Before the Lawyers Show Up: What Founders Must Lock Down.”

7. Don’t wait for a term sheet. Start with a handshake agreement before dragging lawyers into the room.

6. Lawyers give you confidence that the deal is done right—peace of mind worth both the time and the money.

5. Never finalize a deal until after your attorneys have written it up.

4. If you wait for a term sheet first, the negotiation becomes the term sheet instead of the actual business relationship you wanted.

3. Talk through the entire deal before lawyers get involved—that’s how you preserve the spirit of the agreement.

2. Three crucial details drive everything: How much is invested? How and when is it returned? And how does the company protect the investor?

1. If you skip having a real business agreement, the investor’s lawyer will draft terms that tilt heavily in their favor.

What’s the biggest deal lesson you learned the hard way?