This document summarizes key points about negotiating a deal. It recommends seeking "blue ocean" partners who will help grow the business rather than view it as a zero-sum game. Negotiators should find non-financial leverage, talk to multiple potential partners to create optionality, and establish their best alternative to a negotiated agreement. Business strategies, not lawyers, should drive deal-making. Small teams are better than committees for negotiations. Current investors and trusted mentors can provide advice without conflicts of interest. Term sheets must address ownership, control, recruiting and understand all terms. Deals should be structured by starting with a realistic valuation and ensuring incentives are aligned.