Some funding rounds close quickly, but many get stuck in a quagmire of legal work. Here's how you get those kinds of funding rounds over the finish line.
1. Set Deadlines
In order to push legal teams to prioritize your work, you'll need to set deadlines, e.g. We want to have the documents ready to sign by noon Friday.
2. Group Email
When the documents are nearly finalized, it often helps to create a group thread among the two or three decision-makers and their counsel to confirm the documents are complete or for them to request any last changes. This pressures everyone to say yes.
3. Repeated Questions
As the founder, you must repeatedly call all other decision-makers to ask if they're ready to close and, if not, what they need from you in order to close. This repetition is key to ensuring we don't lose momentum at this crucial moment.
Best of luck out there.
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