Walking Away and Closing the Deal

Six weeks of talks can still end without a proposal you’d accept. That time is gone either way, and taking a poor deal doesn’t get it back; The Sunk Cost Fallacy explains why it feels as if it might. The only question is whether what’s on the table beats your alternative now. Check your alternative is still there, and compare like with like: a lower price for a smaller job isn’t the same offer as a lower price.

Walking away means turning down something new. It doesn’t end a commitment you already have, such as a contract, a notice period or a tenancy. Know which situation you’re in before you treat “walk away” as an option.