The overnight flip (example: about.me) is still relatively rare. They get a ton of PR when they happen, but they rarely happen.
And even “quick” flips typically involve a few years of work, a few months negotiating and closing the deal, and then a couple of years of the acquired employees working at the acquiree trying to make the deal work.
http://osakabentures.com/2011/09/equity-acquisition-aimed-light-startups/
