Broadly speaking, "something you can live with" is something that is undesirable, but is tolerable and can be withstood. In business, "something you can live with" is a deal that will not result in catastrophic consequences such as bankruptcy.
This idiom is used to describe a painful result that is not "fatal" to a company; if it is not "deadly" or "lethal" to the company's profits, the financial pain can be tolerated.
Example: "Company X made many concessions in its recent deal with the labor union. The deal was something the company could live with. Regardless, a prolonged strike would have been more damaging than the deal that was reached."