir of that magical moment when it first looked like someone might actually believe in you and your vision.
Christopher Mirabile (@cmirabile) is the Chair of the Angel Capital Association and an early stage investor in Boston MA, USA. He is the co-Managing Director of Launchpad Venture Group and the co-Founder of angel portfolio management tool www.Seraf-Investor.com.
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