In last month’s column, I outlined some basic considerations for vetting a potential business opportunity. In working with physicians who are frequently approached to invest in new or growing businesses, I have found it helpful to develop some screening criteria. In this column, I will assume that the opportunity has passed the preliminary screening, and now it comes down to negotiating the deal. Obviously, I would encourage any reader to work with their advisors to analyze and negotiate an actual transaction. However, if you are going to diversify your investments by being an “angel investor” in businesses, then I believe it is also important to be educated on the fundamentals of deal-making. I also note that one of the things that can make this phase uncomfortable is that it is often a friend or family member asking you to invest in a project. This can make the deal negotiating awkward as you have to bargain for your investment terms. Therefore, I find that many investors like to use an intermediary in this context in order to provide a “buffer” and to avoid hurting any pre-existing relationships.