SHA Structuring: The Clauses That Kill Deals at the Last Mile

Published Date –

June 23, 2026

Sumeet Seraf
Valuation
Views 28

Governance Rights

Common issues include:

Board composition
Voting thresholds
Reserved matters
Founder decision-making authority

Excessive investor control can discourage founders, while insufficient governance may concern institutional investors. A balanced governance structure promotes accountability without limiting operational flexibility.

Most deals that fall apart at the documentation stage do so because of three specific SHA provisions. We break down what they are and how to handle them.

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