The Trump era is entering its final countdown, and a "now-or-never" mindset may drive M&A activity in the short term.

After Donald Trump returned to the White House, the political environment for US M&A transactions shifted, and companies rekindled their enthusiasm for pursuing dream deals that had once become out of reach. But now, time may be running short for American businesses. With the Democrats winning big in the midterm elections, corporate boards suddenly feel a sense of urgency. Executives are beginning to wonder whether they have one last chance to complete a transformative deal while M&A-friendly regulatory officials in the Trump administration are still in place. Conversations with top advisers indicate that the election results have prompted companies to consider whether they should accelerate action and bring major strategic arrangements forward. Companies realize that a resurgent Democratic Party could obstruct the wave of blockbuster M&A that has been heating up during Trump's second presidential term and driving Wall Street revenue to record highs. Kevin Foley, co-head of investment banking at JPMorgan, one of the world's top M&A advisory firms, said companies should be prepared to advance deals in another complex operating environment. "The biggest risk may be believing that everything will return to normal sooner or later," said Foley, who is based in New York. "Standing still is always an option, but in a time when industries are changing so rapidly, it is the wrong option."