Forty Percent or He Walks

You have eight minutes before this investor's driver pulls up and the term sheet dies with him. He just slashed his offer, demanded forty percent of a company you swore would never go below fifteen, and he's watching your face for the flinch. Your co-founder texted the runway number under the table: eleven weeks, not the six months you told the room. He doesn't know that yet — but he smells it. Hold your valuation, reframe the traction, and give him a reason to fear missing this more than you fear losing it. Counter now, or accept the knife.