If you’ve ever tried to sell a business, you’ve probably heard brokers, attorneys, lenders, and advisors throw around terms like APA, SPA, and PSA as if everyone automatically knows the difference. Most business owners don’t. And honestly, many new brokers don’t either. But here’s the truth: Understanding these documents is critical, because using the wrong one or misunderstanding what each one does can slow down your deal, confuse your advisors, and create unnecessary legal

While there isn’t a single government database tracking exactly how many transactions get delayed strictly by legal teams, M&A professionals share a well-known consensus: roughly 60% to 70% of all business transfers experience significant attorney-driven delays.