Note this which appears on the last page: "Several peers listened to our list of topics andresponded by cautioning us that “this is a relationship business,” i

Note this which appears on the last page: "Several peers listened to our list of topics andresponded by cautioning us that “this is a relationship business,” implying a view that we are better off accepting the status quo and being in misaligned, under performing VC relationships than pursing negotiations for better terms." "this is a relationship business" is a frequent phenomenon in sales and even in lawyer client relationships. Lawyers become friends of their clients and this prevents the clients from easily doing something that isn't in the best interest of the lawyer. Large ticket salesmen frequently wine and dine clients (including sports tickets and if you believe some accounts prostitutes). Specialty doctors entertain primary care physicians (well at least in the old days they did) in order to maintain a flow of patients. The very clear intent of all of that is to protect a legacy system and prevent you from entering into a relationship with another entity that may actually be better for you. This happens even in cases where the person being sold is spending their own money. But when people are spending someone elses money all bets are off.