close the lead first. everything restarts after the wire

A team the night before a 2 million lead signed wanted to also take 500k from a small accelerator in exchange for free housing. I said no, and the reason is bigger than that one check.

Until the wire lands, nothing is closed. A tier one term sheet is a term sheet. Bitcoin drops 20,000, Trump starts a war, the partner changes his mind in a month. These people change their minds. Get the money in the bank. Send the redlines today, not a paragraph of explanation, just the doc. Learn how a multi-signature wallet (multisig) works before you talk to anyone else, because that’s where the money is going to arrive.

The moment the wire lands, your reality changes. You’re on Shark Tank and the shark just said yes. Everyone who was ghosting you comes back. Every conversation you had before restarts from zero, except now you’re the one being pitched.

So: stall everyone until next week. “We’re in deep diligence with one of the top dogs, we’ll come back to you.” Then go back to everyone you’ve ever talked to and start again. This time say we’re oversubscribed. Push allocations down. You wanted 500k? I can do 100. You want a million? 50k. You’ll fill the round, don’t doubt that, and the people complaining at parties that they didn’t get allocation is the best marketing you’ll ever get.

Every dollar you take now has to be repaid ten times. 500k at 20 post is 2.5 percent more dilution for free food. And the token math is worse. Everyone vests before the founders. You’ll slog two years before you see anything, if the token’s alive. So only take money that brings distribution. Ten streamers with a million followers each? I’ll take your check. An intro? No.

Keep the term sheet secret from the other funds until it’s signed. The lead will ping them the minute they hear.

And if you’re a 21 year old team and the lead wants control of the token launch on paper: play the young founder. Ask them to explain the clause on a call. If they’re genuine, sign. A reputed fund’s brand dies the day they use that clause against a founder. Control on paper that’s never exercised is fine. You need the babysitting anyway.

Be loyal to one thing. Not the nice VC who spent time with you, not the fund that introduced you to the lead. The company. “6MV will tell me I have to take them” means you’re an employee of 6MV. Are you a founder or not?

the call where i said it best

A founder was torn between two small funds and a legendary trader who wanted a minimum check. I said no one in crypto will tell you to reject that guy, and if you do, we’ll stop introducing you to anyone. Make room. Tell the small funds 100k each, we love you, don’t come back. Go back on your word if you have to. When you’re a unicorn you’ll give them a tweet that makes them legends. That’s how you compensate people. You don’t compensate them with your cap table.

do this this week

If you have a lead: get the multisig set up today and send a two-line stall message to everyone else. If you don’t: go get one, nothing else counts.

the line to remember

till the money is in the bank, bro. get the money in the bank. your round is not closed yet. everything else is later stuff.