One thing we've learned in the real estate business over more than forty years is that in so many circumstances we have a tendency to assess a partnership on both cash flow and price while discounting the human element of the people within the partnership. Perhaps ironically, if we imagine a deal in terms of a triangle of cash flow, price, and then the time and expectations of the partner, we've learned that the most important piece of that triangle is the expectations of the investor. In other words, people matter perhaps more than anything as we think about defining success both today and tomorrow.
In other words, we've learned that before we get to the math around outcomes and risks, it's worth first being intentional as we listen to our partners and their expectations about the future. If we're deaf to that, no outcome--no matter how good--can be described as successful.