This is the culmination of another insane week. At the end of last week, we had sent a counter offer to our angel investor based on his initial offer. We heard back from his attorney who told us they had accepted almost all of our terms in our counter offer and they were ready to move forward quuckly. So, we cleaned up a few details and our angel investor and I signed a final term sheet.
Obviously, I have been thrilled with this development, but the money still isn't actually in the bank account, so I am going postpone the celebration until that time. The best thing about this angel was that he was not only willing to put in capital, but he also committed to work with our company full-time and help me run the company. There has always been a lack of management talent at our company (frankly we could not afford high level managers so we hired people based on potential), so this is a huge boost to our overall infrastructure.
We spent the rest of the week trying to merge our accounting systems, introduce our new investor to our existing clients, and build out strategic game plans with the "new" company. Our lawyers are working on the final documents and we are supposed to have them in our hands by Monday. Our angel is prepared to transfer the money early nexy week. For the time being, we will continue to press ahead with the plans to grow this business and wait until the official money transfer to begin our "execution" stage.
By next week we should have our money and a more definitive strategic direction.
Diary of a Startupis a weekly blog written by Pete Kadens, founder of Acquirent, an outsourced sales execution company based in Chicago. Click here to read last week's column.