#1 readiness
If the management team are half-ready when the process starts, then it is almost guaranteed to take twice as long. This is because the management team have to continue to play catch-up on the pre-sale preparation while tackling new information requests and the demands of other execution workstreams.
Transept's Impact
#2 regulation
Where required, regulatory approvals cannot be avoided and can materially extend a process beyond a standard timeline.
Transept's Impact
#3 financing
Investor's typically rely on some form of external funding, whether it be a private equity firm drawing funds from their partnership structure or a high-net-worth using bank financing to partly fund a purchase. The timing of arranging and accessing this funding can vary widely by counterparty and extend the final stage of the sale process.