Angel Term Sheet: Negotiate Before You Draft Definitive Docs

Most angel term sheets founders find online are generic boilerplate with buried traps: liquidation preferences that double-dip, veto rights that kill velocity, board seats that never expire. By the time you see it in a stock purchase agreement, it's too late to renegotiate.

What you get:

• Pre-money valuation, option pool sizing, and price-per-share calculation

• Board representation, information rights, and protective provisions

• Liquidation preference and anti-dilution guidance with market benchmarks

• Founder commitments and closing conditions

• Post-money cap table snapshot to catch dilution surprises