What Investors Really Look At—And Why Some Deals Die Fast.

7. An agreement drafted solely by the investor’s lawyers almost guarantees confrontation—and can kill the deal or worse, lock you into terms that sabotage future rounds.
6. To stay fair and keep legal bills sane, founders and investors should agree on financial and operating terms before lawyers start typing.
5. The right deal works today and tomorrow—and doesn’t scare off the next round of investors.
4. That first term sheet sets the foundation for capitalizing the company. Its flexibility (or lack of it) shapes everything that follows.
3. If the cap table after the angel round is too lopsided, high-quality investors won’t touch the next round.
2. Later-stage investors don’t want their first conversation with early investors to be a hostile debate over overly protective terms.
1. Unless your business is undeniably extraordinary, new investors will walk away if cleaner deals are available—and they always are.

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