I should not be an arbitrator

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I have a friend (friend A), who I introduced to another friend (friend B). Their business partnership didn't work out well (mostly friend A's fault), and I volunteered to be an arbitrator. In the end, things did not work out, and I lose a friend (friend A). One may say that it's a good thing to part way with friend A anyway, but there are a few things I learned:

  1. I really shouldn't have volunteered to be an arbitrator in the first place.

  2. I should have made it very clear in the beginning (with friend A) that he/she should not have any unrealistic expectations regarding the result of the arbitration.

When I think about it, there is another ultimate lesson that I learned: I should be very upfront regarding the possible (bad) outcomes when I communicate information to people to avoid false hope and expectation.