Former Governor Jeb Bush (R., Fla.) makes his first trip to South Carolina next week, with Governor Scott Walker (R., Wis.) — who, like Bush, will spend this weekend in New Hampshire — hot on his heels.

When Bush arrives, he won’t be able to vacuum up donations the way he has for the past several months. He’ll hold “friend-raisers” with potential donors rather than fundraisers. That’s because a lot of donors are “trying to be respectful to the incumbent U.S. Senator,” Lindsey Graham, who is mulling a presidential run, and so they are keeping their powder dry, according to multiple South Carolina GOP operatives.

“You certainly don’t want to give money against your senior senator,” former state party chairman Katon Dawson, a long-time Graham ally who is backing former Governor Rick Perry (R., Texas) for president, tells National Review when asked about how Graham affects Bush’s fundraising in the state.

Bush won’t hurt for money at all this campaign cycle, so, in the short-term, Graham’s affect on donors might hurt Walker and other candidates who have less money early in the race — like a government regulation that hits all the businesses, but the biggest business can afford to pay.

Long-term, though, Bush could lose the most, if donors who might have committed to him right now given his strong front-runner status get a chance to see who will emerge from the pack of candidates as his chief rival.

“It gives them a reason not to saddle up as early as they usually would,” Dawson says.

“If you’re a major donor in South Carolina who wasn’t a huge Bush fan, this is great news, because it lets you sit on the sidelines,” another GOP operative concurs. “It’s just a very convenient way for you to stay out of it for awhile.”