I remember reading Donald Trump’s The Art of the Deal when it came out more than 20 years ago. I was curious how Trump had managed to put together his vast real estate empire at such a young age. During my business career, I’ve been fascinated with deal-making and how to negotiate win-win opportunities. I’m convinced that even when you’re on the winning side of a win-lose deal, it’s ultimately still a loser most of the time. In this column series, we’ve been looking at how to negotiate a term sheet for an investment. My premise is that most physicians are routinely approached to participate in a variety of business “deals.” For those entrepreneurially-minded physicians that want to participate in such deals, they’re well served to understand the fundamentals of deal negotiating to help build a solid investment portfolio. In last month’s column, I reviewed some of the “big rocks” of negotiating a deal, including whether the opportunity would be an equity investment, a debt investment, or some combination thereof. In this column, I’ll review other key parts of a term sheet.