Lineage: The ETA Podcast

Most first-time CEOs underestimate how much trust, intuition, and emotional intelligence shape successful acquisitions and what it takes to successfully integrate an outside business into your own.Jochen Engert co-founded FlixBus in Munich in 2013. Within two years, he and his co-founders merged with their fiercest rival, MeinFernbus, creating a dominant national network almost overnight. In 2016, they absorbed PostBus and Megabus’s European operations, pushing their German market share above 80%. In 2019, they entered Turkey by acquiring Kâmil Koç. And in 2021, in the middle of a global pandemic, they acquired Greyhound, a 107-year-old American icon, and began its transformation.Drawing on experience from more those specific acquisitionsns plus a two dozen more transactions, Jochen explains why relationships and clear communication often matter more than spreadsheets and formal processes.What you'll learn in this episode:→ When M&A makes sense and when organic growth is the better path→ How to build deal relationships long before a formal process starts→ Building a synergy case line by line through the P&L→ Who to talk to during due diligence beyond the data room→ Structuring earnouts and deferred payments that don't create conflict→ Why integration breaks on the human side first→ Making hard decisions early instead of letting ambiguity festerWhether you are preparing for your first acquisition or refining your approach, this episode gives you the tools to make better decisions, negotiate more effectively, and execute with confidence.00:00 - Introduction01:30 - Buy vs Build Decision02:37 - Challenges in Acquisitions03:48 - Starting Conversations05:11 - Long-term Relationship Building06:36 - Quantifying Synergies07:56 - Building a Business Case11:29 - Understanding the Target13:40 - Human Element in Deals16:39 - Role-playing in Negotiations19:00 - Risk Management20:55 - Aligning Incentives23:31 - Diligence Insights26:00 - Market Entry Considerations29:50 - Balancing Workload32:57 - Human Side of Integration36:30 - Leadership Decisions38:55 - Strategic Branding42:56 - Adjusting to New Environment Post-Merger44:20 - Integration Strategies49:05 - Key Advice

Navigating the First 100 Days After Business Acquisition The first 100 days after acquiring a business will define the next five years of running it. In this episode, Julian Beckh, self-funded searcher and nine-year operator of Behälter KG Bremen, shares what actually works when you walk into a business you didn't build, with a team that didn't choose you.From his mental shift out of deal-mode on day one, to the communication that earns trust, to the small early changes that signal everything to the team, Julian breaks down what he got right, what he got wrong, and what he would do completely differently today.What you'll learn in this episode:→ Crafting your first communication to the team→ Building a knowledge inventory before taking over→ Listening and reading culture before acting→ Making early changes that signal direction without disruption→ Running one-on-ones that surface what matters→ Handling personnel misalignments without losing trust→ Why humility and curiosity matter most in month oneTimestamps:01:03 - Navigating the First 100 Days' Strategic Importance02:09 - The Pre-Day One Mental Shift for Operators03:30 - Preparing Communication and Knowledge Inventory04:41 - Communicating Legacy and Intentions to the Team05:17 - Handling Unexpected Start and Improvisation06:06 - Engaging with Employees for Feedback and Cultural Understanding07:25 - Overcoming Age-Related Concerns in Succession09:13 - Structuring Effective Handovers and Reducing Dependency11:17 - Emphasizing Quick, Focused Knowledge Transfer12:33 - Key Functional Areas Where Previous Owner’s Knowledge is Critical14:35 - First 30 Days: Curiosity Versus Quick Change16:03 - Asking the Right Questions and Building Authentic Understanding17:38 - Personal Conversations Revealing Hidden Assets or Challenges19:55 - Handling Resistance and Constructive Criticism22:02 - Managing Team Communication During Transitions25:44 - Implementing Small, Non-Disruptive Improvements28:48 - Avoiding Fast Enforcement of Changes; Building Trust30:09 - Recognizing When Personnel Roles Need Realignment31:51 - How to Approach Personnel Changes Compassionately33:02 - The Gradual Transition from New Owner to Recognized Leader35:00 - Final Advice for Upcoming Acquisitions: Humility, Curiosity, and Enjoying the Journey

Search Fund Pitfalls – What First-Time CEOs Should Look Out ForAre 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.Link to the IESE Search Fund FindingsPart 1: https://www.iese.edu/media/research/pdfs/ST-0680-EPart 2: https://www.iese.edu/media/research/pdfs/ST-0681-E00:03 - Introduction 01:00 - Why Most Searchers Fail to Close a Deal05:35 - The Ideal Number of Investors for a Search Fund07:21 - The Myth of the "Perfect" Search Fund Deal09:14 - The Importance of a Strong CEO10:08 - How to Work Effectively with Investors Early On13:23 - The First Year as CEO: Managing People & Change17:25 - Balancing Learning vs. Changing the Business (The First 90 Days)18:31 - Common Mistakes: When the Seller Sticks Around Too Long20:43 - Negotiating Seller Notes & Bank Involvement25:02 - Where Searchers Should Spend Their Time in the First 6 Months25:58 - Best Practices for Working with Your Board29:01 - Early Warning Signs of Poor Company Performance30:29 - How to Manage and Motivate Employees After a Takeover34:23 - The Most Underestimated Due Diligence Risk: Customer Concentration38:38 - Final Advice for New Searcher CEOs