Term Sheet / SAFE Note Review

Term sheet review is the critical analysis of the investor's term sheet before the founder accepts it — the valuation and the pre-money, the instrument and the conversion, the liquidation preference, the anti-dilution, the board and the control, the reserved matters, the drag-along and the tag-along, the information rights, and the conditions precedent. The review reads the term sheet from the founder's side and negotiates the terms that the full documents will make binding.

The term sheet is the summary of the deal, and its terms become the shareholders' agreement and the other documents — so the review is where the deal's economics and control are actually decided. The valuation headline, the liquidation preference that decides who gets paid first, the anti-dilution that protects the investor's price, the board and the vetoes that decide the control — each term is read against the founder's interest, and each is negotiated before the documents are drafted.

The cost of an un-reviewed term sheet is the deal that the founder signed without understanding: the liquidation preference that takes the exit, the anti-dilution that dilutes the founders, the reserved matters that block the company — each a term that was in the summary and never negotiated.

This service is for founders and companies receiving term sheets. We review the term sheet term by term from the founder's side, identify the value and the control implications, negotiate the terms with the investor and the advisers, and redline the document so the full agreements are built on the terms the founder understood and accepted.