VF SIG: Term Sheet Negotiation
Term Sheet Negotiation
Holy Cow! They gave you a term sheet? Well, congratulations! In current market conditions, you're among a select group of entrepreneurs who have the opportunity to sell some equity (and eternal soul?) for capital to get their business started.
But is it worth it? Should you sign it? Should you negotiate? CAN you even negotiate at all, without sending the wrong signal? ("Mr. VC sir, we really need that money BAD, but would you mind striking out sections 3,5,6,8,9,11 & 14? And about this signing in blood part here...") What's a struggling entrepreneur to do?
Come see a mock term sheet negotiation, and hear from our panel of experienced veterans what you should be looking for in a term sheet. Our mock term sheet negotiators include a senior venture attorney, a venture-backed entrepreneur, and a venture capitalist.
Mike Halloran, Senior Partner
During his 27 years with the firm, Mr. Halloran has acted as advisor to multiple forms of corporate finance and structuring transactions, including the formation of many venture funds and advice on portfolio investments, many acquisitions (friendly and un-negotiated), all forms of corporate and partnership public offerings, investment company and investment advisory firms and funds, project financings, and secured debt financings. He has acted as general outside corporate advisor to many companies, both large and small.
Mr. Halloran was Group Executive Vice President and General Counsel for BankAmerica Corporation, San Francisco from 1990-96. He served as chief worldwide legal officer for BankAmerica, managing over 450 employees (185 attorneys), and was adviser to the board and senior management. He was also a member of the Bank’s Senior Management Council which consisted of the top 50 officers. He served on the Product Review Committee where he approved securities products, and served on the Social Policy Committee. As Group Executive Vice President and General Counsel, Mr. Halloran negotiated, closed and implemented over 30 acquisitions, including some of the largest and most complex in the banking industry, resulting in the bank tripling in size to the third largest bank in the Nation, and growing from a four-state to a 50-state franchise. He presided over legal and antitrust aspects of the largest bank/branch divestiture in banking history following the Security Pacific Bank acquisition, plus many other divestitures after operational clean-ups (e.g., worldwide corporate trust, custody, employee benefits trust and securities lending operations) and asset pool formations and sales (e.g., $8 billion of substandard commercial real estate assets). He fostered the creation and/or significant expansion of securities operations, including investment banking ("Section 20 sub"), investment management ($14-21 billion mutual fund and venture fund complex) and retail broker dealer businesses. Mr. Halloran participated in and was significantly responsible for several legislative and regulatory initiatives (e.g., the interstate branching bill, securities litigation reform, Section 20 subsidiary firewall relaxations by the Federal Reserve, and completely reformatted regulations by OCC, etc.).
Byron Deeter Co-founder & VP of Business Development
Since co-founding Trigo, Byron Deeter has played a leadership role in all corporate strategy and business development activities. Prior to joining Trigo, Byron worked at TA Associates, a leading private equity/venture capital firm, where he focused on business-to-business Internet investing and deals including Kintana (formerly Chain Link Technologies) and Atomic Tangerine. Byron also spent time at McKinsey & Company where he was heavily involved in its corporate venturing and venture capital initiatives.
Byron earned a Bachelor of Arts degree with honors from the University of California at Berkeley in economics and political science. He was also a starting member of Cal's national championship varsity rugby team.
Carl Nichols, Managing Partner
Carl Nichols co-founded iMinds in 1995 and has more than 19 years of experience in the computer, telecommunications, media, logistics and consumer products industries. Nichols has held senior executive positions in the strategic planning, business development, operations management, market development and finance departments of several major companies.
Prior to iMinds, Nichols headed strategic and financial planning at Pacific Bell, an $8 billion telecommunications and Internet service provider, where he was responsible for identifying new growth opportunities and business lines, developing strategic partnerships and optimizing the company's investments. Before joining Pacific Bell, Nichols was Vice President of Strategic Business Management at Scrivner, Inc., a $6 billion packaged goods distributor. He led the company's business development efforts, including market expansions, new concept developments, domestic and international alliances and operating improvements.
Prior to Scrivner, Nichols spent six years as a management consultant at Booz, Allen & Hamilton, where he provided marketing, technology and operating guidance for his Fortune 500 clients, which included computer manufacturers, broadband service providers, retailers and financial institutions. Prior to Booz, Allen & Hamilton, Nichols served at AT&T's Information Systems International business where he developed marketing plans for the company's entry into Europe and led systems development at Spectrum Development.
Nichols has represented iMinds on the Board of portfolio companies such as Epicentric, MarketHome (acquired by ClickAction -NASD: CLAC), DeltaClick, DotBank (acquired by Yahoo - NASD: YHOO), and Kinecta.
Nichols received a Bachelor of Science degree in computer science magna cum laude from Brown University and an MBA from Harvard's Graduate School of Business. He enjoys skiing, scuba diving and sailing.
Pre-registration is required - seating is limited!
Microsoft Technology Center
1250 Charleston Road
Mountain View, CA
7:00pm-8:30pm Program (starts promptly at 7:00pm)
Note: Latecomers who arrive after 7:20pm will not be admitted to avoid disruption of the session.
$20 SDForum Members
$10 to full-time students (not alumni) with valid ID
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