LGBT

Topics: Venture capital, Angel investor, Private equity Pages: 113 (29584 words) Published: October 28, 2014
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Massachusetts, with employees around the world.

TERM SHEETS &
VALUATIONS
An Inside Look at the Intricacies of Term Sheets & Valuations

By,
Alex Wilmerding

If you are interested in licensing the content in this
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materials), purchasing bulk copies for your
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please
email
store@aspatore.com or call toll free 1-866-Aspatore.
Published by Aspatore, Inc.
For information on bulk orders, classroom use, sponsorship opportunities or any other questions please email store@aspatore.com. For review information, comments, speaking inquiries or any other information regarding this book, please email info@aspatore.com.

Third Printing, 2003
10 9 8 7 6 5 4 3 2 1
Copyright  2003 by Aspatore, Inc. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, except as permitted under Sections 107 or 108 of the United States Copyright Act, without prior written permission of the publisher.

ISBN 1-58762-068-5
Library of Congress Card Number: 2001093288
Editor, Ginger Conlon, Cover design by Rachel Kashon, Kara Yates Material in this book is for educational purposes only. This book is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, investment, or any other professional service. This book is printed on acid free paper.

If you are a C-Level executive interested in submitting a manuscript to the Aspatore editorial board, please email jason@aspatore.com with the book idea, your biography, and any additional pertinent information.

TERM SHEETS &
VALUATIONS
CONTENTS
Chapter One
Term Sheet Basics

7

Chapter Two
How to Examine a Term Sheet

19

Chapter Three
A Section-by-Section View of a Term Sheet

31

Chapter Four
Valuations and the Term Sheet

82

Chapter Five
What Every Entrepreneur Needs to Know About Term
Sheets
94

Term Sheets & Valuations

7

Chapter 1
Term Sheet Basics
What Is a Term Sheet?
In the venture capital community, a term sheet outlines the
terms for a deal; it serves as a letter of intent given to a company seeking investment by a venture firm in order to
outline the proposed terms for an investment transaction
between the two parties. A term sheet has two important
functions: it summarizes all the important financial and
legal terms related to a contemplated...
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