Everyone loves to talk about “deal killers.” But after closing $1.5 billion in SMB deals since 2022, here’s what actually ends them and what just feels scary but usually doesn’t. Things That Rarely Kill Deals (But Everyone Thinks They Do): 1. Personal guarantees in sellers notes. 2. Sellers getting cold feet once they see the finish line. 3. Landlord lease negotiations. 4. Seller shopping the business and getting a “higher offer.” 5. Exclusivity running out. 6. Lending delays or extensions. 7. Asking the seller to stay on for a period post-close. Things That Actually Kill Deals: 1. QoE findings that blow up the valuation. 2. Realizing you won't have enough working capital. 3. Lawyers making unreasonable liability asks or slowing down the process eventually breaking buyer/seller trust. 4. Confession of judgment in seller's notes, push back on the noncompete or other extreme risk risk allocation demands. What am I missing?