Negotiating the Term Sheet

The term sheet landed on the table at 9 a.m. sharp. Both sides had been preparing for weeks — lawyers, analysts, and a dozen spreadsheets.

Our CEO opened with a firm but friendly tone. "We believe this valuation undervalues our growth trajectory," she said. "Let us walk you through the updated forecast." The room turned its attention to the slide deck.

After four hours of back-and-forth on governance, vesting, and the option pool, we reached a number both sides could defend. A quick handshake sealed the agreement in principle. The real work of closing begins tomorrow — and the team will need more than coffee to finish it.