M&A Sell-Side Lessons Part 1: Why Momentum Can Make or Break a Deal

In every transaction, there is a rhythm, an energy that drives parties closer to signing and closing. When momentum is strong, decisions move faster, goodwill is higher, and obstacles feel solvable. But when lacking momentum, even the most promising deals can stall, and die.

Because M&A is about more than numbers and contracts. It is deeply emotional. Founders may be parting with a life's work. Acquirers may be betting on a bold vision. Boards, shareholders, advisors, everyone is navigating pressure, pride, fear, and hope.

Momentum builds confidence, and confidence builds commitment. When momentum slows, emotions fill the gap. Doubt creeps in. Small issues feel like dealbreakers, and trust gets tested. People get tired.

That is why managing momentum is not just about timelines, it is about psychology. Keep the pace. Preempt silence. Protect trust.

A lesson from experience

I once represented a seller in a cross-border acquisition where things started to drift. The buyer had unanswered questions on the financials during due diligence, and my client did not have all of the answers and was slow to respond. It became emotionally overwhelming for him. Time between communications grew longer and soon turned into silence. I felt the deal was slipping.

I got on a plane and flew to meet the buyer face to face on behalf of my client. We did not have all the answers, but we showed commitment to the deal. The buyer listened. We re-established trust. I flew to my client to assist him with the last due diligence work and negotiations. The energy shifted, and the deal was signed two weeks later.

Most often it is not the numbers that save the deal, it is the human effort to keep the momentum and move things forward.

The takeaway

Momentum is not a luxury in M&A — it is infrastructure. Every day of silence is a day where doubt compounds. Every unanswered question becomes a reason to renegotiate. The most effective thing you can do in any transaction is keep moving, keep communicating, and never assume that a quiet period means everything is fine.

If you are in a deal right now, ask yourself: when was the last time you proactively reached out to the other side? If the answer is more than a few days ago, pick up the phone.