Almost every deal takes longer than the timetable said it would. The longer it runs, the more chance something changes and the deal falls away.
When a transaction starts, both sides are motivated and the timetable looks achievable. Then the questions begin. Due diligence turns up issues that need explaining. Lawyers trade drafts. Financing takes longer to approve than expected. Each delay is small and reasonable, but together they can add months.
Time costs more than patience. Markets move, trading results change, a competing opportunity appears, or a key person loses interest. A deal that made sense to both sides in the spring can look different by autumn. Momentum is an asset, and it is easily lost.
Most delays come from a handful of sources: information that was not ready when the buyer asked for it, points that were left open in the term sheet, financing that was assumed rather than confirmed, and approvals from boards, regulators or third parties that were not planned for.
Each has a remedy. A seller who prepares the information before going to market answers questions in days rather than weeks. A term sheet that settles the main points leaves less to argue about later. A buyer who confirms financing early removes the biggest single risk. A timetable that names every approval needed, and who is responsible for it, turns surprises into scheduled steps.
It also helps to have someone whose job is to keep the process moving: tracking open points, chasing answers and raising problems before they stall the deal. On most transactions, that coordination is worth as much as any single negotiated term.
A deal that closes on time is rarely luck. It is usually the result of preparation before the process began and steady attention once it did.