ETA & Search
The entrepreneurship-through-acquisition model was designed in American business schools for American market conditions. A developed searcher community, well-established search fund capital, a target landscape of English-language businesses run by founders who have at minimum heard of the model — these are the assumed conditions of ETA as it is taught and
ETA & Search
Debt Structuring in German Lower Mid-Market LBOs: What Anglo-Saxon Playbooks Miss Anyone who has learned leveraged buyout mechanics from an American business school textbook and then tried to apply them to a €15 million enterprise value acquisition financed by a Bavarian Sparkasse will encounter a fundamental mismatch. The textbook assumes
Deal Craft
Working capital disputes are among the most common sources of post-closing friction in German SME acquisitions, and they are almost entirely preventable. They arise not from bad faith but from a gap in expectations that forms long before the purchase agreement is signed: the buyer is thinking about normalized, professionally
