Much of what makes a term sheet work for you is decided weeks before the final meeting, in a clause you took the time to read or a question you asked early enough. These five moves help you turn an offer into terms that still hold up at exit, and every one of them is in your hands before you sign.

1. Look past valuation to what you keep and who decides

A high valuation can hide terms that end up costing you more than a lower number with clean terms: a participating liquidation preference, full-ratchet anti-dilution, or an oversized option pool. Before you anchor on the headline figure, model three things: how much the option pool actually dilutes you, what the payout waterfall looks like on a modest exit, and how board seats and voting rights are split between founders and investors.

2. Test every “standard” term against your own dealbreakers

Some terms arrive framed as “market standard”: a long no-shop period, broad investor veto rights, redemption rights. Sometimes they are. Often they’re simply a starting point. Define your dealbreakers before you sit down, not in the middle of the meeting, so you know exactly what you’re willing to trade and what stays off the table.

If one of your investors is a corporate or strategic player, as is common in food and agriculture, look closely at any rights tied to their business, such as a right of first refusal on a future acquisition or exclusivity on distribution or supply. They can look harmless at seed stage and narrow your exit options years later.

3. Keep a second option alive

Your leverage at the table depends on what you’ll do if this deal doesn’t happen. Know your BATNA (your best alternative if this term sheet falls through) and keep at least one other conversation moving. Investors can tell when you have options, and it shapes the tone of the negotiation before a single clause is discussed.

4. Coordinate when offers land

When more than one investor is interested, timing matters as much as terms. A term sheet that arrives two weeks ahead of the next one can expire before you’re able to compare them side by side. Share a realistic timeline with each investor early on, and pace your conversations so decisions come together in the same window.

5. Work with a specialized lawyer, and own the key decisions

Going without specialized fundraising counsel lets through clauses you shouldn’t sign. Handing everything over without understanding the core terms yourself (valuation, liquidation preference, board control) takes you out of your own negotiation. Your lawyer protects you from the details. The decision is still yours.

Negotiating well has less to do with talent than with knowing which questions to ask before you sit down. Next time a term sheet lands on your desk, run through these five points first. Chances are at least one of them is more negotiable than it looks.