From the time the investors say “Yes!” to the time we get the actual money in the bank can easily be 45 days or longer.

What takes so long?

The process of “closing the round” involves a lot of attorneys. Not just our attorneys, but at least one attorney for each investor. That’s a lot of people to coordinate and it’s not fast.

These attorneys will attempt to translate the high level provisions of the Term Sheet into highly detailed terms within our Operating Agreement, which is the main legal document that governs the activities of the company.

There’s not a ton we can do to expedite this process because it’s mostly in the hands of other people, but we can plan for the timing (at least 45 days) so that we’re not expecting to make payroll with this capital the day after an investor says “Yes!”