Did you watch the Kentucky Derby last weekend?
For the first time in the race’s 152-year history, the “Run for the Roses” was won by a horse trained by a woman. Cherie DeVaux and “Golden Tempo” proved that running at your own pace and waiting for the right time to charge ahead can pay off in dividends.
It’s interesting to compare Golden Tempo’s “back-of-the-pack” strategy to acquisitions where there’s often a slow start with the LOI and then the deal picks up momentum with a mad dash to get things closed in the final hours.
In acquisitions, speed is often framed as a competitive advantage.
The rush of excitement to lock in the deal, beat out other buyers, and begin drafting documents is a whirlwind just like the gates flying open and eighteen horses charging down the track.
Don’t get me wrong. Speed can be both a blessing and a curse in any deal.
Taking a moment to “catch your stride” after signing an LOI can be critical to avoid overlooking any key deal details.
When Speed is a Blessing
“Deal fatigue” is an industry term often used when the acquisition moves so slowly that everyone loses momentum.
People become less invested and communication drops off, which in some cases can lead to a deal collapsing mid-negotiations.
The reality is that businesses do not pause while a deal is being negotiated. Owners still have employees to manage, customers to serve, fires to put out, and financial pressure sitting in the background every single day.
The longer a transaction drags on, the more opportunities there are for something to change: revenue dips, key employees leave, buyers get distracted, financing shifts, or one side simply loses the emotional energy required to keep pushing the deal forward.
Fast deals also reduce the window for distrust to develop.
When communication slows down, people start filling in the blanks themselves. Buyers begin wondering what is being hidden. Sellers start questioning commitment levels.
Minor issues suddenly feel larger than they really are.
Momentum creates confidence, and confidence is often what keeps both sides working collaboratively toward the finish line instead of looking for reasons to walk away.
When Speed is a Curse
One of the biggest risks in a rushed acquisition is assuming the buyer and seller are more aligned than they actually are.
Early conversations can make it seem like everyone is on the same page, but compressed timelines leave little room to pressure test assumptions around financing, operations, authority, culture, employee retention, or post-closing expectations.
Those issues rarely disappear; they usually just resurface later when the stakes are higher and the pressure to close is mounting.
During negotiations, red flags also have a tendency to get minimized in the name of “keeping the deal moving.”
Buyers may focus on getting to the finish line while skipping over the deeper story behind the financials, operational systems, or customer relationships. Sellers, naturally, want the business presented in the best possible light.
The problem is that unresolved issues do not become less important after closing. They become the buyer’s problem.
Finding Your Happy Medium
Golden Tempo didn’t win the Kentucky Derby by reacting to the chaos around him.
He won because his team stayed disciplined, trusted their timing, and made the right move when it mattered.
Acquisitions work the same way.
The best deals are not always the fastest ones; they are the ones handled deliberately, with the patience to know when to push forward and when to slow down long enough to get it right.
Fun Fact:
In April 2026, Churchill Downs Incorporated announced their $85M deal to acquire the Preakness Stakes race (second leg of the Triple Crown) and continue to develop the two events into a synonymous racing empire.
