Most founders breathe a sigh of relief when they ink their first term sheet. An influx of cash is finally on its way, and they no longer have to worry about running out of money or pursuing investors. Now's the time to forge a strong and open relationship with their new business partner as well as take the lead in closing the deal they worked so hard to secure. This article, written by Gary Schall and published to The Recorder, shares six critical steps to make that happen.

Excerpt:  Review paperwork, responsibilities and the schedule. Ask your lawyer for a list of the documents you'll have to produce, and review that paperwork as you collect it. You don't need to read every line—that's why you hire an attorney—but it's smart to know what you'll be producing and why. Decide whether your lawyers or the investors' legal team will draw up the main financing documents and confirm that they can adhere to your deadlines. Read the article.