Who’s Really Behind a Successful Acquisition?
Acquisition entrepreneurship looks like a solo game from the outside. In practice, the strongest results come from building the right circle of partners.
Each week, I share my journey into acquisition entrepreneurship, including the lessons I’m learning, the conversations I’m having and the insights I believe are useful for anyone exploring ETA in Europe.
This week I want to talk about something that has come up again and again in my research, in my interviews, and in countless conversations: the myth of the lone wolf.
The Myth of the Lone Wolf
When I first discovered ETA, I imagined it as a solo endeavour, involving one determined individual who would raise capital, source deals, negotiate terms and then take on the CEO role to oversee everything themselves.
It felt almost romantic: the classic story of the entrepreneur battling through on their own. But reality paints a very different picture.
Behind the scenes, the demands of ETA are vast: sourcing deals, structuring finance, designing governance, managing operations, leading teams, integrating culture, and driving long-term growth. It’s too much for one person to take on, especially if the goal is to sustain and grow a company, not just buy it.
In my MBA research and interviews with HoldCo founders, self-funded searchers, and traditional search funds, one theme came through consistently: those who tried to do it all alone struggled.Burnout, blind spots, missed opportunities and, in some cases, outright failure.
The lone wolf is a myth. ETA is, and always has been, a team sport.
Who Belongs on the Team?
So if ETA is not a solo act, who are the players that really make the difference?
Family and Friends
They are often the first believers when there’s no track record to point to. While their support is usually emotional rather than financial, emotional stability is just as important as capital on a journey filled with ups and downs.
Investors
It’s not just about money. The real distinction is between capital and smart capital. Good investors bring networks, credibility, introductions, and perspective. Jim Sharpe, who has written extensively on ETA, often reminds entrepreneurs that managing investor relationships is just as important as managing the business itself.
Advisors and Mentors
Blind spots are inevitable. Formal boards aren’t always common in small business acquisitions, but many HoldCo founders build informal advisory groups. These bring outside perspective without the bureaucracy of formal governance.
Operators and CEOs
At some point, acquirers must step back. Long-term value does not come from the buyer overseeing every detail personally; rather, it comes from aligning incentives, supporting capable leaders and trusting the CEO or general manager (GM) to oversee the day-to-day running of the business. This is where governance and principal–agent dynamics matter most.
Peers and Community
One of the most overlooked sources of support. In the U.S., networks like Searchfunder and Think Like an Owner are well established. In Europe, we are still building this ecosystem. That’s why I host the ETA Amsterdam Meetup. Community creates accountability, encouragement, and perspective.
Sellers
Often forgotten, yet crucial. During the transition period, sellers hold knowledge of routines, unspoken norms, and cultural nuances that matter far more than any financial model.
Lesson from Practice
One of my favourite stories comes from an acquirer in the U.S. landscaping sector.
He entered the deal with private equity backing and a strong investor group. But already within the company was a highly experienced manager who knew the operations inside out.
Instead of pushing this person aside or parachuting in outside talent, the buyer promoted them to General Manager. The acquirer then shifted into a higher-level CEO role, focusing on strategy, growth, and bolt-on acquisitions.
The result? Success didn’t come from individual brilliance. It came from aligned partnerships: investors who trusted, a seller who cooperated, and a GM who knew the day-to-day better than anyone.
That’s the reality of ETA when it works well.
Why Community Matters
Compared to the U.S., ETA in Europe is still fragmented. Regulation, financing structures, and even culture vary not just between countries, but sometimes between provinces. That makes trusted networks all the more vital.
For me, building community is not just an idea; it’s a practice:
Buyout Diary is my way of sharing openly and making ETA in Europe feel a little less lonely.
The Amsterdam ETA Meetup creates space for acquirers, investors, advisors; and yes, even sellers to connect face-to-face.
Networks such as New Mittelstand offer an alternative European perspective, in this case a German one.
This isn’t just about learning. It’s about building resilience together.
📍 Community Highlight
Newsletter Recommendation: Buy and Build Europe
If you’re looking for structured resources and data on European ETA and search funds, this newsletter is one of the best places to start. Highly recommended if you want a broader European perspective.
👉 Click here to join Buy and Build Europe
Amsterdam ETA Meetup
Our 2nd October event is fully booked! Thank you to everyone who registered! The café space is small, but the overwhelming interest shows how much appetite there is for ETA in Europe. Bigger follow-ups are already being planned. This is only the beginning.
👉 Click here to join the Meetup Group
LinkedIn Engagement
If you’d like to engage with me in real time, I’m most active around 7:30 AM Central European Time. That’s when I share posts, comment, and start conversations. Don’t just read, join in.
Closing Reflection
The more I learn about ETA, the clearer it becomes: this is not about doing everything alone. It’s about partnership, trust, and knowing when to share the load.
Personally, I don’t want to build this journey alone, and I know many of you feel the same.
So let me leave you with a question:
👉 Who has been your most valuable partner, advisor, or supporter on your entrepreneurial journey?
I’d love to hear your story. Just hit reply; I read every message.
Thank you for reading, and for being part of this journey.
Until next Monday,
Alexander