I’ve talked with many founders who’ve been ecstatic upon receiving term sheets, and rightfully so. It’s super hard to fundraise. It takes tons of time and founders endure lots of rejection. An offer in hand is a joyous event. But founders should be aware that the deal isn’t done.

All kinds of things can happen after a term sheet is issued. Some of them prevent founders from receiving the funds outlined in the term sheet. I know founders who have had term sheets rescinded because of world events outside their control.

After issuing a term sheet, investors need to complete other steps before they send funds. The exact process varies by investor and sometimes by deal. It’s important for founders to always have a clear understanding of what steps are left in the investor’s process and what the approximate timeline to completion looks like. If they don’t, they should ask. They should also understand that deals can be fluid—things can be added to the process or removed from it. There’s nothing wrong with founders making status inquiries throughout the process. In fact, I’d recommend it. Most investors will readily share this info.

Founders must understand that Murphy’s law is a real thing. (Remember? Anything that can go wrong, will go wrong.) It can manifest at any time. If the unexpected happens, don’t panic. Be proactive about resolving any issues with all parties involved and make sure everyone is aligned on the remaining steps and timeline to close.

Receiving a term sheet is exciting, but it’s important for founders to stay focused and understand that the deal isn’t done until the money is in the bank.