During boom times, deal-making is relatively easy. A rising tide lifts all boats … and the knowledge that there are lots of opportunities out there makes some negotiators forget that the deal is a way to get value, not an end in itself. You don’t have to look as far back as the excesses of Enron to find examples of deals not worth the paper they were written on. Consider the sub-prime loan debacle. Or think about private equity deals based on 5:1 leverage and lots of cheap debt. Or look inside your own business at the deals that looked a lot better on paper than they have turned out in practice.