Negotiating the Licencing Agreement

Jepson is right.

5% will likely be your percent off the wholesale price. You should also get an Advance Against Future Royalties Earned. The quantity the company will produce on their first run (5K small company, 10-30K larger company, 300K Hasbro/Mattel) and the cost and wholesale price, will determine the size of your Advance.

The formula I like to use is WP x P x U = A.
WP is wholesale price, P is your percentage, U is number of units of first run, and A is advance. So 5% of a game wholesaling for $10 with 5,000 unit first run is $2500.

Two things you can ask for:
One: If they offer a small advance, say $1000 in the above scenario, consider asking them for a guarantee of $2500. $1000 now, and the other $1500 payable at the end of the first calendar year of release.
Two: A higher percentage once the game is selling. Say, 5% now, but 6% is the game exceeds 50,000 units in sales. When they start running more games, their costs drop, so it doesn't hurt to ask them to share some of that extra profit.

There are many, many more items to consider but lastly I would reiterate what Jepson has said.
What territory? If you can license for U.S. only or North America, then you can potentially make more money buy selling it in Europe too.
What rights? 'all rights in all media' is usually what they will ask for but consider whether they've actually have avenues for selling into TV shows, cel phone games, DVD/PC/Console games. Consider whether you have those connections. Go with what makes sense.
What about guarantee to produce? A non-performance clause that kicks back rights to you if they don't produce by a certain time is important. Also a minimum performance clause doesn't hurt as well. If the game doesn't sell well for them and they've locked up rights for 5 or more years, and they let it languish after year two, then you're looking at no money and no game.

Hope it happens for you. G'luck.
- Keith

Instead of 'all rights in all media' or similar verbiage, say something as simple as 'all rights for board games only'

I wouldn't worry about bringing contracts to meetings. I've found few who are willing to talk deal points immediately, even if they show an interest. Usually, they will want a prototype that they can further play test.

Most successful game companies will have their own contracts that they work from. I would prepare a document that has pertinent deal points in it that you can give to them should they get to the stage of talking money.
- Keith