{"id":206,"date":"2023-01-18T21:23:17","date_gmt":"2023-01-18T21:23:17","guid":{"rendered":"https:\/\/blog.mazoudier.com\/?p=206"},"modified":"2023-01-18T21:23:17","modified_gmt":"2023-01-18T21:23:17","slug":"term-sheet-clauses-you-should-expect-in-moments-of-crisis","status":"publish","type":"post","link":"https:\/\/blog.mazoudier.com\/index.php\/2023\/01\/18\/term-sheet-clauses-you-should-expect-in-moments-of-crisis\/","title":{"rendered":"Term sheet clauses you should expect in moments of crisis"},"content":{"rendered":"\n

Startup founders, if you thought the fundraising landscape was challenging before, the past few months have been getting even more brutal. As desperation and fear rise, investors come back with not-so-new term sheet clauses designed to benefit them and leave founders at a disadvantage.<\/p>\n\n\n\n

These term sheets aren’t new. I survived three different crises, and (sadly) little has changed: dirty terms have been a part of the VC landscape for a long time and seem to re-emerge in every downturn. Unsurprisingly, they benefit investors by overprotecting them on the downside while ensuring they also get more prosperous outcomes, while founders get harsher terms and usually a higher risk of getting crushed.<\/p>\n\n\n\n

Let\u2019s get it straight: VC funding is the harshest form of capital you can raise. You can criticise all you want, search for alternative funding sources (recommended: RBF is on fire, for instance), hope for the best, or learn how the game works and the different terms you\u2019re likely to be offered<\/strong> today. <\/p>\n\n\n\n

My worst scenario: investors playing the clock. <\/strong><\/p>\n\n\n\n

Most founders don\u2019t even realise they\u2019re being played. Investors slow down the pace of the entire funding process to a grinding halt, add steps, bring in more people, more due diligence, more checks, more\u2026everything. This typically ends with founders running out of cash, getting desperate and accepting any terms by then – simple equation, accept this, or your startup dies. Experienced investors play that game oh too well,<\/em> and most founders don\u2019t even realise it until it\u2019s too late.\u00a0<\/p>\n\n\n\n

The only tool you have is information. You must define your timeline<\/strong> and avoid the clock game, set the minimum (and immovable) terms, negotiate assiduously, and ensure you always have enough alternative investors as plan B. Good investors exist but are rare – it\u2019s your job to find them and set the terms straight from the get-go.<\/p>\n\n\n\n

We talk extensively about term sheet clauses that can kill your startup<\/a> during our Fundraising Bootcamp<\/a>, and in moments of crisis like now, this module alone is a lifesaver for many.<\/p>\n\n\n\n

Without further ado, here are some term sheet clauses you should be expecting to deal with in moments of crisis:<\/p>\n\n\n\n

Full-ratchet anti-dilution <\/strong><\/h3>\n\n\n\n

Pro-rata anti-dilution is common. It\u2019s designed to protect investors from a later “down round” (the company raises money at a lower valuation in a future round). I know it doesn\u2019t exactly make your investor a true partner, there for you, for good and bad times as they claim to be, but\u2026 that\u2019s another topic. Down round? You send them some of your shares to compensate for the loss between the valuation they came in at and the next round<\/strong>. However, it\u2019s a typical clause, so expect it.\u00a0<\/p>\n\n\n\n

The dirty version is the “full ratchet” version, and it\u2019s propping its ugly head up again during these hard times. And you must not accept it. To keep it short: instead of sending some of your shares to the investors to compensate for their \u2018lost\u2019 value, you send them shares for the entire amount invested. No pro-rata. It\u2019s 100% of the investment you return from your shares (only). <\/p>\n\n\n\n

It’s a famous clause, as it has wiped out entire cap tables, leaving founders with nothing (I mean it: zero per cent) at exit time. Now you know.<\/p>\n\n\n\n

If you want the entire math of the anti-dilution clause and how it turns ugly, head over to this great article by Tim Wilson, from SeedCamp<\/a>.<\/p>\n\n\n\n

Multiple Liquidation Preferences<\/strong><\/h3>\n\n\n\n

Multiple liquidation preferences is a clause that gives priority to the investor when the company is being liquidated, guaranteeing that they will get paid first \u2013 before everyone else, including founders and previous investors. <\/p>\n\n\n\n

This clause can (and will) reduce the money founders and team receive, usually significantly, especially if the exit price is moderate (say \u00a350m – \u00a3250m, the vast majority of exits here in Europe).<\/p>\n\n\n\n

Today some rogue investors will try and demand a 2x liquidation preference (we heard of a 6x already!), meaning they\u2019ve doubled their money before anybody gets one dollar out of the company sale proceeds. <\/p>\n\n\n\n

The dirty trick: piling these preferences (two or three investors in each round, times 2 or 3 funding rounds) and adding some interest on the funds paid out to founders. Result: even with a \u00a3100m-200m value at exit, founders still leave with nothing. It’s crazy.<\/p>\n\n\n\n

Participating liquidation preference (aka Double Dipping)<\/strong><\/h3>\n\n\n\n

This one\u2019s also known for being pushed today. And for taking out most (or all) exit proceeds, leaving founders with little\u2026or nothing at all. Investors usually have an option: get a fixed, guaranteed multiple of their investment by the end of a period or convert their shares into common shares and sell them alongside the founders\/team.\u00a0<\/p>\n\n\n\n

With the participating preferred, the investor gets to “double dip” by not only getting his preference but also sharing in the remaining proceeds, as if they were converted into common \u2013 further reducing the amount paid out to those who actually built the business.\u00a0<\/p>\n\n\n\n

Milestone-based tranched equity rounds<\/strong><\/h3>\n\n\n\n

Few clauses create as much uncertainty for a startup as this clause. Milestone-based tranched equity rounds are sold by investors as a \u201creward\u201d method, in which funding comes in instalments based on certain milestones being reached<\/strong>. Miss a milestone, and your next funding tranche evaporates. So founders, unsure of capital being available, play small hands, don\u2019t invest in growth, don\u2019t take risks, don\u2019t hire the best staff or spend for growth. They hold back and miss their targets a lot of times. Self-fulfilling prophecy. <\/p>\n\n\n\n

The venture category is about giving a company and its team the resources to execute, not starve them of oxygen and limit their growth. If your investor doesn\u2019t believe you can achieve it, they shouldn\u2019t invest, and you shouldn\u2019t take them on, period.<\/p>\n\n\n\n

This is a tiny sample of nasty term sheet clauses you should know, expect, and learn how to negotiate<\/strong>. There are many more, and at least eight that will rip you off, guaranteed. If you don\u2019t want to be the next victim, join us<\/a>.<\/p>\n\n\n\n

This article might sound anti-VC, and I’m 100% not. I decided to write this to remind founders that without a proper funding plan and process, you can get squeezed, offered unsavoury terms and must have the knowledge to avoid the extra pitfalls.\u00a0<\/p>\n\n\n\n

Don\u2019t blame VCs. Their job is to produce enough returns to protect their investments and investors. Don\u2019t argue, you\u2019d do the same thing if you were in their position. Learn, prepare and get ready for it – what they seek<\/a> is not what the media tells you, so face the harsh realities and be the one who gets a fair deal.<\/p>\n\n\n\n

Negotiate smartly, discuss everything with your network and fellow founders, ensure you’re not making textbook mistakes<\/a> and know every clause of the deals on your table. Times are tough, and having support from a community of startup founders and experts is more important than ever \u2013 feel free to join ours<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Check out the term sheet clauses that may be included during times of crisis and how to protect your startup’s interests through negotiation.<\/p>\n","protected":false},"author":1,"featured_media":208,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[7],"tags":[63,54,56,64,57,47,61,17,52,50,60,62,49,59,46,66,53,58,55],"class_list":["post-206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-truth-be-told","tag-alternative-funding","tag-capital","tag-crisis","tag-exit","tag-founders","tag-full-ratchet-anti-dilution","tag-fundraising","tag-investors","tag-liquidation-preferences","tag-negotiation","tag-negotiation-strategies","tag-prioritization","tag-pro-rata-anti-dilution","tag-rbf","tag-startup","tag-term-sheet-clauses","tag-timeline","tag-valuation","tag-vc-funding"],"yoast_head":"\nTerm sheet clauses you should expect in moments of crisis 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