Yeah we just move right on. If you have a 4:30 pm time slot lets say, and you haven't picked at 5 pm, the guy at 5 can just pick without waiting for you. At that point, you just make your pick as soon as you can. That's why proxy picks sent to other owners are so important.
In my NFL draft, guys don't seem to mind being skipped and picking 5 or 10 or 15 picks late, but in the NBA drafts, you really miss out on too many talented players if that happens.