# @cheila_gibbs on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/DWMQDFFjZf5
- **Gondola URL:** https://gondola.cc/posts/60959617-cheila-gibbs-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/4d65ebd5e2.jpg
- **Posted:** 2026-03-22T15:18:35.000+00:00
- **Account Owner:** Cheila Gibbs (@cheila_gibbs) — https://gondola.cc/cheila_gibbs

## Caption

THE MOST DANGEROUS DOCUMENT A FOUNDER WILL EVER SIGN

It’s not your shareholders agreement.
It’s not your contract.

It’s your term sheet.

3 pages.
A big number at the top.
And that moment of relief…

“I made it.”

That’s the trap.

Because founders read term sheets like stories.
But they are not stories.

They are systems.

And that headline valuation?
It means almost nothing.

What actually matters is hidden in the fine print:

Who gets paid first
Who controls the company
Who wins when things go wrong
What happens when your next round is weaker

The quiet killers:

Liquidation preference
Anti dilution
Option pools
Investor veto rights
No shop clauses

On their own?
They look harmless.

Together?
They decide whether you build wealth… or just build for someone else.

I’ve seen founders raise millions and walk away with nothing.

Not because the business failed.
Because the structure did.

If you cannot explain your term sheet in 10 minutes…

You should not be signing it.

Save this.
Most founders learn this too late.

#startups #angelinvestor #fundraising #entrepreneurship #termSheet

## Stats

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- **Likes:** 10
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## Tags

angelinvestor, termsheet, startups, entrepreneurship, fundraising

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