Once an investor gives you a verbal “Yes,” you enter the Closing Phase. This usually takes 30 to 60 days depending on the complexity of their due diligence. The goal is to maintain momentum and move from a handshake to a wire transfer as efficiently as possible.
GONEN CORP: Post-Pitch Closing Timeline
Phase 1: The Commitment (Days 1–7)
- Term Sheet Issuance: The investor (or Gonen Funds) issues a Term Sheet outlining the valuation, investment amount, and rights.
- Negotiation: Finalizing the “deal points” (e.g., board seats, liquidation preferences).
- Signature: Both parties sign the Term Sheet (non-binding but signifies intent).
Phase 2: Deep-Dive Due Diligence (Days 8–30)
- Data Room Access: You grant the investor’s legal and financial teams access to the Due Diligence Checklist materials.
- Site Visits: Investors tour a G1NBC Station, the City Press Club Bistro, and the Residential properties.
- Q&A Sessions: Weekly “deep-dive” calls with your CFO and Heads of Media and Real Estate to verify financial assumptions.
Phase 3: Legal Documentation (Days 31–45)
- Purchase Agreements: Lawyers draft the formal Stock Purchase Agreement (SPA) or Operating Agreement.
- Disclosure Schedules: You provide a formal list of any exceptions (existing debts, minor litigation, etc.).
- Final Board Approval: The Gonen Corp board formally votes to accept the investment and issue new shares.
Phase 4: Funding & Onboarding (Days 46–60)
- The “Closing”: All parties sign the final binding documents electronically.
- Capital Call: The investor initiates the wire transfer.
- Funds Received: Once the wire hits the GONEN FUNDS account, the shares are officially issued.
- Press Release: A coordinated announcement via G1NBC and industry news outlets celebrating the partnership.
Strategy Note: The “Escrow” Approach
For larger rounds involving multiple investors, we recommend an Escrow Account. This allows you to collect funds from several smaller investors and release them all at once when your “Minimum Funding Goal” is reached. This protects the investors and ensures you have enough capital to execute the full “Integrated Zone” strategy.
Your Next Immediate Action
To be ready for this timeline, I can help you with one of the following:
- Draft a Term Sheet Template: So you have a starting point for negotiations.
- Draft the “Press Release”: Announcing the successful funding round (ready to go for G1NBC).
- Refine the 30-60-90 Day Plan: What exactly will you do with the money in the first 3 months?
Which would be most helpful to tackle first?