Every deal builds momentum. Time, money and reputation get invested, and the further a process goes, the harder it becomes to step back.
That momentum is useful when a deal is sound. It is dangerous when it isn't.
The warning signs are usually visible. Due diligence that keeps turning up surprises. Terms that drift further from what was agreed in principle. A counterparty who becomes harder to reach as decisions get closer. A widening gap between the reasons for doing the deal and the deal actually on the table.
Setting walk-away points before a process starts makes those moments easier. If the price falls below a set level, or a key condition isn't met, the decision has already been made, calmly and in advance.
Advisors have a part to play here. Clients are best served by someone who will tell them plainly when the right answer is not to proceed, and who means it.
A deal that doesn't happen is not a failure if it was the wrong deal.