Shutdown terminated

Whenever I shutdown -p now I get the message "90 second watchdog timeout expired. Shutdown terminated". And the computer won't shutdown.
What lines are shown onscreen just above that? Those should indicate what's taking so long, and what you should look into fixing.
The line before is "Stopping powerd". So, I tried to kill the powerd manually. But, when I kill 547 #killing powerd , the powerd is not stopped and the laptop makes more noise. I believe this is the issue. Kindly request you help me fix this.
I used to get this too because some of my things take a good 30 seconds or so each to cleanly shutdown. I set rcshutdown_timeout="300" in /etc/rc.conf to increase the timeout to give them more chance. This has worked well for me for several years.