ETA & Search

Entrepreneurship through acquisition in the German-speaking world

ETA & Search

ETA in Germany: Why the Model Works Better Than Anyone Realizes

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

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