From Spain to Germany: Two ETA Journeys, Two Lessons
Two entrepreneurs, two paths, and what their journeys across Europe reveal about choosing the right ETA model and sourcing smarter.
Last week, I joined an online conversation with two fellow ETA entrepreneurs, one of whom is close to acquiring a kitchen-cabinet manufacturer in Spain, while the other is preparing to begin his own search in Germany.
It was a fascinating exchange.
Three people in different contexts, but with the same passion for acquisitions and entrepreneurship.
And what struck me was how, despite our different stages and geographies, the same big questions kept surfacing:
👉 Which ETA model is the right fit?
👉 How do you finance a deal without taking on too much risk?
👉 And how do you actually find good businesses to buy in Europe?
Let me share some highlights.
Lesson 1: Choosing the Right Model
The Spanish entrepreneur explained why he chose the traditional search-fund model.
For him, the salary and downside protection mattered because he has a young family and stability had to come first.
He admitted that, in theory, he would prefer the autonomy of a self-funded model.
But life doesn’t happen in theory. Sometimes, the pragmatic choice is the right one.
Importantly, he also structured his cap table so that no single investor could dominate, keeping control and incentives balanced.
The German entrepreneur came from a different background, being an experienced operator and business builder who started his search this year.
Initially, he wanted to self-fund, valuing independence.
However, after speaking with other acquirers, he began to recognise the risks.
Many told him: “If I had to do it again, I’d raise a search fund.”
That feedback made him pause. He plans to decide by the end of this year, with 2026 marking the formal start of his search.
His target: a hospitality-based business in southern Germany.
This mirrors a broader question many ETA entrepreneurs face:
Which model actually fits your lifestyle, rather than just your ambitions?
That’s why I recently wrote about the three main ETA models: Search Fund, Self-Funded and HoldCo.
Each has its pros and cons, and the “right” answer often depends on life stage, access to capital, and personal priorities.
👉 The Three ETA Models Explained – And Which One I’m Betting On
Lesson 2: Deal Sourcing in Europe
The second big topic was deal sourcing.
In Spain, entrepreneurs benefit from a public database containing P&Ls and balance sheets, which is a valuable starting point for identifying targets.
Germany is very different.
There’s no centralised database.
Sourcing there requires creativity and persistence:
Build trust with tax advisors, notaries, and chambers of commerce.
Follow local business associations and regional newspapers for succession news.
Combine online research with a real-world presence at trade fairs, industry events and in small towns.
Keep outreach personal and human.
One entrepreneur even published a blog post offering a €100k referral fee for anyone who connected him with a seller, and it worked.
The principle is clear: think like the seller.
Most SME owners in Europe are in their sixties or seventies.
They’re not scrolling through LinkedIn or browsing marketplaces.
They’re talking to their accountant or reading the local paper over breakfast.
If you want to reach them, you have to meet them in their world.
That means slower conversations, local trust-building and genuine interest in their life’s work rather than just their numbers.
My Reflection
The most important lesson I took away was that context shapes the path.
In Spain, ETA is increasingly recognised and supported.
Investors understand the model, and the ecosystem is forming around it.
In Germany, the environment is more fragmented, which forces entrepreneurs to be creative, resourceful, and resilient.
Yet the core dilemmas remain universal:
How do I finance my search without losing control?
Which model aligns with my life and values?
How can I source quality businesses in a fragmented market?
These questions define your rhythm and risk appetite as an entrepreneur.
Personally, I’m leaning towards a HoldCo for my self-funded approach. This model allows for greater flexibility, slower compounding and long-term ownership.
When I made that decision, I thought not only about capital and structure, but also about lifestyle, family, and the kind of work I want to do a decade from now.
That’s what ETA is really about: not just buying a business, but designing a life of ownership.
Action Reflection
If you’re somewhere along the ETA path, take fifteen minutes this week to write down three things:
1️⃣ What kind of business would fit your skills, not just your spreadsheet?
2️⃣ Which ETA model best fits your current season of life?
3️⃣ Who could you learn from or collaborate with to fill your gaps?
Clarity compounds.
Most acquisition entrepreneurs fail not because they lack drive, but because they never define why they’re doing this, and what kind of owner they want to become.
Final Thought
Every acquirer faces trade-offs, such as those between autonomy and support, risk and safety, and speed and patience.
But there’s no single right path.
Only the one that fits your context, your temperament, and your values.
For some, that means raising capital early.
For others, it means staying small, flexible, and personally accountable.
The goal isn’t to copy anyone else’s model.
The goal is to build your own playbook for ownership.
Thank you for reading, and for being part of this growing community of acquisition entrepreneurs.
I’ll be back next Monday with more stories and reflections from the ETA world.
Warm regards,
Alexander