[try_sincerely]

Thank you! This part about "round closing NOW" always puzzled me. I understand there is a tradition to set deadlines like that - "raising NNN by YY", but what if the deadline comes and I don't have 100% of my round in? I set a new deadline?

[debacle]

You reassess the business and dust off your exit strategy.

If the investors already know what your runway looks like and they haven't given you a term sheet, they aren't going to be investing.