Define Objective

• Identify the true objective behind the deal
• Strip away wants, egos, and noise
• Focus on outcomes that create lasting advantage

Assess Value

• Break down every component of value
• Verify quality, quantity, timing, and conditions
• Understand the market range, not just price

Total Cost

• Look beyond the stated price
• Account for time, risk, and opportunity cost
• Include hidden, recurring, and exit costs

Read The Party

• Research reputation and track record
• Understand their motivations and constraints
• Assess their urgency and need

Risk Landscape

• Identify what can go wrong
• Estimate likelihood and potential impact
• Ensure upside justifies the exposure

Check Leverage

• Determine your influence in the deal
• Know your best alternative going in
• Use leverage to improve terms

Stress Test

• Test the deal under different scenarios
• Ask what happens if conditions change
• Confirm it holds under pressure