<![CDATA[Lineage: The ETA Podcast]]>The ETA Podcast is your go-to resource for Entrepreneurship Through Acquisition in Europe. Hosted by the team at Lineage Partners, each episode features candid conversations with searchers, operators, and investors navigating the search fund and EtA landscape. From deal sourcing to the 100-day plan, from hiring your first employee to opening a subsidiary in a new country to compliance management, we cover what it really takes to find, acquire, and grow a great business.

]]>www.lineage.partnersRiverside.fm (https://riverside.com)Fri, 10 Apr 2026 16:13:15 GMTThu, 26 Mar 2026 16:47:16 GMT60Carlo Schmid<p>The ETA Podcast is your go-to resource for Entrepreneurship Through Acquisition in Europe. Hosted by the team at Lineage Partners, each episode features candid conversations with searchers, operators, and investors navigating the search fund and EtA landscape. From deal sourcing to the 100-day plan, from hiring your first employee to opening a subsidiary in a new country to compliance management, we cover what it really takes to find, acquire, and grow a great business.</p>episodicCarlo Schmidcarlo@lineage.partnersno<![CDATA[Lineage: Ep. 1 - Thomas Bühler (Valmaris) - Search Fund Pitfalls]]>Search Fund Pitfalls – What First-Time CEOs Should Look Out For

Are you looking to acquire a business, start a search fund, or step into the CEO role for the first time? In this episode, Thomas Bühler, one of the most experienced search fund and ETA investors, shares his perspective on the realities of search funds and the critical first year after an acquisition.

We discuss why many searchers never close a deal, the myth of the “perfect” acquisition, and the realities of working with investors, negotiating seller notes, and managing hidden due diligence risks such as customer concentration. We also talk about what it takes to become a strong CEO and how to handle the often challenging transition period when the original founder remains involved for too long.

Whether you are an aspiring entrepreneur, an active searcher, or a newly appointed CEO, this conversation is full of practical insights to help you navigate the search fund journey successfully.

00:03 - Introduction
01:00 - Why Most Searchers Fail to Close a Deal
05:35 - The Ideal Number of Investors for a Search Fund
07:21 - The Myth of the "Perfect" Search Fund Deal
09:14 - The Importance of a Strong CEO
10:08 - How to Work Effectively with Investors Early On
13:23 - The First Year as CEO: Managing People & Change
17:25 - Balancing Learning vs. Changing the Business (The First 90 Days)
18:31 - Common Mistakes: When the Seller Sticks Around Too Long
20:43 - Negotiating Seller Notes & Bank Involvement
25:02 - Where Searchers Should Spend Their Time in the First 6 Months
25:58 - Best Practices for Working with Your Board
29:01 - Early Warning Signs of Poor Company Performance
30:29 - How to Manage and Motivate Employees After a Takeover
34:23 - The Most Underestimated Due Diligence Risk: Customer Concentration
38:38 - Final Advice for New Searcher CEOs

]]>58d38190-ae87-4c35-8914-98dba89859e5Tue, 07 Apr 2026 07:16:29 GMT<p>Search Fund Pitfalls – What First-Time CEOs Should Look Out For<br /><br />Are you looking to acquire a business, start a search fund, or step into the CEO role for the first time? In this episode, Thomas Bühler, one of the most experienced search fund and ETA investors, shares his perspective on the realities of search funds and the critical first year after an acquisition.<br /><br />We discuss why many searchers never close a deal, the myth of the “perfect” acquisition, and the realities of working with investors, negotiating seller notes, and managing hidden due diligence risks such as customer concentration. We also talk about what it takes to become a strong CEO and how to handle the often challenging transition period when the original founder remains involved for too long.<br /><br />Whether you are an aspiring entrepreneur, an active searcher, or a newly appointed CEO, this conversation is full of practical insights to help you navigate the search fund journey successfully.</p><p></p><p>00:03 - Introduction <br />01:00 - Why Most Searchers Fail to Close a Deal<br />05:35 - The Ideal Number of Investors for a Search Fund<br />07:21 - The Myth of the "Perfect" Search Fund Deal<br />09:14 - The Importance of a Strong CEO<br />10:08 - How to Work Effectively with Investors Early On<br />13:23 - The First Year as CEO: Managing People &amp; Change<br />17:25 - Balancing Learning vs. Changing the Business (The First 90 Days)<br />18:31 - Common Mistakes: When the Seller Sticks Around Too Long<br />20:43 - Negotiating Seller Notes &amp; Bank Involvement<br />25:02 - Where Searchers Should Spend Their Time in the First 6 Months<br />25:58 - Best Practices for Working with Your Board<br />29:01 - Early Warning Signs of Poor Company Performance<br />30:29 - How to Manage and Motivate Employees After a Takeover<br />34:23 - The Most Underestimated Due Diligence Risk: Customer Concentration<br />38:38 - Final Advice for New Searcher CEOs</p>no00:39:551Lineage: Ep. 1 - Thomas Bühler (Valmaris) - Search Fund Pitfallsfull