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The eleventh episode of Closing Time is Part 2 of Halle Tecco and Michael Esquivel's series on term sheets. In this episode, they break down the "clean” and “dirty” terms in startup financing.

Under the pressure to keep valuation numbers high, investors often grant founders their desired valuations while sneaking in complicated jargon. The episode breaks down the nuances of terms like liquidation preference, liquidation multiples, cumulative dividend structures, anti-dilution provisions—and the trade-offs founders must consider between valuation and terms.

Co-hosted by Halle Tecco and Michael Esquivel, Closing Time is a podcast where you, the listener, get to be a fly on the wall during a startup pitch meeting. Imagine being part of a room where passionate entrepreneurs are pitching their healthcare startups, the innovations that could very well shape the future of healthcare. This podcast allows you to do just that.