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terms and exits and all of these technical things you talk in the book about how important it is the term setup and how often people sort of just skim by this talk a little bit about the tips you given the book about the terms well when one investment when investor puts money into a company they don't just say here's the suitcase of cash goodbye you know have have fun with it it comes with a set of terms that define the relationship between the investor and the company as it should you're dealing with real money here because the money that I am putting into your company is fungible money I could use this company to go buy a sports car take a vacation you know have a very nice dinner over here but instead i'm investing it in you the idea being that ultimately it will grow into more money and i will be able to get more votes and more dinners over here and so therefore i need to know that it's going in how it's going to be used how i get it back when good things happen and part of the challenge is because the the terms that govern this relationship between the investor and the entrepreneur tend to be substantive and many many pages of this stuff if you just side things without reading them you won't know what what happens and so it's important to understand for both the entrepreneur and the investor exactly what is governing the relationship because i have seen all too many times nasty surprises on both sides where a company sells for a lot of money let's say i invested in a company in a million dollar valuation and then it sells for 100 million dollar a shin I don't really know evaluation it's perfectly possible that if the company sells for you know 100 million valuation I may get you know a million or two back all right so women it's a hundred I all night what happened what happened to my money by the same token if you know a company can have a sale for 50 million dollars and the entrepreneur can find that they get zero money back because it all goes to the investors the honor is sitting there saying what happened right and so all this is defined by the terms and so the book goes into a lot of of time discussing the various terms we have sampled term sheets of different types of structures convertible loans to a company which might be done by a friends and family around for serious investors come in to a series seed round which is what the kind of terms and angel investors professionals usually put in to help and I actually annotate an entire term sheet in the book so both sides understand exactly what this terms mean why you put it in there you know why both sides want to do it what the effect will be when you come to the end of the day so it's very important to understand how you're being created what your money is being used for and then what happens in both the good side and the bit because because you know in there's a saying that you know success has a million fathers and failure is an orphan you know with if you have a wonderful outcome your company sells for you know a billion dollars becomes a unicorn that's great they're probably enough cash to go around so we'll all make money the problem typically comes one of the company you know and if a company fails totally splat it's out of business we owe everybody loses everything and we go home the problem typically comes when in those between those two cases where it's a modest success or a you know partial not so success and it's picked up you know off the street there then even there's not enough money to go around to pay everybody back what happens who gets that money and and why that's what term streets are written for and that's why it's important to understand them you