What part takes so long on the search

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April 30, 2026

by a searcher from University of California, Riverside in Rancho Cucamonga, CA, USA

I am curious. I keep reading articles where they say a search take 18 months to close and more than half never close a deal. So what causes these issues? Is it the searcher not knowing what industry to focus on? Difficulties securing the capital? Trying to find the perfect business?
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Reply by a searcher
from University of Pennsylvania in Danville, CA, USA
Walter Deibel had a video on it a while back. There were a few things he mentioned. The one that stood out to me was not enough deal activity and moving fast enough. You have to be hunting each day. When you find a deal, get out an IOI right away, have a call with the broker later that day or the next day. Agree to an LOI quickly. You can't sit on the fence on a deal. I can see how easy it is when you find mediocre deals... do you pursue or not? It's a tough grey area. But you have to force yourself to move forward or stop.
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Reply by a lender
in Falmouth, MA, USA
Finding a business where the searcher can win the LOI and actually close. That's what takes the longest.
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