Achieve Results with Training Solutions

Term Sheet Basics Seminar

You’ve met the founding team and really like the company.  Now it’s time to know if the deal is right for you.  As a new angel, you’ll need to understand the term sheet, the document that outlines the terms and conditions of the agreement between the investors and the startup.  This half-day introductory seminar provides clear, practical information on early-stage term sheets, focused on helping newer angel investors understand deal terms.  The course includes lectures, interviews and an engaging exercise for attendees, using a publicly available term sheet template for seed and early stage preferred shares deals.  The fun exercise will build your understanding of sound term sheets aligned with the interests of both entrepreneurs and early-stage investors and setting the stage for follow-on investors.  Key concepts covered in the seminar include:

• Corporate structures preferred by investors
• Advantages and disadvantages of equity versus debt and derivative alternatives
• Practical framework for the important components of term sheets
• What terms like “liquidation preference” and “participation rights” mean
• Key terms to address investors’ concerns
• Basic philosophy for negotiation

The course is based, in part, on content in the book, “Termsheets and Valuations,” by Hambleton Lord and Christopher Mirabile of Seraf Investor.  

This course may also be delivered to entrepreneurs, economic developers and others with an interest in understanding angel investing.

Course materials are provided with licensing of the program.  Delivery fees for Term Sheet Basics include a $500 fee for ACA members and travel expenses for the lead instructor.  Great value!

Course tools provided:

• Full presentation and presentation notes
• Faculty guide
• Proposed questions for panel discussion
• Agenda
• Audience workbooks

Interested in hosting a course in your city?  Our course offerings are a great opportunity to introduce prospective and new angels to local angel groups.  Materials and faculty guides are provided for each program. If you have any questions, please e-mail Heather Krejci.

Approved Lead Instructors

ACA members can click the button below, enter their Member's Only log-in credentials, and complete the form to register for the course.

ACA Member Access

Host Responsibilities

ACA is happy offer the high-value and low-cost program, Term Sheet Basics, to all ACA members.  The following information will provide you with the detail necessary for hosting the course.

• The program cost is $500, plus the travel of the instructor.  Travel costs vary depending on where your instructor is traveling from.  You are responsible for coordinating with the instructor to make these arrangements.
• Printed workbooks are necessary for each individual attending the course. Printing costs can vary depending on the printer you use, as well as the quantity you order.  
• You will receive a draft agenda and the host is responsible for updating the agenda and inserting it into the pdf workbook. The confirmation e-mail will include additional instructions.
• The host is required to secure the venue as well as all AV needs including a projector with laptop and microphones.
• We encourage hosts to offer food and beverages. Food and beverages during the course typically consist of a simple continental breakfast with a coffee refresh.
• Attendee invitation and registration are to be completed by the host.

Educational Programs Available to Members and Non-Members

Achieving the Right Balance in Early Stage Term Sheets – one-hour webinar

Getting to a set of terms that provides substantive coverage without complexity that can hamper follow-on funding is critical to successful early stage investing.  Too little coverage adds exposure to excessive dilution and lack of influence; too many onerous terms could dampen future investor participation or open the door to follow-on rounds also securing the same terms, thus mitigating the protections originally intended. Join us for an interview of experienced angel investor and Angel Capital Association instructor Bill Payne by ACA Board Member Kevin Learned to understand the considerations and implications of the terms chosen at the earliest stages of investment to increase the likelihood of success downstream.  

This webinar is free for ACA members and is available any time, at the angel’s convenience.  It is a great tool to help newer group members to gain confidence, understand angel investing and get started in a smart way!   There is a small charge for non-members.

Access the Webinar

(Non-Members interested in the webinar, please contact Heather Krejci)