CHAPTER 15
TRANSACTION PHASE 1: TERM SHEET
Everything is negotiable. Whether or not the negotiation is easy is another thing.
—Carrie Fisher1
Once you engage in discussions with one or more potential acquirers about the prospect of selling your startup, you have officially entered the first of the two phases of the short game, which I refer to as the Term Sheet phase. As you would suspect, this phase encompasses all that transpires between those discussions and when you have a signed term sheet. The term sheet, which you sometimes hear referred to as the letter of intent, or LOI for short, memorializes the general terms and conditions for the sale of your startup. It is not a boilerplate, click-through contract, but a highly negotiated document ...
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