Lineage: The ETA Podcast

Lineage: Ep. 4 - Jonathan Weiss (Bego) - Building a Subsidiary to Enter a New Market

Most operators eventually face the same question: the business works here, but can it work somewhere else? A new geography, a new customer segment, a new channel. Jonathan Weiss is answering that question inside BEGO, a German dental manufacturer founded in 1890 with operations in over 100 countries. In this episode, Jonathan shares how he transformed and built BEGO USA as a subsidiary into a growing business by shifting from a product-first mindset to a customer-centric workflow approach, and what ETA operators can learn from that playbook. What you'll learn in this episode: → How to diagnose whether a new market is a real opportunity or just an assumption → Why shifting from selling products to solving workflows changed everything → Building trust and communication between a subsidiary and HQ across borders → The case for narrowing your product focus and reducing complexity to accelerate growth → Cultural and operational differences that catch every operator off guard in a new market → How to grow revenue without scaling headcount proportionally 00:00 Introduction to Jonathan Weiss and BEGO 01:25 BEGO USA's Challenges 03:05 Understanding Market Entry Strategies 05:31 Customer Insights and Field Research 08:07 Operational Changes and Go-to-Market Strategies 10:22 Shifting Company Identity and Product Focus 12:31 The Role of Family Business in Leadership 14:17 Hiring Strategies for New Markets 16:26 Deciding on Market Expansion 17:51 Team Structure and Efficiency 20:49 Streamlining Operations for Growth 21:56 Optimizing Sales Processes 23:12 Aligning with Headquarters 25:18 Navigating Communication Challenges 28:10 Best Practices for HQ-Subsidiary Relations 30:11 Cultural Insights for Market Entry 31:46 Testing Product Market Fit 34:45 Focusing on Core Products 36:22 Building Competitive Moats 38:45 The Importance of Team Dynamics Website: https://www.bego.com/de/ [https://www.bego.com/de/]

Lineage: Ep. 3 - Jochen Engert (Flix) - M&A & Post-Merger Integration

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 fester Whether 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 - Introduction 01:30 - Buy vs Build Decision 02:37 - Challenges in Acquisitions 03:48 - Starting Conversations 05:11 - Long-term Relationship Building 06:36 - Quantifying Synergies 07:56 - Building a Business Case 11:29 - Understanding the Target 13:40 - Human Element in Deals 16:39 - Role-playing in Negotiations 19:00 - Risk Management 20:55 - Aligning Incentives 23:31 - Diligence Insights 26:00 - Market Entry Considerations 29:50 - Balancing Workload 32:57 - Human Side of Integration 36:30 - Leadership Decisions 38:55 - Strategic Branding 42:56 - Adjusting to New Environment Post-Merger 44:20 - Integration Strategies 49:05 - Key Advice

Lineage: Ep. 2 - Julian Beckh (Behälter KG) - The First 100 Days

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 one Timestamps: 01:03 - Navigating the First 100 Days' Strategic Importance 02:09 - The Pre-Day One Mental Shift for Operators 03:30 - Preparing Communication and Knowledge Inventory 04:41 - Communicating Legacy and Intentions to the Team 05:17 - Handling Unexpected Start and Improvisation 06:06 - Engaging with Employees for Feedback and Cultural Understanding 07:25 - Overcoming Age-Related Concerns in Succession 09:13 - Structuring Effective Handovers and Reducing Dependency 11:17 - Emphasizing Quick, Focused Knowledge Transfer 12:33 - Key Functional Areas Where Previous Owner’s Knowledge is Critical 14:35 - First 30 Days: Curiosity Versus Quick Change 16:03 - Asking the Right Questions and Building Authentic Understanding 17:38 - Personal Conversations Revealing Hidden Assets or Challenges 19:55 - Handling Resistance and Constructive Criticism 22:02 - Managing Team Communication During Transitions 25:44 - Implementing Small, Non-Disruptive Improvements 28:48 - Avoiding Fast Enforcement of Changes; Building Trust 30:09 - Recognizing When Personnel Roles Need Realignment 31:51 - How to Approach Personnel Changes Compassionately 33:02 - The Gradual Transition from New Owner to Recognized Leader 35:00 - Final Advice for Upcoming Acquisitions: Humility, Curiosity, and Enjoying the Journey

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. Link to the IESE Search Fund Findings Part 1: https://www.iese.edu/media/research/pdfs/ST-0680-E [https://www.iese.edu/media/research/pdfs/ST-0680-E] Part 2: https://www.iese.edu/media/research/pdfs/ST-0681-E [https://www.iese.edu/media/research/pdfs/ST-0681-E] 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