Searchers are trained to master the numbers. They slice through P&Ls, customer cohorts, and working capital cycles, modeling every scenario with discipline. Yet too often, they forget that what theyʼre really buying is not just cash flows, but a story, one that a founder has often spent decades writing.

For most sellers, their company is not merely a financial asset. It is a life project, born out of risk, sacrifice, and years of resilience. Some began in garages, others carried a family name or survived multiple recessions. Sellers care deeply about continuity, loyalty to employees, and preserving the culture they built. When negotiating succession, theyʼre searching for someone who listens, understands, and will steward their legacy.

This is where listening becomes a form of due diligence. Behind every anecdote is a data point. How the founder talks about their team might reveal cultural dependencies, interpersonal conflicts, or a readiness (or reluctance) to let go. A casual comment about working every Sunday, or hesitations about delegation, can be more telling than a data audit.

Moreover, listening strengthens your strategic position. Sellers who feel truly heard are more willing to trust, which can lead to flexibility on deal terms, smoother transitions, and even ongoing support post-close. In competitive processes, trust built through listening often outweighs other factors.

Searchers who integrate storytelling and empathy into their approach consistently unlock better outcomes. This means asking about origins, milestones, and struggles before diving into spreadsheets. It means mirroring the sellerʼs language. If they call the team a “family,ˮ acknowledge that identity rather than reducing people to “headcount.ˮ It also means paying attention to whatʼs left unsaid. Silences, hesitations, or recurring themes often carry the real story.

The most successful searchers bridge the rational and emotional. They run the models, but they also read the room. They honor the sellerʼs journey while articulating their own vision for the next chapter. That combination doesnʼt just win deals, it builds partnerships.

Exiting a search isnʼt the end. Itʼs the start of a new career trajectory. A survey of 55+ North American exited search CEOs shows that 58% continue operating multiple companies, 29% focus on investing, and most stay involved post-exit.

Those pursuing second searches often target 10+ year holds, and 80% highlight personal growth and control as the best parts of being CEO. The key takeaway for searchers is to experience, plan long-term, and prioritize both growth and personal fulfilment.

Launched:

Netherlands-based 7mills, founded by Niels Siskens, has published its search teaser and launched with backing from experienced operators and institutional investors. 7mills is focused on acquiring one mid-market business in the Netherlands or DACH region, targeting companies with €2–6 million EBITDA, strong financial performance, and sustainable growth.

Transactions:

Italy-based Atlas Partners, founded by Giacomo Maria Garbarino and Stefano Carpano, has acquired Stilef, a corrugated cardboard packaging manufacturer founded in 1971. The company serves over 2,000 clients across industrial, e-commerce, and food packaging markets and has reported steady growth over the past decade. The fund had raised €650,000 from investors, including Loris Lanzellotti and Ambit Partners, targeting Italian SMEs with turnovers of €10–40 million. Atlas plans a buy-and-build strategy to consolidate Italyʼs fragmented packaging sector and expand regionally.

Eyal Kaplan, who joined NCA’s operator-led program in 2023, has acquired Paul Mathew Transport Ltd (PMT), a UK logistics and warehousing firm specializing in complex transport services for the live entertainment and theatre sectors. Founded in 1980, PMT operates a fleet of more than 170 trailers and a team of approximately 40 employees. Its clientele includes prominent names like Cameron Mackintosh, The Royal Shakespeare Company, and Glyndebourne Opera. In 2024, the company reported revenues of £9.6 million and an EBITDA of £3.7 million (around a 38 % margin). Kaplan brings experience from roles at Amazon and TJX Europe, and sees upside in building on PMT’s niche expertise and established customer relationships. The deal was supported by BSN Associates (broker), Buzzacott (FDD), Metro Bank (debt funding), and legal counsel Birketts.

Alexander Kalis traces his path from institutional VC and fund-of-funds to ETA, arguing that “boring is beautifulˮ when cash flow, resilience, and operator fit drive returns. He explains how his B.O.R.I.N.G. Investment Club syndicates equity-gap deals post-LOI through a regulated SPV structure, adds institutional-grade diligence and governance, and simplifies cap tables for searchers. Practical takeaways span what he looks for in operators, how to build investor trust with transparency, and why diversified, cash-flowing buyouts deserve a seat beside traditional PE and VC.

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