Don’t worry, we’ll get the job done. John Velazquez, the winning jockey of the Kentucky Derby, reportedly said this to trainer Bob Baffert the night before the race. Baffert recalled, “Johnny Velazquez is unbelievable. He’s so cool. He told me last night not to underestimate this horse. He’s better than you think.” That’s when veteran rider and four-time winner Velazquez made his calm comment.

“We’ll get the job done” now has dark tones. The 2021 winning horse, Medina Spirit, failed the post-race drug test, and Baffert has been banned from entering horses at Churchill Downs. He denies knowledge of the wrongdoing, so everything we say here is with the caveat that these accusations are still being investigated. Meanwhile, it means more stories in the news feed about winning at any cost and underhanded tricks.

And of course, there’s the money. As we reported last month, millions of dollars change hands before, during and after the Kentucky Derby. In 2019, a record $165.5 million was bet on the race. Countless millions are spent training the horses and preparing the park for the race. As we discussed last month with the veterinarians, there are a variety of people who have access to the racehorses.

Disqualification from drugging is not unheard of. It has become so common that it’s just one of the risks of doing business. As my dad, Carlo LaManna, says, “Nothing surprises me anymore.”

It’s a disappointment, frankly, because the story of Medina Spirit was an inspiring one – a little horse that would not give up. I like stories about underdogs who refuse to lose. It’s like when my clients surprise everyone, sell their businesses at a premium, and walk into the sunset with a smile.

Unfortunately, as the statistics show, the tendency in M&A is for the selling owner to approach the finish line and then get a “did not pass” verdict from the buyer. An estimated 70% of M&A deals – not just in our industry – fall apart before they are consummated.

The 70% figure is not an anomaly. It’s a statistic that lives on, year after year. Whether it’s greed, incompetence, stubbornness – or something unexpected that can’t pass due diligence – the deal falls apart. There’s no celebration, no wreath of roses.

You’ve heard me say it over and over. Selling a business requires strategy, discipline, thoroughness – and integrity. If Medina Spirit had won fairly, there would have been many lessons on how to make it successfully to the finish line. I’ll list them anyway. 

Winning is about attitude
You must be experienced, prepared, funded, and mentally strong. You need unwavering belief. You need a winning strategy and a solid plan.

Winning is about planning
On a macro level, you need a big vision, strategic discipline and experienced teammates.

Winning is about endurance
On a micro level, are you rested, healthy and prepared? Ready to come out with a strong lead and hold your position for the time it takes to close?

Winning is about humility
Do you recognize that you are just one player in the buy-sell arena? You are not the master and commander of the deal.

Winning is about discipline
Do you have the daily habits and personal discipline it takes to follow a program, keep to a schedule and take care of all the items that must be addressed?

Winning is about ability
Are you ready, willing and able to make it all the way through to the end? Too many deals fall apart because one of the three elements is missing.

The owner is willing and able, but not ready to leave the business behind.  One owner is ready but the others on the ownership team are not willing. The owner is ready and willing but needs work to become “able.” When all three are in place, it’s a winning combination.

Winning is about more than just luck
In the world of horse racing, the bookmakers will have you believe there’s luck, fate and magic involved in winning. They want you to get stars in your eyes and plunk your money down on the longshots.

When selling your business, you can’t bet on luck and longshots to get you through. You have to be prepared for the best and ready for the worst. You have to be above reproach on your side of the deal. You have to be aware, as the stats show there’s a good chance you may not win this time. Finally, you have to have the tenacity to pick yourself up, and get back in the game swiftly before your business becomes shopworn and undesirable.

There are so many lessons from this year’s Kentucky Derby for the selling owner. For me, this race confirms that I am on the right track in my business by focusing on integrity. I can promise you grit, guts, a big heart, transparency, and a relentless (and sometimes uncomfortable) honesty.

How about you? What qualities do you bring? How will your story play out on race day?


Winning mindset: Advice from the top
There’s a mentality it takes to win at the highest level. Here’s a list of things I’ve learned during my 45-plus years in business:

• Start with good players and teach them to win.
• When things don’t go your way, shake it off.
• Focus on priorities.
• Concentrate on what you have to do. Block off distractions.
• Be tough. Try hard all the time.
• Aim for outcomes; shoot for consistency.
• Be aware of challengers and learn how to fend them off.
• Be prepared to say no more than yes.
• Surround yourself with people of integrity and spirit.
• Learn from good people and appreciate their hard-
• won knowledge.
• Always remember: Your attitude will make you or break you.

Just as in the world of sports, to be a winner in the world of specialty converting, you must believe in your business, build it with expert guidance, shape it with an experienced hand, and always be prepared for what’s next. Mindset makes all the difference.



Rock LaManna is The Deal Flow Guy. He helps qualified buyers and investors find businesses that are ready for acquisition or transition. On the sell side, he helps owners improve their businesses, increase value, and position strategically in anticipation of sale, exit or succession. Sign up for his newsletter at TheDealFlowGuy.com and start the process.